MLPB vs. VTEB
MLPB (ETRACS Alerian MLP Infrastructure Index ETN Series B) and VTEB (Vanguard Tax-Exempt Bond ETF) are both exchange-traded funds - MLPB is a MLPs fund tracking the Alerian MLP Infrastructure Index, while VTEB is a Municipal Bonds fund tracking the S&P National AMT-Free Municipal Bond Index. Both are passively managed. Over the past 10 years, MLPB returned 10.20%/yr vs 2.09%/yr for VTEB. At a correlation of -0.01, they often move in opposite directions. MLPB charges 0.85%/yr vs 0.03%/yr for VTEB.
Performance
MLPB vs. VTEB - Performance Comparison
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Returns By Period
In the year-to-date period, MLPB achieves a 19.72% return, which is significantly higher than VTEB's 1.46% return. Over the past 10 years, MLPB has outperformed VTEB with an annualized return of 10.20%, while VTEB has yielded a comparatively lower 2.09% annualized 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%
VTEB
- 1D
- -0.06%
- 1M
- 0.66%
- YTD
- 1.46%
- 6M
- 1.89%
- 1Y
- 7.14%
- 3Y*
- 3.57%
- 5Y*
- 0.88%
- 10Y*
- 2.09%
MLPB vs. VTEB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MLPB ETRACS Alerian MLP Infrastructure Index ETN Series B | 19.72% | 7.40% | 25.53% | 22.01% | 30.22% | 39.42% | -30.80% | 5.69% | -8.79% | -9.71% |
VTEB Vanguard Tax-Exempt Bond ETF | 1.46% | 3.72% | 1.31% | 6.15% | -7.99% | 1.14% | 5.19% | 7.35% | 1.04% | 4.87% |
Correlation
The correlation between MLPB and VTEB is -0.21, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.21 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.02 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.01 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.01 |
Correlation (All Time) Calculated using the full available price history since Oct 12, 2015 | -0.01 |
The correlation between MLPB and VTEB shifts across timeframes, from -0.21 (1 year) to 0.02 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
MLPB vs. VTEB — Risk / Return Rank
MLPB
VTEB
MLPB vs. VTEB - 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 Vanguard Tax-Exempt Bond ETF (VTEB). 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 | VTEB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.10 | ||
| Sortino ratioReturn per unit of downside risk | -1.77 | ||
| Omega ratioGain probability vs. loss probability | 1.26 | 1.58 | -0.31 |
| Calmar ratioReturn relative to maximum drawdown | 2.14 | 2.65 | -0.51 |
| Martin ratioReturn relative to average drawdown | 6.60 | 9.41 | -2.81 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| MLPB | VTEB | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.54 | 2.64 | -1.10 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.97 | 0.23 | +0.75 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.37 | 0.40 | -0.03 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.24 | 0.47 | -0.24 |
Drawdowns
MLPB vs. VTEB - Drawdown Comparison
The maximum MLPB drawdown since its inception was -71.93%, which is greater than VTEB's maximum drawdown of -17.00%. Use the drawdown chart below to compare losses from any high point for MLPB and VTEB.
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Drawdown Indicators
| MLPB | VTEB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -71.93% | -17.00% | -54.93% |
Max Drawdown (1Y)Largest decline over 1 year | -9.68% | -2.71% | -6.97% |
Max Drawdown (3Y)Largest decline over 3 years | -16.49% | -5.53% | -10.96% |
Max Drawdown (5Y)Largest decline over 5 years | -20.41% | -12.64% | -7.77% |
Max Drawdown (10Y)Largest decline over 10 years | -71.93% | -17.00% | -54.93% |
Current DrawdownCurrent decline from peak | -4.69% | -0.52% | -4.17% |
Average DrawdownAverage peak-to-trough decline | -14.83% | -2.33% | -12.50% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.13% | 0.76% | +2.37% |
Volatility
MLPB vs. VTEB - Volatility Comparison
ETRACS Alerian MLP Infrastructure Index ETN Series B (MLPB) has a higher volatility of 5.40% compared to Vanguard Tax-Exempt Bond ETF (VTEB) at 0.89%. This indicates that MLPB's price experiences larger fluctuations and is considered to be riskier than VTEB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MLPB | VTEB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.40% | 0.89% | +4.51% |
Volatility (6M)Calculated over the trailing 6-month period | 10.05% | 2.01% | +8.04% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.51% | 2.72% | +10.79% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.03% | 3.90% | +16.13% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 28.11% | 5.26% | +22.85% |
MLPB vs. VTEB - Expense Ratio Comparison
MLPB has a 0.85% expense ratio, which is higher than VTEB's 0.03% expense ratio.
Dividends
MLPB vs. VTEB - Dividend Comparison
MLPB's dividend yield for the trailing twelve months is around 5.85%, more than VTEB's 3.35% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% |
VTEB Vanguard Tax-Exempt Bond ETF | 3.35% | 3.29% | 3.14% | 2.79% | 2.09% | 1.64% | 1.99% | 2.30% | 2.25% | 1.96% | 1.66% | 0.58% |
Frequently Asked Questions
MLPB and VTEB have a correlation of -0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MLPB has higher volatility (5.40%) compared to VTEB (0.89%). In terms of maximum drawdown, MLPB dropped -71.93% vs VTEB's -17.00%.
On 10-year performance, MLPB leads with 10.20% vs 2.09% for VTEB. On fees, VTEB is cheaper at 0.03% per year. On volatility, VTEB has been the lower-risk option at 0.89%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, MLPB has performed better with a 10.20% return vs 2.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VTEB is cheaper with a 0.03% expense ratio, compared with 0.85% for MLPB.
MLPB has the higher dividend yield at 5.85%, compared with 3.35% for VTEB.
MLPB is categorized as MLPs, while VTEB is Municipal Bonds. MLPB tracks Alerian MLP Infrastructure Index, while VTEB tracks S&P National AMT-Free Municipal Bond Index. They also come from different issuers: UBS and Vanguard. Their fees differ too: 0.85% for MLPB and 0.03% for VTEB.
VTEB currently has the higher Sharpe Ratio (2.64 vs 1.54), 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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