MLPR vs. AMLP
MLPR (ETRACS Quarterly Pay 1.5x Leveraged Alerian MLP Index ETN) and AMLP (Alerian MLP ETF) are both exchange-traded funds - MLPR is a Leveraged Equities fund tracking the Alerian MLP Index (150%), while AMLP is a MLPs fund tracking the Alerian MLP Infrastructure Index. Both are passively managed. Over the past 5 years, MLPR returned 26.89%/yr vs 16.90%/yr for AMLP. With a 0.95 correlation, they move nearly in lockstep. MLPR charges 0.95%/yr vs 0.90%/yr for AMLP.
Performance
MLPR vs. AMLP - Performance Comparison
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Returns By Period
In the year-to-date period, MLPR achieves a 29.81% return, which is significantly higher than AMLP's 16.31% return.
MLPR
- 1D
- -0.37%
- 1M
- -1.12%
- YTD
- 29.81%
- 6M
- 26.95%
- 1Y
- 32.42%
- 3Y*
- 32.14%
- 5Y*
- 26.89%
- 10Y*
- —
AMLP
- 1D
- -0.27%
- 1M
- -0.57%
- YTD
- 16.31%
- 6M
- 14.89%
- 1Y
- 17.06%
- 3Y*
- 20.15%
- 5Y*
- 16.90%
- 10Y*
- 6.76%
MLPR vs. AMLP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
MLPR ETRACS Quarterly Pay 1.5x Leveraged Alerian MLP Index ETN | 29.81% | 9.83% | 31.57% | 35.87% | 41.04% | 57.33% | -9.51% |
AMLP Alerian MLP ETF | 16.31% | 5.78% | 22.76% | 21.40% | 25.47% | 39.09% | -3.66% |
Correlation
The correlation between MLPR and AMLP is 0.95 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.95 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.95 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.96 |
Correlation (All Time) Calculated using the full available price history since Jun 4, 2020 | 0.95 |
The correlation between MLPR and AMLP has been stable across timeframes, ranging from 0.95 to 0.96 - a consistent structural relationship.
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Return for Risk
MLPR vs. AMLP — Risk / Return Rank
MLPR
AMLP
MLPR vs. AMLP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ETRACS Quarterly Pay 1.5x Leveraged Alerian MLP Index ETN (MLPR) and Alerian MLP ETF (AMLP). 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.
| MLPR | AMLP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.14 | ||
| Sortino ratioReturn per unit of downside risk | +0.08 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 1.25 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 2.33 | 1.92 | +0.42 |
| Martin ratioReturn relative to average drawdown | 7.53 | 6.37 | +1.15 |
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
| MLPR | AMLP | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.59 | 1.45 | +0.14 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.92 | 0.85 | +0.07 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.24 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.93 | 0.22 | +0.71 |
Drawdowns
MLPR vs. AMLP - Drawdown Comparison
The maximum MLPR drawdown since its inception was -48.98%, smaller than the maximum AMLP drawdown of -77.19%. Use the drawdown chart below to compare losses from any high point for MLPR and AMLP.
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Drawdown Indicators
| MLPR | AMLP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -48.98% | -77.19% | +28.21% |
Max Drawdown (1Y)Largest decline over 1 year | -13.97% | -8.94% | -5.03% |
Max Drawdown (3Y)Largest decline over 3 years | -24.45% | -14.27% | -10.18% |
Max Drawdown (5Y)Largest decline over 5 years | -28.66% | -20.92% | -7.74% |
Max Drawdown (10Y)Largest decline over 10 years | — | -72.62% | — |
Current DrawdownCurrent decline from peak | -7.07% | -4.10% | -2.97% |
Average DrawdownAverage peak-to-trough decline | -8.94% | -17.40% | +8.46% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.32% | 2.68% | +1.64% |
Volatility
MLPR vs. AMLP - Volatility Comparison
ETRACS Quarterly Pay 1.5x Leveraged Alerian MLP Index ETN (MLPR) has a higher volatility of 8.12% compared to Alerian MLP ETF (AMLP) at 4.91%. This indicates that MLPR's price experiences larger fluctuations and is considered to be riskier than AMLP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MLPR | AMLP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.12% | 4.91% | +3.21% |
Volatility (6M)Calculated over the trailing 6-month period | 14.85% | 8.66% | +6.19% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.64% | 11.90% | +8.74% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 29.52% | 19.98% | +9.54% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 33.75% | 27.68% | +6.07% |
MLPR vs. AMLP - Expense Ratio Comparison
MLPR has a 0.95% expense ratio, which is higher than AMLP's 0.90% expense ratio.
Dividends
MLPR vs. AMLP - Dividend Comparison
MLPR's dividend yield for the trailing twelve months is around 9.00%, more than AMLP's 7.64% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
AMLP Alerian MLP ETF | 7.64% | 8.36% | 7.70% | 7.86% | 7.70% | 8.55% | 12.31% | 9.12% | 9.29% | 7.97% | 8.09% | 9.84% |
MLPR ETRACS Quarterly Pay 1.5x Leveraged Alerian MLP Index ETN | 9.00% | 10.85% | 9.57% | 10.08% | 7.49% | 10.69% | 4.21% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
With a correlation of 0.95, MLPR and AMLP 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.
MLPR has higher volatility (8.12%) compared to AMLP (4.91%). In terms of maximum drawdown, MLPR dropped -48.98% vs AMLP's -77.19%.
On 5-year performance, MLPR leads with 26.89% vs 16.90% for AMLP. On fees, AMLP is cheaper at 0.90% per year. On volatility, AMLP has been the lower-risk option at 4.91%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, MLPR has performed better with a 26.89% return vs 16.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
AMLP is cheaper with a 0.90% expense ratio, compared with 0.95% for MLPR.
MLPR has the higher dividend yield at 9.00%, compared with 7.64% for AMLP.
MLPR is categorized as Leveraged Equities, while AMLP is MLPs. MLPR tracks Alerian MLP Index (150%), while AMLP tracks Alerian MLP Infrastructure Index. They also come from different issuers: UBS and SS&C. Their fees differ too: 0.95% for MLPR and 0.90% for AMLP.
MLPR currently has the higher Sharpe Ratio (1.59 vs 1.45), 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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