EMLP vs. IFRA

Last updated Aug 2, 2026

EMLP (First Trust North American Energy Infrastructure Fund) and IFRA (iShares U.S. Infrastructure ETF) are both Infrastructure Equities funds. EMLP is actively managed, while IFRA is passively managed. Over the past 5 years, EMLP returned 16.56%/yr vs 13.28%/yr for IFRA. Their 0.74 correlation means they have sometimes moved together and sometimes differently. EMLP charges 0.96%/yr vs 0.30%/yr for IFRA.

Performance

EMLP vs. IFRA - Performance Comparison

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

Returns By Period

In the year-to-date period, EMLP achieves a 17.75% return, which is significantly higher than IFRA's 16.00% return.

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%

IFRA

• 1D: 0.00%
• 1M: -2.67%
• 6M: 8.92%
• YTD: 16.00%
• 1Y: 23.20%
• 3Y*: 16.79%
• 5Y*: 13.28%
• 10Y*: —
• ALL TIME*: 13.22%

*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)
EMLP First Trust North American Energy Infrastructure Fund	$12.88M	$10.50M	$12.16M
IFRA iShares U.S. Infrastructure ETF	$20.72M	$20.65M	$23.36M

EMLP vs. IFRA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
EMLP First Trust North American Energy Infrastructure Fund	17.75%	9.67%	33.39%	8.05%	10.39%	23.20%	-13.36%	23.40%	1.75%
IFRA iShares U.S. Infrastructure ETF	16.00%	15.90%	17.02%	13.42%	-3.32%	29.81%	7.37%	27.00%	-7.97%

Correlation

The correlation between EMLP and IFRA is 0.53, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.53
Correlation (3Y) Balances recent behavior with more history.	0.67
Correlation (5Y) Shows whether the relationship held over a longer period.	0.75
Correlation (All Time) Calculated using the full available price history since Apr 5, 2018	0.74

Over the past year, the correlation between EMLP and IFRA has dropped to 0.53 - well below their long-term average of 0.74, suggesting their price drivers have been diverging.

EMLP vs. IFRA - Sectors Allocation Comparison

Sectors	EMLP	IFRA
Utilities	55.2%	37.8%
Energy	25.9%	7.9%
Industrials	8.6%	36.9%
Basic Materials	1.7%	17.1%
Communication Services	-	-
Consumer Cyclical	-	0.0%
Consumer Defensive	-	0.0%
Financial Services	-	-
Healthcare	-	-
Real Estate	-	-
Technology	-	-

Return for Risk

EMLP vs. IFRA — Risk / Return Rank

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

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

IFRA

IFRA Risk / Return Rank: 65
IFRA Sharpe Ratio Rank: 61
IFRA Sortino Ratio Rank: 65
IFRA Omega Ratio Rank: 55
IFRA Calmar Ratio Rank: 75
IFRA Martin Ratio Rank: 70

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.

EMLP vs. IFRA - Risk-Adjusted Trends Comparison

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

	EMLP	IFRA	Difference
Sharpe ratio: Return per unit of total volatility	1.78	1.43	+0.35
Sortino ratio: Return per unit of downside risk	2.61	2.14	+0.47
Omega ratio: Gain probability vs. loss probability	1.30	1.24	+0.06
Calmar ratio: Return relative to maximum drawdown	3.72	2.61	+1.11
Martin ratio: Return relative to average drawdown	10.54	8.59	+1.95

EMLP vs. IFRA - Sharpe Ratio Comparison

The current EMLP Sharpe Ratio is 1.78, which is comparable to the IFRA Sharpe Ratio of 1.43. The chart below compares the historical Sharpe Ratios of EMLP and IFRA, 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

EMLP vs. IFRA - Drawdown Comparison

The maximum EMLP drawdown since its inception was -43.61%, which is greater than IFRA's maximum drawdown of -41.06%. Use the drawdown chart below to compare losses from any high point for EMLP and IFRA.

Drawdown Indicators

	EMLP	IFRA	Difference
Max Drawdown Largest peak-to-trough decline	-43.61%	-41.06%	-2.55%
Max Drawdown (1Y) Largest decline over 1 year	-4.94%	-8.40%	+3.46%
Max Drawdown (3Y) Largest decline over 3 years	-11.47%	-19.93%	+8.46%
Max Drawdown (5Y) Largest decline over 5 years	-14.59%	-19.93%	+5.34%
Max Drawdown (10Y) Largest decline over 10 years	-43.61%	—	—
Current Drawdown Current decline from peak	-1.94%	-5.46%	+3.52%
Average Drawdown Average peak-to-trough decline	-5.71%	-5.09%	-0.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.74%	2.55%	-0.81%

Volatility

EMLP vs. IFRA - Volatility Comparison

First Trust North American Energy Infrastructure Fund (EMLP) and iShares U.S. Infrastructure ETF (IFRA) have volatilities of 3.87% and 4.01%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EMLP	IFRA	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.87%	4.01%	-0.14%
Volatility (6M) Calculated over the trailing 6-month period	8.48%	12.02%	-3.54%
Volatility (1Y) Calculated over the trailing 1-year period	10.36%	15.40%	-5.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.49%	17.87%	-3.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.67%	21.29%	-3.62%

EMLP vs. IFRA - Expense Ratio Comparison

EMLP has a 0.96% expense ratio, which is higher than IFRA's 0.30% expense ratio.

Dividends

EMLP vs. IFRA - Dividend Comparison

EMLP's dividend yield for the trailing twelve months is around 2.76%, more than IFRA's 1.61% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
IFRA iShares U.S. Infrastructure ETF	1.61%	1.84%	1.75%	1.98%	1.98%	1.63%	2.08%	1.68%	2.50%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both EMLP and IFRA in my portfolio?

EMLP and IFRA have a correlation of 0.53, 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 IFRA?

IFRA has higher volatility (4.01%) compared to EMLP (3.87%). In terms of maximum drawdown, EMLP dropped -43.61% vs IFRA's -41.06%.

Which ETF is better, EMLP or IFRA?

On 5-year performance, EMLP leads with 16.56% vs 13.28% for IFRA. On fees, IFRA is cheaper at 0.30% 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, EMLP or IFRA?

Over the 5-year period, EMLP has performed better with a 16.56% return vs 13.28%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EMLP or IFRA?

IFRA is cheaper with a 0.30% expense ratio, compared with 0.96% for EMLP.

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

EMLP has the higher dividend yield at 2.76%, compared with 1.61% for IFRA.

What is the main difference between EMLP and IFRA?

They also come from different issuers: First Trust and iShares. Their fees differ too: 0.96% for EMLP and 0.30% for IFRA.

Which has better risk-adjusted returns?

EMLP currently has the higher Sharpe Ratio (1.78 vs 1.43), 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.