EMO vs. AMZA

Last updated Jun 23, 2026

EMO (ClearBridge Energy Midstream Opportunity Fund) and AMZA (InfraCap MLP ETF) are both MLPs funds. Both are actively managed. Over the past 10 years, EMO returned 7.02%/yr vs 4.73%/yr for AMZA. Their correlation of 0.81 suggests significant overlap in exposure. EMO charges 13.90%/yr vs 2.01%/yr for AMZA.

Performance

EMO vs. AMZA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ClearBridge Energy Midstream Opportunity Fund (EMO) and InfraCap MLP ETF (AMZA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EMO achieves a 14.85% return, which is significantly lower than AMZA's 19.38% return. Over the past 10 years, EMO has outperformed AMZA with an annualized return of 7.02%, while AMZA has yielded a comparatively lower 4.73% annualized return.

EMO

• 1D: 1.35%
• 1M: -4.83%
• YTD: 14.85%
• 6M: 16.60%
• 1Y: 18.20%
• 3Y*: 31.92%
• 5Y*: 26.27%
• 10Y*: 7.02%

AMZA

• 1D: -0.17%
• 1M: -5.71%
• YTD: 19.38%
• 6M: 19.96%
• 1Y: 13.76%
• 3Y*: 21.59%
• 5Y*: 18.45%
• 10Y*: 4.73%

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

EMO vs. AMZA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EMO ClearBridge Energy Midstream Opportunity Fund	14.85%	7.38%	44.45%	31.76%	40.13%	74.70%	-64.47%	19.60%	-25.73%	0.07%
AMZA InfraCap MLP ETF	19.38%	0.17%	30.90%	23.35%	33.20%	51.22%	-49.25%	6.27%	-26.78%	-6.90%

Correlation

The correlation between EMO and AMZA is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.49
Correlation (3Y) Calculated over the trailing 3-year period	0.64
Correlation (5Y) Calculated over the trailing 5-year period	0.78
Correlation (10Y) Calculated over the trailing 10-year period	0.81
Correlation (All Time) Calculated using the full available price history since Oct 2, 2014	0.81

Over the past year, the correlation between EMO and AMZA has dropped to 0.49 - well below their long-term average of 0.81, suggesting their price drivers have been diverging.

Return for Risk

EMO vs. AMZA — Risk / Return Rank

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

EMO

EMO Risk / Return Rank: 18
EMO Sharpe Ratio Rank: 17
EMO Sortino Ratio Rank: 17
EMO Omega Ratio Rank: 18
EMO Calmar Ratio Rank: 24
EMO Martin Ratio Rank: 13

AMZA

AMZA Risk / Return Rank: 22
AMZA Sharpe Ratio Rank: 23
AMZA Sortino Ratio Rank: 22
AMZA Omega Ratio Rank: 20
AMZA Calmar Ratio Rank: 24
AMZA Martin Ratio Rank: 23

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.

EMO vs. AMZA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ClearBridge Energy Midstream Opportunity Fund (EMO) and InfraCap MLP ETF (AMZA). 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.

	EMO	AMZA	Difference
Sharpe ratio: Return per unit of total volatility	1.09	0.78	+0.31
Sortino ratio: Return per unit of downside risk	1.63	1.19	+0.44
Omega ratio: Gain probability vs. loss probability	1.21	1.14	+0.07
Calmar ratio: Return relative to maximum drawdown	1.68	1.14	+0.54
Martin ratio: Return relative to average drawdown	3.56	2.79	+0.77

EMO vs. AMZA - Sharpe Ratio Comparison

The current EMO Sharpe Ratio is 1.09, which is higher than the AMZA Sharpe Ratio of 0.78. The chart below compares the historical Sharpe Ratios of EMO and AMZA, 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

EMO vs. AMZA - Drawdown Comparison

The maximum EMO drawdown since its inception was -95.06%, roughly equal to the maximum AMZA drawdown of -91.46%. Use the drawdown chart below to compare losses from any high point for EMO and AMZA.

Drawdown Indicators

	EMO	AMZA	Difference
Max Drawdown Largest peak-to-trough decline	-95.06%	-91.46%	-3.60%
Max Drawdown (1Y) Largest decline over 1 year	-10.87%	-12.16%	+1.29%
Max Drawdown (3Y) Largest decline over 3 years	-18.81%	-18.56%	-0.25%
Max Drawdown (5Y) Largest decline over 5 years	-28.59%	-25.15%	-3.44%
Max Drawdown (10Y) Largest decline over 10 years	-93.02%	-86.84%	-6.18%
Current Drawdown Current decline from peak	-7.40%	-12.27%	+4.87%
Average Drawdown Average peak-to-trough decline	-31.88%	-44.86%	+12.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.13%	4.95%	+0.18%

Volatility

EMO vs. AMZA - Volatility Comparison

The current volatility for ClearBridge Energy Midstream Opportunity Fund (EMO) is 4.48%, while InfraCap MLP ETF (AMZA) has a volatility of 5.05%. This indicates that EMO experiences smaller price fluctuations and is considered to be less risky than AMZA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EMO	AMZA	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.48%	5.05%	-0.57%
Volatility (6M) Calculated over the trailing 6-month period	12.27%	13.40%	-1.13%
Volatility (1Y) Calculated over the trailing 1-year period	16.78%	17.75%	-0.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.48%	25.64%	+0.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	41.24%	37.21%	+4.03%

EMO vs. AMZA - Expense Ratio Comparison

EMO has a 13.90% expense ratio, which is higher than AMZA's 2.01% expense ratio.

Dividends

EMO vs. AMZA - Dividend Comparison

EMO's dividend yield for the trailing twelve months is around 8.69%, more than AMZA's 8.38% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AMZA InfraCap MLP ETF	8.38%	8.81%	7.29%	9.40%	7.65%	10.24%	22.13%	19.47%	34.46%	24.16%	18.36%	18.21%
EMO ClearBridge Energy Midstream Opportunity Fund	8.69%	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 EMO and AMZA in my portfolio?

EMO and AMZA have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EMO or AMZA?

AMZA has higher volatility (5.05%) compared to EMO (4.48%). In terms of maximum drawdown, EMO dropped -95.06% vs AMZA's -91.46%.

Which has better risk-adjusted returns?

EMO currently has the higher Sharpe Ratio (1.09 vs 0.78), 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.