BACAX vs. MLPOX
BACAX (BlackRock Energy Opportunities Fund) and MLPOX (Invesco SteelPath MLP Alpha Fund) are both Energy Equities funds. Over the past 10 years, BACAX returned 9.16%/yr vs 9.35%/yr for MLPOX. Their 0.69 correlation means they have sometimes moved together and sometimes differently. BACAX charges 1.32%/yr vs 1.29%/yr for MLPOX.
Performance
BACAX vs. MLPOX - Performance Comparison
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Returns By Period
In the year-to-date period, BACAX achieves a 32.81% return, which is significantly higher than MLPOX's 21.85% return. Both investments have delivered pretty close results over the past 10 years, with BACAX having a 9.16% annualized return and MLPOX not far ahead at 9.35%.
BACAX
- 1D
- 1.10%
- 1M
- 10.86%
- 6M
- 18.00%
- YTD
- 32.81%
- 1Y
- 41.22%
- 3Y*
- 15.06%
- 5Y*
- 21.36%
- 10Y*
- 9.16%
- ALL TIME*
- 5.61%
MLPOX
- 1D
- 0.19%
- 1M
- 3.43%
- 6M
- 14.95%
- YTD
- 21.85%
- 1Y
- 23.45%
- 3Y*
- 23.81%
- 5Y*
- 23.74%
- 10Y*
- 9.35%
- ALL TIME*
- 7.62%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
BACAX vs. MLPOX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BACAX BlackRock Energy Opportunities Fund | 32.81% | 10.53% | 3.78% | 2.61% | 43.02% | 42.93% | -29.68% | 12.64% | -19.98% | 2.07% |
MLPOX Invesco SteelPath MLP Alpha Fund | 21.85% | 4.47% | 40.63% | 20.44% | 29.45% | 39.81% | -30.40% | 6.71% | -14.77% | -6.96% |
Correlation
The correlation between BACAX and MLPOX is 0.73, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.73 |
Correlation (3Y) Balances recent behavior with more history. | 0.70 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.76 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.75 |
Correlation (All Time) Calculated using the full available price history since Apr 5, 2010 | 0.69 |
The correlation between BACAX and MLPOX has been stable across timeframes, ranging from 0.69 to 0.76 - a consistent structural relationship.
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Return for Risk
BACAX vs. MLPOX — Risk / Return Rank
BACAX
MLPOX
BACAX vs. MLPOX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BlackRock Energy Opportunities Fund (BACAX) and Invesco SteelPath MLP Alpha Fund (MLPOX). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
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.
| BACAX | MLPOX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.22 | ||
| Sortino ratioReturn per unit of downside risk | +0.08 | ||
| Omega ratioGain probability vs. loss probability | 1.36 | 1.34 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 2.95 | 3.90 | -0.95 |
| Martin ratioReturn relative to average drawdown | 8.75 | 9.38 | -0.63 |
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Drawdowns
BACAX vs. MLPOX - Drawdown Comparison
The maximum BACAX drawdown since its inception was -78.88%, roughly equal to the maximum MLPOX drawdown of -76.99%. Use the drawdown chart below to compare losses from any high point for BACAX and MLPOX.
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Drawdown Indicators
| BACAX | MLPOX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -78.88% | -76.99% | -1.89% |
Max Drawdown (1Y)Largest decline over 1 year | -13.36% | -5.93% | -7.43% |
Max Drawdown (3Y)Largest decline over 3 years | -18.73% | -15.18% | -3.55% |
Max Drawdown (5Y)Largest decline over 5 years | -25.74% | -21.17% | -4.57% |
Max Drawdown (10Y)Largest decline over 10 years | -65.92% | -72.41% | +6.49% |
Current DrawdownCurrent decline from peak | -3.02% | -1.47% | -1.55% |
Average DrawdownAverage peak-to-trough decline | -34.08% | -16.29% | -17.79% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.50% | 2.46% | +2.04% |
Volatility
BACAX vs. MLPOX - Volatility Comparison
BlackRock Energy Opportunities Fund (BACAX) has a higher volatility of 5.88% compared to Invesco SteelPath MLP Alpha Fund (MLPOX) at 3.90%. This indicates that BACAX's price experiences larger fluctuations and is considered to be riskier than MLPOX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BACAX | MLPOX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.88% | 3.90% | +1.98% |
Volatility (6M)Calculated over the trailing 6-month period | 14.84% | 9.22% | +5.62% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.03% | 11.73% | +6.30% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 23.37% | 19.05% | +4.32% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 27.16% | 25.96% | +1.20% |
BACAX vs. MLPOX - Expense Ratio Comparison
BACAX has a 1.32% expense ratio, which is higher than MLPOX's 1.29% expense ratio.
Dividends
BACAX vs. MLPOX - Dividend Comparison
BACAX's dividend yield for the trailing twelve months is around 1.77%, less than MLPOX's 4.75% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BACAX BlackRock Energy Opportunities Fund | 1.77% | 2.47% | 2.29% | 3.06% | 2.21% | 2.39% | 3.38% | 2.69% | 2.87% | 2.48% | 1.95% | 1.98% |
MLPOX Invesco SteelPath MLP Alpha Fund | 4.75% | 5.31% | 4.26% | 5.55% | 6.19% | 7.52% | 13.39% | 10.42% | 10.08% | 8.00% | 7.18% | 7.85% |
Frequently Asked Questions
BACAX and MLPOX have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BACAX has higher volatility (5.88%) compared to MLPOX (3.90%). In terms of maximum drawdown, BACAX dropped -78.88% vs MLPOX's -76.99%.
BACAX currently has the higher Sharpe Ratio (2.19 vs 1.97), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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