AMZA vs. EMO

Last updated Jun 23, 2026

AMZA (InfraCap MLP ETF) and EMO (ClearBridge Energy Midstream Opportunity Fund) are both MLPs funds. Both are actively managed. Over the past 10 years, AMZA returned 4.73%/yr vs 7.02%/yr for EMO. Their correlation of 0.81 suggests significant overlap in exposure. AMZA charges 2.01%/yr vs 13.90%/yr for EMO.

Performance

AMZA vs. EMO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in InfraCap MLP ETF (AMZA) and ClearBridge Energy Midstream Opportunity Fund (EMO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AMZA achieves a 19.38% return, which is significantly higher than EMO's 14.85% return. Over the past 10 years, AMZA has underperformed EMO with an annualized return of 4.73%, while EMO has yielded a comparatively higher 7.02% annualized return.

AMZA

• 1D: -0.17%
• 1M: -5.71%
• YTD: 19.38%
• 6M: 19.96%
• 1Y: 13.76%
• 3Y*: 21.59%
• 5Y*: 18.45%
• 10Y*: 4.73%

EMO

• 1D: 1.35%
• 1M: -4.83%
• YTD: 14.85%
• 6M: 16.60%
• 1Y: 18.20%
• 3Y*: 31.92%
• 5Y*: 26.27%
• 10Y*: 7.02%

*Multi-year figures are annualized to reflect compound growth (CAGR)

AMZA vs. EMO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
AMZA InfraCap MLP ETF	19.38%	0.17%	30.90%	23.35%	33.20%	51.22%	-49.25%	6.27%	-26.78%	-6.90%
EMO ClearBridge Energy Midstream Opportunity Fund	14.85%	7.38%	44.45%	31.76%	40.13%	74.70%	-64.47%	19.60%	-25.73%	0.07%

Correlation

The correlation between AMZA and EMO is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.49
Correlation (3Y) Calculated over the trailing 3-year period	0.64
Correlation (5Y) Calculated over the trailing 5-year period	0.78
Correlation (10Y) Calculated over the trailing 10-year period	0.81
Correlation (All Time) Calculated using the full available price history since Oct 2, 2014	0.81

Over the past year, the correlation between AMZA and EMO has dropped to 0.49 - well below their long-term average of 0.81, suggesting their price drivers have been diverging.

Return for Risk

AMZA vs. EMO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

AMZA

AMZA Risk / Return Rank: 22
AMZA Sharpe Ratio Rank: 23
AMZA Sortino Ratio Rank: 22
AMZA Omega Ratio Rank: 20
AMZA Calmar Ratio Rank: 24
AMZA Martin Ratio Rank: 23

EMO

EMO Risk / Return Rank: 18
EMO Sharpe Ratio Rank: 17
EMO Sortino Ratio Rank: 17
EMO Omega Ratio Rank: 18
EMO Calmar Ratio Rank: 24
EMO Martin Ratio Rank: 13

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

AMZA vs. EMO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for InfraCap MLP ETF (AMZA) and ClearBridge Energy Midstream Opportunity Fund (EMO). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	AMZA	EMO	Difference
Sharpe ratio: Return per unit of total volatility	0.78	1.09	-0.31
Sortino ratio: Return per unit of downside risk	1.19	1.63	-0.44
Omega ratio: Gain probability vs. loss probability	1.14	1.21	-0.07
Calmar ratio: Return relative to maximum drawdown	1.14	1.68	-0.54
Martin ratio: Return relative to average drawdown	2.79	3.56	-0.77

AMZA vs. EMO - Sharpe Ratio Comparison

The current AMZA Sharpe Ratio is 0.78, which is comparable to the EMO Sharpe Ratio of 1.09. The chart below compares the historical Sharpe Ratios of AMZA and EMO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

AMZA vs. EMO - Drawdown Comparison

The maximum AMZA drawdown since its inception was -91.46%, roughly equal to the maximum EMO drawdown of -95.06%. Use the drawdown chart below to compare losses from any high point for AMZA and EMO.

Drawdown Indicators

	AMZA	EMO	Difference
Max Drawdown Largest peak-to-trough decline	-91.46%	-95.06%	+3.60%
Max Drawdown (1Y) Largest decline over 1 year	-12.16%	-10.87%	-1.29%
Max Drawdown (3Y) Largest decline over 3 years	-18.56%	-18.81%	+0.25%
Max Drawdown (5Y) Largest decline over 5 years	-25.15%	-28.59%	+3.44%
Max Drawdown (10Y) Largest decline over 10 years	-86.84%	-93.02%	+6.18%
Current Drawdown Current decline from peak	-12.27%	-7.40%	-4.87%
Average Drawdown Average peak-to-trough decline	-44.86%	-31.88%	-12.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.95%	5.13%	-0.18%

Volatility

AMZA vs. EMO - Volatility Comparison

InfraCap MLP ETF (AMZA) has a higher volatility of 5.05% compared to ClearBridge Energy Midstream Opportunity Fund (EMO) at 4.48%. This indicates that AMZA's price experiences larger fluctuations and is considered to be riskier than EMO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AMZA	EMO	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.05%	4.48%	+0.57%
Volatility (6M) Calculated over the trailing 6-month period	13.40%	12.27%	+1.13%
Volatility (1Y) Calculated over the trailing 1-year period	17.75%	16.78%	+0.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.64%	26.48%	-0.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	37.21%	41.24%	-4.03%

AMZA vs. EMO - Expense Ratio Comparison

AMZA has a 2.01% expense ratio, which is lower than EMO's 13.90% expense ratio.

Dividends

AMZA vs. EMO - Dividend Comparison

AMZA's dividend yield for the trailing twelve months is around 8.38%, less than EMO's 8.69% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AMZA InfraCap MLP ETF	8.38%	8.81%	7.29%	9.40%	7.65%	10.24%	22.13%	19.47%	34.46%	24.16%	18.36%	18.21%
EMO ClearBridge Energy Midstream Opportunity Fund	8.69%	9.41%	7.16%	6.79%	6.71%	6.71%	15.82%	10.94%	16.39%	10.85%	9.76%	11.88%

Frequently Asked Questions

Can I hold both AMZA and EMO in my portfolio?

AMZA and EMO have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AMZA or EMO?

AMZA has higher volatility (5.05%) compared to EMO (4.48%). In terms of maximum drawdown, AMZA dropped -91.46% vs EMO's -95.06%.

Which has better risk-adjusted returns?

EMO currently has the higher Sharpe Ratio (1.09 vs 0.78), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.