EMLP vs. SPY

Last updated Jun 23, 2026

EMLP (First Trust North American Energy Infrastructure Fund) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - EMLP is a MLPs fund actively managed by First Trust, while SPY is a S&P 500 fund tracking the S&P 500 Index. EMLP is actively managed, while SPY is passively managed. Over the past 10 years, EMLP returned 10.13%/yr vs 15.70%/yr for SPY. A 0.57 correlation means they provide meaningful diversification when combined. EMLP charges 0.96%/yr vs 0.09%/yr for SPY.

Performance

EMLP vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust North American Energy Infrastructure Fund (EMLP) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EMLP achieves a 14.75% return, which is significantly higher than SPY's 9.74% return. Over the past 10 years, EMLP has underperformed SPY with an annualized return of 10.13%, while SPY has yielded a comparatively higher 15.70% annualized return.

EMLP

• 1D: 0.47%
• 1M: -3.16%
• YTD: 14.75%
• 6M: 15.27%
• 1Y: 19.48%
• 3Y*: 21.80%
• 5Y*: 15.66%
• 10Y*: 10.13%

SPY

• 1D: -0.31%
• 1M: 0.09%
• YTD: 9.74%
• 6M: 9.27%
• 1Y: 26.65%
• 3Y*: 21.27%
• 5Y*: 13.51%
• 10Y*: 15.70%

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

EMLP vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EMLP First Trust North American Energy Infrastructure Fund	14.75%	9.67%	33.39%	8.05%	10.39%	23.20%	-13.36%	23.40%	-8.70%	1.07%
SPY State Street SPDR S&P 500 ETF	9.74%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Correlation

The correlation between EMLP and SPY is 0.09, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.09
Correlation (3Y) Calculated over the trailing 3-year period	0.35
Correlation (5Y) Calculated over the trailing 5-year period	0.50
Correlation (10Y) Calculated over the trailing 10-year period	0.54
Correlation (All Time) Calculated using the full available price history since Jun 21, 2012	0.57

Over the past year, the correlation between EMLP and SPY has dropped to 0.09 - well below their long-term average of 0.57, suggesting their price drivers have been diverging.

EMLP vs. SPY - Sectors Allocation Comparison

Sectors	EMLP	SPY
Utilities	54.0%	2.1%
Energy	27.0%	3.1%
Industrials	7.9%	7.8%
Basic Materials	1.6%	1.7%
Communication Services	-	10.6%
Consumer Cyclical	-	9.9%
Consumer Defensive	-	4.5%
Financial Services	-	11.1%
Healthcare	-	8.3%
Real Estate	-	1.8%
Technology	-	39.0%

Return for Risk

EMLP vs. SPY — Risk / Return Rank

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

EMLP

EMLP Risk / Return Rank: 65
EMLP Sharpe Ratio Rank: 61
EMLP Sortino Ratio Rank: 64
EMLP Omega Ratio Rank: 55
EMLP Calmar Ratio Rank: 79
EMLP Martin Ratio Rank: 65

SPY

SPY Risk / Return Rank: 68
SPY Sharpe Ratio Rank: 69
SPY Sortino Ratio Rank: 66
SPY Omega Ratio Rank: 68
SPY Calmar Ratio Rank: 63
SPY Martin Ratio Rank: 74

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. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust North American Energy Infrastructure Fund (EMLP) and State Street SPDR S&P 500 ETF (SPY). 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	SPY	Difference
Sharpe ratio: Return per unit of total volatility	1.98	2.16	-0.18
Sortino ratio: Return per unit of downside risk	2.86	2.91	-0.05
Omega ratio: Gain probability vs. loss probability	1.34	1.39	-0.06
Calmar ratio: Return relative to maximum drawdown	3.96	3.01	+0.95
Martin ratio: Return relative to average drawdown	11.58	13.54	-1.96

EMLP vs. SPY - Sharpe Ratio Comparison

The current EMLP Sharpe Ratio is 1.98, which is comparable to the SPY Sharpe Ratio of 2.16. The chart below compares the historical Sharpe Ratios of EMLP and SPY, 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. SPY - Drawdown Comparison

The maximum EMLP drawdown since its inception was -43.61%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for EMLP and SPY.

Drawdown Indicators

	EMLP	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-43.61%	-55.19%	+11.58%
Max Drawdown (1Y) Largest decline over 1 year	-4.94%	-8.88%	+3.94%
Max Drawdown (3Y) Largest decline over 3 years	-11.47%	-18.76%	+7.29%
Max Drawdown (5Y) Largest decline over 5 years	-14.59%	-24.50%	+9.91%
Max Drawdown (10Y) Largest decline over 10 years	-43.61%	-33.72%	-9.89%
Current Drawdown Current decline from peak	-3.51%	-1.75%	-1.76%
Average Drawdown Average peak-to-trough decline	-5.75%	-9.04%	+3.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.69%	1.97%	-0.28%

Volatility

EMLP vs. SPY - Volatility Comparison

The current volatility for First Trust North American Energy Infrastructure Fund (EMLP) is 3.42%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 4.64%. This indicates that EMLP experiences smaller price fluctuations and is considered to be less risky than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EMLP	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.42%	4.64%	-1.22%
Volatility (6M) Calculated over the trailing 6-month period	7.89%	9.75%	-1.86%
Volatility (1Y) Calculated over the trailing 1-year period	9.92%	12.43%	-2.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.48%	17.14%	-2.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.69%	17.99%	-0.30%

EMLP vs. SPY - Expense Ratio Comparison

EMLP has a 0.96% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

EMLP vs. SPY - Dividend Comparison

EMLP's dividend yield for the trailing twelve months is around 2.79%, more than SPY's 1.01% 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%
SPY State Street SPDR S&P 500 ETF	1.01%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both EMLP and SPY in my portfolio?

EMLP and SPY have a correlation of 0.09, 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 SPY?

SPY has higher volatility (4.64%) compared to EMLP (3.42%). In terms of maximum drawdown, EMLP dropped -43.61% vs SPY's -55.19%.

Which ETF is better, EMLP or SPY?

On 10-year performance, SPY leads with 15.70% vs 10.13% for EMLP. On fees, SPY is cheaper at 0.09% per year. On volatility, EMLP has been the lower-risk option at 3.42%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EMLP or SPY?

Over the 10-year period, SPY has performed better with a 15.70% return vs 10.13%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EMLP or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.96% for EMLP.

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

EMLP has the higher dividend yield at 2.79%, compared with 1.01% for SPY.

What is the main difference between EMLP and SPY?

EMLP is categorized as MLPs, while SPY is S&P 500. They also come from different issuers: First Trust and State Street. Their fees differ too: 0.96% for EMLP and 0.09% for SPY.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (2.16 vs 1.98), 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.