MLPR vs. EMO

Last updated Aug 1, 2026

MLPR (ETRACS Quarterly Pay 1.5x Leveraged Alerian MLP Index ETN) and EMO (ClearBridge Energy Midstream Opportunity Fund) are both funds - MLPR is a Leveraged Equities fund tracking the Alerian MLP Index (150%), while EMO is a MLPs fund actively managed by Franklin Templeton. MLPR is passively managed, while EMO is actively managed. Over the past 5 years, MLPR returned 31.23%/yr vs 29.82%/yr for EMO. Their correlation of 0.81 means they have usually moved in the same direction. MLPR charges 0.95%/yr vs 13.90%/yr for EMO.

Performance

MLPR vs. EMO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ETRACS Quarterly Pay 1.5x Leveraged Alerian MLP Index ETN (MLPR) and ClearBridge Energy Midstream Opportunity Fund (EMO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MLPR achieves a 39.50% return, which is significantly higher than EMO's 21.52% return.

MLPR

• 1D: 1.62%
• 1M: 11.14%
• 6M: 25.11%
• YTD: 39.50%
• 1Y: 39.67%
• 3Y*: 31.28%
• 5Y*: 31.23%
• 10Y*: —
• ALL TIME*: 32.46%

EMO

• 1D: 1.14%
• 1M: 5.46%
• 6M: 10.79%
• YTD: 21.52%
• 1Y: 21.50%
• 3Y*: 28.83%
• 5Y*: 29.82%
• 10Y*: 7.75%
• ALL TIME*: 4.29%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
EMO ClearBridge Energy Midstream Opportunity Fund	$1.85M	$2.08M	$2.48M
MLPR ETRACS Quarterly Pay 1.5x Leveraged Alerian MLP Index ETN	$34.92K	$44.03K	$37.73K

MLPR vs. EMO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
MLPR ETRACS Quarterly Pay 1.5x Leveraged Alerian MLP Index ETN	39.50%	9.83%	31.57%	35.87%	41.04%	57.33%	-7.10%
EMO ClearBridge Energy Midstream Opportunity Fund	21.52%	7.38%	44.45%	31.76%	40.13%	74.70%	8.05%

Correlation

The correlation between MLPR and EMO is 0.58, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.58
Correlation (3Y) Balances recent behavior with more history.	0.67
Correlation (5Y) Shows whether the relationship held over a longer period.	0.79
Correlation (All Time) Calculated using the full available price history since Jun 3, 2020	0.81

Over the past year, the correlation between MLPR and EMO has dropped to 0.58 - well below their long-term average of 0.81, suggesting their price drivers have been diverging.

Return for Risk

MLPR vs. EMO — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

MLPR

MLPR Risk / Return Rank: 68
MLPR Sharpe Ratio Rank: 72
MLPR Sortino Ratio Rank: 66
MLPR Omega Ratio Rank: 66
MLPR Calmar Ratio Rank: 73
MLPR Martin Ratio Rank: 61

EMO

EMO Risk / Return Rank: 44
EMO Sharpe Ratio Rank: 46
EMO Sortino Ratio Rank: 46
EMO Omega Ratio Rank: 45
EMO Calmar Ratio Rank: 55
EMO Martin Ratio Rank: 28

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

MLPR vs. EMO - 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 ClearBridge Energy Midstream Opportunity Fund (EMO). 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.

	MLPR	EMO	Difference
Sharpe ratio: Return per unit of total volatility	1.63	1.25	+0.38
Sortino ratio: Return per unit of downside risk	2.17	1.80	+0.38
Omega ratio: Gain probability vs. loss probability	1.28	1.23	+0.05
Calmar ratio: Return relative to maximum drawdown	2.55	1.89	+0.66
Martin ratio: Return relative to average drawdown	7.25	3.92	+3.33

MLPR vs. EMO - Sharpe Ratio Comparison

The current MLPR Sharpe Ratio is 1.63, which is higher than the EMO Sharpe Ratio of 1.25. The chart below compares the historical Sharpe Ratios of MLPR and EMO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

MLPR vs. EMO - Drawdown Comparison

The maximum MLPR drawdown since its inception was -48.98%, smaller than the maximum EMO drawdown of -95.06%. Use the drawdown chart below to compare losses from any high point for MLPR and EMO.

Drawdown Indicators

	MLPR	EMO	Difference
Max Drawdown Largest peak-to-trough decline	-48.98%	-95.06%	+46.08%
Max Drawdown (1Y) Largest decline over 1 year	-14.31%	-10.87%	-3.44%
Max Drawdown (3Y) Largest decline over 3 years	-24.45%	-18.81%	-5.64%
Max Drawdown (5Y) Largest decline over 5 years	-28.66%	-28.59%	-0.07%
Max Drawdown (10Y) Largest decline over 10 years	—	-93.02%	—
Current Drawdown Current decline from peak	-0.13%	-2.16%	+2.03%
Average Drawdown Average peak-to-trough decline	-8.89%	-31.67%	+22.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.35%	5.24%	+0.11%

Volatility

MLPR vs. EMO - Volatility Comparison

ETRACS Quarterly Pay 1.5x Leveraged Alerian MLP Index ETN (MLPR) has a higher volatility of 8.44% compared to ClearBridge Energy Midstream Opportunity Fund (EMO) at 5.06%. This indicates that MLPR's price experiences larger fluctuations and is considered to be riskier than EMO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MLPR	EMO	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.44%	5.06%	+3.38%
Volatility (6M) Calculated over the trailing 6-month period	17.18%	12.66%	+4.52%
Volatility (1Y) Calculated over the trailing 1-year period	22.38%	16.45%	+5.93%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.11%	26.05%	+3.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	33.66%	41.13%	-7.47%

MLPR vs. EMO - Expense Ratio Comparison

MLPR has a 0.95% expense ratio, which is lower than EMO's 13.90% expense ratio.

Dividends

MLPR vs. EMO - Dividend Comparison

MLPR's dividend yield for the trailing twelve months is around 8.83%, more than EMO's 8.35% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EMO ClearBridge Energy Midstream Opportunity Fund	8.35%	9.41%	7.16%	6.79%	6.71%	6.71%	15.82%	10.94%	16.39%	10.85%	9.76%	11.88%
MLPR ETRACS Quarterly Pay 1.5x Leveraged Alerian MLP Index ETN	8.83%	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

Can I hold both MLPR and EMO in my portfolio?

MLPR and EMO have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MLPR or EMO?

MLPR has higher volatility (8.44%) compared to EMO (5.06%). In terms of maximum drawdown, MLPR dropped -48.98% vs EMO's -95.06%.

Which has better risk-adjusted returns?

MLPR currently has the higher Sharpe Ratio (1.63 vs 1.25), 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.