WDI vs. AMLP

Last updated Aug 4, 2026

WDI (Western Asset Diversified Income Fund) and AMLP (Alerian MLP ETF) are both funds - WDI is a Multisector Bonds fund managed by Franklin Templeton, while AMLP is a MLPs fund tracking the Alerian MLP Infrastructure Index. Over the past 5 years, WDI returned 2.57%/yr vs 20.29%/yr for AMLP. Their 0.22 correlation means their historical movements had little consistent relationship. WDI charges 1.73%/yr vs 0.90%/yr for AMLP.

Performance

WDI vs. AMLP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Western Asset Diversified Income Fund (WDI) 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, WDI achieves a 0.85% return, which is significantly lower than AMLP's 21.95% return.

WDI

• 1D: -0.46%
• 1M: -3.68%
• 6M: -0.09%
• YTD: 0.85%
• 1Y: -0.88%
• 3Y*: 10.92%
• 5Y*: 2.57%
• 10Y*: —
• ALL TIME*: 2.79%

AMLP

• 1D: -0.33%
• 1M: 5.92%
• 6M: 15.63%
• YTD: 21.95%
• 1Y: 20.87%
• 3Y*: 19.72%
• 5Y*: 20.29%
• 10Y*: 7.06%
• ALL TIME*: 5.88%

*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)
AMLP Alerian MLP ETF	$68.05M	$61.93M	$74.57M
WDI Western Asset Diversified Income Fund	$2.79M	$2.54M	$2.49M

WDI vs. AMLP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
WDI Western Asset Diversified Income Fund	0.85%	10.64%	13.88%	25.11%	-23.30%	-5.61%
AMLP Alerian MLP ETF	21.95%	5.78%	22.76%	21.40%	25.47%	-7.22%

Correlation

The correlation between WDI and AMLP is -0.09, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.09
Correlation (3Y) Balances recent behavior with more history.	0.17
Correlation (5Y) Shows whether the relationship held over a longer period.	0.23
Correlation (All Time) Calculated using the full available price history since Jun 25, 2021	0.22

The correlation between WDI and AMLP shifts across timeframes, from -0.09 (1 year) to 0.23 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

WDI vs. AMLP — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

WDI

WDI Risk / Return Rank: 3
WDI Sharpe Ratio Rank: 3
WDI Sortino Ratio Rank: 3
WDI Omega Ratio Rank: 3
WDI Calmar Ratio Rank: 3
WDI Martin Ratio Rank: 3

AMLP

AMLP Risk / Return Rank: 67
AMLP Sharpe Ratio Rank: 72
AMLP Sortino Ratio Rank: 71
AMLP Omega Ratio Rank: 68
AMLP Calmar Ratio Rank: 70
AMLP Martin Ratio Rank: 57

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

WDI vs. AMLP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Western Asset Diversified Income Fund (WDI) 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.

	WDI	AMLP	Difference
Sharpe ratio: Return per unit of total volatility	-0.09	1.68	-1.77
Sortino ratio: Return per unit of downside risk	-0.06	2.35	-2.41
Omega ratio: Gain probability vs. loss probability	0.99	1.29	-0.30
Calmar ratio: Return relative to maximum drawdown	-0.10	2.48	-2.58
Martin ratio: Return relative to average drawdown	-0.25	6.92	-7.17

WDI vs. AMLP - Sharpe Ratio Comparison

The current WDI Sharpe Ratio is -0.09, which is lower than the AMLP Sharpe Ratio of 1.68. The chart below compares the historical Sharpe Ratios of WDI 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

WDI vs. AMLP - Drawdown Comparison

The maximum WDI drawdown since its inception was -32.45%, smaller than the maximum AMLP drawdown of -77.19%. Use the drawdown chart below to compare losses from any high point for WDI and AMLP.

Drawdown Indicators

	WDI	AMLP	Difference
Max Drawdown Largest peak-to-trough decline	-32.45%	-77.19%	+44.74%
Max Drawdown (1Y) Largest decline over 1 year	-8.47%	-8.47%	0.00%
Max Drawdown (3Y) Largest decline over 3 years	-14.14%	-14.27%	+0.13%
Max Drawdown (5Y) Largest decline over 5 years	-32.45%	-20.92%	-11.53%
Max Drawdown (10Y) Largest decline over 10 years	—	-72.62%	—
Current Drawdown Current decline from peak	-4.31%	-0.33%	-3.98%
Average Drawdown Average peak-to-trough decline	-10.16%	-17.26%	+7.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.54%	3.02%	+0.52%

Volatility

WDI vs. AMLP - Volatility Comparison

The current volatility for Western Asset Diversified Income Fund (WDI) is 2.96%, while Alerian MLP ETF (AMLP) has a volatility of 3.99%. This indicates that WDI experiences smaller price fluctuations and is considered to be less risky than AMLP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	WDI	AMLP	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.96%	3.99%	-1.03%
Volatility (6M) Calculated over the trailing 6-month period	7.95%	9.79%	-1.84%
Volatility (1Y) Calculated over the trailing 1-year period	9.75%	12.50%	-2.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.99%	19.37%	-6.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.88%	27.65%	-14.77%

WDI vs. AMLP - Expense Ratio Comparison

WDI has a 1.73% expense ratio, which is higher than AMLP's 0.90% expense ratio.

Dividends

WDI vs. AMLP - Dividend Comparison

WDI's dividend yield for the trailing twelve months is around 13.67%, more than AMLP's 7.29% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AMLP Alerian MLP ETF	7.29%	8.36%	7.70%	7.86%	7.70%	8.55%	12.31%	9.12%	9.29%	7.97%	8.09%	9.84%
WDI Western Asset Diversified Income Fund	13.67%	13.98%	12.32%	11.45%	11.40%	3.19%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both WDI and AMLP in my portfolio?

WDI and AMLP have a correlation of -0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, WDI or AMLP?

AMLP has higher volatility (3.99%) compared to WDI (2.96%). In terms of maximum drawdown, WDI dropped -32.45% vs AMLP's -77.19%.

Which has better risk-adjusted returns?

AMLP currently has the higher Sharpe Ratio (1.68 vs -0.09), 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.