AMZA vs. VTES
AMZA (InfraCap MLP ETF) and VTES (Vanguard Short-Term Tax-Exempt Bond ETF) are both exchange-traded funds - AMZA is a MLPs fund actively managed by Virtus Investment Partners, while VTES is a Municipal Bonds fund tracking the S&P 0-7 Year National AMT-Free Municipal Bond Index. AMZA is actively managed, while VTES is passively managed. Over the past 3 years, AMZA returned 21.59%/yr vs 3.09%/yr for VTES. At a correlation of -0.01, they often move in opposite directions. AMZA charges 2.01%/yr vs 0.07%/yr for VTES.
Performance
AMZA vs. VTES - Performance Comparison
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Returns By Period
In the year-to-date period, AMZA achieves a 19.38% return, which is significantly higher than VTES's 0.75% 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%
VTES
- 1D
- -0.01%
- 1M
- 0.57%
- YTD
- 0.75%
- 6M
- 0.95%
- 1Y
- 3.30%
- 3Y*
- 3.09%
- 5Y*
- —
- 10Y*
- —
AMZA vs. VTES - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
AMZA InfraCap MLP ETF | 19.38% | 0.17% | 30.90% | 14.31% |
VTES Vanguard Short-Term Tax-Exempt Bond ETF | 0.75% | 4.19% | 1.85% | 3.32% |
Correlation
The correlation between AMZA and VTES 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 | 0.01 |
Correlation (All Time) Calculated using the full available price history since Mar 9, 2023 | -0.01 |
Over the past year, the inverse relationship between AMZA and VTES has strengthened: their correlation has moved from -0.01 to -0.21, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
AMZA vs. VTES — Risk / Return Rank
AMZA
VTES
AMZA vs. VTES - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for InfraCap MLP ETF (AMZA) and Vanguard Short-Term Tax-Exempt Bond ETF (VTES). 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 | VTES | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.89 | ||
| Sortino ratioReturn per unit of downside risk | -2.66 | ||
| Omega ratioGain probability vs. loss probability | 1.14 | 1.62 | -0.48 |
| Calmar ratioReturn relative to maximum drawdown | 1.14 | 2.25 | -1.12 |
| Martin ratioReturn relative to average drawdown | 2.79 | 6.47 | -3.69 |
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Drawdowns
AMZA vs. VTES - Drawdown Comparison
The maximum AMZA drawdown since its inception was -91.46%, which is greater than VTES's maximum drawdown of -2.42%. Use the drawdown chart below to compare losses from any high point for AMZA and VTES.
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Drawdown Indicators
| AMZA | VTES | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -91.46% | -2.42% | -89.04% |
Max Drawdown (1Y)Largest decline over 1 year | -12.16% | -1.47% | -10.69% |
Max Drawdown (3Y)Largest decline over 3 years | -18.56% | -1.80% | -16.76% |
Max Drawdown (5Y)Largest decline over 5 years | -25.15% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -86.84% | — | — |
Current DrawdownCurrent decline from peak | -12.27% | -0.53% | -11.74% |
Average DrawdownAverage peak-to-trough decline | -44.86% | -0.50% | -44.36% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.95% | 0.51% | +4.44% |
Volatility
AMZA vs. VTES - Volatility Comparison
InfraCap MLP ETF (AMZA) has a higher volatility of 5.05% compared to Vanguard Short-Term Tax-Exempt Bond ETF (VTES) at 0.27%. This indicates that AMZA's price experiences larger fluctuations and is considered to be riskier than VTES based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| AMZA | VTES | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.05% | 0.27% | +4.78% |
Volatility (6M)Calculated over the trailing 6-month period | 13.40% | 0.98% | +12.42% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.75% | 1.24% | +16.51% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 25.64% | 1.71% | +23.93% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 37.21% | 1.71% | +35.50% |
AMZA vs. VTES - Expense Ratio Comparison
AMZA has a 2.01% expense ratio, which is higher than VTES's 0.07% expense ratio.
Dividends
AMZA vs. VTES - Dividend Comparison
AMZA's dividend yield for the trailing twelve months is around 8.38%, more than VTES's 2.75% 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% |
VTES Vanguard Short-Term Tax-Exempt Bond ETF | 2.75% | 2.77% | 2.99% | 2.03% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
AMZA and VTES 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.
AMZA has higher volatility (5.05%) compared to VTES (0.27%). In terms of maximum drawdown, AMZA dropped -91.46% vs VTES's -2.42%.
On 3-year performance, AMZA leads with 21.59% vs 3.09% for VTES. On fees, VTES is cheaper at 0.07% per year. On volatility, VTES has been the lower-risk option at 0.27%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, AMZA has performed better with a 21.59% return vs 3.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VTES is cheaper with a 0.07% expense ratio, compared with 2.01% for AMZA.
AMZA has the higher dividend yield at 8.38%, compared with 2.75% for VTES.
AMZA is categorized as MLPs, while VTES is Municipal Bonds. They also come from different issuers: Virtus Investment Partners and Vanguard. Their fees differ too: 2.01% for AMZA and 0.07% for VTES.
VTES currently has the higher Sharpe Ratio (2.67 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.
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