CSHZX vs. MLPOX

Last updated Aug 1, 2026

CSHZX (MainStay Cushing MLP Premier Fund) and MLPOX (Invesco SteelPath MLP Alpha Fund) are both Energy Equities funds. Over the past 10 years, CSHZX returned 10.40%/yr vs 9.35%/yr for MLPOX. Their 0.96 correlation means they have historically moved very closely together. CSHZX charges 1.20%/yr vs 1.29%/yr for MLPOX.

Performance

CSHZX vs. MLPOX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MainStay Cushing MLP Premier Fund (CSHZX) and Invesco SteelPath MLP Alpha Fund (MLPOX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CSHZX achieves a 27.07% return, which is significantly higher than MLPOX's 21.85% return. Over the past 10 years, CSHZX has outperformed MLPOX with an annualized return of 10.40%, while MLPOX has yielded a comparatively lower 9.35% annualized return.

CSHZX

• 1D: 0.57%
• 1M: 3.00%
• 6M: 18.51%
• YTD: 27.07%
• 1Y: 27.37%
• 3Y*: 25.13%
• 5Y*: 23.02%
• 10Y*: 10.40%
• ALL TIME*: 6.78%

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%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
CSHZX MainStay Cushing MLP Premier Fund	$0.00	$0.00	$0.00
MLPOX Invesco SteelPath MLP Alpha Fund	$0.00	$0.00	$0.00

CSHZX vs. MLPOX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CSHZX MainStay Cushing MLP Premier Fund	27.07%	3.69%	41.96%	15.20%	24.20%	38.80%	-28.06%	12.37%	-12.72%	-8.10%
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 CSHZX and MLPOX is 0.95 - they have historically moved very closely together. At this level, their price movements offset little of one another.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.95
Correlation (3Y) Balances recent behavior with more history.	0.95
Correlation (5Y) Shows whether the relationship held over a longer period.	0.95
Correlation (10Y) Provides a long-term view across more market conditions.	0.96
Correlation (All Time) Calculated using the full available price history since Oct 19, 2010	0.96

The correlation between CSHZX and MLPOX has been stable across timeframes, ranging from 0.95 to 0.96 - a consistent structural relationship.

Return for Risk

CSHZX vs. MLPOX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

CSHZX

CSHZX Risk / Return Rank: 77
CSHZX Sharpe Ratio Rank: 77
CSHZX Sortino Ratio Rank: 74
CSHZX Omega Ratio Rank: 70
CSHZX Calmar Ratio Rank: 94
CSHZX Martin Ratio Rank: 72

MLPOX

MLPOX Risk / Return Rank: 81
MLPOX Sharpe Ratio Rank: 81
MLPOX Sortino Ratio Rank: 78
MLPOX Omega Ratio Rank: 75
MLPOX Calmar Ratio Rank: 93
MLPOX Martin Ratio Rank: 76

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

CSHZX vs. MLPOX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MainStay Cushing MLP Premier Fund (CSHZX) 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.

	CSHZX	MLPOX	Difference
Sharpe ratio: Return per unit of total volatility	1.85	1.97	-0.12
Sortino ratio: Return per unit of downside risk	2.57	2.73	-0.15
Omega ratio: Gain probability vs. loss probability	1.31	1.34	-0.02
Calmar ratio: Return relative to maximum drawdown	4.03	3.90	+0.13
Martin ratio: Return relative to average drawdown	9.15	9.38	-0.22

CSHZX vs. MLPOX - Sharpe Ratio Comparison

The current CSHZX Sharpe Ratio is 1.85, which is comparable to the MLPOX Sharpe Ratio of 1.97. The chart below compares the historical Sharpe Ratios of CSHZX and MLPOX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

CSHZX vs. MLPOX - Drawdown Comparison

The maximum CSHZX drawdown since its inception was -76.00%, roughly equal to the maximum MLPOX drawdown of -76.99%. Use the drawdown chart below to compare losses from any high point for CSHZX and MLPOX.

Drawdown Indicators

	CSHZX	MLPOX	Difference
Max Drawdown Largest peak-to-trough decline	-76.00%	-76.99%	+0.99%
Max Drawdown (1Y) Largest decline over 1 year	-6.89%	-5.93%	-0.96%
Max Drawdown (3Y) Largest decline over 3 years	-18.32%	-15.18%	-3.14%
Max Drawdown (5Y) Largest decline over 5 years	-19.90%	-21.17%	+1.27%
Max Drawdown (10Y) Largest decline over 10 years	-70.12%	-72.41%	+2.29%
Current Drawdown Current decline from peak	-3.23%	-1.47%	-1.76%
Average Drawdown Average peak-to-trough decline	-18.56%	-16.29%	-2.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.02%	2.46%	+0.56%

Volatility

CSHZX vs. MLPOX - Volatility Comparison

MainStay Cushing MLP Premier Fund (CSHZX) has a higher volatility of 5.48% compared to Invesco SteelPath MLP Alpha Fund (MLPOX) at 3.90%. This indicates that CSHZX'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.

Volatility by Period

	CSHZX	MLPOX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.48%	3.90%	+1.58%
Volatility (6M) Calculated over the trailing 6-month period	12.11%	9.22%	+2.89%
Volatility (1Y) Calculated over the trailing 1-year period	15.01%	11.73%	+3.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.93%	19.05%	+0.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.22%	25.96%	+0.26%

CSHZX vs. MLPOX - Expense Ratio Comparison

CSHZX has a 1.20% expense ratio, which is lower than MLPOX's 1.29% expense ratio.

Dividends

CSHZX vs. MLPOX - Dividend Comparison

CSHZX's dividend yield for the trailing twelve months is around 8.98%, more than MLPOX's 4.75% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CSHZX MainStay Cushing MLP Premier Fund	8.98%	11.65%	6.16%	8.16%	8.77%	11.69%	14.40%	8.96%	13.78%	10.72%	10.40%	9.96%
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

Can I hold both CSHZX and MLPOX in my portfolio?

With a correlation of 0.95, CSHZX and MLPOX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, CSHZX or MLPOX?

CSHZX has higher volatility (5.48%) compared to MLPOX (3.90%). In terms of maximum drawdown, CSHZX dropped -76.00% vs MLPOX's -76.99%.

Which has better risk-adjusted returns?

MLPOX currently has the higher Sharpe Ratio (1.97 vs 1.85), 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.