- Issuer
- Invesco
- Inception Date
- Mar 31, 2010
- Region
- North America (United States)
- Category
- MLPs
- Index Tracked
- No Index (Active)
- Domicile
- United States
- Distribution Policy
- Distributing
- Asset Class
- Alternatives
- Asset Class Size
- Mid-Cap
- Asset Class Style
- Value
Share Price Chart
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Performance
MLPAX Performance Chart
Invesco SteelPath MLP Alpha Fund Class A (MLPAX) is up 21.6% since the beginning of the year. MLPAX is currently trading at $10 per share. Investors who bought $1,000 worth of MLPAX shares 5 years ago would now be looking at an investment worth $2,879.
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Returns By Period
Invesco SteelPath MLP Alpha Fund Class A (MLPAX) has returned 21.63% so far this year and 23.21% over the past 12 months. Over the last ten years, MLPAX has returned 9.05% per year, falling short of the S&P 500 Index benchmark, which averaged 13.26% annually.
Invesco SteelPath MLP Alpha Fund Class A
- 1D
- 0.20%
- 1M
- 3.40%
- 6M
- 14.75%
- YTD
- 21.63%
- 1Y
- 23.21%
- 3Y*
- 23.74%
- 5Y*
- 23.55%
- 10Y*
- 9.05%
- ALL TIME*
- 7.33%
Benchmark (S&P 500 Index)
- 1D
- 0.70%
- 1M
- 0.09%
- 6M
- 7.94%
- YTD
- 9.41%
- 1Y
- 20.07%
- 3Y*
- 17.84%
- 5Y*
- 11.25%
- 10Y*
- 13.26%
- ALL TIME*
- 8.09%
MLPAX Monthly Returns History
Based on dividend-adjusted daily data since Apr 5, 2010, MLPAX's average daily return is +0.04%, while the average monthly return is +0.84%. At this rate, an investment would double in approximately 6.9 years.
Historically, 59% of months were positive and 41% were negative. The best month was Apr 2020 with a return of +44.5%, while the worst month was Mar 2020 at -47.6%. The longest winning streak lasted 9 consecutive months, and the longest losing streak was 5 months.
On a daily basis, MLPAX closed higher 51% of trading days. The best single day was Mar 19, 2020 with a return of +19.0%, while the worst single day was Mar 9, 2020 at -27.3%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 5.99% | 7.27% | 2.13% | 2.46% | -2.71% | 1.63% | 3.40% | 21.63% | |||||
| 2025 | 5.03% | 1.54% | 0.09% | -6.93% | 1.94% | 2.86% | -0.22% | -0.46% | -1.40% | -2.27% | 4.75% | -0.12% | 4.31% |
| 2024 | 1.93% | 6.39% | 8.36% | -0.23% | -0.77% | 5.08% | 1.81% | 2.58% | -0.41% | 2.41% | 14.60% | -5.65% | 40.77% |
| 2023 | 5.17% | -1.51% | -0.86% | 3.35% | -4.75% | 5.95% | 6.00% | 1.16% | 1.14% | -0.26% | 6.39% | -2.29% | 20.43% |
| 2022 | 10.92% | 5.05% | 4.84% | -1.06% | 5.62% | -13.27% | 12.23% | 2.53% | -8.95% | 13.19% | 2.13% | -3.74% | 29.07% |
| 2021 | 3.86% | 6.69% | 6.05% | 6.97% | 7.91% | 4.84% | -5.44% | -0.40% | 3.26% | 4.66% | -6.52% | 3.07% | 39.45% |
Benchmark Metrics
Invesco SteelPath MLP Alpha Fund Class A has an annualized alpha of 1.03%, beta of 0.70, and R2 of 0.26 versus S&P 500 Index. Calculated based on daily prices since April 05, 2010.
- This fund participated in 89.36% of S&P 500 Index downside but only 72.76% of its upside - more exposed to losses than it benefited from rallies.
- Beta of 0.70 may look defensive, but with R2 of 0.26 this fund is largely uncorrelated with S&P 500 Index - low beta reflects independence, not downside protection. See the Volatility section for a true picture of this fund's risk.
- R2 of 0.26 means this fund moves largely independently of S&P 500 Index - capture ratios reflect limited market correlation rather than active downside protection. Consider using a more representative benchmark.
- Alpha
- 1.03%
- Beta
- 0.70
- R²
- 0.26
- Upside Capture
- 72.76%
- Downside Capture
- 89.36%
Expense Ratio
MLPAX has a high expense ratio of 1.54%, indicating above-average management fees.
Return for Risk
Risk / Return Rank
MLPAX ranks 79 for risk / return — above 79% of mutual funds peers on PortfoliosLab. Its historical combined result is above most peers.
Risk / Return Metrics
The table below present risk-adjusted performance metrics for Invesco SteelPath MLP Alpha Fund Class A (MLPAX) and compare them to S&P 500 Index.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| MLPAX | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.53 | ||
| Sortino ratioReturn per unit of downside risk | +0.74 | ||
| Omega ratioGain probability vs. loss probability | 1.33 | 1.25 | +0.08 |
| Calmar ratioReturn relative to maximum drawdown | 3.86 | 2.00 | +1.86 |
| Martin ratioReturn relative to average drawdown | 9.31 | 8.49 | +0.82 |
Dividends
Dividend History
Invesco SteelPath MLP Alpha Fund Class A provided a 5.14% dividend yield over the last twelve months, with an annual payout of $0.51 per share. The fund has been increasing its distributions for 4 consecutive years.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend | $0.51 | $0.48 | $0.43 | $0.38 | $0.37 | $0.37 | $0.51 | $0.60 | $0.65 | $0.66 | $0.69 | $0.69 |
Dividend yield | 5.14% | 5.72% | 5.00% | 5.91% | 6.56% | 7.91% | 14.02% | 9.91% | 10.40% | 8.21% | 7.34% | 7.99% |
Monthly Dividends
The table displays the monthly dividend distributions for Invesco SteelPath MLP Alpha Fund Class A. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $0.04 | $0.04 | $0.04 | $0.05 | $0.05 | $0.05 | $0.05 | $0.30 | |||||
| 2025 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.08 | $0.00 | $0.48 |
| 2024 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.07 | $0.00 | $0.43 |
| 2023 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.07 | $0.00 | $0.38 |
| 2022 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.06 | $0.00 | $0.37 |
| 2021 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.06 | $0.00 | $0.37 |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the Invesco SteelPath MLP Alpha Fund Class A. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the Invesco SteelPath MLP Alpha Fund Class A was 77.51%, occurring on Mar 18, 2020. Recovery took 933 trading sessions.
The current Invesco SteelPath MLP Alpha Fund Class A drawdown is 1.49%.
Drawdown | Fall | Recovery | Underwater | Related event |
|---|---|---|---|---|
-77.51%Mar 2020 | 5y 5mo | 3y 8mo | 9y 2moSep 2014 - Nov 2023 | COVID crash2020 |
-15.29%Apr 2025 | 2mo 16d | 9mo 24d | 1y 5dJan 2025 - Jan 2026 | 2025 selloff2025 |
-10.40%Aug 2011 | 5mo 10d | 4mo 15d | 9mo 25dMar 2011 - Dec 2011 | — |
-9.04%Jun 2012 | 3mo 8d | 3mo 10d | 6mo 18dFeb 2012 - Sep 2012 | — |
-8.64%Dec 2024 | 16d | 29d | 1mo 15dDec 2024 - Jan 2025 | — |
Drawdown Indicators
| MLPAX | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -77.51% | -56.78% | -20.73% |
Max Drawdown (1Y)Largest decline over 1 year | -5.92% | -9.10% | +3.18% |
Max Drawdown (3Y)Largest decline over 3 years | -15.29% | -18.90% | +3.61% |
Max Drawdown (5Y)Largest decline over 5 years | -21.04% | -25.43% | +4.39% |
Max Drawdown (10Y)Largest decline over 10 years | -72.85% | -33.92% | -38.93% |
Current DrawdownCurrent decline from peak | -1.49% | -1.58% | +0.09% |
Average DrawdownAverage peak-to-trough decline | -16.91% | -10.70% | -6.21% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.44% | 2.14% | +0.30% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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