ETB vs. MLPI

Last updated Aug 4, 2026

ETB (Eaton Vance Tax-Managed Buy-Write Income Fund) and MLPI (NEOS MLP & Energy Infrastructure High Income ETF) are both funds - ETB is a Options Trading fund managed by Eaton Vance, while MLPI is a Infrastructure Equities fund actively managed by Neos. Their -0.15 correlation means they have often moved in opposite directions in the past. ETB charges 0.01%/yr vs 0.68%/yr for MLPI.

Performance

ETB vs. MLPI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Eaton Vance Tax-Managed Buy-Write Income Fund (ETB) and NEOS MLP & Energy Infrastructure High Income ETF (MLPI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ETB achieves a 7.23% return, which is significantly lower than MLPI's 16.44% return.

ETB

• 1D: 0.91%
• 1M: 1.20%
• 6M: 4.71%
• YTD: 7.23%
• 1Y: 17.89%
• 3Y*: 14.53%
• 5Y*: 7.84%
• 10Y*: 8.38%
• ALL TIME*: 8.19%

MLPI

• 1D: -1.18%
• 1M: -1.50%
• 6M: 9.25%
• YTD: 16.44%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

*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)
ETB Eaton Vance Tax-Managed Buy-Write Income Fund	$609.32K	$634.97K	$708.53K
MLPI NEOS MLP & Energy Infrastructure High Income ETF	$23.58M	$22.61M	$19.60M

ETB vs. MLPI - Yearly Performance Comparison

	2026 (YTD)	2025
ETB Eaton Vance Tax-Managed Buy-Write Income Fund	7.23%	2.21%
MLPI NEOS MLP & Energy Infrastructure High Income ETF	16.44%	0.36%

Correlation

The correlation between ETB and MLPI is -0.15, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (All Time) Calculated using the full available price history since Dec 18, 2025	-0.15

Return for Risk

ETB vs. MLPI — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

ETB

ETB Risk / Return Rank: 57
ETB Sharpe Ratio Rank: 55
ETB Sortino Ratio Rank: 56
ETB Omega Ratio Rank: 54
ETB Calmar Ratio Rank: 47
ETB Martin Ratio Rank: 74

MLPI

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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.

ETB vs. MLPI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Eaton Vance Tax-Managed Buy-Write Income Fund (ETB) and NEOS MLP & Energy Infrastructure High Income ETF (MLPI). 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.

	ETB	MLPI	Difference
Sharpe ratio: Return per unit of total volatility	1.53	—	—
Sortino ratio: Return per unit of downside risk	2.22	—	—
Omega ratio: Gain probability vs. loss probability	1.28	—	—
Calmar ratio: Return relative to maximum drawdown	1.96	—	—
Martin ratio: Return relative to average drawdown	9.70	—	—

Drawdowns

ETB vs. MLPI - Drawdown Comparison

The maximum ETB drawdown since its inception was -51.09%, which is greater than MLPI's maximum drawdown of -5.38%. Use the drawdown chart below to compare losses from any high point for ETB and MLPI.

Drawdown Indicators

	ETB	MLPI	Difference
Max Drawdown Largest peak-to-trough decline	-51.09%	-5.38%	-45.71%
Max Drawdown (1Y) Largest decline over 1 year	-9.16%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-20.09%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-23.43%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-45.08%	—	—
Current Drawdown Current decline from peak	0.00%	-4.77%	+4.77%
Average Drawdown Average peak-to-trough decline	-6.67%	-1.67%	-5.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.85%	—	—

Volatility

Volatility by Period

	ETB	MLPI	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.19%	—	—
Volatility (6M) Calculated over the trailing 6-month period	9.72%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	11.78%	13.34%	-1.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.31%	13.34%	+2.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.95%	13.34%	+4.61%

ETB vs. MLPI - Expense Ratio Comparison

ETB has a 0.01% expense ratio, which is lower than MLPI's 0.68% expense ratio.

Dividends

ETB vs. MLPI - Dividend Comparison

ETB's dividend yield for the trailing twelve months is around 8.14%, less than MLPI's 8.76% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ETB Eaton Vance Tax-Managed Buy-Write Income Fund	8.14%	8.31%	8.21%	8.62%	9.63%	7.57%	8.64%	7.90%	9.64%	7.75%	7.85%	7.77%
MLPI NEOS MLP & Energy Infrastructure High Income ETF	8.76%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ETB and MLPI in my portfolio?

ETB and MLPI have a correlation of -0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.