MLPR vs. MLPI

Last updated Jun 24, 2026

MLPR (ETRACS Quarterly Pay 1.5x Leveraged Alerian MLP Index ETN) and MLPI (NEOS MLP & Energy Infrastructure High Income ETF) are both exchange-traded funds - MLPR is a Leveraged Equities fund tracking the Alerian MLP Index (150%), while MLPI is a MLPs fund actively managed by NEOS. MLPR is passively managed, while MLPI is actively managed. A 0.71 correlation means they provide meaningful diversification when combined. MLPR charges 0.95%/yr vs 0.68%/yr for MLPI.

Performance

MLPR vs. MLPI - 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 NEOS MLP & Energy Infrastructure High Income ETF (MLPI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MLPR achieves a 24.85% return, which is significantly higher than MLPI's 19.61% return.

MLPR

• 1D: 2.97%
• 1M: -9.79%
• YTD: 24.85%
• 6M: 24.33%
• 1Y: 28.25%
• 3Y*: 31.47%
• 5Y*: 25.58%
• 10Y*: —

MLPI

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

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

MLPR vs. MLPI - Yearly Performance Comparison

	2026 (YTD)	2025
MLPR ETRACS Quarterly Pay 1.5x Leveraged Alerian MLP Index ETN	24.85%	-0.04%
MLPI NEOS MLP & Energy Infrastructure High Income ETF	19.61%	0.36%

Correlation

The correlation between MLPR and MLPI is 0.71, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Dec 18, 2025	0.71

Return for Risk

MLPR vs. MLPI — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

MLPR

MLPR Risk / Return Rank: 39
MLPR Sharpe Ratio Rank: 40
MLPR Sortino Ratio Rank: 37
MLPR Omega Ratio Rank: 37
MLPR Calmar Ratio Rank: 43
MLPR Martin Ratio Rank: 39

MLPI

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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.

MLPR vs. MLPI - 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 NEOS MLP & Energy Infrastructure High Income ETF (MLPI). 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	MLPI	Difference
Sharpe ratio: Return per unit of total volatility	1.35	—	—
Sortino ratio: Return per unit of downside risk	1.84	—	—
Omega ratio: Gain probability vs. loss probability	1.24	—	—
Calmar ratio: Return relative to maximum drawdown	2.03	—	—
Martin ratio: Return relative to average drawdown	5.88	—	—

Drawdowns

MLPR vs. MLPI - Drawdown Comparison

The maximum MLPR drawdown since its inception was -48.98%, which is greater than MLPI's maximum drawdown of -5.38%. Use the drawdown chart below to compare losses from any high point for MLPR and MLPI.

Drawdown Indicators

	MLPR	MLPI	Difference
Max Drawdown Largest peak-to-trough decline	-48.98%	-5.38%	-43.60%
Max Drawdown (1Y) Largest decline over 1 year	-13.97%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-24.45%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-28.66%	—	—
Current Drawdown Current decline from peak	-10.62%	-2.18%	-8.44%
Average Drawdown Average peak-to-trough decline	-8.94%	-1.49%	-7.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.82%	—	—

Volatility

Volatility by Period

	MLPR	MLPI	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.29%	—	—
Volatility (6M) Calculated over the trailing 6-month period	15.56%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	21.11%	13.05%	+8.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.40%	13.05%	+16.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	33.71%	13.05%	+20.66%

MLPR vs. MLPI - Expense Ratio Comparison

MLPR has a 0.95% expense ratio, which is higher than MLPI's 0.68% expense ratio.

Dividends

MLPR vs. MLPI - Dividend Comparison

MLPR's dividend yield for the trailing twelve months is around 9.36%, more than MLPI's 7.19% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
MLPI NEOS MLP & Energy Infrastructure High Income ETF	7.19%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
MLPR ETRACS Quarterly Pay 1.5x Leveraged Alerian MLP Index ETN	9.36%	10.85%	9.57%	10.08%	7.49%	10.69%	4.21%

Frequently Asked Questions

Can I hold both MLPR and MLPI in my portfolio?

MLPR and MLPI have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, MLPR or MLPI?

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, MLPR or MLPI?

MLPI is cheaper with a 0.68% expense ratio, compared with 0.95% for MLPR.

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

MLPR has the higher dividend yield at 9.36%, compared with 7.19% for MLPI.

What is the main difference between MLPR and MLPI?

MLPR is categorized as Leveraged Equities, while MLPI is MLPs. They also come from different issuers: UBS and NEOS. Their fees differ too: 0.95% for MLPR and 0.68% for MLPI.