FXN vs. MLPI

Last updated Jun 24, 2026

FXN (First Trust Energy AlphaDEX Fund) and MLPI (NEOS MLP & Energy Infrastructure High Income ETF) are both exchange-traded funds - FXN is a Energy Equities fund tracking the StrataQuant Energy Index, while MLPI is a MLPs fund actively managed by NEOS. FXN is passively managed, while MLPI is actively managed. A 0.70 correlation means they provide meaningful diversification when combined. FXN charges 0.64%/yr vs 0.68%/yr for MLPI.

Performance

FXN vs. MLPI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Energy AlphaDEX Fund (FXN) 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, FXN achieves a 25.36% return, which is significantly higher than MLPI's 19.61% return.

FXN

• 1D: 0.10%
• 1M: -7.84%
• YTD: 25.36%
• 6M: 25.74%
• 1Y: 36.81%
• 3Y*: 13.95%
• 5Y*: 15.13%
• 10Y*: 5.82%

MLPI

• 1D: 1.09%
• 1M: -2.18%
• YTD: 19.61%
• 6M: 18.17%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FXN vs. MLPI - Yearly Performance Comparison

	2026 (YTD)	2025
FXN First Trust Energy AlphaDEX Fund	25.36%	-0.24%
MLPI NEOS MLP & Energy Infrastructure High Income ETF	19.61%	0.36%

Correlation

The correlation between FXN and MLPI is 0.70, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Dec 18, 2025	0.70

Return for Risk

FXN vs. MLPI — Risk / Return Rank

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

FXN

FXN Risk / Return Rank: 49
FXN Sharpe Ratio Rank: 48
FXN Sortino Ratio Rank: 44
FXN Omega Ratio Rank: 42
FXN Calmar Ratio Rank: 62
FXN Martin Ratio Rank: 51

MLPI

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

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.

FXN vs. MLPI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Energy AlphaDEX Fund (FXN) 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.

	FXN	MLPI	Difference
Sharpe ratio: Return per unit of total volatility	1.57	—	—
Sortino ratio: Return per unit of downside risk	2.10	—	—
Omega ratio: Gain probability vs. loss probability	1.26	—	—
Calmar ratio: Return relative to maximum drawdown	2.85	—	—
Martin ratio: Return relative to average drawdown	8.08	—	—

Drawdowns

FXN vs. MLPI - Drawdown Comparison

The maximum FXN drawdown since its inception was -87.39%, which is greater than MLPI's maximum drawdown of -5.38%. Use the drawdown chart below to compare losses from any high point for FXN and MLPI.

Drawdown Indicators

	FXN	MLPI	Difference
Max Drawdown Largest peak-to-trough decline	-87.39%	-5.38%	-82.01%
Max Drawdown (1Y) Largest decline over 1 year	-12.99%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-31.69%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-31.69%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-80.63%	—	—
Current Drawdown Current decline from peak	-11.26%	-2.18%	-9.08%
Average Drawdown Average peak-to-trough decline	-37.90%	-1.49%	-36.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.57%	—	—

Volatility

Volatility by Period

	FXN	MLPI	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.38%	—	—
Volatility (6M) Calculated over the trailing 6-month period	17.15%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	23.85%	13.05%	+10.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	28.95%	13.05%	+15.90%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	34.94%	13.05%	+21.89%

FXN vs. MLPI - Expense Ratio Comparison

FXN has a 0.64% expense ratio, which is lower than MLPI's 0.68% expense ratio.

Dividends

FXN vs. MLPI - Dividend Comparison

FXN's dividend yield for the trailing twelve months is around 1.91%, less than MLPI's 7.19% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FXN First Trust Energy AlphaDEX Fund	1.91%	2.53%	2.50%	3.09%	2.28%	0.87%	4.71%	1.47%	1.43%	1.17%	1.05%	2.36%
MLPI NEOS MLP & Energy Infrastructure High Income ETF	7.19%	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 FXN and MLPI in my portfolio?

FXN and MLPI have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, FXN or MLPI?

On fees, FXN is cheaper at 0.64% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, FXN or MLPI?

FXN is cheaper with a 0.64% expense ratio, compared with 0.68% for MLPI.

Which ETF pays a higher dividend yield, FXN or MLPI?

MLPI has the higher dividend yield at 7.19%, compared with 1.91% for FXN.

What is the main difference between FXN and MLPI?

FXN is categorized as Energy Equities, while MLPI is MLPs. They also come from different issuers: First Trust and NEOS. Their fees differ too: 0.64% for FXN and 0.68% for MLPI.