AMZA vs. MNBD

Last updated Jul 12, 2026

AMZA (InfraCap MLP ETF) and MNBD (ALPS Intermediate Municipal Bond ETF) are both exchange-traded funds - AMZA is a MLPs fund actively managed by Virtus Investment Partners, while MNBD is a Municipal Bonds fund actively managed by ALPS. Both are actively managed. Over the past 3 years, AMZA returned 20.72%/yr vs 4.44%/yr for MNBD. At a 0.01 correlation, their price movements are largely independent. AMZA charges 2.01%/yr vs 0.50%/yr for MNBD.

Performance

AMZA vs. MNBD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in InfraCap MLP ETF (AMZA) and ALPS Intermediate Municipal Bond ETF (MNBD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AMZA achieves a 25.02% return, which is significantly higher than MNBD's 1.82% return.

AMZA

• 1D: -0.13%
• 1M: 2.62%
• 6M: 22.14%
• YTD: 25.02%
• 1Y: 18.83%
• 3Y*: 20.72%
• 5Y*: 19.86%
• 10Y*: 4.70%

MNBD

• 1D: 0.00%
• 1M: 0.50%
• 6M: 1.13%
• YTD: 1.82%
• 1Y: 5.79%
• 3Y*: 4.44%
• 5Y*: —
• 10Y*: —

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

AMZA vs. MNBD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
AMZA InfraCap MLP ETF	25.02%	0.17%	30.90%	23.35%	10.06%
MNBD ALPS Intermediate Municipal Bond ETF	1.82%	5.15%	2.41%	6.13%	3.18%

Correlation

The correlation between AMZA and MNBD is -0.21, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.21
Correlation (3Y) Calculated over the trailing 3-year period	-0.00
Correlation (All Time) Calculated using the full available price history since May 20, 2022	0.01

The correlation between AMZA and MNBD shifts across timeframes, from -0.21 (1 year) to 0.01 (all time), reflecting how their relationship changes across market environments.

Return for Risk

AMZA vs. MNBD — Risk / Return Rank

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

AMZA

AMZA Risk / Return Rank: 37
AMZA Sharpe Ratio Rank: 38
AMZA Sortino Ratio Rank: 37
AMZA Omega Ratio Rank: 34
AMZA Calmar Ratio Rank: 41
AMZA Martin Ratio Rank: 33

MNBD

MNBD Risk / Return Rank: 76
MNBD Sharpe Ratio Rank: 86
MNBD Sortino Ratio Rank: 88
MNBD Omega Ratio Rank: 90
MNBD Calmar Ratio Rank: 60
MNBD Martin Ratio Rank: 55

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. MNBD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for InfraCap MLP ETF (AMZA) and ALPS Intermediate Municipal Bond ETF (MNBD). 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	MNBD	Difference
Sharpe ratio: Return per unit of total volatility	1.10	2.21	-1.11
Sortino ratio: Return per unit of downside risk	1.62	3.22	-1.60
Omega ratio: Gain probability vs. loss probability	1.19	1.46	-0.27
Calmar ratio: Return relative to maximum drawdown	1.65	2.36	-0.70
Martin ratio: Return relative to average drawdown	3.99	7.50	-3.51

AMZA vs. MNBD - Sharpe Ratio Comparison

The current AMZA Sharpe Ratio is 1.10, which is lower than the MNBD Sharpe Ratio of 2.21. The chart below compares the historical Sharpe Ratios of AMZA and MNBD, 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. MNBD - Drawdown Comparison

The maximum AMZA drawdown since its inception was -91.46%, which is greater than MNBD's maximum drawdown of -5.89%. Use the drawdown chart below to compare losses from any high point for AMZA and MNBD.

Drawdown Indicators

	AMZA	MNBD	Difference
Max Drawdown Largest peak-to-trough decline	-91.46%	-5.89%	-85.57%
Max Drawdown (1Y) Largest decline over 1 year	-12.16%	-2.38%	-9.78%
Max Drawdown (3Y) Largest decline over 3 years	-18.56%	-3.97%	-14.59%
Max Drawdown (5Y) Largest decline over 5 years	-25.15%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-86.84%	—	—
Current Drawdown Current decline from peak	-8.13%	-0.44%	-7.69%
Average Drawdown Average peak-to-trough decline	-44.71%	-1.08%	-43.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.03%	0.75%	+4.28%

Volatility

AMZA vs. MNBD - Volatility Comparison

InfraCap MLP ETF (AMZA) has a higher volatility of 6.79% compared to ALPS Intermediate Municipal Bond ETF (MNBD) at 0.66%. This indicates that AMZA's price experiences larger fluctuations and is considered to be riskier than MNBD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AMZA	MNBD	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.79%	0.66%	+6.13%
Volatility (6M) Calculated over the trailing 6-month period	13.98%	1.95%	+12.03%
Volatility (1Y) Calculated over the trailing 1-year period	18.19%	2.54%	+15.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.59%	3.74%	+21.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	37.16%	3.74%	+33.42%

AMZA vs. MNBD - Expense Ratio Comparison

AMZA has a 2.01% expense ratio, which is higher than MNBD's 0.50% expense ratio.

Dividends

AMZA vs. MNBD - Dividend Comparison

AMZA's dividend yield for the trailing twelve months is around 8.01%, more than MNBD's 3.33% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AMZA InfraCap MLP ETF	8.01%	8.81%	7.29%	9.40%	7.65%	10.24%	22.13%	19.47%	34.46%	24.16%	18.36%	18.21%
MNBD ALPS Intermediate Municipal Bond ETF	3.33%	3.32%	3.83%	3.44%	2.40%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both AMZA and MNBD in my portfolio?

AMZA and MNBD have a correlation of -0.21, 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 MNBD?

AMZA has higher volatility (6.79%) compared to MNBD (0.66%). In terms of maximum drawdown, AMZA dropped -91.46% vs MNBD's -5.89%.

Which ETF is better, AMZA or MNBD?

On 3-year performance, AMZA leads with 20.72% vs 4.44% for MNBD. On fees, MNBD is cheaper at 0.50% per year. On volatility, MNBD has been the lower-risk option at 0.66%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AMZA or MNBD?

Over the 3-year period, AMZA has performed better with a 20.72% return vs 4.44%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AMZA or MNBD?

MNBD is cheaper with a 0.50% expense ratio, compared with 2.01% for AMZA.

Which ETF pays a higher dividend yield, AMZA or MNBD?

AMZA has the higher dividend yield at 8.01%, compared with 3.33% for MNBD.

What is the main difference between AMZA and MNBD?

AMZA is categorized as MLPs, while MNBD is Municipal Bonds. They also come from different issuers: Virtus Investment Partners and ALPS. Their fees differ too: 2.01% for AMZA and 0.50% for MNBD.

Which has better risk-adjusted returns?

MNBD currently has the higher Sharpe Ratio (2.21 vs 1.10), 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.