HAP vs. MLPI

Last updated Jun 24, 2026

HAP (VanEck Natural Resources ETF) and MLPI (NEOS MLP & Energy Infrastructure High Income ETF) are both exchange-traded funds - HAP is a Energy Equities fund tracking the MarketVector Global Natural Resources Index, while MLPI is a MLPs fund actively managed by NEOS. HAP is passively managed, while MLPI is actively managed. At a 0.31 correlation, their price movements are largely independent. HAP charges 0.42%/yr vs 0.68%/yr for MLPI.

Performance

HAP vs. MLPI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Natural Resources ETF (HAP) 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, HAP achieves a 13.98% return, which is significantly lower than MLPI's 19.61% return.

HAP

• 1D: -1.66%
• 1M: -5.29%
• YTD: 13.98%
• 6M: 13.40%
• 1Y: 34.90%
• 3Y*: 16.55%
• 5Y*: 11.05%
• 10Y*: 11.59%

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)

HAP vs. MLPI - Yearly Performance Comparison

	2026 (YTD)	2025
HAP VanEck Natural Resources ETF	13.98%	1.50%
MLPI NEOS MLP & Energy Infrastructure High Income ETF	19.61%	0.36%

Correlation

The correlation between HAP and MLPI is 0.31, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Dec 18, 2025	0.31

Return for Risk

HAP vs. MLPI — Risk / Return Rank

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

HAP

HAP Risk / Return Rank: 75
HAP Sharpe Ratio Rank: 74
HAP Sortino Ratio Rank: 68
HAP Omega Ratio Rank: 72
HAP Calmar Ratio Rank: 83
HAP Martin Ratio Rank: 79

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.

HAP vs. MLPI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Natural Resources ETF (HAP) 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.

	HAP	MLPI	Difference
Sharpe ratio: Return per unit of total volatility	2.24	—	—
Sortino ratio: Return per unit of downside risk	2.92	—	—
Omega ratio: Gain probability vs. loss probability	1.40	—	—
Calmar ratio: Return relative to maximum drawdown	4.22	—	—
Martin ratio: Return relative to average drawdown	14.62	—	—

Drawdowns

HAP vs. MLPI - Drawdown Comparison

The maximum HAP drawdown since its inception was -50.99%, which is greater than MLPI's maximum drawdown of -5.38%. Use the drawdown chart below to compare losses from any high point for HAP and MLPI.

Drawdown Indicators

	HAP	MLPI	Difference
Max Drawdown Largest peak-to-trough decline	-50.99%	-5.38%	-45.61%
Max Drawdown (1Y) Largest decline over 1 year	-8.31%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-16.92%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-25.66%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-44.07%	—	—
Current Drawdown Current decline from peak	-8.01%	-2.18%	-5.83%
Average Drawdown Average peak-to-trough decline	-12.06%	-1.49%	-10.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.39%	—	—

Volatility

Volatility by Period

	HAP	MLPI	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.25%	—	—
Volatility (6M) Calculated over the trailing 6-month period	12.97%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	15.65%	13.05%	+2.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.27%	13.05%	+5.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.69%	13.05%	+6.64%

HAP vs. MLPI - Expense Ratio Comparison

HAP has a 0.42% expense ratio, which is lower than MLPI's 0.68% expense ratio.

Dividends

HAP vs. MLPI - Dividend Comparison

HAP's dividend yield for the trailing twelve months is around 1.99%, less than MLPI's 7.19% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HAP VanEck Natural Resources ETF	1.99%	2.27%	2.65%	3.27%	3.28%	2.16%	2.45%	2.80%	2.85%	2.02%	1.99%	3.00%
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 HAP and MLPI in my portfolio?

HAP and MLPI have a correlation of 0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, HAP or MLPI?

On fees, HAP is cheaper at 0.42% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, HAP or MLPI?

HAP is cheaper with a 0.42% expense ratio, compared with 0.68% for MLPI.

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

MLPI has the higher dividend yield at 7.19%, compared with 1.99% for HAP.

What is the main difference between HAP and MLPI?

HAP is categorized as Energy Equities, while MLPI is MLPs. They also come from different issuers: VanEck and NEOS. Their fees differ too: 0.42% for HAP and 0.68% for MLPI.