MLPI vs. XTAP

Last updated Jul 17, 2026

MLPI (NEOS MLP & Energy Infrastructure High Income ETF) and XTAP (Innovator U.S. Equity Accelerated Plus ETF) are both exchange-traded funds - MLPI is a MLPs fund actively managed by NEOS, while XTAP is a Leveraged Equities fund actively managed by Innovator. Both are actively managed. At a correlation of -0.29, they often move in opposite directions. MLPI charges 0.68%/yr vs 0.79%/yr for XTAP.

Performance

MLPI vs. XTAP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in NEOS MLP & Energy Infrastructure High Income ETF (MLPI) and Innovator U.S. Equity Accelerated Plus ETF (XTAP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MLPI achieves a 21.15% return, which is significantly higher than XTAP's 11.99% return.

MLPI

• 1D: 0.43%
• 1M: 3.48%
• 6M: 21.06%
• YTD: 21.15%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

XTAP

• 1D: -0.25%
• 1M: 0.74%
• 6M: 11.66%
• YTD: 11.99%
• 1Y: 18.69%
• 3Y*: 16.74%
• 5Y*: 10.92%
• 10Y*: —

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

MLPI vs. XTAP - Yearly Performance Comparison

	2026 (YTD)	2025
MLPI NEOS MLP & Energy Infrastructure High Income ETF	21.15%	0.36%
XTAP Innovator U.S. Equity Accelerated Plus ETF	11.99%	0.88%

Correlation

The correlation between MLPI and XTAP 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. XTAP — 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.

XTAP

XTAP Risk / Return Rank: 98
XTAP Sharpe Ratio Rank: 98
XTAP Sortino Ratio Rank: 98
XTAP Omega Ratio Rank: 98
XTAP Calmar Ratio Rank: 98
XTAP Martin Ratio Rank: 98

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. XTAP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for NEOS MLP & Energy Infrastructure High Income ETF (MLPI) and Innovator U.S. Equity Accelerated Plus ETF (XTAP). 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	XTAP	Difference
Sharpe ratio: Return per unit of total volatility	—	3.93	—
Sortino ratio: Return per unit of downside risk	—	6.53	—
Omega ratio: Gain probability vs. loss probability	—	2.00	—
Calmar ratio: Return relative to maximum drawdown	—	10.94	—
Martin ratio: Return relative to average drawdown	—	57.97	—

Drawdowns

MLPI vs. XTAP - Drawdown Comparison

The maximum MLPI drawdown since its inception was -5.38%, smaller than the maximum XTAP drawdown of -22.13%. Use the drawdown chart below to compare losses from any high point for MLPI and XTAP.

Drawdown Indicators

	MLPI	XTAP	Difference
Max Drawdown Largest peak-to-trough decline	-5.38%	-22.13%	+16.75%
Max Drawdown (1Y) Largest decline over 1 year	—	-1.72%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-11.83%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-22.13%	—
Current Drawdown Current decline from peak	-0.91%	-0.25%	-0.66%
Average Drawdown Average peak-to-trough decline	-1.58%	-3.39%	+1.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.32%	—

Volatility

Volatility by Period

	MLPI	XTAP	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	1.48%	—
Volatility (6M) Calculated over the trailing 6-month period	—	3.83%	—
Volatility (1Y) Calculated over the trailing 1-year period	13.25%	4.77%	+8.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.25%	14.55%	-1.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.25%	14.28%	-1.03%

MLPI vs. XTAP - Expense Ratio Comparison

MLPI has a 0.68% expense ratio, which is lower than XTAP's 0.79% expense ratio.

Dividends

MLPI vs. XTAP - Dividend Comparison

MLPI's dividend yield for the trailing twelve months is around 7.10%, while XTAP has not paid dividends to shareholders.

Position	TTM
MLPI NEOS MLP & Energy Infrastructure High Income ETF	7.10%
XTAP Innovator U.S. Equity Accelerated Plus ETF	0.00%

Frequently Asked Questions

Can I hold both MLPI and XTAP in my portfolio?

MLPI and XTAP 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 XTAP?

On fees, MLPI is cheaper at 0.68% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, MLPI or XTAP?

MLPI is cheaper with a 0.68% expense ratio, compared with 0.79% for XTAP.

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

MLPI has the higher dividend yield at 7.10%, compared with 0.00% for XTAP.

What is the main difference between MLPI and XTAP?

MLPI is categorized as MLPs, while XTAP is Leveraged Equities. They also come from different issuers: NEOS and Innovator. Their fees differ too: 0.68% for MLPI and 0.79% for XTAP.