MLPB vs. CEFD

Last updated Jun 3, 2026

MLPB (ETRACS Alerian MLP Infrastructure Index ETN Series B) and CEFD (ETRACS Monthly Pay 1.5x Leveraged Closed-End Fund Index ETN) are both exchange-traded funds - MLPB is a MLPs fund tracking the Alerian MLP Infrastructure Index, while CEFD is a fund fund tracking the S-Network Composite Closed-End Fund Index (150%). Both are passively managed. Over the past 5 years, MLPB returned 19.55%/yr vs 3.13%/yr for CEFD. At a 0.42 correlation, their price movements are largely independent. MLPB charges 0.85%/yr vs 0.95%/yr for CEFD.

Performance

MLPB vs. CEFD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ETRACS Alerian MLP Infrastructure Index ETN Series B (MLPB) and ETRACS Monthly Pay 1.5x Leveraged Closed-End Fund Index ETN (CEFD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MLPB achieves a 19.79% return, which is significantly higher than CEFD's 6.26% return.

MLPB

• 1D: 1.09%
• 1M: 0.21%
• YTD: 19.79%
• 6M: 19.70%
• 1Y: 22.49%
• 3Y*: 22.24%
• 5Y*: 19.55%
• 10Y*: 10.21%

CEFD

• 1D: -0.98%
• 1M: 2.61%
• YTD: 6.26%
• 6M: 6.56%
• 1Y: 18.31%
• 3Y*: 15.60%
• 5Y*: 3.13%
• 10Y*: —

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

MLPB vs. CEFD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
MLPB ETRACS Alerian MLP Infrastructure Index ETN Series B	19.79%	7.40%	25.53%	22.01%	30.22%	39.42%	-3.79%
CEFD ETRACS Monthly Pay 1.5x Leveraged Closed-End Fund Index ETN	6.26%	14.15%	20.06%	8.36%	-28.93%	22.09%	21.81%

Correlation

The correlation between MLPB and CEFD is -0.06, 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	-0.06
Correlation (3Y) Calculated over the trailing 3-year period	0.28
Correlation (5Y) Calculated over the trailing 5-year period	0.41
Correlation (All Time) Calculated using the full available price history since Jun 4, 2020	0.42

The correlation between MLPB and CEFD shifts across timeframes, from -0.06 (1 year) to 0.42 (all time), reflecting how their relationship changes across market environments.

Return for Risk

MLPB vs. CEFD — Risk / Return Rank

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

MLPB

MLPB Risk / Return Rank: 46
MLPB Sharpe Ratio Rank: 48
MLPB Sortino Ratio Rank: 47
MLPB Omega Ratio Rank: 44
MLPB Calmar Ratio Rank: 48
MLPB Martin Ratio Rank: 45

CEFD

CEFD Risk / Return Rank: 39
CEFD Sharpe Ratio Rank: 40
CEFD Sortino Ratio Rank: 39
CEFD Omega Ratio Rank: 45
CEFD Calmar Ratio Rank: 30
CEFD Martin Ratio Rank: 42

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.

MLPB vs. CEFD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ETRACS Alerian MLP Infrastructure Index ETN Series B (MLPB) and ETRACS Monthly Pay 1.5x Leveraged Closed-End Fund Index ETN (CEFD). 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.

	MLPB	CEFD	Difference
Sharpe ratio Return per unit of total volatility	1.67	1.43	+0.24
Sortino ratio Return per unit of downside risk	2.33	2.03	+0.30
Omega ratio Gain probability vs. loss probability	1.28	1.29	0.00
Calmar ratio Return relative to maximum drawdown	2.43	1.47	+0.96
Martin ratio Return relative to average drawdown	7.55	6.84	+0.70
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MLPB vs. CEFD - Sharpe Ratio Comparison

The current MLPB Sharpe Ratio is 1.67, which is comparable to the CEFD Sharpe Ratio of 1.43. The chart below compares the historical Sharpe Ratios of MLPB and CEFD, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	MLPB	CEFD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.67	1.43	+0.24
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.98	0.18	+0.81
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.37	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.24	0.52	-0.28

Drawdowns

MLPB vs. CEFD - Drawdown Comparison

The maximum MLPB drawdown since its inception was -71.93%, which is greater than CEFD's maximum drawdown of -36.95%. Use the drawdown chart below to compare losses from any high point for MLPB and CEFD.

Drawdown Indicators

	MLPB	CEFD	Difference
Max Drawdown Largest peak-to-trough decline	-71.93%	-36.95%	-34.98%
Max Drawdown (1Y) Largest decline over 1 year	-9.68%	-12.51%	+2.83%
Max Drawdown (3Y) Largest decline over 3 years	-16.49%	-21.76%	+5.27%
Max Drawdown (5Y) Largest decline over 5 years	-20.41%	-36.95%	+16.54%
Max Drawdown (10Y) Largest decline over 10 years	-71.93%	—	—
Current Drawdown Current decline from peak	-4.64%	-1.14%	-3.50%
Average Drawdown Average peak-to-trough decline	-14.83%	-11.72%	-3.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.12%	2.68%	+0.44%

Volatility

MLPB vs. CEFD - Volatility Comparison

ETRACS Alerian MLP Infrastructure Index ETN Series B (MLPB) has a higher volatility of 5.43% compared to ETRACS Monthly Pay 1.5x Leveraged Closed-End Fund Index ETN (CEFD) at 4.05%. This indicates that MLPB's price experiences larger fluctuations and is considered to be riskier than CEFD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MLPB	CEFD	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.43%	4.05%	+1.38%
Volatility (6M) Calculated over the trailing 6-month period	10.05%	11.27%	-1.22%
Volatility (1Y) Calculated over the trailing 1-year period	13.53%	12.86%	+0.67%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.03%	17.93%	+2.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.11%	17.31%	+10.80%

MLPB vs. CEFD - Expense Ratio Comparison

MLPB has a 0.85% expense ratio, which is lower than CEFD's 0.95% expense ratio.

Dividends

MLPB vs. CEFD - Dividend Comparison

MLPB's dividend yield for the trailing twelve months is around 5.85%, less than CEFD's 14.58% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
CEFD ETRACS Monthly Pay 1.5x Leveraged Closed-End Fund Index ETN	14.58%	14.88%	13.90%	14.76%	16.56%	10.31%	5.37%	0.00%	0.00%	0.00%	0.00%
MLPB ETRACS Alerian MLP Infrastructure Index ETN Series B	5.85%	6.51%	5.95%	6.37%	6.00%	6.98%	11.93%	7.98%	8.11%	7.23%	6.85%

Frequently Asked Questions

Can I hold both MLPB and CEFD in my portfolio?

MLPB and CEFD have a correlation of -0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MLPB or CEFD?

MLPB has higher volatility (5.43%) compared to CEFD (4.05%). In terms of maximum drawdown, MLPB dropped -71.93% vs CEFD's -36.95%.

Which ETF is better, MLPB or CEFD?

On 5-year performance, MLPB leads with 19.55% vs 3.13% for CEFD. On fees, MLPB is cheaper at 0.85% per year. On volatility, CEFD has been the lower-risk option at 4.05%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MLPB or CEFD?

Over the 5-year period, MLPB has performed better with a 19.55% return vs 3.13%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MLPB or CEFD?

MLPB is cheaper with a 0.85% expense ratio, compared with 0.95% for CEFD.

Which ETF pays a higher dividend yield, MLPB or CEFD?

CEFD has the higher dividend yield at 14.58%, compared with 5.85% for MLPB.

What is the main difference between MLPB and CEFD?

MLPB tracks Alerian MLP Infrastructure Index, while CEFD tracks S-Network Composite Closed-End Fund Index (150%). Their fees differ too: 0.85% for MLPB and 0.95% for CEFD.

Which has better risk-adjusted returns?

MLPB currently has the higher Sharpe Ratio (1.67 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.