MLPI vs. VCRM

Last updated Jun 24, 2026

MLPI (NEOS MLP & Energy Infrastructure High Income ETF) and VCRM (Vanguard Core Tax-Exempt Bond ETF) are both exchange-traded funds - MLPI is a MLPs fund actively managed by NEOS, while VCRM is a Municipal Bonds fund tracking the S&P Broad AMT-Free Municipal Bond Index. MLPI is actively managed, while VCRM is passively managed. At a correlation of -0.29, they often move in opposite directions. MLPI charges 0.68%/yr vs 0.12%/yr for VCRM.

Performance

MLPI vs. VCRM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in NEOS MLP & Energy Infrastructure High Income ETF (MLPI) and Vanguard Core Tax-Exempt Bond ETF (VCRM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MLPI achieves a 19.61% return, which is significantly higher than VCRM's 2.26% return.

MLPI

• 1D: 1.09%
• 1M: -2.18%
• YTD: 19.61%
• 6M: 18.17%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

VCRM

• 1D: 0.01%
• 1M: 1.47%
• YTD: 2.26%
• 6M: 2.45%
• 1Y: 7.59%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MLPI vs. VCRM - Yearly Performance Comparison

	2026 (YTD)	2025
MLPI NEOS MLP & Energy Infrastructure High Income ETF	19.61%	0.36%
VCRM Vanguard Core Tax-Exempt Bond ETF	2.26%	0.30%

Correlation

The correlation between MLPI and VCRM is -0.29, 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 (All Time) Calculated using the full available price history since Dec 18, 2025	-0.29

Return for Risk

MLPI vs. VCRM — Risk / Return Rank

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

MLPI

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

VCRM

VCRM Risk / Return Rank: 77
VCRM Sharpe Ratio Rank: 84
VCRM Sortino Ratio Rank: 88
VCRM Omega Ratio Rank: 91
VCRM Calmar Ratio Rank: 60
VCRM Martin Ratio Rank: 62

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.

MLPI vs. VCRM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for NEOS MLP & Energy Infrastructure High Income ETF (MLPI) and Vanguard Core Tax-Exempt Bond ETF (VCRM). 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.

	MLPI	VCRM	Difference
Sharpe ratio: Return per unit of total volatility	—	2.53	—
Sortino ratio: Return per unit of downside risk	—	3.75	—
Omega ratio: Gain probability vs. loss probability	—	1.55	—
Calmar ratio: Return relative to maximum drawdown	—	2.80	—
Martin ratio: Return relative to average drawdown	—	10.37	—

Drawdowns

MLPI vs. VCRM - Drawdown Comparison

The maximum MLPI drawdown since its inception was -5.38%, which is greater than VCRM's maximum drawdown of -4.12%. Use the drawdown chart below to compare losses from any high point for MLPI and VCRM.

Drawdown Indicators

	MLPI	VCRM	Difference
Max Drawdown Largest peak-to-trough decline	-5.38%	-4.12%	-1.26%
Max Drawdown (1Y) Largest decline over 1 year	—	-2.72%	—
Current Drawdown Current decline from peak	-2.18%	0.00%	-2.18%
Average Drawdown Average peak-to-trough decline	-1.49%	-1.10%	-0.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.73%	—

Volatility

Volatility by Period

	MLPI	VCRM	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.69%	—
Volatility (6M) Calculated over the trailing 6-month period	—	2.19%	—
Volatility (1Y) Calculated over the trailing 1-year period	13.05%	3.01%	+10.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.05%	3.84%	+9.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.05%	3.84%	+9.21%

MLPI vs. VCRM - Expense Ratio Comparison

MLPI has a 0.68% expense ratio, which is higher than VCRM's 0.12% expense ratio.

Dividends

MLPI vs. VCRM - Dividend Comparison

MLPI's dividend yield for the trailing twelve months is around 7.19%, more than VCRM's 3.63% yield.

Position	TTM	2025	2024
MLPI NEOS MLP & Energy Infrastructure High Income ETF	7.19%	0.00%	0.00%
VCRM Vanguard Core Tax-Exempt Bond ETF	3.63%	3.42%	0.40%

Frequently Asked Questions

Can I hold both MLPI and VCRM in my portfolio?

MLPI and VCRM have a correlation of -0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, MLPI or VCRM?

On fees, VCRM is cheaper at 0.12% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, MLPI or VCRM?

VCRM is cheaper with a 0.12% expense ratio, compared with 0.68% for MLPI.

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

MLPI has the higher dividend yield at 7.19%, compared with 3.63% for VCRM.

What is the main difference between MLPI and VCRM?

MLPI is categorized as MLPs, while VCRM is Municipal Bonds. They also come from different issuers: NEOS and Vanguard. Their fees differ too: 0.68% for MLPI and 0.12% for VCRM.