XOP vs. MLPI

Last updated Jun 24, 2026

XOP (SPDR S&P Oil & Gas Exploration & Production ETF) and MLPI (NEOS MLP & Energy Infrastructure High Income ETF) are both exchange-traded funds - XOP is a Energy Equities fund tracking the S&P Oil & Gas Exploration & Production Select Industry, while MLPI is a MLPs fund actively managed by NEOS. XOP is passively managed, while MLPI is actively managed. A 0.60 correlation means they provide meaningful diversification when combined. XOP charges 0.35%/yr vs 0.68%/yr for MLPI.

Performance

XOP vs. MLPI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR S&P Oil & Gas Exploration & Production ETF (XOP) 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, XOP achieves a 23.89% return, which is significantly higher than MLPI's 19.61% return.

XOP

• 1D: 0.09%
• 1M: -9.39%
• YTD: 23.89%
• 6M: 23.68%
• 1Y: 23.02%
• 3Y*: 11.00%
• 5Y*: 12.14%
• 10Y*: 3.09%

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)

XOP vs. MLPI - Yearly Performance Comparison

	2026 (YTD)	2025
XOP SPDR S&P Oil & Gas Exploration & Production ETF	23.89%	-0.56%
MLPI NEOS MLP & Energy Infrastructure High Income ETF	19.61%	0.36%

Correlation

The correlation between XOP and MLPI is 0.60, 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	0.60

Return for Risk

XOP vs. MLPI — Risk / Return Rank

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

XOP

XOP Risk / Return Rank: 24
XOP Sharpe Ratio Rank: 24
XOP Sortino Ratio Rank: 23
XOP Omega Ratio Rank: 22
XOP Calmar Ratio Rank: 26
XOP Martin Ratio Rank: 27

MLPI

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

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.

XOP vs. MLPI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P Oil & Gas Exploration & Production ETF (XOP) 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.

	XOP	MLPI	Difference
Sharpe ratio: Return per unit of total volatility	0.82	—	—
Sortino ratio: Return per unit of downside risk	1.23	—	—
Omega ratio: Gain probability vs. loss probability	1.15	—	—
Calmar ratio: Return relative to maximum drawdown	1.25	—	—
Martin ratio: Return relative to average drawdown	3.50	—	—

Drawdowns

XOP vs. MLPI - Drawdown Comparison

The maximum XOP drawdown since its inception was -90.27%, which is greater than MLPI's maximum drawdown of -5.38%. Use the drawdown chart below to compare losses from any high point for XOP and MLPI.

Drawdown Indicators

	XOP	MLPI	Difference
Max Drawdown Largest peak-to-trough decline	-90.27%	-5.38%	-84.89%
Max Drawdown (1Y) Largest decline over 1 year	-18.50%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-34.98%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-34.98%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-82.61%	—	—
Current Drawdown Current decline from peak	-42.09%	-2.18%	-39.91%
Average Drawdown Average peak-to-trough decline	-42.58%	-1.49%	-41.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.60%	—	—

Volatility

Volatility by Period

	XOP	MLPI	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.01%	—	—
Volatility (6M) Calculated over the trailing 6-month period	21.96%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	28.30%	13.05%	+15.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	33.88%	13.05%	+20.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	40.25%	13.05%	+27.20%

XOP vs. MLPI - Expense Ratio Comparison

XOP has a 0.35% expense ratio, which is lower than MLPI's 0.68% expense ratio.

Dividends

XOP vs. MLPI - Dividend Comparison

XOP's dividend yield for the trailing twelve months is around 2.10%, less than MLPI's 7.19% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MLPI NEOS MLP & Energy Infrastructure High Income ETF	7.19%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
XOP SPDR S&P Oil & Gas Exploration & Production ETF	2.10%	2.62%	2.45%	2.63%	2.47%	1.61%	2.34%	1.47%	0.99%	0.76%	0.76%	2.21%

Frequently Asked Questions

Can I hold both XOP and MLPI in my portfolio?

XOP and MLPI have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, XOP or MLPI?

On fees, XOP is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, XOP or MLPI?

XOP is cheaper with a 0.35% expense ratio, compared with 0.68% for MLPI.

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

MLPI has the higher dividend yield at 7.19%, compared with 2.10% for XOP.

What is the main difference between XOP and MLPI?

XOP is categorized as Energy Equities, while MLPI is MLPs. They also come from different issuers: State Street and NEOS. Their fees differ too: 0.35% for XOP and 0.68% for MLPI.