FXN vs. MLPI
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 Infrastructure Equities fund actively managed by Neos. FXN is passively managed, while MLPI is actively managed. Their 0.68 correlation means they have sometimes moved together and sometimes differently. FXN charges 0.64%/yr vs 0.68%/yr for MLPI.
Performance
FXN vs. MLPI - Performance Comparison
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Returns By Period
In the year-to-date period, FXN achieves a 34.12% return, which is significantly higher than MLPI's 17.83% return.
FXN
- 1D
- -0.77%
- 1M
- 8.88%
- 6M
- 23.33%
- YTD
- 34.12%
- 1Y
- 45.83%
- 3Y*
- 10.71%
- 5Y*
- 19.56%
- 10Y*
- 6.54%
- ALL TIME*
- 2.12%
MLPI
- 1D
- -0.28%
- 1M
- -0.32%
- 6M
- 11.98%
- YTD
- 17.83%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- —
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $7.82M | $9.25M | $37.23M | |
| $22.33M | $21.99M | $19.61M |
FXN vs. MLPI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
FXN First Trust Energy AlphaDEX Fund | 34.12% | -0.24% |
MLPI NEOS MLP & Energy Infrastructure High Income ETF | 17.83% | 0.36% |
Correlation
The correlation between FXN and MLPI is 0.68, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Dec 18, 2025 | 0.68 |
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Return for Risk
FXN vs. MLPI — Risk / Return Rank
FXN
MLPI
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
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 ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.32 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 3.43 | — | — |
| Martin ratioReturn relative to average drawdown | 8.58 | — | — |
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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.
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Drawdown Indicators
| FXN | MLPI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -87.39% | -5.38% | -82.01% |
Max Drawdown (1Y)Largest decline over 1 year | -13.41% | — | — |
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 DrawdownCurrent decline from peak | -5.06% | -3.63% | -1.43% |
Average DrawdownAverage peak-to-trough decline | -37.73% | -1.65% | -36.08% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.36% | — | — |
Volatility
FXN vs. MLPI - Volatility Comparison
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Volatility by Period
| FXN | MLPI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.21% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 17.24% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 23.15% | 13.28% | +9.87% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 28.71% | 13.28% | +15.43% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 34.80% | 13.28% | +21.52% |
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 1.63%, less than MLPI's 8.65% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FXN First Trust Energy AlphaDEX Fund | 1.63% | 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 | 8.65% | 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
FXN and MLPI have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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.
FXN is cheaper with a 0.64% expense ratio, compared with 0.68% for MLPI.
MLPI has the higher dividend yield at 8.65%, compared with 1.63% for FXN.
FXN is categorized as Energy Equities, while MLPI is Infrastructure Equities. They also come from different issuers: First Trust and Neos. Their fees differ too: 0.64% for FXN and 0.68% for MLPI.
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