Exchange traded funds tracking master limited partnerships (MLPs) have tumbled alongside traditional energy stocks this year, but with oil prices rebounding, some MLPs and the related ETFs are notching impressive December performances.

For example, the Global X MLP ETF (NYSEArca: MLPA) is up more than 7% this month while the Global X MLP & Energy Infrastructure ETF (NYSEARCA: MLPX) is higher by nearly the same amount.

MLPs primarily deal with the distribution and storage of energy products, so their business model is less reliant on the commodities market since MLPs profit off the quantity of oil and natural gas they are able to move around. Consequently, MLPs have historically shown a weaker correlation to energy prices over longer periods as MLPs act more like energy toll roads, profiting on the volume of oil moving through their pipelines.

MLPs don’t make their money based on oil or gas prices. Unlike other energy sector stocks, MLPs primarily deal with the distribution and storage of energy products, so their business model is less reliant on the commodities market since MLPs profit off the quantity of oil and natural gas they are able to move around.

MLPs are also seen benefiting from the Trump Administration’s tax reform effort.

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