FALN vs. AMNA

Last updated Jun 4, 2026

FALN (iShares Fallen Angels USD Bond ETF) and AMNA (ETRACS Alerian Midstream Energy Index ETN) are both exchange-traded funds - FALN is a High Yield Bonds fund tracking the Bloomberg US High Yield Fallen Angel 3% Capped Index, while AMNA is a MLPs fund tracking the Alerian Midstream Energy Select Index. Both are passively managed. At a 0.34 correlation, their price movements are largely independent. FALN charges 0.25%/yr vs 0.75%/yr for AMNA.

Performance

FALN vs. AMNA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Fallen Angels USD Bond ETF (FALN) and ETRACS Alerian Midstream Energy Index ETN (AMNA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

FALN

• 1D: -0.22%
• 1M: 0.68%
• YTD: 1.56%
• 6M: 1.36%
• 1Y: 8.66%
• 3Y*: 9.18%
• 5Y*: 3.78%
• 10Y*: —

AMNA

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FALN vs. AMNA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
FALN iShares Fallen Angels USD Bond ETF	1.56%	8.92%	7.68%	13.47%	-13.79%	5.40%	14.37%
AMNA ETRACS Alerian Midstream Energy Index ETN	0.00%	0.00%	44.30%	12.50%	20.41%	36.44%	2.88%

Correlation

The correlation between FALN and AMNA is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (3Y) Calculated over the trailing 3-year period	0.24
Correlation (5Y) Calculated over the trailing 5-year period	0.32
Correlation (All Time) Calculated using the full available price history since Jun 23, 2020	0.34

FALN vs. AMNA - Sectors Allocation Comparison

Sectors	FALN	AMNA
Real Estate	100.0%	0.0%
Basic Materials	-	0.0%
Communication Services	-	0.0%
Consumer Cyclical	-	0.0%
Consumer Defensive	-	0.0%
Energy	-	0.0%
Financial Services	-	0.0%
Healthcare	-	0.0%
Industrials	-	0.0%
Technology	-	0.0%
Utilities	-	0.0%

Return for Risk

FALN vs. AMNA — Risk / Return Rank

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

FALN

FALN Risk / Return Rank: 54
FALN Sharpe Ratio Rank: 55
FALN Sortino Ratio Rank: 57
FALN Omega Ratio Rank: 60
FALN Calmar Ratio Rank: 44
FALN Martin Ratio Rank: 53

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.

FALN vs. AMNA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Fallen Angels USD Bond ETF (FALN) and ETRACS Alerian Midstream Energy Index ETN (AMNA). 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.

	FALN	AMNA	Difference
Sharpe ratio: Return per unit of total volatility	1.91	—	—
Sortino ratio: Return per unit of downside risk	2.78	—	—
Omega ratio: Gain probability vs. loss probability	1.37	—	—
Calmar ratio: Return relative to maximum drawdown	2.20	—	—
Martin ratio: Return relative to average drawdown	9.17	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	FALN	AMNA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.91	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.52	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.74	—	—

Drawdowns

Drawdown Indicators

	FALN	AMNA	Difference
Max Drawdown Largest peak-to-trough decline	-29.22%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-3.96%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-5.92%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-18.78%	—	—
Current Drawdown Current decline from peak	-0.26%	—	—
Average Drawdown Average peak-to-trough decline	-3.32%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	0.95%	—	—

Volatility

Volatility by Period

	FALN	AMNA	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.38%	—	—
Volatility (6M) Calculated over the trailing 6-month period	3.64%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	4.54%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.31%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.95%	—	—

FALN vs. AMNA - Expense Ratio Comparison

FALN has a 0.25% expense ratio, which is lower than AMNA's 0.75% expense ratio.

Dividends

FALN vs. AMNA - Dividend Comparison

FALN's dividend yield for the trailing twelve months is around 6.46%, while AMNA has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
AMNA ETRACS Alerian Midstream Energy Index ETN	0.00%	0.00%	4.32%	5.61%	5.48%	5.84%	2.12%	0.00%	0.00%	0.00%	0.00%
FALN iShares Fallen Angels USD Bond ETF	6.46%	6.31%	6.24%	5.37%	5.08%	3.40%	5.14%	5.35%	5.97%	6.98%	3.55%

Frequently Asked Questions

Can I hold both FALN and AMNA in my portfolio?

FALN and AMNA have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, FALN or AMNA?

On fees, FALN is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, FALN or AMNA?

FALN is cheaper with a 0.25% expense ratio, compared with 0.75% for AMNA.

Which ETF pays a higher dividend yield, FALN or AMNA?

FALN has the higher dividend yield at 6.46%, compared with 0.00% for AMNA.

What is the main difference between FALN and AMNA?

FALN is categorized as High Yield Bonds, while AMNA is MLPs. FALN tracks Bloomberg US High Yield Fallen Angel 3% Capped Index, while AMNA tracks Alerian Midstream Energy Select Index. They also come from different issuers: iShares and UBS. Their fees differ too: 0.25% for FALN and 0.75% for AMNA.