Income or Growth: Choosing Between MLPX and ICLN

Overview

• MLPX delivers higher income and lower volatility by concentrating roughly 30 midstream and MLP names tied to pipelines and storage, with a trailing dividend yield near 7.7% and a low beta around 0.46.
• ICLN provides broad, growth‑oriented exposure to about 100 global clean‑energy companies and has produced far stronger recent capital gains, with a one‑year total return near 65% while carrying a much lower dividend yield near 1.1% and higher beta about 1.09.
• Key product differences include expense ratios (ICLN about 0.39%, MLPX about 0.45%), portfolio concentration (MLPX top holdings include TC Energy, Enbridge, Williams; ICLN top holdings include Bloom Energy and First Solar), and fund structure that avoids direct MLP tax filings for retail holders of MLPX.
• The performance gap reflects different return drivers: MLPX cash flows come largely from contract or fee‑based midstream services that are less tied to commodity swings, while ICLN gains depend on policy, technology cycles and market momentum in renewables.
• For investors the tradeoff is clear: choose MLPX for current income and lower downside in stressed markets or choose ICLN for thematic exposure and higher upside potential, and expect portfolio allocations, tax treatment, and volatility tolerance to determine the better fit.