MLPB vs. TMLP

Last updated Jul 17, 2026

MLPB (ETRACS Alerian MLP Infrastructure Index ETN Series B) and TMLP (Tortoise MLP ETF) are both MLPs funds - MLPB tracks the Alerian MLP Infrastructure Index while TMLP tracks the Tortoise MLP Index. Both are passively managed. Their correlation of 0.93 suggests significant overlap in exposure. MLPB charges 0.85%/yr vs 0.50%/yr for TMLP.

Performance

MLPB vs. TMLP - 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 Tortoise MLP ETF (TMLP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MLPB achieves a 23.17% return, which is significantly higher than TMLP's 19.10% return.

MLPB

• 1D: 1.47%
• 1M: 6.90%
• 6M: 16.96%
• YTD: 23.17%
• 1Y: 24.66%
• 3Y*: 22.00%
• 5Y*: 21.74%
• 10Y*: 8.59%

TMLP

• 1D: 1.61%
• 1M: 5.56%
• 6M: 15.90%
• YTD: 19.10%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MLPB vs. TMLP - Yearly Performance Comparison

	2026 (YTD)	2025
MLPB ETRACS Alerian MLP Infrastructure Index ETN Series B	23.17%	0.33%
TMLP Tortoise MLP ETF	19.10%	0.01%

Correlation

The correlation between MLPB and TMLP is 0.93, 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 23, 2025	0.93

Return for Risk

MLPB vs. TMLP — Risk / Return Rank

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

MLPB

MLPB Risk / Return Rank: 61
MLPB Sharpe Ratio Rank: 67
MLPB Sortino Ratio Rank: 66
MLPB Omega Ratio Rank: 60
MLPB Calmar Ratio Rank: 64
MLPB Martin Ratio Rank: 50

TMLP

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.

MLPB vs. TMLP - 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 Tortoise MLP ETF (TMLP). 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.

	MLPB	TMLP	Difference
Sharpe ratio: Return per unit of total volatility	1.74	—	—
Sortino ratio: Return per unit of downside risk	2.42	—	—
Omega ratio: Gain probability vs. loss probability	1.30	—	—
Calmar ratio: Return relative to maximum drawdown	2.56	—	—
Martin ratio: Return relative to average drawdown	6.65	—	—

Drawdowns

MLPB vs. TMLP - Drawdown Comparison

The maximum MLPB drawdown since its inception was -71.93%, which is greater than TMLP's maximum drawdown of -8.55%. Use the drawdown chart below to compare losses from any high point for MLPB and TMLP.

Drawdown Indicators

	MLPB	TMLP	Difference
Max Drawdown Largest peak-to-trough decline	-71.93%	-8.55%	-63.38%
Max Drawdown (1Y) Largest decline over 1 year	-9.68%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-16.49%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-20.41%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-71.93%	—	—
Current Drawdown Current decline from peak	-1.95%	-2.63%	+0.68%
Average Drawdown Average peak-to-trough decline	-14.72%	-2.21%	-12.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.72%	—	—

Volatility

Volatility by Period

	MLPB	TMLP	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.60%	—	—
Volatility (6M) Calculated over the trailing 6-month period	10.97%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	14.27%	14.50%	-0.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.85%	14.50%	+5.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.19%	14.50%	+12.69%

MLPB vs. TMLP - Expense Ratio Comparison

MLPB has a 0.85% expense ratio, which is higher than TMLP's 0.50% expense ratio.

Dividends

MLPB vs. TMLP - Dividend Comparison

MLPB's dividend yield for the trailing twelve months is around 5.86%, more than TMLP's 3.76% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
MLPB ETRACS Alerian MLP Infrastructure Index ETN Series B	5.86%	6.51%	5.95%	6.37%	6.00%	6.98%	11.93%	7.98%	8.11%	7.23%	6.85%
TMLP Tortoise MLP ETF	3.76%	0.04%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MLPB and TMLP in my portfolio?

With a correlation of 0.93, MLPB and TMLP move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which ETF is better, MLPB or TMLP?

On fees, TMLP is cheaper at 0.50% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, MLPB or TMLP?

TMLP is cheaper with a 0.50% expense ratio, compared with 0.85% for MLPB.

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

MLPB has the higher dividend yield at 5.86%, compared with 3.76% for TMLP.

What is the main difference between MLPB and TMLP?

MLPB tracks Alerian MLP Infrastructure Index, while TMLP tracks Tortoise MLP Index. They also come from different issuers: UBS and Tortoise. Their fees differ too: 0.85% for MLPB and 0.50% for TMLP.