MLPX vs EMLP: Which Energy Infrastructure ETF Offers Better Yield?

The Global X-MLP & Energy Infrastructure ETF (NYSEMKT:MLPX) offers a low-cost, pure-play energy infrastructure strategy, while First Trust North American Energy Infrastructure Fund (NYSEMKT:EMLP) provides a diversified mix of utilities and energy infrastructure at a higher price.

Energy infrastructure remains a cornerstone for income-focused investors seeking yield from physical assets. This matchup compares the index-based approach of MLPX against the more diversified strategy of EMLP, highlighting how their differing sector weights and fee structures impact total return and income potential.

Snapshot (cost & size)

Metric	MLPX	EMLP
Issuer	Global X	First Trust
Share price	$71.27 (as of 2026-10-15)	$42.46 (as of 2026-10-15)
Expense ratio	0.45%	0.95%
1-yr return (as of 2026-10-15)	25.4%	14.1%
Dividend yield	4.2%	2.9%
Beta	0.63	0.57
AUM	$3.5B	$4.1B

Beta measures price volatility relative to the S&P 500; beta is calculated from monthly returns over the available fund history (up to five years). The 1-yr return represents total return over the trailing 12 months. Dividend yield is the trailing-12-month distribution yield.

Global X-MLP & Energy Infrastructure ETF is more affordable for long-term holders, featuring a 0.45% expense ratio compared to the 0.95% charged by the First Trust fund. For income seekers, MLPX also provides a higher payout.

Performance & risk comparison

Metric	MLPX	EMLP
Max drawdown (5 yr)	(19.7%)	(14.6%)
Growth of $1,000 over 5 years (total return)	$2,318	$2,004

What's inside

First Trust North American Energy Infrastructure Fund allocates its assets across utilities (49%), energy (46%), and industrials (4%). It holds 58 positions, and its largest positions include Enterprise Products Partners L.P. (NYSE:EPD) at 8.8%, Energy Transfer LP (TXSE:ET) at 7.6%, and MPLX LP (NYSE:MPLX) at 4.4%. It launched in 2012. This fund incorporates an ESG screen into its selection process. First Trust North American Energy Infrastructure Fund has paid $1.23 per share over the trailing 12 months, which, on its recent ~$42.46 share price, works out to a 2.9% yield.

Global X-MLP & Energy Infrastructure ETF offers a narrower focus with 100% exposure to the energy sector. It maintains 29 holdings, and its top holdings include Williams Cos. Inc. (NYSE:WMB) at 9%, TC Energy Corp (NYSE:TRP) at 9%, and Enbridge Inc (NYSE:ENB) at just under 9%. It launched in 2013. The fund tracks the Solactive MLP & Energy Infrastructure Index. Global X-MLP & Energy Infrastructure ETF has paid $3.07 per share over the trailing 12 months, which on its recent ~$71.27 share price works out to a 4.2% yield.

For more guidance on ETF investing, check out the full guide at this link.

Which looks like the better buy?

MLPs -- master limited partnerships -- are a common structure for midstream oil and gas businesses. The structure means that MLPs don't pay taxes, instead handing the tax bill to investors who receive distributions. Investing directly means handling K-1 forms for each MLP, which is a time-consuming and sometimes confusing tax-time hassle. These ETFs simplify investing in MLPs by handling the accounting and sending shareholders a single 1099 for tax filing. It's simpler for sure.

These funds do have some similarities due to their primary focus on MLPs. Each has the bulk of its investments in mid-cap stocks. EMLP has 75% of its holdings in mid-caps, compared to 62% for MLPX. EMLP is heavier in small caps, with 24% of holdings compared to 15% for MLPX. That suggests EMLP should see faster growth and more volatility, since small caps bring both to the table.

Yet we don't see that, either in the maximum drawdown table above or in performance. Over the past three, five, and ten years, MLPX has outperformed the First Trust ETF. MLPX has returned 23.9% annualized over the most recent three-year period, 20.1% over the past five years, and 10.4% over the past 10 years. EMLP, by comparison, is usually about a couple of percentage points behind, at 10.4%, 19.6%, and 9% in the 3-year, 5-year, and 10-year periods, respectively.

One caution with MLPX is that it is more highly concentrated in its top ten holdings, with fully two-thirds of the portfolio in its top ten, compared to 45% for EMLP.

That is one factor to include in your investment calculus, although the most important factor -- performance -- indicates that for most investors, MLPX is the energy ETF to buy.

Brendan Coffey has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Enbridge. The Motley Fool recommends Enterprise Products Partners and Tc Energy. The Motley Fool has a disclosure policy.