Global X's MLPX or Alerian's AMLP: Which Energy Infrastructure ETF Is the Better Long-Term Buy?
Key Points
Alerian MLP ETF offers a significantly higher dividend yield but comes with more than double the expense ratio of Global X - MLP & Energy Infrastructure ETF.
Global X - MLP & Energy Infrastructure ETF has outperformed on both 1-year total return and 5-year growth of capital.
Alerian MLP ETF maintains a more concentrated portfolio with 14 holdings compared to 29 positions in Global X - MLP & Energy Infrastructure ETF.
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The choice between Global X - MLP & Energy Infrastructure ETF (NYSEMKT:MLPX) and Alerian MLP ETF (NYSEMKT:AMLP) involves balancing a significantly lower expense ratio and higher historical returns against a much higher current dividend yield.
Investors seeking income from the energy sector often turn to midstream infrastructure companies that own the pipelines and storage facilities transporting North American energy. This comparison explores the differences in efficiency, yield, and historical growth between these two popular vehicles. Both funds provide access to this space, though their internal structures and costs differ markedly for those managing a diversified portfolio.
Snapshot (cost & size)
| Metric | MLPX | AMLP |
|---|---|---|
| Issuer | Global X | ALPS Funds |
| Expense ratio | 0.45% | 1.01% |
| 1-yr return (as of June 17, 2026) | 22.00% | 12.90% |
| Dividend yield | 4.20% | 7.80% |
| Beta | 0.58 | 0.50 |
| AUM | $3.4B | $11.9B |
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.
The Global X fund provides a more cost-effective entry point with a 0.45% expense ratio, whereas AMLP carries a significantly higher 1.01% expense ratio. However, income-focused investors may prefer the Alerian MLP ETF due to its 7.80% dividend yield compared to 4.20% for MLPX.
Performance and risk comparison
| Metric | MLPX | AMLP |
|---|---|---|
| Max drawdown (5 yr) | (19.70%) | (20.90%) |
| Growth of $1,000 over 5 years (total return) | $2,597 | $2,111 |
What's inside
Alerian MLP ETF (NYSEMKT:AMLP) was launched in 2010 and tracks the Alerian MLP Infrastructure Index. It manages a concentrated portfolio of 14 holdings, with its largest positions including Western Midstream Partners (NYSE:WES) at 13.13%, Plains All American Pipeline (NASDAQ:PAA) at 12.44%, and Energy Transfer (NYSE:ET) at 12.34%. The fund focuses 98% on the energy sector and 2% on utilities, and it paid $4.02 per share over the trailing 12 months.
Global X - MLP & Energy Infrastructure ETF (NYSEMKT:MLPX) was launched in 2013 and tracks the Solactive MLP & Energy Infrastructure Index. This fund holds 29 positions, offering more diversification than its peer. Top holdings include TC Energy (NYSE:TRP) at 9.41%, Enbridge (NYSE:ENB) at 9.15%, and Williams Companies (NYSE:WMB) at 8.66%. The portfolio is 99.00% concentrated in energy infrastructure and has a trailing-12-month dividend of $3.04 per share.
For more guidance on ETF investing, check out the full guide at this link.
What this means for investors
Both of these funds invest in the pipelines, storage terminals, and energy infrastructure that move oil and gas across America. These are businesses that generate steady, contract-based income regardless of commodity prices. The question is how much of that income actually reaches investors after fees.
AMLP's yield is nearly double MLPX's, which looks attractive on the surface. But AMLP charges more than twice what MLPX does, and over 10 or 20 years, paying more than twice the annual fee is not a small thing. MLPX has also delivered stronger historical total returns, suggesting its lower cost structure has served long-term investors better.
There is also a tax angle worth understanding here. MLPX limits direct MLP exposure in a way that avoids fund-level taxes. AMLP's pure MLP structure does not offer that tax efficiency.
For most long-term investors, MLPX's lower cost, stronger returns, and tax efficiency make it the more practical choice. AMLP appeals specifically to income-focused investors who want the highest possible current yield and are comfortable paying a premium to get it.
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Sara Appino has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Enbridge. The Motley Fool recommends Tc Energy. The Motley Fool has a disclosure policy.
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