AMZA vs. UTES

Last updated Jun 4, 2026

AMZA (InfraCap MLP ETF) and UTES (Virtus Reaves Utilities ETF) are both exchange-traded funds - AMZA is a MLPs fund actively managed by Virtus Investment Partners, while UTES is a Utilities Equities fund actively managed by Virtus Investment Partners. Both are actively managed. Over the past 10 years, AMZA returned 4.86%/yr vs 12.40%/yr for UTES. At a 0.22 correlation, their price movements are largely independent. AMZA charges 2.01%/yr vs 0.49%/yr for UTES.

Performance

AMZA vs. UTES - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in InfraCap MLP ETF (AMZA) and Virtus Reaves Utilities ETF (UTES). 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 UTES's 0.08% return. Over the past 10 years, AMZA has underperformed UTES with an annualized return of 4.86%, while UTES has yielded a comparatively higher 12.40% 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%

UTES

• 1D: -0.98%
• 1M: -6.58%
• YTD: 0.08%
• 6M: -1.81%
• 1Y: 7.86%
• 3Y*: 22.78%
• 5Y*: 15.66%
• 10Y*: 12.40%

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

AMZA vs. UTES - 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%
UTES Virtus Reaves Utilities ETF	0.08%	25.71%	45.35%	-2.46%	0.80%	20.74%	-0.30%	25.48%	5.14%	14.21%

Correlation

The correlation between AMZA and UTES is 0.11, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.11
Correlation (3Y) Calculated over the trailing 3-year period	0.32
Correlation (5Y) Calculated over the trailing 5-year period	0.33
Correlation (10Y) Calculated over the trailing 10-year period	0.24
Correlation (All Time) Calculated using the full available price history since Sep 25, 2015	0.22

The correlation between AMZA and UTES shifts across timeframes, from 0.11 (1 year) to 0.33 (5 years), reflecting how their relationship changes across market environments.

AMZA vs. UTES - Sectors Allocation Comparison

Sectors	AMZA	UTES
Energy	99.8%	-
Utilities	0.2%	100.0%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Financial Services	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-

Return for Risk

AMZA vs. UTES — 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

UTES

UTES Risk / Return Rank: 14
UTES Sharpe Ratio Rank: 14
UTES Sortino Ratio Rank: 14
UTES Omega Ratio Rank: 14
UTES Calmar Ratio Rank: 15
UTES Martin Ratio Rank: 15

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. UTES - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for InfraCap MLP ETF (AMZA) and Virtus Reaves Utilities ETF (UTES). 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	UTES	Difference
Sharpe ratio: Return per unit of total volatility	1.00	0.37	+0.63
Sortino ratio: Return per unit of downside risk	1.48	0.64	+0.83
Omega ratio: Gain probability vs. loss probability	1.17	1.08	+0.09
Calmar ratio: Return relative to maximum drawdown	1.45	0.57	+0.88
Martin ratio: Return relative to average drawdown	3.65	1.30	+2.35
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. UTES - Sharpe Ratio Comparison

The current AMZA Sharpe Ratio is 1.00, which is higher than the UTES Sharpe Ratio of 0.37. The chart below compares the historical Sharpe Ratios of AMZA and UTES, 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	UTES	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.00	0.37	+0.63
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.76	0.76	-0.01
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.13	0.62	-0.49
Sharpe Ratio (All Time) Calculated using the full available price history	-0.02	0.70	-0.72

Drawdowns

AMZA vs. UTES - Drawdown Comparison

The maximum AMZA drawdown since its inception was -91.46%, which is greater than UTES's maximum drawdown of -35.39%. Use the drawdown chart below to compare losses from any high point for AMZA and UTES.

Drawdown Indicators

	AMZA	UTES	Difference
Max Drawdown Largest peak-to-trough decline	-91.46%	-35.39%	-56.07%
Max Drawdown (1Y) Largest decline over 1 year	-12.16%	-13.88%	+1.72%
Max Drawdown (3Y) Largest decline over 3 years	-18.56%	-17.62%	-0.94%
Max Drawdown (5Y) Largest decline over 5 years	-25.15%	-20.40%	-4.75%
Max Drawdown (10Y) Largest decline over 10 years	-86.84%	-35.39%	-51.45%
Current Drawdown Current decline from peak	-10.19%	-9.26%	-0.93%
Average Drawdown Average peak-to-trough decline	-45.02%	-5.52%	-39.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.82%	6.08%	-1.26%

Volatility

AMZA vs. UTES - Volatility Comparison

The current volatility for InfraCap MLP ETF (AMZA) is 5.80%, while Virtus Reaves Utilities ETF (UTES) has a volatility of 7.40%. This indicates that AMZA experiences smaller price fluctuations and is considered to be less risky than UTES based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AMZA	UTES	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.80%	7.40%	-1.60%
Volatility (6M) Calculated over the trailing 6-month period	13.40%	16.95%	-3.55%
Volatility (1Y) Calculated over the trailing 1-year period	17.72%	21.27%	-3.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.84%	20.60%	+5.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	37.25%	20.16%	+17.09%

AMZA vs. UTES - Expense Ratio Comparison

AMZA has a 2.01% expense ratio, which is higher than UTES's 0.49% expense ratio.

Dividends

AMZA vs. UTES - Dividend Comparison

AMZA's dividend yield for the trailing twelve months is around 8.02%, more than UTES's 1.50% 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%
UTES Virtus Reaves Utilities ETF	1.50%	1.42%	1.51%	2.44%	2.13%	1.94%	2.09%	1.84%	2.09%	3.44%	3.53%	0.61%

Frequently Asked Questions

Can I hold both AMZA and UTES in my portfolio?

AMZA and UTES have a correlation of 0.11, 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 UTES?

UTES has higher volatility (7.40%) compared to AMZA (5.80%). In terms of maximum drawdown, AMZA dropped -91.46% vs UTES's -35.39%.

Which ETF is better, AMZA or UTES?

On 10-year performance, UTES leads with 12.40% vs 4.86% for AMZA. On fees, UTES is cheaper at 0.49% per year. On volatility, AMZA has been the lower-risk option at 5.80%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AMZA or UTES?

Over the 10-year period, UTES has performed better with a 12.40% return vs 4.86%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AMZA or UTES?

UTES is cheaper with a 0.49% expense ratio, compared with 2.01% for AMZA.

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

AMZA has the higher dividend yield at 8.02%, compared with 1.50% for UTES.

What is the main difference between AMZA and UTES?

AMZA is categorized as MLPs, while UTES is Utilities Equities. Their fees differ too: 2.01% for AMZA and 0.49% for UTES.

Which has better risk-adjusted returns?

AMZA currently has the higher Sharpe Ratio (1.00 vs 0.37), 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.