ELFY vs. MNBD

Last updated Jun 4, 2026

ELFY (ALPS Electrification Infrastructure ETF) and MNBD (ALPS Intermediate Municipal Bond ETF) are both exchange-traded funds - ELFY is a Utilities Equities fund tracking the Ladenburg Thalmann Electrification Infrastructure Index, while MNBD is a Municipal Bonds fund actively managed by ALPS. ELFY is passively managed, while MNBD is actively managed. Over the past year, ELFY returned 47.53% vs 6.31% for MNBD. At a 0.18 correlation, their price movements are largely independent. Both charge a 0.50% expense ratio.

Performance

ELFY vs. MNBD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ALPS Electrification Infrastructure ETF (ELFY) 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, ELFY achieves a 29.07% return, which is significantly higher than MNBD's 1.33% return.

ELFY

• 1D: -0.67%
• 1M: 3.53%
• YTD: 29.07%
• 6M: 26.90%
• 1Y: 47.53%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MNBD

• 1D: -0.26%
• 1M: 0.34%
• YTD: 1.33%
• 6M: 1.65%
• 1Y: 6.31%
• 3Y*: 4.51%
• 5Y*: —
• 10Y*: —

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

ELFY vs. MNBD - Yearly Performance Comparison

	2026 (YTD)	2025
ELFY ALPS Electrification Infrastructure ETF	29.07%	35.82%
MNBD ALPS Intermediate Municipal Bond ETF	1.33%	6.17%

Correlation

The correlation between ELFY and MNBD is 0.16, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.16
Correlation (All Time) Calculated using the full available price history since Apr 11, 2025	0.18

ELFY vs. MNBD - Sectors Allocation Comparison

Sectors	ELFY	MNBD
Utilities	33.9%	-
Industrials	31.3%	-
Technology	18.1%	-
Energy	13.1%	-
Basic Materials	3.6%	-
Consumer Cyclical	0.5%	-
Communication Services	-	-
Consumer Defensive	-	-
Financial Services	-	-1.0%
Healthcare	-	-
Real Estate	-	-

Return for Risk

ELFY vs. MNBD — Risk / Return Rank

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

ELFY

ELFY Risk / Return Rank: 79
ELFY Sharpe Ratio Rank: 77
ELFY Sortino Ratio Rank: 73
ELFY Omega Ratio Rank: 69
ELFY Calmar Ratio Rank: 90
ELFY Martin Ratio Rank: 86

MNBD

MNBD Risk / Return Rank: 71
MNBD Sharpe Ratio Rank: 78
MNBD Sortino Ratio Rank: 83
MNBD Omega Ratio Rank: 88
MNBD Calmar Ratio Rank: 55
MNBD Martin Ratio Rank: 52

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.

ELFY vs. MNBD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ALPS Electrification Infrastructure ETF (ELFY) 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.

	ELFY	MNBD	Difference
Sharpe ratio: Return per unit of total volatility	2.52	2.53	-0.01
Sortino ratio: Return per unit of downside risk	3.33	3.71	-0.38
Omega ratio: Gain probability vs. loss probability	1.42	1.55	-0.13
Calmar ratio: Return relative to maximum drawdown	5.70	2.66	+3.04
Martin ratio: Return relative to average drawdown	18.16	8.75	+9.41
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ELFY vs. MNBD - Sharpe Ratio Comparison

The current ELFY Sharpe Ratio is 2.52, which is comparable to the MNBD Sharpe Ratio of 2.53. The chart below compares the historical Sharpe Ratios of ELFY 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.

Sharpe Ratios by Period

	ELFY	MNBD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.52	2.53	-0.01
Sharpe Ratio (All Time) Calculated using the full available price history	3.36	1.20	+2.16

Drawdowns

ELFY vs. MNBD - Drawdown Comparison

The maximum ELFY drawdown since its inception was -8.37%, which is greater than MNBD's maximum drawdown of -5.89%. Use the drawdown chart below to compare losses from any high point for ELFY and MNBD.

Drawdown Indicators

	ELFY	MNBD	Difference
Max Drawdown Largest peak-to-trough decline	-8.37%	-5.89%	-2.48%
Max Drawdown (1Y) Largest decline over 1 year	-8.37%	-2.38%	-5.99%
Max Drawdown (3Y) Largest decline over 3 years	—	-3.97%	—
Current Drawdown Current decline from peak	-0.67%	-0.92%	+0.25%
Average Drawdown Average peak-to-trough decline	-1.60%	-1.09%	-0.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.62%	0.72%	+1.90%

Volatility

ELFY vs. MNBD - Volatility Comparison

ALPS Electrification Infrastructure ETF (ELFY) has a higher volatility of 7.28% compared to ALPS Intermediate Municipal Bond ETF (MNBD) at 0.87%. This indicates that ELFY'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

	ELFY	MNBD	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.28%	0.87%	+6.41%
Volatility (6M) Calculated over the trailing 6-month period	14.87%	1.94%	+12.93%
Volatility (1Y) Calculated over the trailing 1-year period	18.98%	2.50%	+16.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.99%	3.78%	+15.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.99%	3.78%	+15.21%

ELFY vs. MNBD - Expense Ratio Comparison

Both ELFY and MNBD have an expense ratio of 0.50%.

Dividends

ELFY vs. MNBD - Dividend Comparison

ELFY's dividend yield for the trailing twelve months is around 0.82%, less than MNBD's 3.32% yield.

Position	TTM	2025	2024	2023	2022
ELFY ALPS Electrification Infrastructure ETF	0.82%	0.76%	0.00%	0.00%	0.00%
MNBD ALPS Intermediate Municipal Bond ETF	3.32%	3.32%	3.83%	3.44%	2.40%

Frequently Asked Questions

Can I hold both ELFY and MNBD in my portfolio?

ELFY and MNBD have a correlation of 0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ELFY or MNBD?

ELFY has higher volatility (7.28%) compared to MNBD (0.87%). In terms of maximum drawdown, ELFY dropped -8.37% vs MNBD's -5.89%.

Which ETF is better, ELFY or MNBD?

On 1-year performance, ELFY leads with 47.53% vs 6.31% for MNBD. Both ETFs have the same 0.50% expense ratio. On volatility, MNBD has been the lower-risk option at 0.87%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ELFY or MNBD?

Over the 1-year period, ELFY has performed better with a 47.53% return vs 6.31%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ELFY or MNBD?

ELFY and MNBD have the same expense ratio: 0.50% per year.

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

MNBD has the higher dividend yield at 3.32%, compared with 0.82% for ELFY.

What is the main difference between ELFY and MNBD?

ELFY is categorized as Utilities Equities, while MNBD is Municipal Bonds.

Which has better risk-adjusted returns?

MNBD currently has the higher Sharpe Ratio (2.53 vs 2.52), 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.