MLPR vs. KRBN
MLPR (ETRACS Quarterly Pay 1.5x Leveraged Alerian MLP Index ETN) and KRBN (KraneShares Global Carbon ETF) are both exchange-traded funds - MLPR is a Leveraged Equities fund tracking the Alerian MLP Index (150%), while KRBN is a Commodities fund tracking the IHS Markit Global Carbon Index. Both are passively managed. Over the past 5 years, MLPR returned 24.78%/yr vs 6.37%/yr for KRBN. At a 0.14 correlation, their price movements are largely independent. MLPR charges 0.95%/yr vs 0.79%/yr for KRBN.
Performance
MLPR vs. KRBN - Performance Comparison
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Returns By Period
In the year-to-date period, MLPR achieves a 21.25% return, which is significantly higher than KRBN's -4.32% return.
MLPR
- 1D
- -0.79%
- 1M
- -12.39%
- YTD
- 21.25%
- 6M
- 21.60%
- 1Y
- 23.14%
- 3Y*
- 30.20%
- 5Y*
- 24.78%
- 10Y*
- —
KRBN
- 1D
- 1.47%
- 1M
- 4.92%
- YTD
- -4.32%
- 6M
- -4.00%
- 1Y
- 13.56%
- 3Y*
- 0.90%
- 5Y*
- 6.37%
- 10Y*
- —
MLPR vs. KRBN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
MLPR ETRACS Quarterly Pay 1.5x Leveraged Alerian MLP Index ETN | 21.25% | 9.83% | 31.57% | 35.87% | 41.04% | 57.33% | 13.74% |
KRBN KraneShares Global Carbon ETF | -4.32% | 23.11% | -13.56% | 8.01% | -12.75% | 107.69% | 25.03% |
Correlation
The correlation between MLPR and KRBN is -0.05, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.05 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.02 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.11 |
Correlation (All Time) Calculated using the full available price history since Jul 30, 2020 | 0.14 |
The correlation between MLPR and KRBN shifts across timeframes, from -0.05 (1 year) to 0.14 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
MLPR vs. KRBN — Risk / Return Rank
MLPR
KRBN
MLPR vs. KRBN - 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 KraneShares Global Carbon ETF (KRBN). 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 | KRBN | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.40 | ||
| Sortino ratioReturn per unit of downside risk | +0.52 | ||
| Omega ratioGain probability vs. loss probability | 1.20 | 1.14 | +0.06 |
| Calmar ratioReturn relative to maximum drawdown | 1.66 | 0.55 | +1.12 |
| Martin ratioReturn relative to average drawdown | 4.86 | 1.39 | +3.47 |
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Drawdowns
MLPR vs. KRBN - Drawdown Comparison
The maximum MLPR drawdown since its inception was -48.98%, which is greater than KRBN's maximum drawdown of -36.42%. Use the drawdown chart below to compare losses from any high point for MLPR and KRBN.
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Drawdown Indicators
| MLPR | KRBN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -48.98% | -36.42% | -12.56% |
Max Drawdown (1Y)Largest decline over 1 year | -13.97% | -24.98% | +11.01% |
Max Drawdown (3Y)Largest decline over 3 years | -24.45% | -27.34% | +2.89% |
Max Drawdown (5Y)Largest decline over 5 years | -28.66% | -36.42% | +7.76% |
Current DrawdownCurrent decline from peak | -13.19% | -12.78% | -0.41% |
Average DrawdownAverage peak-to-trough decline | -8.94% | -16.12% | +7.18% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.77% | 9.76% | -4.99% |
Volatility
MLPR vs. KRBN - Volatility Comparison
ETRACS Quarterly Pay 1.5x Leveraged Alerian MLP Index ETN (MLPR) has a higher volatility of 7.59% compared to KraneShares Global Carbon ETF (KRBN) at 5.04%. This indicates that MLPR's price experiences larger fluctuations and is considered to be riskier than KRBN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MLPR | KRBN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.59% | 5.04% | +2.55% |
Volatility (6M)Calculated over the trailing 6-month period | 15.35% | 16.81% | -1.46% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.95% | 19.13% | +1.82% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 29.38% | 28.05% | +1.33% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 33.70% | 28.56% | +5.14% |
MLPR vs. KRBN - Expense Ratio Comparison
MLPR has a 0.95% expense ratio, which is higher than KRBN's 0.79% expense ratio.
Dividends
MLPR vs. KRBN - Dividend Comparison
MLPR's dividend yield for the trailing twelve months is around 9.64%, more than KRBN's 1.99% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
KRBN KraneShares Global Carbon ETF | 1.99% | 1.90% | 7.10% | 7.60% | 22.91% | 0.49% | 0.00% |
MLPR ETRACS Quarterly Pay 1.5x Leveraged Alerian MLP Index ETN | 9.64% | 10.85% | 9.57% | 10.08% | 7.49% | 10.69% | 4.21% |
Frequently Asked Questions
MLPR and KRBN have a correlation of -0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MLPR has higher volatility (7.59%) compared to KRBN (5.04%). In terms of maximum drawdown, MLPR dropped -48.98% vs KRBN's -36.42%.
On 5-year performance, MLPR leads with 24.78% vs 6.37% for KRBN. On fees, KRBN is cheaper at 0.79% per year. On volatility, KRBN has been the lower-risk option at 5.04%. 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 24.78% return vs 6.37%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
KRBN is cheaper with a 0.79% expense ratio, compared with 0.95% for MLPR.
MLPR has the higher dividend yield at 9.64%, compared with 1.99% for KRBN.
MLPR is categorized as Leveraged Equities, while KRBN is Commodities. MLPR tracks Alerian MLP Index (150%), while KRBN tracks IHS Markit Global Carbon Index. They also come from different issuers: UBS and CICC. Their fees differ too: 0.95% for MLPR and 0.79% for KRBN.
MLPR currently has the higher Sharpe Ratio (1.11 vs 0.71), 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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