Alerian MLP ETF or VanEck Uranium ETF: Which Delivers More Value?
Key Points
Alerian MLP ETF offers a significantly higher dividend yield than VanEck Uranium and Nuclear ETF, but it carries a much higher expense ratio of 1.01%.
While the VanEck ETF focuses on the nuclear power ecosystem, Alerian's fund concentrates almost exclusively on energy infrastructure through master limited partnerships.
The VanEck fund has delivered higher total returns over the past five years, though Alerian's ETF experienced a less severe maximum drawdown during that same period.
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Alerian MLP ETF (NYSEMKT:AMLP) provides high-yield exposure to energy infrastructure, while VanEck Uranium and Nuclear ETF (NYSEMKT:NLR) offers a diversified play on the nuclear power sector at a lower cost.
Investors seeking income might look at AMLP for its high distribution, but NLR provides a broader utility-and-energy mix centered on the nuclear life cycle between two distinct energy subsectors. Today, we’ll examine how their different sector tilts and cost structures impact long-term portfolio performance.
Snapshot (cost & size)
| Metric | NLR | AMLP |
|---|---|---|
| Issuer | VanEck | ALPS Funds |
| Expense ratio | 0.52% | 1.01% |
| 1-yr return (as of June 17, 2026) | 15.4% | 4.2% |
| Dividend yield | 2.4% | 7.8% |
| Beta | 1.08 | 0.31 |
| AUM | $4.6 billion | $12 billion |
Beta measures price volatility relative to the S&P 500; beta is calculated from five-year monthly returns. The 1-yr return represents total return over the trailing 12 months. Dividend yield is the trailing-12-month distribution yield.
AMLP is considerably more expensive than NLR, with an expense ratio nearly double that of the VanEck fund. This 49-basis-point gap reflects the complexities of managing the specific tax and legal requirements of the target fund, though the yield of 7.8% may appeal to income-focused investors.
Performance & risk comparison
| Metric | NLR | AMLP |
|---|---|---|
| Max drawdown (5 yr) | (30.50%) | (20.90%) |
| Growth of $1,000 over 5 years (total return) | ~$2,466 | ~$2,035 |
What's inside
AMLP focuses heavily on the midstream energy sector, with its portfolio allocated 98% to energy and 2% to utilities. Its largest positions include Western Midstream Partners (NYSE:WES) at 12.96%, Plains All American Pipeline (NASDAQ:PAA) at 12.51%, and Sunoco (NYSE:SUN) at 12.31%, among others. Launched in 2010, the fund holds 13 positions and has a trailing-12-month dividend payout of $4.02 per share.
In contrast, NLR provides exposure to the broader nuclear energy ecosystem, holding 28 positions with a mix of energy (45%), utilities (38%), and industrials (15%). Its top holdings include Cameco (NYSE:CCJ) at 8%, Constellation Energy (NASDAQ:CEG) at 7.78%, and BWX Technologies (NYSE:BWXT) at 6.82%. Launched in 2007, it has a trailing-12-month dividend payout of $3.17 per share.
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What this means for investors
It's a bit hard to do a fair comparison of these two ETFs because they're really quite different on pretty much every level. They will definitely appeal to dissimilar investors.
The name of the game at AMLP is concentration. It holds only 13 positions, and its top three stocks account for nearly 40% of the portfolio. Furthermore, it focuses almost entirely on the energy sector. The elevated yield may attract income investors, but that is mostly a result of the fact that the ETF only holds master limited partnerships (MLPs), a special type of company that has the tax benefits of a private partnership but trades on the public markets. It also has a somewhat high expense ratio, but that is also due to dealing with the additional complexities of owning MLPs.
By contrast, NLR is comparatively more diversified. Its 28 holdings span three sectors, and no position exceeds 9%. The top three stocks make up about 23% of the portfolio. And NLR's expense ratio is about half that of AMLP's. The VanEck ETF has also performed better over the past five years.
AMLP's high dividend yield may appeal to income investors, but I personally don't care for all the concentration risk. Additionally, MLPs fall into what the late Charlie Munger called the "too hard" pile for me. I'm buying ETFs because I want boring things that let me sleep at night. NLR more closely fits the bill.
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Erin Kennedy has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends BWX Technologies, Cameco, and Constellation Energy. The Motley Fool has a disclosure policy.
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