NUSB vs. AMLP

Last updated Jul 14, 2026

NUSB (Nuveen Ultra Short Income ETF) and AMLP (Alerian MLP ETF) are both exchange-traded funds - NUSB is a Ultrashort Bond fund actively managed by Nuveen, while AMLP is a MLPs fund tracking the Alerian MLP Infrastructure Index. NUSB is actively managed, while AMLP is passively managed. Over the past year, NUSB returned 4.15% vs 19.21% for AMLP. At a correlation of -0.02, they often move in opposite directions. NUSB charges 0.17%/yr vs 0.90%/yr for AMLP.

Performance

NUSB vs. AMLP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nuveen Ultra Short Income ETF (NUSB) 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, NUSB achieves a 1.91% return, which is significantly lower than AMLP's 18.74% return.

NUSB

• 1D: -0.02%
• 1M: 0.26%
• 6M: 1.78%
• YTD: 1.91%
• 1Y: 4.15%
• 3Y*: —
• 5Y*: —
• 10Y*: —

AMLP

• 1D: 1.88%
• 1M: 2.99%
• 6M: 15.34%
• YTD: 18.74%
• 1Y: 19.21%
• 3Y*: 19.54%
• 5Y*: 18.25%
• 10Y*: 6.74%

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

NUSB vs. AMLP - Yearly Performance Comparison

	2026 (YTD)	2025	2024
NUSB Nuveen Ultra Short Income ETF	1.91%	4.71%	4.48%
AMLP Alerian MLP ETF	18.74%	5.78%	10.30%

Correlation

The correlation between NUSB and AMLP is -0.14, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.14
Correlation (All Time) Calculated using the full available price history since Mar 6, 2024	-0.02

The correlation between NUSB and AMLP shifts across timeframes, from -0.14 (1 year) to -0.02 (all time), reflecting how their relationship changes across market environments.

Return for Risk

NUSB vs. AMLP — Risk / Return Rank

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

NUSB

NUSB Risk / Return Rank: 100
NUSB Sharpe Ratio Rank: 100
NUSB Sortino Ratio Rank: 100
NUSB Omega Ratio Rank: 100
NUSB Calmar Ratio Rank: 100
NUSB Martin Ratio Rank: 100

AMLP

AMLP Risk / Return Rank: 54
AMLP Sharpe Ratio Rank: 57
AMLP Sortino Ratio Rank: 57
AMLP Omega Ratio Rank: 54
AMLP Calmar Ratio Rank: 54
AMLP Martin Ratio Rank: 46

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.

NUSB vs. AMLP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nuveen Ultra Short Income ETF (NUSB) 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.

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.

	NUSB	AMLP	Difference
Sharpe ratio: Return per unit of total volatility	12.52	1.55	+10.97
Sortino ratio: Return per unit of downside risk	34.77	2.18	+32.59
Omega ratio: Gain probability vs. loss probability	9.84	1.27	+8.57
Calmar ratio: Return relative to maximum drawdown	70.14	2.16	+67.98
Martin ratio: Return relative to average drawdown	446.74	6.04	+440.70

NUSB vs. AMLP - Sharpe Ratio Comparison

The current NUSB Sharpe Ratio is 12.52, which is higher than the AMLP Sharpe Ratio of 1.55. The chart below compares the historical Sharpe Ratios of NUSB 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.

Drawdowns

NUSB vs. AMLP - Drawdown Comparison

The maximum NUSB drawdown since its inception was -0.16%, smaller than the maximum AMLP drawdown of -77.19%. Use the drawdown chart below to compare losses from any high point for NUSB and AMLP.

Drawdown Indicators

	NUSB	AMLP	Difference
Max Drawdown Largest peak-to-trough decline	-0.16%	-77.19%	+77.03%
Max Drawdown (1Y) Largest decline over 1 year	-0.06%	-8.94%	+8.88%
Max Drawdown (3Y) Largest decline over 3 years	—	-14.27%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-20.92%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-72.62%	—
Current Drawdown Current decline from peak	-0.02%	-2.10%	+2.08%
Average Drawdown Average peak-to-trough decline	-0.00%	-17.32%	+17.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.01%	3.19%	-3.18%

Volatility

NUSB vs. AMLP - Volatility Comparison

The current volatility for Nuveen Ultra Short Income ETF (NUSB) is 0.09%, while Alerian MLP ETF (AMLP) has a volatility of 5.24%. This indicates that NUSB experiences smaller price fluctuations and is considered to be less risky than AMLP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NUSB	AMLP	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.09%	5.24%	-5.15%
Volatility (6M) Calculated over the trailing 6-month period	0.23%	9.62%	-9.39%
Volatility (1Y) Calculated over the trailing 1-year period	0.33%	12.50%	-12.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.38%	19.69%	-19.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.38%	27.65%	-27.27%

NUSB vs. AMLP - Expense Ratio Comparison

NUSB has a 0.17% expense ratio, which is lower than AMLP's 0.90% expense ratio.

Dividends

NUSB vs. AMLP - Dividend Comparison

NUSB's dividend yield for the trailing twelve months is around 4.29%, less than AMLP's 7.49% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AMLP Alerian MLP ETF	7.49%	8.36%	7.70%	7.86%	7.70%	8.55%	12.31%	9.12%	9.29%	7.97%	8.09%	9.84%
NUSB Nuveen Ultra Short Income ETF	4.29%	4.51%	3.61%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both NUSB and AMLP in my portfolio?

NUSB and AMLP have a correlation of -0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NUSB or AMLP?

AMLP has higher volatility (5.24%) compared to NUSB (0.09%). In terms of maximum drawdown, NUSB dropped -0.16% vs AMLP's -77.19%.

Which ETF is better, NUSB or AMLP?

On 1-year performance, AMLP leads with 19.21% vs 4.15% for NUSB. On fees, NUSB is cheaper at 0.17% per year. On volatility, NUSB has been the lower-risk option at 0.09%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NUSB or AMLP?

Over the 1-year period, AMLP has performed better with a 19.21% return vs 4.15%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NUSB or AMLP?

NUSB is cheaper with a 0.17% expense ratio, compared with 0.90% for AMLP.

Which ETF pays a higher dividend yield, NUSB or AMLP?

AMLP has the higher dividend yield at 7.49%, compared with 4.29% for NUSB.

What is the main difference between NUSB and AMLP?

NUSB is categorized as Ultrashort Bond, while AMLP is MLPs. They also come from different issuers: Nuveen and SS&C. Their fees differ too: 0.17% for NUSB and 0.90% for AMLP.

Which has better risk-adjusted returns?

NUSB currently has the higher Sharpe Ratio (12.52 vs 1.55), 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.