MLPB vs. HDLB

Last updated Jun 4, 2026

MLPB (ETRACS Alerian MLP Infrastructure Index ETN Series B) and HDLB (ETRACS Monthly Pay 2xLeveraged US High Dividend Low Volatility ETN Series B) are both exchange-traded funds - MLPB is a MLPs fund tracking the Alerian MLP Infrastructure Index, while HDLB is a Leveraged Equities fund tracking the Solactive US High Dividend Low Volatility (USD)(TR) (200%). Both are passively managed. Over the past 5 years, MLPB returned 19.42%/yr vs 11.24%/yr for HDLB. At a 0.50 correlation, their price movements are largely independent. MLPB charges 0.85%/yr vs 1.65%/yr for HDLB.

Performance

MLPB vs. HDLB - 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 2xLeveraged US High Dividend Low Volatility ETN Series B (HDLB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MLPB achieves a 19.72% return, which is significantly higher than HDLB's 9.69% return.

MLPB

• 1D: -0.05%
• 1M: -0.42%
• YTD: 19.72%
• 6M: 18.24%
• 1Y: 20.60%
• 3Y*: 22.21%
• 5Y*: 19.42%
• 10Y*: 10.20%

HDLB

• 1D: -1.72%
• 1M: -4.18%
• YTD: 9.69%
• 6M: 8.78%
• 1Y: 17.78%
• 3Y*: 26.82%
• 5Y*: 11.24%
• 10Y*: —

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

MLPB vs. HDLB - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
MLPB ETRACS Alerian MLP Infrastructure Index ETN Series B	19.72%	7.40%	25.53%	22.01%	30.22%	39.42%	-30.80%	-0.00%
HDLB ETRACS Monthly Pay 2xLeveraged US High Dividend Low Volatility ETN Series B	9.69%	27.26%	28.21%	-4.12%	-11.46%	62.67%	-50.94%	7.93%

Correlation

The correlation between MLPB and HDLB is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.34
Correlation (3Y) Calculated over the trailing 3-year period	0.40
Correlation (5Y) Calculated over the trailing 5-year period	0.45
Correlation (All Time) Calculated using the full available price history since Oct 28, 2019	0.50

The correlation between MLPB and HDLB shifts across timeframes, from 0.34 (1 year) to 0.50 (all time), reflecting how their relationship changes across market environments.

Return for Risk

MLPB vs. HDLB — Risk / Return Rank

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

MLPB

MLPB Risk / Return Rank: 42
MLPB Sharpe Ratio Rank: 43
MLPB Sortino Ratio Rank: 42
MLPB Omega Ratio Rank: 40
MLPB Calmar Ratio Rank: 43
MLPB Martin Ratio Rank: 41

HDLB

HDLB Risk / Return Rank: 21
HDLB Sharpe Ratio Rank: 20
HDLB Sortino Ratio Rank: 20
HDLB Omega Ratio Rank: 20
HDLB Calmar Ratio Rank: 25
HDLB Martin Ratio Rank: 22

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. HDLB - 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 2xLeveraged US High Dividend Low Volatility ETN Series B (HDLB). 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	HDLB	Difference
Sharpe ratio Return per unit of total volatility	1.54	0.68	+0.87
Sortino ratio Return per unit of downside risk	2.16	1.11	+1.04
Omega ratio Gain probability vs. loss probability	1.26	1.13	+0.13
Calmar ratio Return relative to maximum drawdown	2.14	1.23	+0.91
Martin ratio Return relative to average drawdown	6.60	2.69	+3.90
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. HDLB - Sharpe Ratio Comparison

The current MLPB Sharpe Ratio is 1.54, which is higher than the HDLB Sharpe Ratio of 0.68. The chart below compares the historical Sharpe Ratios of MLPB and HDLB, 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	HDLB	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.54	0.68	+0.87
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.97	0.37	+0.60
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	0.10	+0.14

Drawdowns

MLPB vs. HDLB - Drawdown Comparison

The maximum MLPB drawdown since its inception was -71.93%, smaller than the maximum HDLB drawdown of -78.70%. Use the drawdown chart below to compare losses from any high point for MLPB and HDLB.

Drawdown Indicators

	MLPB	HDLB	Difference
Max Drawdown Largest peak-to-trough decline	-71.93%	-78.70%	+6.77%
Max Drawdown (1Y) Largest decline over 1 year	-9.68%	-14.50%	+4.82%
Max Drawdown (3Y) Largest decline over 3 years	-16.49%	-22.46%	+5.97%
Max Drawdown (5Y) Largest decline over 5 years	-20.41%	-43.81%	+23.40%
Max Drawdown (10Y) Largest decline over 10 years	-71.93%	—	—
Current Drawdown Current decline from peak	-4.69%	-14.15%	+9.46%
Average Drawdown Average peak-to-trough decline	-14.83%	-27.47%	+12.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.13%	6.62%	-3.49%

Volatility

MLPB vs. HDLB - Volatility Comparison

The current volatility for ETRACS Alerian MLP Infrastructure Index ETN Series B (MLPB) is 5.40%, while ETRACS Monthly Pay 2xLeveraged US High Dividend Low Volatility ETN Series B (HDLB) has a volatility of 6.21%. This indicates that MLPB experiences smaller price fluctuations and is considered to be less risky than HDLB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MLPB	HDLB	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.40%	6.21%	-0.81%
Volatility (6M) Calculated over the trailing 6-month period	10.05%	18.14%	-8.09%
Volatility (1Y) Calculated over the trailing 1-year period	13.51%	26.46%	-12.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.03%	30.55%	-10.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.11%	43.58%	-15.47%

MLPB vs. HDLB - Expense Ratio Comparison

MLPB has a 0.85% expense ratio, which is lower than HDLB's 1.65% expense ratio.

Dividends

MLPB vs. HDLB - Dividend Comparison

MLPB's dividend yield for the trailing twelve months is around 5.85%, less than HDLB's 12.13% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
HDLB ETRACS Monthly Pay 2xLeveraged US High Dividend Low Volatility ETN Series B	12.13%	12.20%	10.09%	12.36%	10.86%	8.07%	16.23%	0.97%	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 HDLB in my portfolio?

MLPB and HDLB have a correlation of 0.34, 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 HDLB?

HDLB has higher volatility (6.21%) compared to MLPB (5.40%). In terms of maximum drawdown, MLPB dropped -71.93% vs HDLB's -78.70%.

Which ETF is better, MLPB or HDLB?

On 5-year performance, MLPB leads with 19.42% vs 11.24% for HDLB. On fees, MLPB is cheaper at 0.85% per year. On volatility, MLPB has been the lower-risk option at 5.40%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MLPB or HDLB?

Over the 5-year period, MLPB has performed better with a 19.42% return vs 11.24%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MLPB or HDLB?

MLPB is cheaper with a 0.85% expense ratio, compared with 1.65% for HDLB.

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

HDLB has the higher dividend yield at 12.13%, compared with 5.85% for MLPB.

What is the main difference between MLPB and HDLB?

MLPB is categorized as MLPs, while HDLB is Leveraged Equities. MLPB tracks Alerian MLP Infrastructure Index, while HDLB tracks Solactive US High Dividend Low Volatility (USD)(TR) (200%). Their fees differ too: 0.85% for MLPB and 1.65% for HDLB.

Which has better risk-adjusted returns?

MLPB currently has the higher Sharpe Ratio (1.54 vs 0.68), 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.