MDST vs. MLPI

Last updated Jun 23, 2026

MDST (Westwood Salient Enhanced Midstream Income ETF) and MLPI (NEOS MLP & Energy Infrastructure High Income ETF) are both exchange-traded funds - MDST is a Energy Equities fund actively managed by Westwood, while MLPI is a MLPs fund actively managed by NEOS. Both are actively managed. Their correlation of 0.84 suggests significant overlap in exposure. MDST charges 0.80%/yr vs 0.68%/yr for MLPI.

Performance

MDST vs. MLPI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Westwood Salient Enhanced Midstream Income ETF (MDST) 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, MDST achieves a 14.54% return, which is significantly lower than MLPI's 18.32% return.

MDST

• 1D: 0.98%
• 1M: -3.58%
• YTD: 14.54%
• 6M: 16.10%
• 1Y: 18.36%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MLPI

• 1D: 1.53%
• 1M: -3.23%
• YTD: 18.32%
• 6M: 17.87%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MDST vs. MLPI - Yearly Performance Comparison

	2026 (YTD)	2025
MDST Westwood Salient Enhanced Midstream Income ETF	14.54%	1.77%
MLPI NEOS MLP & Energy Infrastructure High Income ETF	18.32%	0.36%

Correlation

The correlation between MDST and MLPI is 0.84, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since Dec 18, 2025	0.84

Return for Risk

MDST vs. MLPI — Risk / Return Rank

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

MDST

MDST Risk / Return Rank: 46
MDST Sharpe Ratio Rank: 44
MDST Sortino Ratio Rank: 44
MDST Omega Ratio Rank: 42
MDST Calmar Ratio Rank: 57
MDST Martin Ratio Rank: 46

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.

MDST vs. MLPI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Westwood Salient Enhanced Midstream Income ETF (MDST) 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.

	MDST	MLPI	Difference
Sharpe ratio: Return per unit of total volatility	1.49	—	—
Sortino ratio: Return per unit of downside risk	2.15	—	—
Omega ratio: Gain probability vs. loss probability	1.27	—	—
Calmar ratio: Return relative to maximum drawdown	2.74	—	—
Martin ratio: Return relative to average drawdown	7.40	—	—

Drawdowns

MDST vs. MLPI - Drawdown Comparison

The maximum MDST drawdown since its inception was -14.19%, which is greater than MLPI's maximum drawdown of -5.38%. Use the drawdown chart below to compare losses from any high point for MDST and MLPI.

Drawdown Indicators

	MDST	MLPI	Difference
Max Drawdown Largest peak-to-trough decline	-14.19%	-5.38%	-8.81%
Max Drawdown (1Y) Largest decline over 1 year	-6.74%	—	—
Current Drawdown Current decline from peak	-3.86%	-3.23%	-0.63%
Average Drawdown Average peak-to-trough decline	-2.20%	-1.49%	-0.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.49%	—	—

Volatility

Volatility by Period

	MDST	MLPI	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.49%	—	—
Volatility (6M) Calculated over the trailing 6-month period	8.58%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	12.37%	13.04%	-0.67%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.09%	13.04%	+3.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.09%	13.04%	+3.05%

MDST vs. MLPI - Expense Ratio Comparison

MDST has a 0.80% expense ratio, which is higher than MLPI's 0.68% expense ratio.

Dividends

MDST vs. MLPI - Dividend Comparison

MDST's dividend yield for the trailing twelve months is around 9.36%, more than MLPI's 7.27% yield.

Position	TTM	2025	2024
MDST Westwood Salient Enhanced Midstream Income ETF	9.36%	10.22%	6.60%
MLPI NEOS MLP & Energy Infrastructure High Income ETF	7.27%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MDST and MLPI in my portfolio?

MDST and MLPI have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, MDST or MLPI?

On fees, MLPI is cheaper at 0.68% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, MDST or MLPI?

MLPI is cheaper with a 0.68% expense ratio, compared with 0.80% for MDST.

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

MDST has the higher dividend yield at 9.36%, compared with 7.27% for MLPI.

What is the main difference between MDST and MLPI?

MDST is categorized as Energy Equities, while MLPI is MLPs. They also come from different issuers: Westwood and NEOS. Their fees differ too: 0.80% for MDST and 0.68% for MLPI.