TMLP vs. MLPB

Last updated Jul 10, 2026

TMLP (Tortoise MLP ETF) and MLPB (ETRACS Alerian MLP Infrastructure Index ETN Series B) are both MLPs funds - TMLP tracks the Tortoise MLP Index while MLPB tracks the Alerian MLP Infrastructure Index. Both are passively managed. Their correlation of 0.93 suggests significant overlap in exposure. TMLP charges 0.50%/yr vs 0.85%/yr for MLPB.

Performance

TMLP vs. MLPB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Tortoise MLP ETF (TMLP) and ETRACS Alerian MLP Infrastructure Index ETN Series B (MLPB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TMLP achieves a 16.89% return, which is significantly lower than MLPB's 20.33% return.

TMLP

• 1D: -0.85%
• 1M: 0.12%
• 6M: 16.69%
• YTD: 16.89%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

MLPB

• 1D: -0.92%
• 1M: 1.33%
• 6M: 18.73%
• YTD: 20.33%
• 1Y: 21.39%
• 3Y*: 21.32%
• 5Y*: 19.45%
• 10Y*: 8.33%

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

TMLP vs. MLPB - Yearly Performance Comparison

	2026 (YTD)	2025
TMLP Tortoise MLP ETF	16.89%	0.01%
MLPB ETRACS Alerian MLP Infrastructure Index ETN Series B	20.33%	0.33%

Correlation

The correlation between TMLP and MLPB is 0.93, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since Dec 23, 2025	0.93

Return for Risk

TMLP vs. MLPB — Risk / Return Rank

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

TMLP

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

MLPB

MLPB Risk / Return Rank: 53
MLPB Sharpe Ratio Rank: 57
MLPB Sortino Ratio Rank: 55
MLPB Omega Ratio Rank: 52
MLPB Calmar Ratio Rank: 56
MLPB Martin Ratio Rank: 44

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.

TMLP vs. MLPB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Tortoise MLP ETF (TMLP) and ETRACS Alerian MLP Infrastructure Index ETN Series B (MLPB). 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.

	TMLP	MLPB	Difference
Sharpe ratio: Return per unit of total volatility	—	1.53	—
Sortino ratio: Return per unit of downside risk	—	2.15	—
Omega ratio: Gain probability vs. loss probability	—	1.26	—
Calmar ratio: Return relative to maximum drawdown	—	2.22	—
Martin ratio: Return relative to average drawdown	—	5.81	—

Drawdowns

TMLP vs. MLPB - Drawdown Comparison

The maximum TMLP drawdown since its inception was -8.55%, smaller than the maximum MLPB drawdown of -71.93%. Use the drawdown chart below to compare losses from any high point for TMLP and MLPB.

Drawdown Indicators

	TMLP	MLPB	Difference
Max Drawdown Largest peak-to-trough decline	-8.55%	-71.93%	+63.38%
Max Drawdown (1Y) Largest decline over 1 year	—	-9.68%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-16.49%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-20.41%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-71.93%	—
Current Drawdown Current decline from peak	-4.44%	-4.21%	-0.23%
Average Drawdown Average peak-to-trough decline	-2.15%	-14.75%	+12.60%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	3.69%	—

Volatility

Volatility by Period

	TMLP	MLPB	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	5.68%	—
Volatility (6M) Calculated over the trailing 6-month period	—	10.89%	—
Volatility (1Y) Calculated over the trailing 1-year period	14.22%	14.02%	+0.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.22%	19.87%	-5.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.22%	27.18%	-12.96%

TMLP vs. MLPB - Expense Ratio Comparison

TMLP has a 0.50% expense ratio, which is lower than MLPB's 0.85% expense ratio.

Dividends

TMLP vs. MLPB - Dividend Comparison

TMLP's dividend yield for the trailing twelve months is around 3.83%, less than MLPB's 5.82% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
MLPB ETRACS Alerian MLP Infrastructure Index ETN Series B	5.82%	6.51%	5.95%	6.37%	6.00%	6.98%	11.93%	7.98%	8.11%	7.23%	6.85%
TMLP Tortoise MLP ETF	3.83%	0.04%	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 TMLP and MLPB in my portfolio?

With a correlation of 0.93, TMLP and MLPB move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which ETF is better, TMLP or MLPB?

On fees, TMLP is cheaper at 0.50% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, TMLP or MLPB?

TMLP is cheaper with a 0.50% expense ratio, compared with 0.85% for MLPB.

Which ETF pays a higher dividend yield, TMLP or MLPB?

MLPB has the higher dividend yield at 5.82%, compared with 3.83% for TMLP.

What is the main difference between TMLP and MLPB?

TMLP tracks Tortoise MLP Index, while MLPB tracks Alerian MLP Infrastructure Index. They also come from different issuers: Tortoise and UBS. Their fees differ too: 0.50% for TMLP and 0.85% for MLPB.