OBOR vs. AMLP

Last updated Jul 14, 2026

OBOR (KraneShares MSCI One Belt One Road Index ETF) and AMLP (Alerian MLP ETF) are both exchange-traded funds - OBOR is a Emerging Markets Equities fund tracking the MSCI Global China Infrastructure Exposure, while AMLP is a MLPs fund tracking the Alerian MLP Infrastructure Index. Both are passively managed. Over the past 5 years, OBOR returned -0.13%/yr vs 18.25%/yr for AMLP. At a 0.33 correlation, their price movements are largely independent. OBOR charges 0.79%/yr vs 0.90%/yr for AMLP.

Performance

OBOR vs. AMLP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in KraneShares MSCI One Belt One Road Index ETF (OBOR) 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, OBOR achieves a -3.61% return, which is significantly lower than AMLP's 18.74% return.

OBOR

• 1D: -1.43%
• 1M: -5.04%
• 6M: -7.72%
• YTD: -3.61%
• 1Y: 7.82%
• 3Y*: 8.23%
• 5Y*: -0.13%
• 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)

OBOR vs. AMLP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
OBOR KraneShares MSCI One Belt One Road Index ETF	-3.61%	27.86%	8.55%	-7.91%	-21.96%	17.06%	13.47%	16.75%	-15.36%	1.30%
AMLP Alerian MLP ETF	18.74%	5.78%	22.76%	21.40%	25.47%	39.09%	-32.26%	5.99%	-12.67%	-1.63%

Correlation

The correlation between OBOR and AMLP is -0.12, 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	-0.12
Correlation (3Y) Calculated over the trailing 3-year period	0.16
Correlation (5Y) Calculated over the trailing 5-year period	0.27
Correlation (All Time) Calculated using the full available price history since Sep 8, 2017	0.33

The correlation between OBOR and AMLP shifts across timeframes, from -0.12 (1 year) to 0.33 (all time), reflecting how their relationship changes across market environments.

OBOR vs. AMLP - Sectors Allocation Comparison

Sectors	OBOR	AMLP
Basic Materials	25.8%	-
Industrials	24.3%	2.1%
Financial Services	23.1%	0.1%
Utilities	13.5%	1.9%
Energy	7.7%	95.9%
Consumer Cyclical	3.3%	-
Healthcare	0.2%	-
Communication Services	0.2%	-
Consumer Defensive	-	-
Real Estate	-	-
Technology	-	-

Return for Risk

OBOR vs. AMLP — Risk / Return Rank

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

OBOR

OBOR Risk / Return Rank: 17
OBOR Sharpe Ratio Rank: 18
OBOR Sortino Ratio Rank: 17
OBOR Omega Ratio Rank: 17
OBOR Calmar Ratio Rank: 17
OBOR Martin Ratio Rank: 17

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.

OBOR vs. AMLP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for KraneShares MSCI One Belt One Road Index ETF (OBOR) 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.

	OBOR	AMLP	Difference
Sharpe ratio: Return per unit of total volatility	0.46	1.55	-1.08
Sortino ratio: Return per unit of downside risk	0.73	2.18	-1.45
Omega ratio: Gain probability vs. loss probability	1.10	1.27	-0.17
Calmar ratio: Return relative to maximum drawdown	0.53	2.16	-1.63
Martin ratio: Return relative to average drawdown	1.36	6.04	-4.68

OBOR vs. AMLP - Sharpe Ratio Comparison

The current OBOR Sharpe Ratio is 0.46, which is lower than the AMLP Sharpe Ratio of 1.55. The chart below compares the historical Sharpe Ratios of OBOR 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

OBOR vs. AMLP - Drawdown Comparison

The maximum OBOR drawdown since its inception was -41.54%, smaller than the maximum AMLP drawdown of -77.19%. Use the drawdown chart below to compare losses from any high point for OBOR and AMLP.

Drawdown Indicators

	OBOR	AMLP	Difference
Max Drawdown Largest peak-to-trough decline	-41.54%	-77.19%	+35.65%
Max Drawdown (1Y) Largest decline over 1 year	-14.95%	-8.94%	-6.01%
Max Drawdown (3Y) Largest decline over 3 years	-18.06%	-14.27%	-3.79%
Max Drawdown (5Y) Largest decline over 5 years	-34.00%	-20.92%	-13.08%
Max Drawdown (10Y) Largest decline over 10 years	—	-72.62%	—
Current Drawdown Current decline from peak	-14.95%	-2.10%	-12.85%
Average Drawdown Average peak-to-trough decline	-15.93%	-17.32%	+1.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.76%	3.19%	+2.57%

Volatility

OBOR vs. AMLP - Volatility Comparison

KraneShares MSCI One Belt One Road Index ETF (OBOR) and Alerian MLP ETF (AMLP) have volatilities of 5.32% and 5.24%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	OBOR	AMLP	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.32%	5.24%	+0.08%
Volatility (6M) Calculated over the trailing 6-month period	14.88%	9.62%	+5.26%
Volatility (1Y) Calculated over the trailing 1-year period	16.99%	12.50%	+4.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.23%	19.69%	-3.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.53%	27.65%	-9.12%

OBOR vs. AMLP - Expense Ratio Comparison

OBOR has a 0.79% expense ratio, which is lower than AMLP's 0.90% expense ratio.

Dividends

OBOR vs. AMLP - Dividend Comparison

OBOR's dividend yield for the trailing twelve months is around 2.01%, 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%
OBOR KraneShares MSCI One Belt One Road Index ETF	2.01%	1.94%	3.87%	3.40%	4.75%	3.26%	2.04%	4.33%	0.02%	0.10%	0.00%	0.00%

Frequently Asked Questions

Can I hold both OBOR and AMLP in my portfolio?

OBOR and AMLP have a correlation of -0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, OBOR or AMLP?

OBOR has higher volatility (5.32%) compared to AMLP (5.24%). In terms of maximum drawdown, OBOR dropped -41.54% vs AMLP's -77.19%.

Which ETF is better, OBOR or AMLP?

On 5-year performance, AMLP leads with 18.25% vs -0.13% for OBOR. On fees, OBOR is cheaper at 0.79% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, OBOR or AMLP?

Over the 5-year period, AMLP has performed better with a 18.25% return vs -0.13%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, OBOR or AMLP?

OBOR is cheaper with a 0.79% expense ratio, compared with 0.90% for AMLP.

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

AMLP has the higher dividend yield at 7.49%, compared with 2.01% for OBOR.

What is the main difference between OBOR and AMLP?

OBOR is categorized as Emerging Markets Equities, while AMLP is MLPs. OBOR tracks MSCI Global China Infrastructure Exposure, while AMLP tracks Alerian MLP Infrastructure Index. They also come from different issuers: CICC and SS&C. Their fees differ too: 0.79% for OBOR and 0.90% for AMLP.

Which has better risk-adjusted returns?

AMLP currently has the higher Sharpe Ratio (1.55 vs 0.46), 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.