AMZA vs. PII

Last updated Jun 4, 2026

AMZA (InfraCap MLP ETF) is MLPs fund actively managed by Virtus Investment Partners, while PII (Polaris Industries Inc.) is a stock. Over the past 10 years, AMZA returned 4.86%/yr vs 0.86%/yr for PII. At a 0.33 correlation, their price movements are largely independent.

Performance

AMZA vs. PII - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in InfraCap MLP ETF (AMZA) and Polaris Industries Inc. (PII). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AMZA achieves a 22.22% return, which is significantly higher than PII's 10.30% return. Over the past 10 years, AMZA has outperformed PII with an annualized return of 4.86%, while PII has yielded a comparatively lower 0.86% annualized return.

AMZA

• 1D: 0.39%
• 1M: -0.92%
• YTD: 22.22%
• 6M: 20.41%
• 1Y: 17.55%
• 3Y*: 22.02%
• 5Y*: 19.41%
• 10Y*: 4.86%

PII

• 1D: 0.10%
• 1M: 10.18%
• YTD: 10.30%
• 6M: 4.61%
• 1Y: 75.63%
• 3Y*: -12.69%
• 5Y*: -8.47%
• 10Y*: 0.86%

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

AMZA vs. PII - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
AMZA InfraCap MLP ETF	22.22%	0.17%	30.90%	23.35%	33.20%	51.22%	-49.25%	6.27%	-26.78%	-6.90%
PII Polaris Industries Inc.	10.30%	15.90%	-37.19%	-3.79%	-6.01%	17.75%	-3.78%	36.37%	-36.76%	54.19%

Correlation

The correlation between AMZA and PII is 0.06, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.06
Correlation (3Y) Calculated over the trailing 3-year period	0.21
Correlation (5Y) Calculated over the trailing 5-year period	0.31
Correlation (10Y) Calculated over the trailing 10-year period	0.33
Correlation (All Time) Calculated using the full available price history since Oct 3, 2014	0.33

Over the past year, the correlation between AMZA and PII has dropped to 0.06 - well below their long-term average of 0.33, suggesting their price drivers have been diverging.

Return for Risk

AMZA vs. PII — Risk / Return Rank

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

AMZA

AMZA Risk / Return Rank: 27
AMZA Sharpe Ratio Rank: 27
AMZA Sortino Ratio Rank: 27
AMZA Omega Ratio Rank: 25
AMZA Calmar Ratio Rank: 29
AMZA Martin Ratio Rank: 26

PII

PII Risk / Return Rank: 77
PII Sharpe Ratio Rank: 79
PII Sortino Ratio Rank: 76
PII Omega Ratio Rank: 75
PII Calmar Ratio Rank: 76
PII Martin Ratio Rank: 79

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. PII - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for InfraCap MLP ETF (AMZA) and Polaris Industries Inc. (PII). 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.

	AMZA	PII	Difference
Sharpe ratio: Return per unit of total volatility	1.00	1.37	-0.36
Sortino ratio: Return per unit of downside risk	1.48	2.10	-0.62
Omega ratio: Gain probability vs. loss probability	1.17	1.27	-0.10
Calmar ratio: Return relative to maximum drawdown	1.45	2.22	-0.77
Martin ratio: Return relative to average drawdown	3.65	6.47	-2.82
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

AMZA vs. PII - Sharpe Ratio Comparison

The current AMZA Sharpe Ratio is 1.00, which is comparable to the PII Sharpe Ratio of 1.37. The chart below compares the historical Sharpe Ratios of AMZA and PII, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	AMZA	PII	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.00	1.37	-0.36
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.76	-0.20	+0.95
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.13	0.02	+0.11
Sharpe Ratio (All Time) Calculated using the full available price history	-0.02	0.41	-0.43

Drawdowns

AMZA vs. PII - Drawdown Comparison

The maximum AMZA drawdown since its inception was -91.46%, which is greater than PII's maximum drawdown of -77.57%. Use the drawdown chart below to compare losses from any high point for AMZA and PII.

Drawdown Indicators

	AMZA	PII	Difference
Max Drawdown Largest peak-to-trough decline	-91.46%	-77.57%	-13.89%
Max Drawdown (1Y) Largest decline over 1 year	-12.16%	-34.21%	+22.05%
Max Drawdown (3Y) Largest decline over 3 years	-18.56%	-75.23%	+56.67%
Max Drawdown (5Y) Largest decline over 5 years	-25.15%	-75.23%	+50.08%
Max Drawdown (10Y) Largest decline over 10 years	-86.84%	-75.62%	-11.22%
Current Drawdown Current decline from peak	-10.19%	-44.66%	+34.47%
Average Drawdown Average peak-to-trough decline	-45.02%	-19.73%	-25.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.82%	11.72%	-6.90%

Volatility

AMZA vs. PII - Volatility Comparison

The current volatility for InfraCap MLP ETF (AMZA) is 5.80%, while Polaris Industries Inc. (PII) has a volatility of 13.54%. This indicates that AMZA experiences smaller price fluctuations and is considered to be less risky than PII based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AMZA	PII	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.80%	13.54%	-7.74%
Volatility (6M) Calculated over the trailing 6-month period	13.40%	37.61%	-24.21%
Volatility (1Y) Calculated over the trailing 1-year period	17.72%	56.09%	-38.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.84%	42.68%	-16.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	37.25%	42.77%	-5.52%

Dividends

AMZA vs. PII - Dividend Comparison

AMZA's dividend yield for the trailing twelve months is around 8.02%, more than PII's 3.95% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AMZA InfraCap MLP ETF	8.02%	8.81%	7.29%	9.40%	7.65%	10.24%	22.13%	19.47%	34.46%	24.16%	18.36%	18.21%
PII Polaris Industries Inc.	3.95%	4.24%	4.58%	2.74%	2.53%	2.29%	2.60%	2.40%	3.13%	1.87%	2.67%	2.47%

Frequently Asked Questions

Can I hold both AMZA and PII in my portfolio?

AMZA and PII have a correlation of 0.06, 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 PII?

PII has higher volatility (13.54%) compared to AMZA (5.80%). In terms of maximum drawdown, AMZA dropped -91.46% vs PII's -77.57%.

Which has better risk-adjusted returns?

PII currently has the higher Sharpe Ratio (1.37 vs 1.00), 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.