MMLP vs. AMLP

Last updated Jun 4, 2026

MMLP (Martin Midstream Partners L.P.) is a stock, while AMLP (Alerian MLP ETF) is MLPs fund tracking the Alerian MLP Infrastructure Index. Over the past 10 years, MMLP returned -14.92%/yr vs 6.76%/yr for AMLP. At a 0.39 correlation, their price movements are largely independent.

Performance

MMLP vs. AMLP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Martin Midstream Partners L.P. (MMLP) and Alerian MLP ETF (AMLP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MMLP achieves a -3.47% return, which is significantly lower than AMLP's 16.31% return. Over the past 10 years, MMLP has underperformed AMLP with an annualized return of -14.92%, while AMLP has yielded a comparatively higher 6.76% annualized return.

MMLP

• 1D: -3.09%
• 1M: 3.92%
• YTD: -3.47%
• 6M: -3.65%
• 1Y: -17.10%
• 3Y*: 4.59%
• 5Y*: -1.78%
• 10Y*: -14.92%

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%

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

MMLP vs. AMLP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MMLP Martin Midstream Partners L.P.	-3.47%	-26.82%	50.60%	-19.38%	13.38%	87.58%	-62.45%	-53.96%	-15.36%	-14.97%
AMLP Alerian MLP ETF	16.31%	5.78%	22.76%	21.40%	25.47%	39.09%	-32.26%	5.99%	-12.67%	-7.89%

Correlation

The correlation between MMLP and AMLP is 0.10, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.10
Correlation (3Y) Calculated over the trailing 3-year period	0.19
Correlation (5Y) Calculated over the trailing 5-year period	0.27
Correlation (10Y) Calculated over the trailing 10-year period	0.35
Correlation (All Time) Calculated using the full available price history since Aug 26, 2010	0.39

Over the past year, the correlation between MMLP and AMLP has dropped to 0.10 - well below their long-term average of 0.39, suggesting their price drivers have been diverging.

Return for Risk

MMLP vs. AMLP — Risk / Return Rank

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

MMLP

MMLP Risk / Return Rank: 26
MMLP Sharpe Ratio Rank: 28
MMLP Sortino Ratio Rank: 28
MMLP Omega Ratio Rank: 28
MMLP Calmar Ratio Rank: 24
MMLP Martin Ratio Rank: 24

AMLP

AMLP Risk / Return Rank: 39
AMLP Sharpe Ratio Rank: 40
AMLP Sortino Ratio Rank: 39
AMLP Omega Ratio Rank: 37
AMLP Calmar Ratio Rank: 38
AMLP Martin Ratio Rank: 39

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.

MMLP vs. AMLP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Martin Midstream Partners L.P. (MMLP) 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.

	MMLP	AMLP	Difference
Sharpe ratio: Return per unit of total volatility	-0.32	1.45	-1.77
Sortino ratio: Return per unit of downside risk	-0.11	2.03	-2.14
Omega ratio: Gain probability vs. loss probability	0.99	1.25	-0.27
Calmar ratio: Return relative to maximum drawdown	-0.49	1.92	-2.41
Martin ratio: Return relative to average drawdown	-0.88	6.37	-7.26
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MMLP vs. AMLP - Sharpe Ratio Comparison

The current MMLP Sharpe Ratio is -0.32, which is lower than the AMLP Sharpe Ratio of 1.45. The chart below compares the historical Sharpe Ratios of MMLP and AMLP, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	MMLP	AMLP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.32	1.45	-1.77
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.03	0.85	-0.88
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.23	0.24	-0.48
Sharpe Ratio (All Time) Calculated using the full available price history	-0.02	0.22	-0.24

Drawdowns

MMLP vs. AMLP - Drawdown Comparison

The maximum MMLP drawdown since its inception was -95.75%, which is greater than AMLP's maximum drawdown of -77.19%. Use the drawdown chart below to compare losses from any high point for MMLP and AMLP.

Drawdown Indicators

	MMLP	AMLP	Difference
Max Drawdown Largest peak-to-trough decline	-95.75%	-77.19%	-18.56%
Max Drawdown (1Y) Largest decline over 1 year	-34.93%	-8.94%	-25.99%
Max Drawdown (3Y) Largest decline over 3 years	-43.68%	-14.27%	-29.41%
Max Drawdown (5Y) Largest decline over 5 years	-64.19%	-20.92%	-43.27%
Max Drawdown (10Y) Largest decline over 10 years	-93.82%	-72.62%	-21.20%
Current Drawdown Current decline from peak	-87.80%	-4.10%	-83.70%
Average Drawdown Average peak-to-trough decline	-39.14%	-17.40%	-21.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	19.36%	2.68%	+16.68%

Volatility

MMLP vs. AMLP - Volatility Comparison

Martin Midstream Partners L.P. (MMLP) has a higher volatility of 16.33% compared to Alerian MLP ETF (AMLP) at 4.91%. This indicates that MMLP'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.

Volatility by Period

	MMLP	AMLP	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.33%	4.91%	+11.42%
Volatility (6M) Calculated over the trailing 6-month period	43.87%	8.66%	+35.21%
Volatility (1Y) Calculated over the trailing 1-year period	53.82%	11.90%	+41.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	53.16%	19.98%	+33.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	64.78%	27.68%	+37.10%

Dividends

MMLP vs. AMLP - Dividend Comparison

MMLP's dividend yield for the trailing twelve months is around 0.80%, less 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%
MMLP Martin Midstream Partners L.P.	0.80%	0.77%	0.56%	0.83%	0.67%	0.75%	9.44%	31.02%	19.46%	14.29%	16.01%	14.98%

Frequently Asked Questions

Can I hold both MMLP and AMLP in my portfolio?

MMLP and AMLP have a correlation of 0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MMLP or AMLP?

MMLP has higher volatility (16.33%) compared to AMLP (4.91%). In terms of maximum drawdown, MMLP dropped -95.75% vs AMLP's -77.19%.

Which has better risk-adjusted returns?

AMLP currently has the higher Sharpe Ratio (1.45 vs -0.32), 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.