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IFRA vs. EMLP
Performance
Return for Risk
Drawdowns
Volatility
Dividends

IFRA vs. EMLP

Last updated Aug 2, 2026
Documentation

IFRA (iShares U.S. Infrastructure ETF) and EMLP (First Trust North American Energy Infrastructure Fund) are both Infrastructure Equities funds. IFRA is passively managed, while EMLP is actively managed. Over the past 5 years, IFRA returned 13.28%/yr vs 16.56%/yr for EMLP. Their 0.74 correlation means they have sometimes moved together and sometimes differently. IFRA charges 0.30%/yr vs 0.96%/yr for EMLP.

Performance

IFRA vs. EMLP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares U.S. Infrastructure ETF (IFRA) and First Trust North American Energy Infrastructure Fund (EMLP). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, IFRA achieves a 16.00% return, which is significantly lower than EMLP's 17.75% return.

IFRA

1D
0.00%
1M
-2.67%
6M
8.92%
YTD
16.00%
1Y
23.20%
3Y*
16.79%
5Y*
13.28%
10Y*
—
ALL TIME*
13.22%

EMLP

1D
0.37%
1M
0.62%
6M
11.20%
YTD
17.75%
1Y
19.09%
3Y*
20.43%
5Y*
16.56%
10Y*
10.12%
ALL TIME*
9.68%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

EMLP

First Trust North American Energy Infrastructure Fund
$12.88M$10.50M$12.16M

IFRA

iShares U.S. Infrastructure ETF
$20.72M$20.65M$23.36M

IFRA vs. EMLP - Yearly Performance Comparison

2026 (YTD)20252024202320222021202020192018
IFRA
iShares U.S. Infrastructure ETF		16.00%15.90%17.02%13.42%-3.32%29.81%7.37%27.00%-7.97%
EMLP
First Trust North American Energy Infrastructure Fund		17.75%9.67%33.39%8.05%10.39%23.20%-13.36%23.40%1.75%

Correlation

The correlation between IFRA and EMLP is 0.53, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

0.53

Correlation (3Y)
Balances recent behavior with more history.

0.67

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.75

Correlation (All Time)
Calculated using the full available price history since Apr 5, 2018

0.74

Over the past year, the correlation between IFRA and EMLP has dropped to 0.53 - well below their long-term average of 0.74, suggesting their price drivers have been diverging.

IFRA vs. EMLP - Sectors Allocation Comparison

Sectors
IFRA
EMLP

Utilities

37.8%
55.2%

Industrials

36.9%
8.6%

Basic Materials

17.1%
1.7%

Energy

7.9%
25.9%

Consumer Cyclical

0.0%

-

Consumer Defensive

0.0%

-

Communication Services

-

-

Financial Services

-

-

Healthcare

-

-

Real Estate

-

-

Technology

-

-

Utilities

IFRA
37.8%
EMLP
55.2%

Industrials

IFRA
36.9%
EMLP
8.6%

Basic Materials

IFRA
17.1%
EMLP
1.7%

Energy

IFRA
7.9%
EMLP
25.9%

Consumer Cyclical

IFRA
0.0%
EMLP

-

Consumer Defensive

IFRA
0.0%
EMLP

-

Communication Services

IFRA

-

EMLP

-

Financial Services

IFRA

-

EMLP

-

Healthcare

IFRA

-

EMLP

-

Real Estate

IFRA

-

EMLP

-

Technology

IFRA

-

EMLP

-

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares U.S. Infrastructure ETF

First Trust North American Energy Infrastructure Fund

Often compared with IFRA:
IFRA vs. PAVEIFRA vs. IGFIFRA vs. NFRAIFRA vs. GIIIFRA vs. VOOIFRA vs. FNDAIFRA vs. IYH
Often compared with EMLP:
EMLP vs. ENFREMLP vs. MLPAEMLP vs. UMIEMLP vs. EINCEMLP vs. BNEMLP vs. SPYEMLP vs. MPLX

Return for Risk

IFRA vs. EMLP — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
IFRA
IFRA Risk / Return Rank: 6565
Overall Rank
IFRA Sharpe Ratio Rank: 6161
Sharpe Ratio Rank
IFRA Sortino Ratio Rank: 6565
Sortino Ratio Rank
IFRA Omega Ratio Rank: 5555
Omega Ratio Rank
IFRA Calmar Ratio Rank: 7575
Calmar Ratio Rank
IFRA Martin Ratio Rank: 7070
Martin Ratio Rank
EMLP
EMLP Risk / Return Rank: 8080
Overall Rank
EMLP Sharpe Ratio Rank: 7878
Sharpe Ratio Rank
EMLP Sortino Ratio Rank: 8080
Sortino Ratio Rank
EMLP Omega Ratio Rank: 7373
Omega Ratio Rank
EMLP Calmar Ratio Rank: 8989
Calmar Ratio Rank
EMLP Martin Ratio Rank: 8181
Martin Ratio Rank
The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

IFRA vs. EMLP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares U.S. Infrastructure ETF (IFRA) and First Trust North American Energy Infrastructure Fund (EMLP). 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.

IFRAEMLPDifference
Sharpe ratioReturn per unit of total volatility
1.43
1.78

-0.35

Sortino ratioReturn per unit of downside risk
2.14
2.61

-0.47

Omega ratioGain probability vs. loss probability

1.24

1.30

-0.06

Calmar ratioReturn relative to maximum drawdown

2.61

3.72

-1.11

Martin ratioReturn relative to average drawdown

8.59

10.54

-1.95

IFRA vs. EMLP - Sharpe Ratio Comparison

The current IFRA Sharpe Ratio is 1.43, which is comparable to the EMLP Sharpe Ratio of 1.78. The chart below compares the historical Sharpe Ratios of IFRA and EMLP, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

IFRA vs. EMLP - Drawdown Comparison

The maximum IFRA drawdown since its inception was -41.06%, smaller than the maximum EMLP drawdown of -43.61%. Use the drawdown chart below to compare losses from any high point for IFRA and EMLP.

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Drawdown Indicators

IFRAEMLPDifference

Max Drawdown

Largest peak-to-trough decline

-41.06%

-43.61%

+2.55%

Max Drawdown (1Y)

Largest decline over 1 year

-8.40%

-4.94%

-3.46%

Max Drawdown (3Y)

Largest decline over 3 years

-19.93%

-11.47%

-8.46%

Max Drawdown (5Y)

Largest decline over 5 years

-19.93%

-14.59%

-5.34%

Max Drawdown (10Y)

Largest decline over 10 years

—

-43.61%

—

Current Drawdown

Current decline from peak

-5.46%

-1.94%

-3.52%

Average Drawdown

Average peak-to-trough decline

-5.09%

-5.71%

+0.62%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.55%

1.74%

+0.81%

Volatility

IFRA vs. EMLP - Volatility Comparison

iShares U.S. Infrastructure ETF (IFRA) and First Trust North American Energy Infrastructure Fund (EMLP) have volatilities of 4.01% and 3.87%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

IFRAEMLPDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.01%

3.87%

+0.14%

Volatility (6M)

Calculated over the trailing 6-month period

12.02%

8.48%

+3.54%

Volatility (1Y)

Calculated over the trailing 1-year period

15.40%

10.36%

+5.04%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.87%

14.49%

+3.38%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

21.29%

17.67%

+3.62%

IFRA vs. EMLP - Expense Ratio Comparison

IFRA has a 0.30% expense ratio, which is lower than EMLP's 0.96% expense ratio.

Dividends

IFRA vs. EMLP - Dividend Comparison

IFRA's dividend yield for the trailing twelve months is around 1.61%, less than EMLP's 2.76% yield.

PositionTTM20252024202320222021202020192018201720162015
EMLP
First Trust North American Energy Infrastructure Fund		2.76%3.18%3.19%3.92%3.15%3.29%4.70%3.71%4.71%3.80%3.62%4.63%
IFRA
iShares U.S. Infrastructure ETF		1.61%1.84%1.75%1.98%1.98%1.63%2.08%1.68%2.50%0.00%0.00%0.00%

Frequently Asked Questions

IFRA and EMLP have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

IFRA has higher volatility (4.01%) compared to EMLP (3.87%). In terms of maximum drawdown, IFRA dropped -41.06% vs EMLP's -43.61%.

On 5-year performance, EMLP leads with 16.56% vs 13.28% for IFRA. On fees, IFRA is cheaper at 0.30% per year. On volatility, EMLP has been the lower-risk option at 3.87%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 5-year period, EMLP has performed better with a 16.56% return vs 13.28%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

IFRA is cheaper with a 0.30% expense ratio, compared with 0.96% for EMLP.

EMLP has the higher dividend yield at 2.76%, compared with 1.61% for IFRA.

They also come from different issuers: iShares and First Trust. Their fees differ too: 0.30% for IFRA and 0.96% for EMLP.

EMLP currently has the higher Sharpe Ratio (1.78 vs 1.43), 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.

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