EMLP vs. TOLZ

Last updated Aug 2, 2026

EMLP (First Trust North American Energy Infrastructure Fund) and TOLZ (ProShares DJ Brookfield Global Infrastructure ETF) are both Infrastructure Equities funds. EMLP is actively managed, while TOLZ is passively managed. Over the past 10 years, EMLP returned 10.12%/yr vs 7.50%/yr for TOLZ. Their correlation of 0.82 means they have usually moved in the same direction. EMLP charges 0.96%/yr vs 0.46%/yr for TOLZ.

Performance

EMLP vs. TOLZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust North American Energy Infrastructure Fund (EMLP) and ProShares DJ Brookfield Global Infrastructure ETF (TOLZ). 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 TOLZ's 12.26% return. Over the past 10 years, EMLP has outperformed TOLZ with an annualized return of 10.12%, while TOLZ has yielded a comparatively lower 7.50% annualized 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%

TOLZ

• 1D: -0.70%
• 1M: 0.30%
• 6M: 7.13%
• YTD: 12.26%
• 1Y: 15.76%
• 3Y*: 14.11%
• 5Y*: 8.83%
• 10Y*: 7.50%
• ALL TIME*: 6.71%

*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
TOLZ ProShares DJ Brookfield Global Infrastructure ETF	$2.85M	$1.54M	$1.36M

EMLP vs. TOLZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
TOLZ ProShares DJ Brookfield Global Infrastructure ETF	12.26%	14.76%	11.67%	6.18%	-4.25%	20.47%	-9.46%	26.84%	-7.90%	13.28%

Correlation

The correlation between EMLP and TOLZ is 0.83, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.83
Correlation (3Y) Balances recent behavior with more history.	0.83
Correlation (5Y) Shows whether the relationship held over a longer period.	0.85
Correlation (10Y) Provides a long-term view across more market conditions.	0.84
Correlation (All Time) Calculated using the full available price history since Mar 27, 2014	0.82

The correlation between EMLP and TOLZ has been stable across timeframes, ranging from 0.82 to 0.85 - a consistent structural relationship.

EMLP vs. TOLZ - Sectors Allocation Comparison

Sectors	EMLP	TOLZ
Utilities	55.2%	24.2%
Energy	25.9%	36.4%
Industrials	8.6%	4.8%
Basic Materials	1.7%	-
Communication Services	-	-
Consumer Cyclical	-	0.8%
Consumer Defensive	-	4.1%
Financial Services	-	2.0%
Healthcare	-	-
Real Estate	-	6.9%
Technology	-	0.7%

Return for Risk

EMLP vs. TOLZ — 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

TOLZ

TOLZ Risk / Return Rank: 71
TOLZ Sharpe Ratio Rank: 67
TOLZ Sortino Ratio Rank: 69
TOLZ Omega Ratio Rank: 62
TOLZ Calmar Ratio Rank: 84
TOLZ Martin Ratio Rank: 72

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. TOLZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust North American Energy Infrastructure Fund (EMLP) and ProShares DJ Brookfield Global Infrastructure ETF (TOLZ). 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	TOLZ	Difference
Sharpe ratio: Return per unit of total volatility	1.78	1.55	+0.23
Sortino ratio: Return per unit of downside risk	2.61	2.24	+0.37
Omega ratio: Gain probability vs. loss probability	1.30	1.27	+0.04
Calmar ratio: Return relative to maximum drawdown	3.72	3.20	+0.52
Martin ratio: Return relative to average drawdown	10.54	8.87	+1.67

EMLP vs. TOLZ - Sharpe Ratio Comparison

The current EMLP Sharpe Ratio is 1.78, which is comparable to the TOLZ Sharpe Ratio of 1.55. The chart below compares the historical Sharpe Ratios of EMLP and TOLZ, 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. TOLZ - Drawdown Comparison

The maximum EMLP drawdown since its inception was -43.61%, which is greater than TOLZ's maximum drawdown of -39.33%. Use the drawdown chart below to compare losses from any high point for EMLP and TOLZ.

Drawdown Indicators

	EMLP	TOLZ	Difference
Max Drawdown Largest peak-to-trough decline	-43.61%	-39.33%	-4.28%
Max Drawdown (1Y) Largest decline over 1 year	-4.94%	-5.18%	+0.24%
Max Drawdown (3Y) Largest decline over 3 years	-11.47%	-9.26%	-2.21%
Max Drawdown (5Y) Largest decline over 5 years	-14.59%	-21.85%	+7.26%
Max Drawdown (10Y) Largest decline over 10 years	-43.61%	-39.33%	-4.28%
Current Drawdown Current decline from peak	-1.94%	-2.30%	+0.36%
Average Drawdown Average peak-to-trough decline	-5.71%	-6.57%	+0.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.74%	1.86%	-0.12%

Volatility

EMLP vs. TOLZ - Volatility Comparison

First Trust North American Energy Infrastructure Fund (EMLP) has a higher volatility of 3.87% compared to ProShares DJ Brookfield Global Infrastructure ETF (TOLZ) at 3.58%. This indicates that EMLP's price experiences larger fluctuations and is considered to be riskier than TOLZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EMLP	TOLZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.87%	3.58%	+0.29%
Volatility (6M) Calculated over the trailing 6-month period	8.48%	8.79%	-0.31%
Volatility (1Y) Calculated over the trailing 1-year period	10.36%	10.70%	-0.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.49%	14.03%	+0.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.67%	16.23%	+1.44%

EMLP vs. TOLZ - Expense Ratio Comparison

EMLP has a 0.96% expense ratio, which is higher than TOLZ's 0.46% expense ratio.

Dividends

EMLP vs. TOLZ - Dividend Comparison

EMLP's dividend yield for the trailing twelve months is around 2.76%, less than TOLZ's 2.97% 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%
TOLZ ProShares DJ Brookfield Global Infrastructure ETF	2.97%	3.99%	3.53%	3.34%	3.01%	3.28%	3.16%	2.96%	3.63%	3.30%	2.62%	3.67%

Frequently Asked Questions

Can I hold both EMLP and TOLZ in my portfolio?

EMLP and TOLZ have a correlation of 0.83, 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 TOLZ?

EMLP has higher volatility (3.87%) compared to TOLZ (3.58%). In terms of maximum drawdown, EMLP dropped -43.61% vs TOLZ's -39.33%.

Which ETF is better, EMLP or TOLZ?

On 10-year performance, EMLP leads with 10.12% vs 7.50% for TOLZ. On fees, TOLZ is cheaper at 0.46% per year. On volatility, TOLZ has been the lower-risk option at 3.58%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EMLP or TOLZ?

Over the 10-year period, EMLP has performed better with a 10.12% return vs 7.50%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EMLP or TOLZ?

TOLZ is cheaper with a 0.46% expense ratio, compared with 0.96% for EMLP.

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

TOLZ has the higher dividend yield at 2.97%, compared with 2.76% for EMLP.

What is the main difference between EMLP and TOLZ?

They also come from different issuers: First Trust and ProShares. Their fees differ too: 0.96% for EMLP and 0.46% for TOLZ.

Which has better risk-adjusted returns?

EMLP currently has the higher Sharpe Ratio (1.78 vs 1.55), 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.