Master Limited Partnerships vs the S&P 500 (AMLP): is it outperforming?
Over the past month, AMLP has underperformed the S&P 500 by 0.4 points. Here is where that puts it in the sector rotation — updated daily.
Where AMLP sits on the rotation map
Master Limited Partnerships 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.
AMLP vs SPY: head-to-head returns
AMLP (master limited partnerships) and SPY (the S&P 500) side by side over every window Zensei tracks. The spread is the difference — positive means AMLP won that window.
Data as of 2026-08-27 · computed from daily adjusted closes · how we measure
The read
Master Limited Partnerships (AMLP) is losing its lead. It built a 5.2-point advantage over the S&P 500 across the longer, time-shifted window, but over the past month it has slipped 0.4 points behind the market — the Cooling quadrant of the rotation map. Ranked by one-month spread, it currently stands #54 of the 115 groups Zensei tracks.
On the shorter tape, AMLP's momentum is weakening: the intraday trend that carried the move is cooling across the shorter windows. AMLP's relative-strength line — its price ratio against the S&P 500 — is trading above its moving averages, the healthiest configuration we track. The longer trend remains healthier than the recent tape suggests — the kind of divergence worth rechecking in a week.
The exposure comes via Alerian MLP ETF, whose 15 tracked holdings are led by SUNOCO LP, ENERGY TRANSFER LP and WESTERN MIDSTREAM PARTNERS LP. Weighted by portfolio, the fund's holdings trade at roughly 17.4× earnings and 2.4× 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 AMLP
Top 5 of 15 tracked holdings, by portfolio weight.
Master Limited Partnerships vs the market — common questions
Is master limited partnerships outperforming the S&P 500?
Right now, no: over the past month AMLP has underperformed the S&P 500 by 0.4 points. This page updates daily, so the answer reflects current market data rather than a dated article.
What is AMLP?
AMLP is Alerian MLP ETF, the fund Zensei uses to measure the master limited partnerships group against the S&P 500 benchmark (SPY).
Which stocks are in AMLP?
AMLP's largest tracked positions are SUNOCO LP, ENERGY TRANSFER LP, WESTERN MIDSTREAM PARTNERS LP, PLAINS ALL AMERICAN PIPELINE LP, MPLX LP PARTNERSHIP UNITS — 15 holdings in total. The full list, with each stock measured against the group, is part of Zensei Premium.
What quadrant is master limited partnerships in right now?
As of the latest daily data, master limited partnerships 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 master limited partnerships 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.