MNBD vs. ELFY

Last updated Jun 4, 2026

MNBD (ALPS Intermediate Municipal Bond ETF) and ELFY (ALPS Electrification Infrastructure ETF) are both exchange-traded funds - MNBD is a Municipal Bonds fund actively managed by ALPS, while ELFY is a Utilities Equities fund tracking the Ladenburg Thalmann Electrification Infrastructure Index. MNBD is actively managed, while ELFY is passively managed. Over the past year, MNBD returned 6.31% vs 47.53% for ELFY. At a 0.18 correlation, their price movements are largely independent. Both charge a 0.50% expense ratio.

Performance

MNBD vs. ELFY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ALPS Intermediate Municipal Bond ETF (MNBD) and ALPS Electrification Infrastructure ETF (ELFY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MNBD achieves a 1.33% return, which is significantly lower than ELFY's 29.07% return.

MNBD

• 1D: -0.26%
• 1M: 0.34%
• YTD: 1.33%
• 6M: 1.65%
• 1Y: 6.31%
• 3Y*: 4.51%
• 5Y*: —
• 10Y*: —

ELFY

• 1D: -0.67%
• 1M: 3.53%
• YTD: 29.07%
• 6M: 26.90%
• 1Y: 47.53%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MNBD vs. ELFY - Yearly Performance Comparison

	2026 (YTD)	2025
MNBD ALPS Intermediate Municipal Bond ETF	1.33%	6.17%
ELFY ALPS Electrification Infrastructure ETF	29.07%	35.82%

Correlation

The correlation between MNBD and ELFY is 0.16, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.16
Correlation (All Time) Calculated using the full available price history since Apr 11, 2025	0.18

MNBD vs. ELFY - Sectors Allocation Comparison

Sectors	MNBD	ELFY
Basic Materials	-	3.6%
Communication Services	-	-
Consumer Cyclical	-	0.5%
Consumer Defensive	-	-
Energy	-	13.1%
Healthcare	-	-
Industrials	-	31.3%
Real Estate	-	-
Technology	-	18.1%
Utilities	-	33.9%
Financial Services	-1.0%	-

Return for Risk

MNBD vs. ELFY — Risk / Return Rank

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

MNBD

MNBD Risk / Return Rank: 71
MNBD Sharpe Ratio Rank: 78
MNBD Sortino Ratio Rank: 83
MNBD Omega Ratio Rank: 88
MNBD Calmar Ratio Rank: 55
MNBD Martin Ratio Rank: 52

ELFY

ELFY Risk / Return Rank: 79
ELFY Sharpe Ratio Rank: 77
ELFY Sortino Ratio Rank: 73
ELFY Omega Ratio Rank: 69
ELFY Calmar Ratio Rank: 90
ELFY Martin Ratio Rank: 86

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.

MNBD vs. ELFY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ALPS Intermediate Municipal Bond ETF (MNBD) and ALPS Electrification Infrastructure ETF (ELFY). 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.

	MNBD	ELFY	Difference
Sharpe ratio: Return per unit of total volatility	2.53	2.52	+0.01
Sortino ratio: Return per unit of downside risk	3.71	3.33	+0.38
Omega ratio: Gain probability vs. loss probability	1.55	1.42	+0.13
Calmar ratio: Return relative to maximum drawdown	2.66	5.70	-3.04
Martin ratio: Return relative to average drawdown	8.75	18.16	-9.41
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MNBD vs. ELFY - Sharpe Ratio Comparison

The current MNBD Sharpe Ratio is 2.53, which is comparable to the ELFY Sharpe Ratio of 2.52. The chart below compares the historical Sharpe Ratios of MNBD and ELFY, 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

	MNBD	ELFY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.53	2.52	+0.01
Sharpe Ratio (All Time) Calculated using the full available price history	1.20	3.36	-2.16

Drawdowns

MNBD vs. ELFY - Drawdown Comparison

The maximum MNBD drawdown since its inception was -5.89%, smaller than the maximum ELFY drawdown of -8.37%. Use the drawdown chart below to compare losses from any high point for MNBD and ELFY.

Drawdown Indicators

	MNBD	ELFY	Difference
Max Drawdown Largest peak-to-trough decline	-5.89%	-8.37%	+2.48%
Max Drawdown (1Y) Largest decline over 1 year	-2.38%	-8.37%	+5.99%
Max Drawdown (3Y) Largest decline over 3 years	-3.97%	—	—
Current Drawdown Current decline from peak	-0.92%	-0.67%	-0.25%
Average Drawdown Average peak-to-trough decline	-1.09%	-1.60%	+0.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.72%	2.62%	-1.90%

Volatility

MNBD vs. ELFY - Volatility Comparison

The current volatility for ALPS Intermediate Municipal Bond ETF (MNBD) is 0.87%, while ALPS Electrification Infrastructure ETF (ELFY) has a volatility of 7.28%. This indicates that MNBD experiences smaller price fluctuations and is considered to be less risky than ELFY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MNBD	ELFY	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.87%	7.28%	-6.41%
Volatility (6M) Calculated over the trailing 6-month period	1.94%	14.87%	-12.93%
Volatility (1Y) Calculated over the trailing 1-year period	2.50%	18.98%	-16.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.78%	18.99%	-15.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.78%	18.99%	-15.21%

MNBD vs. ELFY - Expense Ratio Comparison

Both MNBD and ELFY have an expense ratio of 0.50%.

Dividends

MNBD vs. ELFY - Dividend Comparison

MNBD's dividend yield for the trailing twelve months is around 3.32%, more than ELFY's 0.82% yield.

Position	TTM	2025	2024	2023	2022
ELFY ALPS Electrification Infrastructure ETF	0.82%	0.76%	0.00%	0.00%	0.00%
MNBD ALPS Intermediate Municipal Bond ETF	3.32%	3.32%	3.83%	3.44%	2.40%

Frequently Asked Questions

Can I hold both MNBD and ELFY in my portfolio?

MNBD and ELFY have a correlation of 0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MNBD or ELFY?

ELFY has higher volatility (7.28%) compared to MNBD (0.87%). In terms of maximum drawdown, MNBD dropped -5.89% vs ELFY's -8.37%.

Which ETF is better, MNBD or ELFY?

On 1-year performance, ELFY leads with 47.53% vs 6.31% for MNBD. Both ETFs have the same 0.50% expense ratio. On volatility, MNBD has been the lower-risk option at 0.87%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MNBD or ELFY?

Over the 1-year period, ELFY has performed better with a 47.53% return vs 6.31%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MNBD or ELFY?

MNBD and ELFY have the same expense ratio: 0.50% per year.

Which ETF pays a higher dividend yield, MNBD or ELFY?

MNBD has the higher dividend yield at 3.32%, compared with 0.82% for ELFY.

What is the main difference between MNBD and ELFY?

MNBD is categorized as Municipal Bonds, while ELFY is Utilities Equities.

Which has better risk-adjusted returns?

MNBD currently has the higher Sharpe Ratio (2.53 vs 2.52), 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.