ETF Comparison

MLPI vs XLE: Which Is the Better Pick in 2026?

A head-to-head comparison of NEOS MLP & Energy Infrastructure High Income ETF and State Street Energy Select Sector SPDR ETF covering yield, cost, risk, and income potential.

Updated October 2, 2026

How these figures are calculated: methodology.

Best for

MLPIInvestors who want to maximize current income — roughly 14.72%, generated by selling options premium.
XLEInvestors who want broad equity exposure.

Jump to the side-by-side numbers

Visual comparison

Key metrics

Projected income on $10K

Projections assume the current yield and share price remain constant. Actual results will vary.

Total returns

100% reinvested · ex-date convention. Period returns use this fixed assumption, independent of chart settings. YTD and 1Y are cumulative period returns; 3Y, 5Y, and 10Y are annualized. The shared Since-start window is annualized only when it covers at least one year.

MLPI has lagged XLE over the year to date, posting a 13.00% total return against 40.33%. MLPI has been the steadier holding, though — annualized volatility of 13.1% against 22.7% for XLE. Figures are total returns: price change plus every distribution reinvested.

Total return and risk statistics by fund. Each row is one fund; each column is one period or statistic.
Symbol	YTD cumulative	Since Dec 2025	Volatility	Sharpe	Sortino	Max drawdown
MLPI	13.00%	16.08%	13.1%	1.11	1.68	-8.6%
XLE	40.33%	46.41%	22.7%	1.95	2.89	-15.0%

Total return with all distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date), split-adjusted, as of October 2, 2026. YTD and 1Y are cumulative period returns; 3Y, 5Y, and 10Y are annualized. The shared Since-start window is annualized only when it covers at least one year. “Since Dec 2025” measures every fund from December 18, 2025 — the start of shared available history — so all funds share one comparison window. Volatility is the annualized standard deviation of daily total returns over the shared window since Dec 2025. 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 shared window since Dec 2025) — higher is better. Max drawdown is the largest peak-to-trough total-return decline over the same window — shallower is better.

Distribution rate and SEC yield

Metric	MLPI	XLE
Forward distribution rate	14.72%	2.42%
Trailing 12-month yield	12.99%	2.42%
30-day SEC yield	3.47%	—

Total return (price change plus reinvested distributions) is the Total returns section above. A 30-day SEC yield can sit far from the headline distribution rate; both numbers are the fund's own published fields.

Side-by-side snapshot

Side-by-side snapshot. Each row is one metric; each column is one fund.
Metric	MLPI	XLE
Full name	NEOS MLP & Energy Infrastructure High Income ETF	State Street Energy Select Sector SPDR ETF
Issuer	NEOS	State Street
Underlying index	Master limited partnerships	Energy Select Sector Index
Last Close	$51.17 as of October 2, 2026	$62.82 as of October 2, 2026
Distribution rate	14.72%	2.42%
Trailing 12-month yield	12.99%	2.42%
30-day SEC yield	3.47%	—
Distribution Safety Score™	79	92
Safety-Adjusted Yield	11.63%	2.23%
Expense ratio	0.68%	0.08%
AUM	$46.4M	$40.2B
Distribution frequency	Monthly	Quarterly
Objective	Seeks to deliver high monthly income with exposure to master limited partnerships through an overlay strategy.	Provide exposure to the fund's underlying index or strategy per issuer materials.
Asset class	Equity	Equity
Inception date	12/18/2025	12/16/1998
Beta	—	-0.07
Last dividend	$0.6276	$0.38028
Ex-dividend date	09/16/2026	09/21/2026

Bottom lineChoose MLPI if you want to maximize current income — roughly 14.72%, generated by selling options premium. Choose XLE if you want broad equity exposure. There's no free lunch: MLPI's payout comes from selling options, which caps upside and can erode the share price over time, while XLE keeps full price exposure.

How the risk works

Read this before the income numbers below: the strategy mechanics on this page shape what those payouts can cost you.

Capped upside and premium dependence. MLPI generates income by selling options, which trades away part of a strong rally in exchange for premium. Distributions can include return of capital, and a payout the underlying assets cannot sustain shows up as NAV erosion over time — the big yield number is not free.

Learn the mechanics: Return of capital, explained · NAV erosion, explained

Model this comparison:

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Income calculator

See how much monthly income a hypothetical investment would generate in each ETF at current yields.

NEOS

ETFs19

Total AUM$34.7B

ETFs and AUM reflect what Dividend Vision tracks — the issuer's full lineup may be larger.

NEOS is known for developing specialized income-focused ETFs that employ strategies like covered calls, hedging, and enhanced yields across various asset classes. The firm manages 19 funds organized into nine distinct families, including offerings in equity high income, fixed income enhancement, digital assets, and alternative strategies, with popular tickers like SPYI (S&P 500 covered call), QQQI (Nasdaq-100 covered call), and QQQH (Nasdaq-100 hedged equity income). NEOS distinguishes itself in the ETF landscape through its emphasis on income generation and downside protection strategies rather than traditional growth approaches.

See our curated list of related YouTube videos on MLPI.

See all NEOS ETFs

State Street

ETFs179

Total AUM$2146B

ETFs and AUM reflect what Dividend Vision tracks — the issuer's full lineup may be larger.

State Street Global Advisors (SSGA) is one of the largest ETF providers globally, known for its flagship SPDR suite of exchange-traded products that serve both institutional and retail investors across a broad range of asset classes. Their 88-fund lineup spans diverse strategies including sector exposure (Select Sector SPDR), income generation (Income and Select Sector SPDR Premium Income families), commodities (including the widely-held GLD gold ETF), bonds, ESG-focused investments, and thematic allocations, with popular tickers like DIA (Diamonds Trust), FEZ (Eurozone exposure), and JNK (high-yield bonds) among their most recognized funds. The issuer is characterized by its comprehensive coverage across multiple market segments and its emphasis on both traditional index-based products and specialized strategies like covered call income funds and factor-based investing.

See our curated list of related YouTube videos on XLE.

See all State Street ETFs

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Quick verdict

MLPI (NEOS MLP & Energy Infrastructure High Income ETF) and XLE (State Street Energy Select Sector SPDR ETF) are both dividend ETFs, but they take different approaches.

MLPI offers the higher yield at 14.72% vs 2.42% for XLE. A higher yield means more current income per dollar invested, though it may come with different risk characteristics.

XLE is cheaper with an expense ratio of 0.08% compared to 0.68%.

They have different reference exposures: MLPI is linked to Master limited partnerships while XLE is linked to Energy Select Sector Index, which means their performance drivers differ.

XLE is the larger fund by assets ($40.2B), but assets alone do not establish trading costs or liquidity.

Who should choose each?

Choose MLPI

NEOS MLP & Energy Infrastructure High Income ETF

Want to maximize current income — MLPI distributes roughly 14.72% from selling options premium, vs 2.42% for XLE.
Are comfortable with an options-income strategy — a large payout in exchange for capped upside.

Choose XLE

State Street Energy Select Sector SPDR ETF

Want broad equity exposure.
Want to keep costs low — a 0.08% expense ratio vs 0.68% for MLPI.

Not sure? Use the income calculator and snapshot above to weigh these trade-offs against your own goals.

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Deep dive

Yield & income

On a $10,000 investment, MLPI would generate roughly $122.67 cash per distribution, while XLE would produce $60.50 cash per distribution, at current distribution rates.

MLPI yield14.72%

XLE yield2.42%

Cash diff on $10K$62.17

Cost & efficiency

Over 10 years on $10,000, MLPI would cost approximately $680 in fees vs $80 for XLE (simplified, not compounded). The $600.00 difference may be offset by yield or performance.

MLPI ER0.68%

XLE ER0.08%

Strategy & risk

MLPI tracks Master limited partnerships with an options approach, while XLE tracks Energy Select Sector Index with an oil approach.

MLPI beta—

XLE beta-0.07

Fund details

MLPI is managed by NEOS (launched 12/18/2025) with $46.4M in assets. XLE is managed by State Street (launched 12/16/1998) with $40.2B in assets.

MLPI AUM$46.4M

XLE AUM$40.2B

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Frequently asked questions

What is the current distribution rate for MLPI and XLE?

MLPI currently distributes 14.72% and XLE 2.42%, based on fund data updated October 2026. Distribution rate moves with both the payout and the share price, so check the as-of date before relying on either figure.

Is MLPI or XLE better for dividend income?

It depends on your goals. MLPI 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.

What is the difference between MLPI and XLE?

MLPI (NEOS MLP & Energy Infrastructure High Income ETF) tracks Master limited partnerships with an options approach, while XLE (State Street Energy Select Sector SPDR ETF) tracks Energy Select Sector Index with an oil approach. They are issued by NEOS and State Street respectively.

Can I hold both MLPI and XLE?

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 MLPI or XLE safer?

By Dividend Vision's Distribution Safety Score — a rules-based 0–100 estimate of how resilient a distribution looks, where higher is safer — XLE scores 92, MLPI scores 79, so XLE's payout currently looks the more resilient of the two. No score makes an investment risk-free — treat this as a screening signal, not a guarantee, and the leverage, options-income, or crypto caveats flagged on this page apply regardless of score.

Which has lower fees, MLPI or XLE?

MLPI has an expense ratio of 0.68% while XLE charges 0.08%. Lower fees mean more of your investment returns stay in your pocket over time.

How much income does $10,000 in MLPI vs XLE generate?

At current rates, $10,000 in MLPI would generate roughly $122.67 cash per distribution ($1,472.00 annually). The same in XLE would produce about $60.50 cash per distribution ($242.00 annually).

Which has performed better historically, MLPI or XLE?

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Dividend dates and history

MLPI vs XLE — at a glance

Generated October 3, 2026.

Overview

MLPI and XLE both offer energy exposure, but through fundamentally different structures. The main distinction: MLPI pursues synthetic income through derivatives; XLE provides core equity exposure with modest dividend yield.

How they differ

MLPI and XLE target completely different payout structures. The second key difference is fund size and strategy maturity: XLE is a 27 years-old, $40.2B index fund, while MLPI launched 9 months ago with $46.4M in assets and pursues an active options overlay to synthetic-income generation. Third, expenses differ sharply—XLE charges 0.08% as a traditional index fund, versus MLPI's 0.68%, reflecting the cost of the overlay strategy.

Who each is best for

MLPI: Fits investors seeking monthly cash distributions and willing to accept concentration in MLPs and derivatives-based strategies, where the high yield comes from options premiums rather than underlying capital appreciation.

XLE: Designed for investors wanting broad, diversified energy sector exposure with minimal costs and a stable quarterly dividend, without the leverage or synthetic-income mechanics of specialized strategies.

Key risks to know

NAV erosion at yields above 14%: MLPI's 14.72% distribution rate raises questions about sustainability. When monthly distributions significantly exceed underlying capital appreciation, NAV may decline over time, meaning income comes partly from principal return rather than earnings or options income alone.

Options overlay and counterparty risk: MLPI's strategy depends on selling options against MLP positions. Changes in implied volatility, assignment risk, and counterparty creditworthiness introduce layer of complexity absent from index funds. A sharp rally or collapse in energy could leave the overlay underwater or force unfavorable rolls.

MLP-specific regulatory and structural risk: MLPs face unitholder-level taxation, regulatory exposure in midstream assets, and different accounting conventions than stocks. MLPI's concentration in this asset class amplifies sensitivity to regulations affecting pipelines and energy infrastructure.

Concentration in energy sector: Both funds are entirely energy-exposed, so broad sector downturns affect them similarly. However, MLPI's MLP focus narrows that further to midstream and infrastructure, reducing diversification within energy.

Bottom line

If you want high monthly income and understand options strategies and MLP structures, MLPI's 14.72% yield offers a specific income profile unavailable in traditional index funds. If you prioritize simplicity, diversification, and long-term energy sector exposure with low costs, XLE's 0.08% expense ratio and $40.2B in assets deliver that with minimal complexity. Past performance does not predict future results; MLPI's short history does not guarantee its yield will persist, and XLE's energy holdings carry commodity and regulatory risk regardless of structure.

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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These comparisons follow the Dividend Vision methodology.