MLP Comparison
EPD vs ET: Two Pipeline MLPs, Same Tax Form
A head-to-head of Enterprise Products Partners and Energy Transfer covering distributions, coverage, and size.
Data updated August 28, 2026
Best for
- EPDInvestors who want energy-infrastructure income through an MLP structure.
- ETInvestors who want higher current income (6.30% vs 5.63% for EPD).
Visual comparison
Key metrics
Projected income on $10K
Projections assume the current yield and share price remain constant. Actual results will vary.
Total returns
EPD has outpaced ET over the trailing twelve months, posting a 31.39% total return against 30.37%. The lead holds up over 10 years too: EPD has compounded at 11.55% a year, against 10.37% for ET. EPD has been the steadier holding, though — annualized volatility of 16.0% against 20.6% for ET. Figures are total returns: price change plus every distribution reinvested.
| Symbol | YTD | 1Y | 3Y | 5Y | 10Y | Since Feb 2006 | Volatility | Sharpe | Sortino | Max drawdown |
|---|---|---|---|---|---|---|---|---|---|---|
| EPD | 26.96% | 31.39% | 21.76% | 19.89% | 11.55% | 12.85% | 16.0% | 0.95 | 1.35 | -15.4% |
| ET | 35.35% | 30.37% | 26.00% | 27.21% | 10.37% | 14.24% | 20.6% | 0.91 | 1.32 | -24.6% |
Total return with all distributions reinvested on the ex-dividend date, split-adjusted, as of August 28, 2026. YTD and 1Y are cumulative; longer windows are annualized. “Since Feb 2006” measures every fund from February 3, 2006 — the youngest fund's first trading day — so all funds share one comparison window. Volatility is the annualized standard deviation of daily total returns over the trailing 3 years. Sharpe and Sortino divide the annualized return in excess of the risk-free rate by, respectively, that volatility and the downside deviation (both over the trailing 3 years) — higher is better. Max drawdown is the largest peak-to-trough total-return decline over the same window — shallower is better.
Side-by-side snapshot
| Metric |  EPD |  ET |
|---|---|---|
| Full name | Enterprise Products Partners LP | Energy Transfer LP |
| Issuer | Enterprise Products Partners | Energy Transfer |
| Last Close | $39.02 as of August 28, 2026 | $21.31 as of August 28, 2026 |
| Distribution yield | 5.63% | 6.30% |
| Distribution Safety Score™ | 100 | 100 |
| Safety-Adjusted Yield | 5.63% | 6.30% |
| Expense ratio | — | — |
| AUM | — | — |
| Distribution frequency | Quarterly | Quarterly |
| Underlying index | — | — |
| Objective | Provides midstream energy services including natural gas, NGLs, crude oil, refined products, and petrochemicals pipeline transportation, processing, fractionation, storage, and marine services. | Owns and operates a diversified portfolio of energy assets including natural gas pipelines, NGL transport and fractionation, crude oil transportation, and storage facilities across the United States. |
| Asset class | Equity | Equity |
| Inception date | N/A | N/A |
| Beta | 0.479 | 0.562 |
| Last dividend | $0.5600 | $0.3400 |
| Ex-dividend date | 07/31/2026 | 08/07/2026 |
Bottom lineChoose EPD if you want energy-infrastructure income through an MLP structure. Choose ET if you want higher current income (6.30% vs 5.63% for EPD).
EPD vs ET: two midstream MLPs
Same energy-infrastructure job and the same K-1. Payout coverage and scale matter more than a one-date yield.
| EPD | ET | |
|---|---|---|
| Wrapper | Master limited partnership | Master limited partnership |
| Tax form | K-1 | K-1 |
| Distribution yield | 5.63% | 6.30% |
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Quick verdict
EPD (Enterprise Products Partners LP) and ET (Energy Transfer LP) are both quarterly-pay dividend-paying master limited partnerships (MLPs), but they take different approaches.
ET offers the higher yield at 6.30% vs 5.63% for EPD. A higher yield means more current income per dollar invested, though it may come with different risk characteristics.
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Deep dive
Yield & income
On a $10,000 investment, EPD would generate roughly $46.92/month, while ET would produce $52.50/month, at current distribution rates. Both pay quarterly distributions.
Strategy & risk
EPD is a master limited partnership built around midstream energy exposure, while ET is a master limited partnership built around midstream energy exposure. Beta is 0.479 for EPD and 0.562 for ET, making EPD the less volatile of the two by this measure.
Security details
EPD (Enterprise Products Partners LP) is a master limited partnership. ET (Energy Transfer LP) is a master limited partnership.
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Frequently asked questions
What is the difference between EPD and ET?
Both are midstream master limited partnerships that issue a K-1 and pay quarterly. EPD (Enterprise Products Partners LP) distributes 5.63% and ET (Energy Transfer LP) distributes 6.30% as of August 2026. Compare coverage, leverage, and scale — not a one-date yield gap.
What is the current distribution yield for EPD and ET?
EPD currently distributes 5.63% and ET 6.30%, based on fund data updated August 2026. Distribution yield moves with both the payout and the share price, so check the as-of date before relying on either figure.
Is EPD or ET better for dividend income?
It depends on your goals. ET currently offers the higher distribution yield, which means more income per dollar invested. However, a lower-yield fund may offer better total return or lower volatility. Consider your time horizon and risk tolerance.
Can I hold both EPD and ET?
Yes — nothing prevents holding both. Whether the combination actually diversifies depends on how much the underlying exposures overlap, which isn't fully measurable from the data on this page; review each security's holdings, sector, and strategy before treating them as complementary.
Is EPD or ET safer?
By Dividend Vision's Distribution Safety Score — a rules-based 0–100 estimate of how resilient a distribution looks, where higher is safer — they are effectively tied: EPD scores 100, ET scores 100. Neither has a clear safety edge on that measure. No score makes an investment risk-free — treat this as a screening signal, not a guarantee.
How much income does $10,000 in EPD vs ET generate?
At current rates, $10,000 in EPD would generate roughly $46.92 per month ($563.00 annually). The same in ET would produce about $52.50 per month ($630.00 annually).
Which has performed better historically, EPD or ET?
EPD has outpaced ET over the trailing twelve months, posting a 31.39% total return against 30.37%. The lead holds up over 10 years too: EPD has compounded at 11.55% a year, against 10.37% for ET. EPD has been the steadier holding, though — annualized volatility of 16.0% against 20.6% for ET. Figures are total returns: price change plus every distribution reinvested. Past performance does not guarantee future results.
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EPD vs ET — at a glance
Generated August 29, 2026.
Overview
Enterprise Products Partners (EPD) and Energy Transfer (ET) are master limited partnerships that own and operate midstream energy infrastructure—pipelines, processing facilities, and storage assets that move natural gas, crude oil, and refined products across the United States. Both generate cash flows from long-term contracts and distribute quarterly, but they differ in portfolio composition, leverage, and distribution sustainability.
How they differ
ET's distribution yield (6.30%) significantly exceeds EPD's (5.63%), but that higher payout comes with materially greater volatility. ET's beta of 0.562 is notably higher than EPD's 0.479, reflecting ET's larger reliance on natural gas and crude transportation—assets more sensitive to commodity price cycles and utilization rates. EPD has built a more balanced business across natural gas, NGLs, crude, refined products, and petrochemical services, plus marine operations that cushion earnings swings. ET's portfolio is more concentrated in pipeline transportation, which offers lower operational complexity but thinner margins and tighter correlation to commodity markets. Both pay quarterly distributions, but ET's higher yield relative to asset stability suggests a more aggressive distribution policy that may depend on sustained operational leverage.
Who each is best for
EPD: Fits investors seeking steadier midstream exposure with lower volatility, preferring diversified cash sources (processing, fractionation, storage, and marine services) over pure pipeline throughput sensitivity.
ET: Designed for income-focused investors comfortable with higher volatility in exchange for a richer distribution yield, particularly those with time horizons long enough to weather commodity-driven swings in utilization and cash generation.
Key risks to know
- Distribution sustainability under commodity pressure. ET's higher yield (6.30%) relative to a more concentrated pipeline portfolio raises questions about distribution coverage if natural gas or crude volumes decline. EPD's diversified revenue streams across processing and storage provide more stability through downturns, making its lower yield more defensible.
- MLP tax and regulatory structure. Both are pass-through entities that issue K-1s instead of 1099 forms, creating additional tax-filing complexity. Changes to MLP taxation or commodity regulation could alter both the after-tax return and economic incentives to hold these securities.
- Capital intensity and leverage cycles. Midstream MLPs fund growth through debt and equity, and both face exposure to refinancing risk during periods of higher interest rates or tightening credit markets. ET's higher beta suggests greater sensitivity to these cycles.
- Commodity volume and utilization risk. Both rely on shipper demand for natural gas and crude transportation. A sustained contraction in oil or gas production, or demand shifts toward renewable energy, directly pressure utilization rates and cash distributions.
Bottom line
If you prioritize stability and diversified cash sources, EPD's lower volatility and broader operational footprint stand out; if you're seeking maximum current income and can tolerate higher price swings tied to commodity cycles, ET's premium yield may appeal. Past performance does not guarantee future results, and both are sensitive to long-term energy demand trends that extend far beyond historical distributions.
AI-generated analysis for educational purposes only. Verify important details independently; past performance does not guarantee future results.
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The metrics behind this comparison, explained in the Academy.
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