EMLP vs. UMI

Last updated Jun 23, 2026

EMLP (First Trust North American Energy Infrastructure Fund) and UMI (USCF Midstream Energy Income Fund ETF) are both exchange-traded funds - EMLP is a MLPs fund actively managed by First Trust, while UMI is a Energy Equities fund actively managed by Wainwright, Inc.. Both are actively managed. Over the past 5 years, EMLP returned 15.66%/yr vs 20.20%/yr for UMI. A 0.71 correlation means they provide meaningful diversification when combined. EMLP charges 0.96%/yr vs 0.85%/yr for UMI.

Performance

EMLP vs. UMI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust North American Energy Infrastructure Fund (EMLP) and USCF Midstream Energy Income Fund ETF (UMI). 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 lower than UMI's 21.76% 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%

UMI

• 1D: 0.96%
• 1M: -5.27%
• YTD: 21.76%
• 6M: 23.01%
• 1Y: 24.46%
• 3Y*: 27.84%
• 5Y*: 20.20%
• 10Y*: —

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

EMLP vs. UMI - 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%	2.62%
UMI USCF Midstream Energy Income Fund ETF	21.76%	5.11%	42.97%	14.60%	20.78%	20.97%	-8.25%	21.06%	-10.64%	2.76%

Correlation

The correlation between EMLP and UMI is 0.80, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.80
Correlation (3Y) Calculated over the trailing 3-year period	0.85
Correlation (5Y) Calculated over the trailing 5-year period	0.87
Correlation (All Time) Calculated using the full available price history since Nov 30, 2017	0.71

The correlation between EMLP and UMI shifts across timeframes, from 0.71 (all time) to 0.87 (5 years), reflecting how their relationship changes across market environments.

EMLP vs. UMI - Sectors Allocation Comparison

Sectors	EMLP	UMI
Utilities	54.0%	1.0%
Energy	27.0%	99.0%
Industrials	7.9%	-
Basic Materials	1.6%	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Financial Services	-	-
Healthcare	-	-
Real Estate	-	-
Technology	-	-

Return for Risk

EMLP vs. UMI — 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

UMI

UMI Risk / Return Rank: 54
UMI Sharpe Ratio Rank: 52
UMI Sortino Ratio Rank: 51
UMI Omega Ratio Rank: 48
UMI Calmar Ratio Rank: 68
UMI Martin Ratio Rank: 51

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. UMI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust North American Energy Infrastructure Fund (EMLP) and USCF Midstream Energy Income Fund ETF (UMI). 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	UMI	Difference
Sharpe ratio: Return per unit of total volatility	1.98	1.73	+0.25
Sortino ratio: Return per unit of downside risk	2.86	2.40	+0.46
Omega ratio: Gain probability vs. loss probability	1.34	1.30	+0.04
Calmar ratio: Return relative to maximum drawdown	3.96	3.28	+0.68
Martin ratio: Return relative to average drawdown	11.58	8.47	+3.11

EMLP vs. UMI - Sharpe Ratio Comparison

The current EMLP Sharpe Ratio is 1.98, which is comparable to the UMI Sharpe Ratio of 1.73. The chart below compares the historical Sharpe Ratios of EMLP and UMI, 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. UMI - Drawdown Comparison

The maximum EMLP drawdown since its inception was -43.61%, smaller than the maximum UMI drawdown of -48.08%. Use the drawdown chart below to compare losses from any high point for EMLP and UMI.

Drawdown Indicators

	EMLP	UMI	Difference
Max Drawdown Largest peak-to-trough decline	-43.61%	-48.08%	+4.47%
Max Drawdown (1Y) Largest decline over 1 year	-4.94%	-7.50%	+2.56%
Max Drawdown (3Y) Largest decline over 3 years	-11.47%	-17.08%	+5.61%
Max Drawdown (5Y) Largest decline over 5 years	-14.59%	-20.05%	+5.46%
Max Drawdown (10Y) Largest decline over 10 years	-43.61%	—	—
Current Drawdown Current decline from peak	-3.51%	-5.35%	+1.84%
Average Drawdown Average peak-to-trough decline	-5.75%	-6.59%	+0.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.69%	2.90%	-1.21%

Volatility

EMLP vs. UMI - Volatility Comparison

The current volatility for First Trust North American Energy Infrastructure Fund (EMLP) is 3.42%, while USCF Midstream Energy Income Fund ETF (UMI) has a volatility of 5.33%. This indicates that EMLP experiences smaller price fluctuations and is considered to be less risky than UMI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EMLP	UMI	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.42%	5.33%	-1.91%
Volatility (6M) Calculated over the trailing 6-month period	7.89%	11.05%	-3.16%
Volatility (1Y) Calculated over the trailing 1-year period	9.92%	14.23%	-4.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.48%	19.45%	-4.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.69%	23.16%	-5.47%

EMLP vs. UMI - Expense Ratio Comparison

EMLP has a 0.96% expense ratio, which is higher than UMI's 0.85% expense ratio.

Dividends

EMLP vs. UMI - Dividend Comparison

EMLP's dividend yield for the trailing twelve months is around 2.79%, less than UMI's 6.02% 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%
UMI USCF Midstream Energy Income Fund ETF	6.02%	6.23%	4.39%	4.67%	4.36%	3.00%	2.18%	2.47%	2.48%	0.15%	0.00%	0.00%

Frequently Asked Questions

Can I hold both EMLP and UMI in my portfolio?

EMLP and UMI have a correlation of 0.80, 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 UMI?

UMI has higher volatility (5.33%) compared to EMLP (3.42%). In terms of maximum drawdown, EMLP dropped -43.61% vs UMI's -48.08%.

Which ETF is better, EMLP or UMI?

On 5-year performance, UMI leads with 20.20% vs 15.66% for EMLP. On fees, UMI is cheaper at 0.85% 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 UMI?

Over the 5-year period, UMI has performed better with a 20.20% return vs 15.66%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EMLP or UMI?

UMI is cheaper with a 0.85% expense ratio, compared with 0.96% for EMLP.

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

UMI has the higher dividend yield at 6.02%, compared with 2.79% for EMLP.

What is the main difference between EMLP and UMI?

EMLP is categorized as MLPs, while UMI is Energy Equities. They also come from different issuers: First Trust and Wainwright, Inc.. Their fees differ too: 0.96% for EMLP and 0.85% for UMI.

Which has better risk-adjusted returns?

EMLP currently has the higher Sharpe Ratio (1.98 vs 1.73), 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.