ICAP vs. AMZA

Last updated Jun 24, 2026

ICAP (InfraCap Equity Income Fund ETF) and AMZA (InfraCap MLP ETF) are both exchange-traded funds - ICAP is a fund fund actively managed by InfraCap, while AMZA is a MLPs fund actively managed by Virtus Investment Partners. Both are actively managed. Over the past 3 years, ICAP returned 17.83%/yr vs 22.70%/yr for AMZA. A 0.51 correlation means they provide meaningful diversification when combined. ICAP charges 0.80%/yr vs 2.01%/yr for AMZA.

Performance

ICAP vs. AMZA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in InfraCap Equity Income Fund ETF (ICAP) and InfraCap MLP ETF (AMZA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ICAP achieves a 6.68% return, which is significantly lower than AMZA's 22.69% return.

ICAP

• 1D: -0.42%
• 1M: 0.79%
• YTD: 6.68%
• 6M: 6.18%
• 1Y: 21.86%
• 3Y*: 17.83%
• 5Y*: —
• 10Y*: —

AMZA

• 1D: 2.77%
• 1M: -3.10%
• YTD: 22.69%
• 6M: 22.31%
• 1Y: 19.14%
• 3Y*: 22.70%
• 5Y*: 19.14%
• 10Y*: 5.02%

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

ICAP vs. AMZA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
ICAP InfraCap Equity Income Fund ETF	6.68%	15.77%	14.83%	8.82%	-10.10%	1.08%
AMZA InfraCap MLP ETF	22.69%	0.17%	30.90%	23.35%	33.20%	2.18%

Correlation

The correlation between ICAP and AMZA is 0.18, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.18
Correlation (3Y) Calculated over the trailing 3-year period	0.38
Correlation (All Time) Calculated using the full available price history since Dec 29, 2021	0.51

Over the past year, the correlation between ICAP and AMZA has dropped to 0.18 - well below their long-term average of 0.51, suggesting their price drivers have been diverging.

ICAP vs. AMZA - Sectors Allocation Comparison

Sectors	ICAP	AMZA
Financial Services	20.7%	-
Technology	16.3%	-
Consumer Cyclical	13.2%	-
Energy	9.3%	99.8%
Utilities	8.7%	0.2%
Consumer Defensive	8.5%	-
Real Estate	7.2%	-
Industrials	5.9%	-
Basic Materials	3.6%	-
Healthcare	3.5%	-
Communication Services	3.1%	-

Return for Risk

ICAP vs. AMZA — Risk / Return Rank

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

ICAP

ICAP Risk / Return Rank: 48
ICAP Sharpe Ratio Rank: 50
ICAP Sortino Ratio Rank: 49
ICAP Omega Ratio Rank: 46
ICAP Calmar Ratio Rank: 44
ICAP Martin Ratio Rank: 49

AMZA

AMZA Risk / Return Rank: 30
AMZA Sharpe Ratio Rank: 31
AMZA Sortino Ratio Rank: 31
AMZA Omega Ratio Rank: 28
AMZA Calmar Ratio Rank: 33
AMZA Martin Ratio Rank: 29

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.

ICAP vs. AMZA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for InfraCap Equity Income Fund ETF (ICAP) and InfraCap MLP ETF (AMZA). 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.

	ICAP	AMZA	Difference
Sharpe ratio: Return per unit of total volatility	1.63	1.08	+0.55
Sortino ratio: Return per unit of downside risk	2.27	1.59	+0.68
Omega ratio: Gain probability vs. loss probability	1.28	1.19	+0.10
Calmar ratio: Return relative to maximum drawdown	2.06	1.58	+0.48
Martin ratio: Return relative to average drawdown	7.81	3.87	+3.94

ICAP vs. AMZA - Sharpe Ratio Comparison

The current ICAP Sharpe Ratio is 1.63, which is higher than the AMZA Sharpe Ratio of 1.08. The chart below compares the historical Sharpe Ratios of ICAP and AMZA, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

ICAP vs. AMZA - Drawdown Comparison

The maximum ICAP drawdown since its inception was -24.20%, smaller than the maximum AMZA drawdown of -91.46%. Use the drawdown chart below to compare losses from any high point for ICAP and AMZA.

Drawdown Indicators

	ICAP	AMZA	Difference
Max Drawdown Largest peak-to-trough decline	-24.20%	-91.46%	+67.26%
Max Drawdown (1Y) Largest decline over 1 year	-10.66%	-12.16%	+1.50%
Max Drawdown (3Y) Largest decline over 3 years	-20.31%	-18.56%	-1.75%
Max Drawdown (5Y) Largest decline over 5 years	—	-25.15%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-86.84%	—
Current Drawdown Current decline from peak	-2.14%	-9.84%	+7.70%
Average Drawdown Average peak-to-trough decline	-7.74%	-44.85%	+37.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.80%	4.95%	-2.15%

Volatility

ICAP vs. AMZA - Volatility Comparison

The current volatility for InfraCap Equity Income Fund ETF (ICAP) is 5.05%, while InfraCap MLP ETF (AMZA) has a volatility of 5.85%. This indicates that ICAP experiences smaller price fluctuations and is considered to be less risky than AMZA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ICAP	AMZA	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.05%	5.85%	-0.80%
Volatility (6M) Calculated over the trailing 6-month period	10.47%	13.53%	-3.06%
Volatility (1Y) Calculated over the trailing 1-year period	13.51%	17.92%	-4.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.17%	25.67%	-7.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.17%	37.20%	-19.03%

ICAP vs. AMZA - Expense Ratio Comparison

ICAP has a 0.80% expense ratio, which is lower than AMZA's 2.01% expense ratio.

Dividends

ICAP vs. AMZA - Dividend Comparison

ICAP's dividend yield for the trailing twelve months is around 9.58%, more than AMZA's 8.16% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AMZA InfraCap MLP ETF	8.16%	8.81%	7.29%	9.40%	7.65%	10.24%	22.13%	19.47%	34.46%	24.16%	18.36%	18.21%
ICAP InfraCap Equity Income Fund ETF	9.58%	8.89%	8.30%	8.65%	8.95%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ICAP and AMZA in my portfolio?

ICAP and AMZA have a correlation of 0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ICAP or AMZA?

AMZA has higher volatility (5.85%) compared to ICAP (5.05%). In terms of maximum drawdown, ICAP dropped -24.20% vs AMZA's -91.46%.

Which ETF is better, ICAP or AMZA?

On 3-year performance, AMZA leads with 22.70% vs 17.83% for ICAP. On fees, ICAP is cheaper at 0.80% per year. On volatility, ICAP has been the lower-risk option at 5.05%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ICAP or AMZA?

Over the 3-year period, AMZA has performed better with a 22.70% return vs 17.83%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ICAP or AMZA?

ICAP is cheaper with a 0.80% expense ratio, compared with 2.01% for AMZA.

Which ETF pays a higher dividend yield, ICAP or AMZA?

ICAP has the higher dividend yield at 9.58%, compared with 8.16% for AMZA.

What is the main difference between ICAP and AMZA?

They also come from different issuers: InfraCap and Virtus Investment Partners. Their fees differ too: 0.80% for ICAP and 2.01% for AMZA.

Which has better risk-adjusted returns?

ICAP currently has the higher Sharpe Ratio (1.63 vs 1.08), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.