MLPI vs. VTEB

Last updated Jun 24, 2026

MLPI (NEOS MLP & Energy Infrastructure High Income ETF) and VTEB (Vanguard Tax-Exempt Bond ETF) are both exchange-traded funds - MLPI is a MLPs fund actively managed by NEOS, while VTEB is a Municipal Bonds fund tracking the S&P National AMT-Free Municipal Bond Index. MLPI is actively managed, while VTEB is passively managed. At a correlation of -0.27, they often move in opposite directions. MLPI charges 0.68%/yr vs 0.03%/yr for VTEB.

Performance

MLPI vs. VTEB - 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 Tax-Exempt Bond ETF (VTEB). 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 VTEB's 1.70% return.

MLPI

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

VTEB

• 1D: -0.02%
• 1M: 1.38%
• YTD: 1.70%
• 6M: 1.88%
• 1Y: 6.65%
• 3Y*: 3.38%
• 5Y*: 0.95%
• 10Y*: 1.97%

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

MLPI vs. VTEB - Yearly Performance Comparison

	2026 (YTD)	2025
MLPI NEOS MLP & Energy Infrastructure High Income ETF	19.61%	0.36%
VTEB Vanguard Tax-Exempt Bond ETF	1.70%	0.24%

Correlation

The correlation between MLPI and VTEB is -0.27, 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	-0.27

Return for Risk

MLPI vs. VTEB — 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.

VTEB

VTEB Risk / Return Rank: 72
VTEB Sharpe Ratio Rank: 81
VTEB Sortino Ratio Rank: 86
VTEB Omega Ratio Rank: 89
VTEB Calmar Ratio Rank: 51
VTEB Martin Ratio Rank: 52

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. VTEB - 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 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.

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	VTEB	Difference
Sharpe ratio: Return per unit of total volatility	—	2.49	—
Sortino ratio: Return per unit of downside risk	—	3.69	—
Omega ratio: Gain probability vs. loss probability	—	1.54	—
Calmar ratio: Return relative to maximum drawdown	—	2.47	—
Martin ratio: Return relative to average drawdown	—	8.69	—

Drawdowns

MLPI vs. VTEB - Drawdown Comparison

The maximum MLPI drawdown since its inception was -5.38%, smaller than the maximum VTEB drawdown of -17.00%. Use the drawdown chart below to compare losses from any high point for MLPI and VTEB.

Drawdown Indicators

	MLPI	VTEB	Difference
Max Drawdown Largest peak-to-trough decline	-5.38%	-17.00%	+11.62%
Max Drawdown (1Y) Largest decline over 1 year	—	-2.71%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-5.53%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-12.64%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-17.00%	—
Current Drawdown Current decline from peak	-2.18%	-0.28%	-1.90%
Average Drawdown Average peak-to-trough decline	-1.49%	-2.32%	+0.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.77%	—

Volatility

Volatility by Period

	MLPI	VTEB	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.72%	—
Volatility (6M) Calculated over the trailing 6-month period	—	2.06%	—
Volatility (1Y) Calculated over the trailing 1-year period	13.05%	2.68%	+10.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.05%	3.90%	+9.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.05%	5.25%	+7.80%

MLPI vs. VTEB - Expense Ratio Comparison

MLPI has a 0.68% expense ratio, which is higher than VTEB's 0.03% expense ratio.

Dividends

MLPI vs. VTEB - Dividend Comparison

MLPI's dividend yield for the trailing twelve months is around 7.19%, more than VTEB's 3.35% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MLPI NEOS MLP & Energy Infrastructure High Income ETF	7.19%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	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

Can I hold both MLPI and VTEB in my portfolio?

MLPI and VTEB have a correlation of -0.27, 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 VTEB?

On fees, VTEB is cheaper at 0.03% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, MLPI or VTEB?

VTEB is cheaper with a 0.03% expense ratio, compared with 0.68% for MLPI.

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

MLPI has the higher dividend yield at 7.19%, compared with 3.35% for VTEB.

What is the main difference between MLPI and VTEB?

MLPI is categorized as MLPs, while VTEB is Municipal Bonds. They also come from different issuers: NEOS and Vanguard. Their fees differ too: 0.68% for MLPI and 0.03% for VTEB.