EMO vs. MLPA
EMO (ClearBridge Energy Midstream Opportunity Fund) and MLPA (Global X MLP ETF) are both MLPs funds. EMO is actively managed, while MLPA is passively managed. Over the past 10 years, EMO returned 7.75%/yr vs 6.71%/yr for MLPA. Their 0.80 correlation means they have sometimes moved together and sometimes differently. EMO charges 13.90%/yr vs 0.77%/yr for MLPA.
Performance
EMO vs. MLPA - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with EMO having a 21.52% return and MLPA slightly higher at 21.83%. Over the past 10 years, EMO has outperformed MLPA with an annualized return of 7.75%, while MLPA has yielded a comparatively lower 6.71% annualized return.
EMO
- 1D
- 1.14%
- 1M
- 5.46%
- 6M
- 10.79%
- YTD
- 21.52%
- 1Y
- 21.50%
- 3Y*
- 28.83%
- 5Y*
- 29.82%
- 10Y*
- 7.75%
- ALL TIME*
- 4.29%
MLPA
- 1D
- 0.87%
- 1M
- 6.27%
- 6M
- 14.54%
- YTD
- 21.83%
- 1Y
- 20.93%
- 3Y*
- 16.99%
- 5Y*
- 18.11%
- 10Y*
- 6.71%
- ALL TIME*
- 4.63%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.85M | $2.08M | $2.48M | |
MLPA Global X MLP ETF | $8.12M | $8.66M | $10.73M |
EMO vs. MLPA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EMO ClearBridge Energy Midstream Opportunity Fund | 21.52% | 7.38% | 44.45% | 31.76% | 40.13% | 74.70% | -64.47% | 19.60% | -25.73% | 0.07% |
MLPA Global X MLP ETF | 21.83% | 5.73% | 20.35% | 15.93% | 27.03% | 39.64% | -33.97% | 11.91% | -15.71% | -8.31% |
Correlation
The correlation between EMO and MLPA is 0.59, 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. | 0.59 |
Correlation (3Y) Balances recent behavior with more history. | 0.68 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.79 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.82 |
Correlation (All Time) Calculated using the full available price history since Apr 19, 2012 | 0.80 |
Over the past year, the correlation between EMO and MLPA has dropped to 0.59 - well below their long-term average of 0.80, suggesting their price drivers have been diverging.
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Return for Risk
EMO vs. MLPA — Risk / Return Rank
EMO
MLPA
EMO vs. MLPA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ClearBridge Energy Midstream Opportunity Fund (EMO) and Global X MLP ETF (MLPA). 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 | MLPA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.27 | ||
| Sortino ratioReturn per unit of downside risk | -0.37 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.26 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | 1.89 | 2.46 | -0.57 |
| Martin ratioReturn relative to average drawdown | 3.92 | 6.61 | -2.69 |
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Drawdowns
EMO vs. MLPA - Drawdown Comparison
The maximum EMO drawdown since its inception was -95.06%, which is greater than MLPA's maximum drawdown of -78.75%. Use the drawdown chart below to compare losses from any high point for EMO and MLPA.
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Drawdown Indicators
| EMO | MLPA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -95.06% | -78.75% | -16.31% |
Max Drawdown (1Y)Largest decline over 1 year | -10.87% | -7.73% | -3.14% |
Max Drawdown (3Y)Largest decline over 3 years | -18.81% | -14.20% | -4.61% |
Max Drawdown (5Y)Largest decline over 5 years | -28.59% | -18.75% | -9.84% |
Max Drawdown (10Y)Largest decline over 10 years | -93.02% | -74.05% | -18.97% |
Current DrawdownCurrent decline from peak | -2.16% | 0.00% | -2.16% |
Average DrawdownAverage peak-to-trough decline | -31.67% | -20.08% | -11.59% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.24% | 3.18% | +2.06% |
Volatility
EMO vs. MLPA - Volatility Comparison
ClearBridge Energy Midstream Opportunity Fund (EMO) has a higher volatility of 5.06% compared to Global X MLP ETF (MLPA) at 4.14%. This indicates that EMO's price experiences larger fluctuations and is considered to be riskier than MLPA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EMO | MLPA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.06% | 4.14% | +0.92% |
Volatility (6M)Calculated over the trailing 6-month period | 12.66% | 9.72% | +2.94% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.45% | 12.47% | +3.98% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 26.05% | 17.73% | +8.32% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 41.13% | 27.39% | +13.74% |
EMO vs. MLPA - Expense Ratio Comparison
EMO has a 13.90% expense ratio, which is higher than MLPA's 0.77% expense ratio.
Dividends
EMO vs. MLPA - Dividend Comparison
EMO's dividend yield for the trailing twelve months is around 8.35%, more than MLPA's 6.93% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EMO ClearBridge Energy Midstream Opportunity Fund | 8.35% | 9.41% | 7.16% | 6.79% | 6.71% | 6.71% | 15.82% | 10.94% | 16.39% | 10.85% | 9.76% | 11.88% |
MLPA Global X MLP ETF | 6.93% | 7.82% | 7.25% | 7.49% | 7.30% | 8.72% | 13.84% | 9.09% | 10.00% | 8.05% | 7.15% | 9.29% |
Frequently Asked Questions
EMO and MLPA have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EMO has higher volatility (5.06%) compared to MLPA (4.14%). In terms of maximum drawdown, EMO dropped -95.06% vs MLPA's -78.75%.
MLPA currently has the higher Sharpe Ratio (1.53 vs 1.25), 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.
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