TMLP vs. MLPI

Last updated Jul 30, 2026

TMLP (Tortoise MLP ETF) and MLPI (NEOS MLP & Energy Infrastructure High Income ETF) are both exchange-traded funds - TMLP is a MLPs fund tracking the Tortoise MLP Index, while MLPI is a Infrastructure Equities fund actively managed by NEOS. TMLP is passively managed, while MLPI is actively managed. Their 0.77 correlation means they have sometimes moved together and sometimes differently. TMLP charges 0.50%/yr vs 0.68%/yr for MLPI.

Performance

TMLP vs. MLPI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Tortoise MLP ETF (TMLP) and NEOS MLP & Energy Infrastructure High Income ETF (MLPI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TMLP achieves a 20.86% return, which is significantly higher than MLPI's 17.18% return.

TMLP

• 1D: 0.18%
• 1M: 6.05%
• 6M: 14.10%
• YTD: 20.86%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

MLPI

• 1D: 0.32%
• 1M: -1.57%
• 6M: 11.38%
• YTD: 17.18%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
MLPI NEOS MLP & Energy Infrastructure High Income ETF	$23.64M	$21.43M	$19.36M
TMLP Tortoise MLP ETF	$23.01K	$29.46K	$99.82K

TMLP vs. MLPI - Yearly Performance Comparison

	2026 (YTD)	2025
TMLP Tortoise MLP ETF	20.86%	0.01%
MLPI NEOS MLP & Energy Infrastructure High Income ETF	17.18%	-0.38%

Correlation

The correlation between TMLP and MLPI is 0.77, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (All Time) Calculated using the full available price history since Dec 23, 2025	0.77

Return for Risk

TMLP vs. MLPI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Tortoise MLP ETF (TMLP) 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

TMLP vs. MLPI - Drawdown Comparison

The maximum TMLP drawdown since its inception was -8.55%, which is greater than MLPI's maximum drawdown of -5.38%. Use the drawdown chart below to compare losses from any high point for TMLP and MLPI.

Drawdown Indicators

	TMLP	MLPI	Difference
Max Drawdown Largest peak-to-trough decline	-8.55%	-5.38%	-3.17%
Current Drawdown Current decline from peak	-1.19%	-4.16%	+2.97%
Average Drawdown Average peak-to-trough decline	-2.18%	-1.61%	-0.57%

Volatility

Volatility by Period

	TMLP	MLPI	Difference
Volatility (1Y) Calculated over the trailing 1-year period	14.28%	13.36%	+0.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.28%	13.36%	+0.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.28%	13.36%	+0.92%

TMLP vs. MLPI - Expense Ratio Comparison

TMLP has a 0.50% expense ratio, which is lower than MLPI's 0.68% expense ratio.

Dividends

TMLP vs. MLPI - Dividend Comparison

TMLP's dividend yield for the trailing twelve months is around 3.71%, less than MLPI's 8.70% yield.

Position	TTM	2025
MLPI NEOS MLP & Energy Infrastructure High Income ETF	8.70%	0.00%
TMLP Tortoise MLP ETF	3.71%	0.04%

Frequently Asked Questions

Can I hold both TMLP and MLPI in my portfolio?

TMLP and MLPI have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, TMLP or MLPI?

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 MLPI?

TMLP is cheaper with a 0.50% expense ratio, compared with 0.68% for MLPI.

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

MLPI has the higher dividend yield at 8.70%, compared with 3.71% for TMLP.

What is the main difference between TMLP and MLPI?

TMLP is categorized as MLPs, while MLPI is Infrastructure Equities. They also come from different issuers: Tortoise and NEOS. Their fees differ too: 0.50% for TMLP and 0.68% for MLPI.