MLPX Outpaces ICLN on Yield and Return

Global X MLP & Energy Infrastructure ETF (MLPX) has delivered a 29.5% one-year return, outpacing the 25.7% gain achieved by iShares Global Clean Energy ETF (ICLN). As of August 27, 2026, MLPX trades at $75.25 with a distribution yield of 4.1%, while ICLN stands at $17.83 with a yield of 1.1%. The performance gap reflects the distinct business models of the underlying holdings, with MLPX focusing on midstream infrastructure and ICLN targeting renewable energy producers.

The divergence in risk profiles is evident in the five-year maximum drawdown metrics, where MLPX recorded a loss of 19.7% compared to ICLN's 66.73%. A $1,000 investment in MLPX five years ago is now worth $2,818, whereas the same amount in ICLN has depreciated to $824. These figures underscore the stability of MLPX’s asset base, which relies on fee-based transportation contracts rather than volatile commodity prices or unproven technology adoption curves.

Income and Volatility Differ

MLPX generates its 4.1% yield from $3.07 per share in trailing twelve-month distributions, a figure driven by the cash flow of companies like Williams Cos Inc and TC Energy Corp. These midstream operators function as toll roads for natural gas and oil, securing multi-year contracts that decouple revenue from spot market fluctuations. In contrast, ICLN’s 1.1% yield from $0.18 per share reflects the lower capital intensity and higher growth orientation of its renewable energy holdings.

The risk-adjusted returns favor the infrastructure play, as evidenced by MLPX’s beta of 0.25 versus ICLN’s 1.42. The lower beta indicates that MLPX experiences significantly less volatility relative to the broader market. This stability allows for consistent cash distributions, making the fund suitable for income-oriented portfolios that prioritize capital preservation over speculative growth in emerging energy technologies.

Portfolio Composition and Sector Focus

MLPX holds 29 positions, with 100% of its assets allocated to the energy sector. Its top holdings include Williams Cos Inc at 9%, TC Energy Corp at 8.9%, and Enbridge at 8.9%. This concentration in North American midstream infrastructure provides direct exposure to the physical assets required for fossil fuel transport, a segment that remains critical to the current energy mix despite the transition to renewables.

ICLN offers a more diversified footprint with 105 holdings spread across utilities (40%), energy (29%), and industrials (24%). The fund uses an environmental, social, and governance screen to select companies focused on sustainable power. Major positions include Bloom Energy Class A at 8.5%, First Solar at 7.8%, and China Yangtze Power Ltd A at 7.7%. This structure targets the future of the energy landscape, betting on the long-term growth of wind and solar technologies.

Cost Structure and AUM Comparison

Both funds maintain expense ratios below the 0.5% threshold, with ICLN at 0.38% and MLPX at 0.45%. The slightly lower cost of ICLN is offset by its higher volatility and lower income generation. MLPX manages $3.7 billion in assets, compared to $2 billion for ICLN, indicating substantial investor demand for the infrastructure exposure. The fee difference is minimal relative to the performance and risk disparities observed over the past five years.

According to GN auto stocks/energy-stocks: renewable energy stocks, the choice between these ETFs hinges on the investor’s timeline and risk tolerance. MLPX offers a tangible asset play with predictable cash flows, while ICLN represents a bet on technological transition. The data shows that MLPX has provided superior total returns and income, making it a compelling option for those seeking stability in the energy sector.