Energy Infrastructure vs the S&P 500 (MLPX): is it outperforming?
Over the past month, MLPX has underperformed the S&P 500 by 2.7 points. Here is where that puts it in the sector rotation — updated daily.
Where MLPX sits on the rotation map
Energy Infrastructure highlighted against the 11 broad S&P 500 sectors. Vertical: 1-month spread vs the S&P 500. Horizontal: the longer, time-shifted window — the methodology explains the math.
MLPX vs SPY: head-to-head returns
MLPX (energy infrastructure) and SPY (the S&P 500) side by side over every window Zensei tracks. The spread is the difference — positive means MLPX won that window.
Data as of 2026-08-27 · computed from daily adjusted closes · how we measure
The read
Energy Infrastructure (MLPX) is losing its lead. It built a 3.8-point advantage over the S&P 500 across the longer, time-shifted window, but over the past month it has slipped 2.7 points behind the market — the Cooling quadrant of the rotation map. Ranked by one-month spread, it currently stands #72 of the 115 groups Zensei tracks.
On the shorter tape, MLPX's momentum is weakening: the intraday trend that carried the move is cooling across the shorter windows. MLPX's relative-strength line has broken below its long-term average — the long-term outperformance trend is no longer intact. Both signals point the same direction here: the market is not rewarding this group on either horizon.
The exposure comes via Global X MLP & Energy Infrastructure ETF, whose 26 tracked holdings are led by WILLIAMS COMPANIES INC, KINDER MORGAN INC CLASS P and ONEOK INC. Weighted by portfolio, the fund's holdings trade at roughly 22.9× earnings and 3.8× sales. The thing to watch from here is whether this is a pause or a handoff: cooling groups sometimes reset and reclaim leadership, but a deepening one-month deficit usually means rotation has moved on.
What's inside MLPX
Top 5 of 26 tracked holdings, by portfolio weight.
Energy Infrastructure vs the market — common questions
Is energy infrastructure outperforming the S&P 500?
Right now, no: over the past month MLPX has underperformed the S&P 500 by 2.7 points. This page updates daily, so the answer reflects current market data rather than a dated article.
What is MLPX?
MLPX is Global X MLP & Energy Infrastructure ETF, the fund Zensei uses to measure the energy infrastructure group against the S&P 500 benchmark (SPY).
Which stocks are in MLPX?
MLPX's largest tracked positions are WILLIAMS COMPANIES INC, KINDER MORGAN INC CLASS P, ONEOK INC, TARGA RESOURCES CORP, CHENIERE ENERGY INC — 26 holdings in total. The full list, with each stock measured against the group, is part of Zensei Premium.
What quadrant is energy infrastructure in right now?
As of the latest daily data, energy infrastructure is in the Cooling quadrant — still ahead over the longer window, but behind the market over the past month. The quadrant rules are documented on the Zensei methodology page.
Related sectors
Track energy infrastructure against the whole market
Zensei Edge maps 100+ sectors and themes against the S&P 500 — with the stocks inside each one, rotation history and alerts when leadership changes hands.