KRBN vs. MLPR
KRBN (KraneShares Global Carbon ETF) and MLPR (ETRACS Quarterly Pay 1.5x Leveraged Alerian MLP Index ETN) are both exchange-traded funds - KRBN is a Commodities fund tracking the IHS Markit Global Carbon Index, while MLPR is a Leveraged Equities fund tracking the Alerian MLP Index (150%). Both are passively managed. Over the past 5 years, KRBN returned 6.37%/yr vs 24.78%/yr for MLPR. At a 0.14 correlation, their price movements are largely independent. KRBN charges 0.79%/yr vs 0.95%/yr for MLPR.
Performance
KRBN vs. MLPR - Performance Comparison
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Returns By Period
In the year-to-date period, KRBN achieves a -4.32% return, which is significantly lower than MLPR's 21.25% return.
KRBN
- 1D
- 1.47%
- 1M
- 4.92%
- YTD
- -4.32%
- 6M
- -4.00%
- 1Y
- 13.56%
- 3Y*
- 0.90%
- 5Y*
- 6.37%
- 10Y*
- —
MLPR
- 1D
- -0.79%
- 1M
- -12.39%
- YTD
- 21.25%
- 6M
- 21.60%
- 1Y
- 23.14%
- 3Y*
- 30.20%
- 5Y*
- 24.78%
- 10Y*
- —
KRBN vs. MLPR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
KRBN KraneShares Global Carbon ETF | -4.32% | 23.11% | -13.56% | 8.01% | -12.75% | 107.69% | 25.03% |
MLPR ETRACS Quarterly Pay 1.5x Leveraged Alerian MLP Index ETN | 21.25% | 9.83% | 31.57% | 35.87% | 41.04% | 57.33% | 13.74% |
Correlation
The correlation between KRBN and MLPR is -0.05, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.05 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.02 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.11 |
Correlation (All Time) Calculated using the full available price history since Jul 30, 2020 | 0.14 |
The correlation between KRBN and MLPR shifts across timeframes, from -0.05 (1 year) to 0.14 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
KRBN vs. MLPR — Risk / Return Rank
KRBN
MLPR
KRBN vs. MLPR - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for KraneShares Global Carbon ETF (KRBN) and ETRACS Quarterly Pay 1.5x Leveraged Alerian MLP Index ETN (MLPR). 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.
| KRBN | MLPR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.40 | ||
| Sortino ratioReturn per unit of downside risk | -0.52 | ||
| Omega ratioGain probability vs. loss probability | 1.14 | 1.20 | -0.06 |
| Calmar ratioReturn relative to maximum drawdown | 0.55 | 1.66 | -1.12 |
| Martin ratioReturn relative to average drawdown | 1.39 | 4.86 | -3.47 |
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Drawdowns
KRBN vs. MLPR - Drawdown Comparison
The maximum KRBN drawdown since its inception was -36.42%, smaller than the maximum MLPR drawdown of -48.98%. Use the drawdown chart below to compare losses from any high point for KRBN and MLPR.
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Drawdown Indicators
| KRBN | MLPR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -36.42% | -48.98% | +12.56% |
Max Drawdown (1Y)Largest decline over 1 year | -24.98% | -13.97% | -11.01% |
Max Drawdown (3Y)Largest decline over 3 years | -27.34% | -24.45% | -2.89% |
Max Drawdown (5Y)Largest decline over 5 years | -36.42% | -28.66% | -7.76% |
Current DrawdownCurrent decline from peak | -12.78% | -13.19% | +0.41% |
Average DrawdownAverage peak-to-trough decline | -16.12% | -8.94% | -7.18% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.76% | 4.77% | +4.99% |
Volatility
KRBN vs. MLPR - Volatility Comparison
The current volatility for KraneShares Global Carbon ETF (KRBN) is 5.04%, while ETRACS Quarterly Pay 1.5x Leveraged Alerian MLP Index ETN (MLPR) has a volatility of 7.59%. This indicates that KRBN experiences smaller price fluctuations and is considered to be less risky than MLPR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| KRBN | MLPR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.04% | 7.59% | -2.55% |
Volatility (6M)Calculated over the trailing 6-month period | 16.81% | 15.35% | +1.46% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.13% | 20.95% | -1.82% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 28.05% | 29.38% | -1.33% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 28.56% | 33.70% | -5.14% |
KRBN vs. MLPR - Expense Ratio Comparison
KRBN has a 0.79% expense ratio, which is lower than MLPR's 0.95% expense ratio.
Dividends
KRBN vs. MLPR - Dividend Comparison
KRBN's dividend yield for the trailing twelve months is around 1.99%, less than MLPR's 9.64% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
KRBN KraneShares Global Carbon ETF | 1.99% | 1.90% | 7.10% | 7.60% | 22.91% | 0.49% | 0.00% |
MLPR ETRACS Quarterly Pay 1.5x Leveraged Alerian MLP Index ETN | 9.64% | 10.85% | 9.57% | 10.08% | 7.49% | 10.69% | 4.21% |
Frequently Asked Questions
KRBN and MLPR have a correlation of -0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MLPR has higher volatility (7.59%) compared to KRBN (5.04%). In terms of maximum drawdown, KRBN dropped -36.42% vs MLPR's -48.98%.
On 5-year performance, MLPR leads with 24.78% vs 6.37% for KRBN. On fees, KRBN is cheaper at 0.79% per year. On volatility, KRBN has been the lower-risk option at 5.04%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, MLPR has performed better with a 24.78% return vs 6.37%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
KRBN is cheaper with a 0.79% expense ratio, compared with 0.95% for MLPR.
MLPR has the higher dividend yield at 9.64%, compared with 1.99% for KRBN.
KRBN is categorized as Commodities, while MLPR is Leveraged Equities. KRBN tracks IHS Markit Global Carbon Index, while MLPR tracks Alerian MLP Index (150%). They also come from different issuers: CICC and UBS. Their fees differ too: 0.79% for KRBN and 0.95% for MLPR.
MLPR currently has the higher Sharpe Ratio (1.11 vs 0.71), 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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