TFI vs. ENFR
TFI (SPDR Nuveen Bloomberg Barclays Municipal Bond ETF) and ENFR (Alerian Energy Infrastructure ETF) are both exchange-traded funds - TFI is a Municipal Bonds fund tracking the Bloomberg US Municipal Managed Money (1-25 Y), while ENFR is a Energy Equities fund tracking the Alerian Midstream Energy Select Index. Both are passively managed. Over the past 10 years, TFI returned 1.38%/yr vs 11.81%/yr for ENFR. At a correlation of -0.04, they often move in opposite directions. TFI charges 0.23%/yr vs 0.35%/yr for ENFR.
Performance
TFI vs. ENFR - Performance Comparison
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Returns By Period
In the year-to-date period, TFI achieves a 1.39% return, which is significantly lower than ENFR's 23.07% return. Over the past 10 years, TFI has underperformed ENFR with an annualized return of 1.38%, while ENFR has yielded a comparatively higher 11.81% annualized return.
TFI
- 1D
- 0.00%
- 1M
- 1.36%
- YTD
- 1.39%
- 6M
- 1.61%
- 1Y
- 6.38%
- 3Y*
- 2.71%
- 5Y*
- 0.00%
- 10Y*
- 1.38%
ENFR
- 1D
- 1.01%
- 1M
- -5.94%
- YTD
- 23.07%
- 6M
- 24.76%
- 1Y
- 24.84%
- 3Y*
- 28.26%
- 5Y*
- 19.69%
- 10Y*
- 11.81%
TFI vs. ENFR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TFI SPDR Nuveen Bloomberg Barclays Municipal Bond ETF | 1.39% | 3.62% | -0.01% | 5.62% | -10.17% | 0.25% | 5.82% | 7.41% | 0.52% | 5.50% |
ENFR Alerian Energy Infrastructure ETF | 23.07% | 5.88% | 42.17% | 15.63% | 17.48% | 39.97% | -24.14% | 21.60% | -18.67% | -0.19% |
Correlation
The correlation between TFI and ENFR 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 (3Y) Calculated over the trailing 3-year period | 0.05 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.04 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.00 |
Correlation (All Time) Calculated using the full available price history since Nov 1, 2013 | -0.04 |
The correlation between TFI and ENFR shifts across timeframes, from -0.14 (1 year) to 0.05 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
TFI vs. ENFR — Risk / Return Rank
TFI
ENFR
TFI vs. ENFR - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Nuveen Bloomberg Barclays Municipal Bond ETF (TFI) and Alerian Energy Infrastructure ETF (ENFR). 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.
| TFI | ENFR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.61 | ||
| Sortino ratioReturn per unit of downside risk | +0.99 | ||
| Omega ratioGain probability vs. loss probability | 1.49 | 1.29 | +0.20 |
| Calmar ratioReturn relative to maximum drawdown | 2.29 | 2.89 | -0.59 |
| Martin ratioReturn relative to average drawdown | 7.41 | 7.40 | +0.01 |
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Drawdowns
TFI vs. ENFR - Drawdown Comparison
The maximum TFI drawdown since its inception was -15.49%, smaller than the maximum ENFR drawdown of -68.28%. Use the drawdown chart below to compare losses from any high point for TFI and ENFR.
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Drawdown Indicators
| TFI | ENFR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.49% | -68.28% | +52.79% |
Max Drawdown (1Y)Largest decline over 1 year | -2.79% | -8.64% | +5.85% |
Max Drawdown (3Y)Largest decline over 3 years | -6.81% | -15.58% | +8.77% |
Max Drawdown (5Y)Largest decline over 5 years | -15.41% | -20.29% | +4.88% |
Max Drawdown (10Y)Largest decline over 10 years | -15.49% | -62.64% | +47.15% |
Current DrawdownCurrent decline from peak | -1.02% | -6.12% | +5.10% |
Average DrawdownAverage peak-to-trough decline | -2.96% | -15.94% | +12.98% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.86% | 3.36% | -2.50% |
Volatility
TFI vs. ENFR - Volatility Comparison
The current volatility for SPDR Nuveen Bloomberg Barclays Municipal Bond ETF (TFI) is 0.72%, while Alerian Energy Infrastructure ETF (ENFR) has a volatility of 5.42%. This indicates that TFI experiences smaller price fluctuations and is considered to be less risky than ENFR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TFI | ENFR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.72% | 5.42% | -4.70% |
Volatility (6M)Calculated over the trailing 6-month period | 2.14% | 11.57% | -9.43% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.79% | 14.82% | -12.03% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.31% | 19.24% | -14.93% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.00% | 24.68% | -19.68% |
TFI vs. ENFR - Expense Ratio Comparison
TFI has a 0.23% expense ratio, which is lower than ENFR's 0.35% expense ratio.
Dividends
TFI vs. ENFR - Dividend Comparison
TFI's dividend yield for the trailing twelve months is around 3.48%, less than ENFR's 4.08% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ENFR Alerian Energy Infrastructure ETF | 4.08% | 4.77% | 4.41% | 5.48% | 5.23% | 7.86% | 7.57% | 5.81% | 3.98% | 2.98% | 3.31% | 3.34% |
TFI SPDR Nuveen Bloomberg Barclays Municipal Bond ETF | 3.48% | 3.32% | 3.01% | 2.41% | 1.87% | 1.71% | 1.91% | 2.14% | 2.26% | 2.16% | 2.39% | 2.40% |
Frequently Asked Questions
TFI and ENFR 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.
ENFR has higher volatility (5.42%) compared to TFI (0.72%). In terms of maximum drawdown, TFI dropped -15.49% vs ENFR's -68.28%.
On 10-year performance, ENFR leads with 11.81% vs 1.38% for TFI. On fees, TFI is cheaper at 0.23% per year. On volatility, TFI has been the lower-risk option at 0.72%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, ENFR has performed better with a 11.81% return vs 1.38%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TFI is cheaper with a 0.23% expense ratio, compared with 0.35% for ENFR.
ENFR has the higher dividend yield at 4.08%, compared with 3.48% for TFI.
TFI is categorized as Municipal Bonds, while ENFR is Energy Equities. TFI tracks Bloomberg US Municipal Managed Money (1-25 Y), while ENFR tracks Alerian Midstream Energy Select Index. They also come from different issuers: State Street and SS&C. Their fees differ too: 0.23% for TFI and 0.35% for ENFR.
TFI currently has the higher Sharpe Ratio (2.30 vs 1.69), 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.
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