Energy Infrastructure Income or Clean Energy Growth? MLPX vs. ICLN
Key Points
Global X MLP & Energy Infrastructure ETF provides a significantly higher dividend yield and lower price volatility than iShares Global Clean Energy ETF
Global X - MLP & Energy Infrastructure ETF has delivered much stronger 5-year growth and a shallower maximum drawdown compared to iShares Global Clean Energy ETF
While iShares Global Clean Energy ETF focuses on renewable utilities and industrial technology, Global X - MLP & Energy Infrastructure ETF concentrates exclusively on energy midstream companies
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Global X MLP & Energy Infrastructure ETF (NYSEMKT:MLPX) offers higher income and lower volatility through traditional energy infrastructure, whereas iShares Global Clean Energy ETF (NASDAQ:ICLN) provides volatile, growth-oriented exposure to international renewables.
Investors choosing between these funds are deciding between two distinct ends of the power spectrum. While MLPX targets stable cash flows from pipelines and storage, ICLN bets on the long-term transition toward solar, wind, and sustainable power technologies across global markets.
Snapshot (cost & size)
| Metric | ICLN | MLPX |
|---|---|---|
| Issuer | iShares | Global X |
| Expense ratio | 0.39% | 0.45% |
| 1-yr return (as of June 8, 2026) | 65.1% | 23.6% |
| Dividend yield | 1.14% | 7.68% |
| Beta | 1.09 | 0.46 |
| AUM | $3.21B | $3.5B |
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.
iShares Global Clean Energy ETF is slightly more affordable with a 0.39% expense ratio. MLPX is the more income-oriented fund, while ICLN is primarily a thematic equity growth fund
Performance & risk comparison
| Metric | ICLN | MLPX |
|---|---|---|
| Max drawdown (5 yr) | (57.1%) | (19.7%) |
| Growth of $1,000 over 5 years (total return) | $1,006 | $2,546 |
What's inside
Global X - MLP & Energy Infrastructure ETF (NYSEMKT:MLPX) focuses entirely on the energy sector, holding roughly 30 positions concentrated in midstream companies and master limited partnerships. Its largest positions include Tc Energy Corp (NYSE:TRP) at 9.28%, Enbridge Inc (NYSE:ENB) at 9.12%, and Williams Cos Inc (NYSE:WMB) at 8.54%. It aims to provide targeted exposure to North American infrastructure while avoiding the specific tax filing complexities often associated with owning individual MLPs directly.
In contrast, iShares Global Clean Energy ETF (NASDAQ:ICLN) provides a significantly broader portfolio of roughly 100 holdings, leaning into utilities at 35%, industrials at 26%, and energy at 25%. This fund, launched in 2008, employs an ESG screen and tracks an index of international companies focused on sustainable power solutions. Top holdings include Bloom Energy Class A Corp (NYSE:BE) at 11.96%, First Solar Inc (NASDAQ:FSLR) at 9.50%, and Nextpower Inc Class A (NASDAQ:NXT) at 7.47%.
For more guidance on ETF investing, check out the full guide at this link.
What this means for investors
MLPX and ICLN may both sit in the energy conversation, but they are built around very different return drivers. The Global X MLP & Energy Infrastructure ETF is tied to income-producing midstream infrastructure, while the iShares Global Clean Energy ETF gives investors exposure to the more volatile clean-energy transition theme.
MLPX focuses on companies involved in pipelines, storage, processing, and related energy infrastructure. Its holdings are generally less tied to daily oil and gas prices than producers', though volumes, financing costs, regulation, and broader energy-sector sentiment still matter. ICLN, by contrast, owns global clean-energy companies tied to renewable power, clean-energy technology, and related infrastructure. Its returns depend more on policy support, project economics, interest rates, valuation swings, as well as investor appetite for thematic growth stocks.
The main difference between the two ETFs for investors is the source of returns. MLPX relies on income from current energy infrastructure, with results shaped by cash flows, volumes, and financing. ICLN depends more on clean-energy stocks, where returns are influenced by policy, project economics, valuations and whether growth in renewables benefits shareholders. MLPX is more suitable for invetsors seeking steady income, while ICLN offers more growth potential but with higher volatility.
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Eric Trie has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
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