PBOG vs. MLPI

Last updated Jun 24, 2026

PBOG (Portfolio Building Block Integrated Oil & Gas and Exploration & Production Index ETF) and MLPI (NEOS MLP & Energy Infrastructure High Income ETF) are both exchange-traded funds - PBOG is a Energy Equities fund tracking the BITA Global Oil & Gas Select Index, while MLPI is a MLPs fund actively managed by NEOS. PBOG is passively managed, while MLPI is actively managed. A 0.63 correlation means they provide meaningful diversification when combined. PBOG charges 0.13%/yr vs 0.68%/yr for MLPI.

Performance

PBOG vs. MLPI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Portfolio Building Block Integrated Oil & Gas and Exploration & Production Index ETF (PBOG) and NEOS MLP & Energy Infrastructure High Income ETF (MLPI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with PBOG having a 20.33% return and MLPI slightly lower at 19.61%.

PBOG

• 1D: 0.25%
• 1M: -9.73%
• YTD: 20.33%
• 6M: 21.36%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 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)

PBOG vs. MLPI - Yearly Performance Comparison

	2026 (YTD)	2025
PBOG Portfolio Building Block Integrated Oil & Gas and Exploration & Production Index ETF	20.33%	1.75%
MLPI NEOS MLP & Energy Infrastructure High Income ETF	19.61%	0.36%

Correlation

The correlation between PBOG and MLPI is 0.63, 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	0.63

Return for Risk

PBOG vs. MLPI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Portfolio Building Block Integrated Oil & Gas and Exploration & Production Index ETF (PBOG) 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.

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

Drawdowns

PBOG vs. MLPI - Drawdown Comparison

The maximum PBOG drawdown since its inception was -16.46%, which is greater than MLPI's maximum drawdown of -5.38%. Use the drawdown chart below to compare losses from any high point for PBOG and MLPI.

Drawdown Indicators

	PBOG	MLPI	Difference
Max Drawdown Largest peak-to-trough decline	-16.46%	-5.38%	-11.08%
Current Drawdown Current decline from peak	-15.19%	-2.18%	-13.01%
Average Drawdown Average peak-to-trough decline	-3.86%	-1.49%	-2.37%

Volatility

Volatility by Period

	PBOG	MLPI	Difference
Volatility (1Y) Calculated over the trailing 1-year period	23.95%	13.05%	+10.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.95%	13.05%	+10.90%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.95%	13.05%	+10.90%

PBOG vs. MLPI - Expense Ratio Comparison

PBOG has a 0.13% expense ratio, which is lower than MLPI's 0.68% expense ratio.

Dividends

PBOG vs. MLPI - Dividend Comparison

PBOG's dividend yield for the trailing twelve months is around 0.14%, less than MLPI's 7.19% yield.

Position	TTM	2025
MLPI NEOS MLP & Energy Infrastructure High Income ETF	7.19%	0.00%
PBOG Portfolio Building Block Integrated Oil & Gas and Exploration & Production Index ETF	0.14%	0.17%

Frequently Asked Questions

Can I hold both PBOG and MLPI in my portfolio?

PBOG and MLPI have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, PBOG or MLPI?

On fees, PBOG is cheaper at 0.13% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, PBOG or MLPI?

PBOG is cheaper with a 0.13% expense ratio, compared with 0.68% for MLPI.

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

MLPI has the higher dividend yield at 7.19%, compared with 0.14% for PBOG.

What is the main difference between PBOG and MLPI?

PBOG is categorized as Energy Equities, while MLPI is MLPs. They also come from different issuers: Portfolio Building Blocks and NEOS. Their fees differ too: 0.13% for PBOG and 0.68% for MLPI.