EMIF vs. EMLP

Last updated Aug 2, 2026

EMIF (iShares Emerging Markets Infrastructure ETF) and EMLP (First Trust North American Energy Infrastructure Fund) are both Infrastructure Equities funds. EMIF is passively managed, while EMLP is actively managed. Over the past 10 years, EMIF returned 1.66%/yr vs 10.12%/yr for EMLP. Their 0.42 correlation means their historical movements had little consistent relationship. EMIF charges 0.75%/yr vs 0.96%/yr for EMLP.

Performance

EMIF vs. EMLP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Emerging Markets Infrastructure ETF (EMIF) and First Trust North American Energy Infrastructure Fund (EMLP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EMIF achieves a 0.44% return, which is significantly lower than EMLP's 17.75% return. Over the past 10 years, EMIF has underperformed EMLP with an annualized return of 1.66%, while EMLP has yielded a comparatively higher 10.12% annualized return.

EMIF

• 1D: -0.46%
• 1M: 0.38%
• 6M: -7.11%
• YTD: 0.44%
• 1Y: 16.15%
• 3Y*: 10.24%
• 5Y*: 5.68%
• 10Y*: 1.66%
• ALL TIME*: 3.28%

EMLP

• 1D: 0.37%
• 1M: 0.62%
• 6M: 11.20%
• YTD: 17.75%
• 1Y: 19.09%
• 3Y*: 20.43%
• 5Y*: 16.56%
• 10Y*: 10.12%
• ALL TIME*: 9.68%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
EMIF iShares Emerging Markets Infrastructure ETF	$49.09K	$40.45K	$71.84K
EMLP First Trust North American Energy Infrastructure Fund	$12.88M	$10.50M	$12.16M

EMIF vs. EMLP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EMIF iShares Emerging Markets Infrastructure ETF	0.44%	33.90%	1.21%	5.67%	-12.59%	3.76%	-19.98%	16.36%	-13.70%	20.70%
EMLP First Trust North American Energy Infrastructure Fund	17.75%	9.67%	33.39%	8.05%	10.39%	23.20%	-13.36%	23.40%	-8.70%	1.07%

Correlation

The correlation between EMIF and EMLP is 0.11, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.11
Correlation (3Y) Balances recent behavior with more history.	0.30
Correlation (5Y) Shows whether the relationship held over a longer period.	0.33
Correlation (10Y) Provides a long-term view across more market conditions.	0.37
Correlation (All Time) Calculated using the full available price history since Jun 21, 2012	0.42

Over the past year, the correlation between EMIF and EMLP has dropped to 0.11 - well below their long-term average of 0.42, suggesting their price drivers have been diverging.

EMIF vs. EMLP - Sectors Allocation Comparison

Sectors	EMIF	EMLP
Industrials	44.6%	8.6%
Utilities	37.1%	55.2%
Energy	18.3%	25.9%
Basic Materials	-	1.7%
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Financial Services	-	-
Healthcare	-	-
Real Estate	-	-
Technology	-	-

Return for Risk

EMIF vs. EMLP — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

EMIF

EMIF Risk / Return Rank: 35
EMIF Sharpe Ratio Rank: 39
EMIF Sortino Ratio Rank: 39
EMIF Omega Ratio Rank: 38
EMIF Calmar Ratio Rank: 30
EMIF Martin Ratio Rank: 27

EMLP

EMLP Risk / Return Rank: 80
EMLP Sharpe Ratio Rank: 78
EMLP Sortino Ratio Rank: 80
EMLP Omega Ratio Rank: 73
EMLP Calmar Ratio Rank: 89
EMLP Martin Ratio Rank: 81

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

EMIF vs. EMLP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Emerging Markets Infrastructure ETF (EMIF) and First Trust North American Energy Infrastructure Fund (EMLP). 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.

	EMIF	EMLP	Difference
Sharpe ratio: Return per unit of total volatility	0.97	1.78	-0.81
Sortino ratio: Return per unit of downside risk	1.45	2.61	-1.16
Omega ratio: Gain probability vs. loss probability	1.18	1.30	-0.12
Calmar ratio: Return relative to maximum drawdown	1.00	3.72	-2.73
Martin ratio: Return relative to average drawdown	2.23	10.54	-8.31

EMIF vs. EMLP - Sharpe Ratio Comparison

The current EMIF Sharpe Ratio is 0.97, which is lower than the EMLP Sharpe Ratio of 1.78. The chart below compares the historical Sharpe Ratios of EMIF and EMLP, 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

EMIF vs. EMLP - Drawdown Comparison

The maximum EMIF drawdown since its inception was -48.02%, which is greater than EMLP's maximum drawdown of -43.61%. Use the drawdown chart below to compare losses from any high point for EMIF and EMLP.

Drawdown Indicators

	EMIF	EMLP	Difference
Max Drawdown Largest peak-to-trough decline	-48.02%	-43.61%	-4.41%
Max Drawdown (1Y) Largest decline over 1 year	-15.71%	-4.94%	-10.77%
Max Drawdown (3Y) Largest decline over 3 years	-16.70%	-11.47%	-5.23%
Max Drawdown (5Y) Largest decline over 5 years	-23.29%	-14.59%	-8.70%
Max Drawdown (10Y) Largest decline over 10 years	-48.02%	-43.61%	-4.41%
Current Drawdown Current decline from peak	-13.57%	-1.94%	-11.63%
Average Drawdown Average peak-to-trough decline	-15.89%	-5.71%	-10.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.00%	1.74%	+5.26%

Volatility

EMIF vs. EMLP - Volatility Comparison

iShares Emerging Markets Infrastructure ETF (EMIF) has a higher volatility of 4.41% compared to First Trust North American Energy Infrastructure Fund (EMLP) at 3.87%. This indicates that EMIF's price experiences larger fluctuations and is considered to be riskier than EMLP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EMIF	EMLP	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.41%	3.87%	+0.54%
Volatility (6M) Calculated over the trailing 6-month period	13.24%	8.48%	+4.76%
Volatility (1Y) Calculated over the trailing 1-year period	16.21%	10.36%	+5.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.67%	14.49%	+5.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.54%	17.67%	+2.87%

EMIF vs. EMLP - Expense Ratio Comparison

EMIF has a 0.75% expense ratio, which is lower than EMLP's 0.96% expense ratio.

Dividends

EMIF vs. EMLP - Dividend Comparison

EMIF's dividend yield for the trailing twelve months is around 4.21%, more than EMLP's 2.76% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EMIF iShares Emerging Markets Infrastructure ETF	4.21%	4.96%	4.12%	2.64%	3.08%	3.94%	2.54%	2.07%	2.64%	2.58%	3.16%	2.07%
EMLP First Trust North American Energy Infrastructure Fund	2.76%	3.18%	3.19%	3.92%	3.15%	3.29%	4.70%	3.71%	4.71%	3.80%	3.62%	4.63%

Frequently Asked Questions

Can I hold both EMIF and EMLP in my portfolio?

EMIF and EMLP 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, EMIF or EMLP?

EMIF has higher volatility (4.41%) compared to EMLP (3.87%). In terms of maximum drawdown, EMIF dropped -48.02% vs EMLP's -43.61%.

Which ETF is better, EMIF or EMLP?

On 10-year performance, EMLP leads with 10.12% vs 1.66% for EMIF. On fees, EMIF is cheaper at 0.75% per year. On volatility, EMLP has been the lower-risk option at 3.87%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EMIF or EMLP?

Over the 10-year period, EMLP has performed better with a 10.12% return vs 1.66%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EMIF or EMLP?

EMIF is cheaper with a 0.75% expense ratio, compared with 0.96% for EMLP.

Which ETF pays a higher dividend yield, EMIF or EMLP?

EMIF has the higher dividend yield at 4.21%, compared with 2.76% for EMLP.

What is the main difference between EMIF and EMLP?

They also come from different issuers: iShares and First Trust. Their fees differ too: 0.75% for EMIF and 0.96% for EMLP.

Which has better risk-adjusted returns?

EMLP currently has the higher Sharpe Ratio (1.78 vs 0.97), 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.