MLPX outperforms AMLP due to tax structure and broader holdings in midstream energy ETFs.

The Alerian MLP ETF (AMLP) and Global X MLP & Energy Infrastructure ETF (MLPX) both invest in North American energy infrastructure but differ structurally: AMLP is a C-corporation taxed on gains, while MLPX is a registered investment company (RIC) that avoids this tax. This difference has led to a significant performance gap over the past decade, with MLPX delivering much higher total returns due to its broader holdings including midstream C-corps and absence of corporate tax drag. AMLP offers higher current yield but suffers from deferred tax liabilities that reduce net asset value during market rallies. For investors focused on wealth growth, MLPX is more efficient, while AMLP suits those prioritizing income and willing to accept slower NAV growth.