EMLP vs. EMO

Last updated Jun 4, 2026

EMLP (First Trust North American Energy Infrastructure Fund) and EMO (ClearBridge Energy Midstream Opportunity Fund) are both MLPs funds. Both are actively managed. Over the past 10 years, EMLP returned 10.24%/yr vs 6.84%/yr for EMO. A 0.69 correlation means they provide meaningful diversification when combined. EMLP charges 0.96%/yr vs 13.90%/yr for EMO.

Performance

EMLP vs. EMO - Performance Comparison

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

Returns By Period

In the year-to-date period, EMLP achieves a 14.62% return, which is significantly lower than EMO's 15.80% return. Over the past 10 years, EMLP has outperformed EMO with an annualized return of 10.24%, while EMO has yielded a comparatively lower 6.84% annualized return.

EMLP

• 1D: -0.07%
• 1M: -3.08%
• YTD: 14.62%
• 6M: 13.20%
• 1Y: 18.77%
• 3Y*: 21.22%
• 5Y*: 15.47%
• 10Y*: 10.24%

EMO

• 1D: -0.22%
• 1M: -2.28%
• YTD: 15.80%
• 6M: 14.62%
• 1Y: 20.96%
• 3Y*: 32.17%
• 5Y*: 26.12%
• 10Y*: 6.84%

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

EMLP vs. EMO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EMLP First Trust North American Energy Infrastructure Fund	14.62%	9.67%	33.39%	8.05%	10.39%	23.20%	-13.36%	23.40%	-8.70%	1.07%
EMO ClearBridge Energy Midstream Opportunity Fund	15.80%	7.38%	44.45%	31.76%	40.13%	74.70%	-64.47%	19.60%	-25.73%	0.07%

Correlation

The correlation between EMLP and EMO is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.46
Correlation (3Y) Calculated over the trailing 3-year period	0.63
Correlation (5Y) Calculated over the trailing 5-year period	0.73
Correlation (10Y) Calculated over the trailing 10-year period	0.70
Correlation (All Time) Calculated using the full available price history since Jun 22, 2012	0.69

Over the past year, the correlation between EMLP and EMO has dropped to 0.46 - well below their long-term average of 0.69, suggesting their price drivers have been diverging.

Return for Risk

EMLP vs. EMO — Risk / Return Rank

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

EMLP

EMLP Risk / Return Rank: 61
EMLP Sharpe Ratio Rank: 55
EMLP Sortino Ratio Rank: 57
EMLP Omega Ratio Rank: 51
EMLP Calmar Ratio Rank: 75
EMLP Martin Ratio Rank: 67

EMO

EMO Risk / Return Rank: 20
EMO Sharpe Ratio Rank: 20
EMO Sortino Ratio Rank: 19
EMO Omega Ratio Rank: 21
EMO Calmar Ratio Rank: 27
EMO 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.

EMLP vs. EMO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust North American Energy Infrastructure Fund (EMLP) and ClearBridge Energy Midstream Opportunity Fund (EMO). 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.

	EMLP	EMO	Difference
Sharpe ratio: Return per unit of total volatility	1.89	1.27	+0.63
Sortino ratio: Return per unit of downside risk	2.73	1.86	+0.87
Omega ratio: Gain probability vs. loss probability	1.32	1.24	+0.08
Calmar ratio: Return relative to maximum drawdown	3.82	1.94	+1.88
Martin ratio: Return relative to average drawdown	12.42	4.29	+8.13
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EMLP vs. EMO - Sharpe Ratio Comparison

The current EMLP Sharpe Ratio is 1.89, which is higher than the EMO Sharpe Ratio of 1.27. The chart below compares the historical Sharpe Ratios of EMLP and EMO, 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

	EMLP	EMO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.89	1.27	+0.63
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.07	0.98	+0.09
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.58	0.17	+0.41
Sharpe Ratio (All Time) Calculated using the full available price history	0.57	0.11	+0.46

Drawdowns

EMLP vs. EMO - Drawdown Comparison

The maximum EMLP drawdown since its inception was -43.61%, smaller than the maximum EMO drawdown of -95.06%. Use the drawdown chart below to compare losses from any high point for EMLP and EMO.

Drawdown Indicators

	EMLP	EMO	Difference
Max Drawdown Largest peak-to-trough decline	-43.61%	-95.06%	+51.45%
Max Drawdown (1Y) Largest decline over 1 year	-4.94%	-10.87%	+5.93%
Max Drawdown (3Y) Largest decline over 3 years	-11.47%	-18.81%	+7.34%
Max Drawdown (5Y) Largest decline over 5 years	-14.59%	-28.59%	+14.00%
Max Drawdown (10Y) Largest decline over 10 years	-43.61%	-93.02%	+49.41%
Current Drawdown Current decline from peak	-3.62%	-6.64%	+3.02%
Average Drawdown Average peak-to-trough decline	-5.76%	-31.96%	+26.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.52%	4.90%	-3.38%

Volatility

EMLP vs. EMO - Volatility Comparison

The current volatility for First Trust North American Energy Infrastructure Fund (EMLP) is 4.10%, while ClearBridge Energy Midstream Opportunity Fund (EMO) has a volatility of 6.24%. This indicates that EMLP experiences smaller price fluctuations and is considered to be less risky than EMO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EMLP	EMO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.10%	6.24%	-2.14%
Volatility (6M) Calculated over the trailing 6-month period	7.87%	12.32%	-4.45%
Volatility (1Y) Calculated over the trailing 1-year period	9.97%	16.62%	-6.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.53%	26.74%	-12.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.69%	41.25%	-23.56%

EMLP vs. EMO - Expense Ratio Comparison

EMLP has a 0.96% expense ratio, which is lower than EMO's 13.90% expense ratio.

Dividends

EMLP vs. EMO - Dividend Comparison

EMLP's dividend yield for the trailing twelve months is around 2.79%, less than EMO's 8.61% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EMLP First Trust North American Energy Infrastructure Fund	2.79%	3.18%	3.19%	3.92%	3.15%	3.29%	4.70%	3.71%	4.71%	3.80%	3.62%	4.63%
EMO ClearBridge Energy Midstream Opportunity Fund	8.61%	9.41%	7.16%	6.79%	6.71%	6.71%	15.82%	10.94%	16.39%	10.85%	9.76%	11.88%

Frequently Asked Questions

Can I hold both EMLP and EMO in my portfolio?

EMLP and EMO have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EMLP or EMO?

EMO has higher volatility (6.24%) compared to EMLP (4.10%). In terms of maximum drawdown, EMLP dropped -43.61% vs EMO's -95.06%.

Which has better risk-adjusted returns?

EMLP currently has the higher Sharpe Ratio (1.89 vs 1.27), 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.