ENGY.L vs. MLPS.L

Last updated Jun 4, 2026

ENGY.L (SPDR® MSCI Europe Energy UCITS ETF) and MLPS.L (Invesco Morningstar US Energy Infrastructure MLP UCITS ETF) are both Energy Equities funds tracking the MSCI World/Energy NR USD, from State Street and Invesco respectively. Both are passively managed. Over the past 10 years, ENGY.L returned 11.49%/yr vs 7.11%/yr for MLPS.L. At a 0.42 correlation, their price movements are largely independent. ENGY.L charges 0.18%/yr vs 0.50%/yr for MLPS.L.

Performance

ENGY.L vs. MLPS.L - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in SPDR® MSCI Europe Energy UCITS ETF (ENGY.L) and Invesco Morningstar US Energy Infrastructure MLP UCITS ETF (MLPS.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

ENGY.L is traded in EUR, while MLPS.L is traded in USD. To make them comparable, the MLPS.L values have been converted to EUR using the latest available exchange rates.

Returns By Period

In the year-to-date period, ENGY.L achieves a 36.00% return, which is significantly higher than MLPS.L's 20.95% return. Over the past 10 years, ENGY.L has outperformed MLPS.L with an annualized return of 11.49%, while MLPS.L has yielded a comparatively lower 7.11% annualized return.

ENGY.L

• 1D: 1.97%
• 1M: -0.86%
• YTD: 36.00%
• 6M: 32.37%
• 1Y: 53.57%
• 3Y*: 17.81%
• 5Y*: 20.20%
• 10Y*: 11.49%

MLPS.L

• 1D: 1.40%
• 1M: 1.75%
• YTD: 20.95%
• 6M: 17.20%
• 1Y: 14.15%
• 3Y*: 16.05%
• 5Y*: 18.54%
• 10Y*: 7.11%

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

ENGY.L vs. MLPS.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ENGY.L SPDR® MSCI Europe Energy UCITS ETF	36.00%	14.96%	-5.53%	7.23%	38.81%	36.72%	-31.68%	12.44%	-2.32%	4.96%
MLPS.L Invesco Morningstar US Energy Infrastructure MLP UCITS ETF	20.95%	-9.72%	30.71%	15.80%	40.10%	47.01%	-36.87%	9.62%	-10.89%	-19.91%

Correlation

The correlation between ENGY.L and MLPS.L is 0.53, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.53
Correlation (3Y) Calculated over the trailing 3-year period	0.48
Correlation (5Y) Calculated over the trailing 5-year period	0.58
Correlation (10Y) Calculated over the trailing 10-year period	0.47
Correlation (All Time) Calculated using the full available price history since Feb 19, 2015	0.42

The correlation between ENGY.L and MLPS.L shifts across timeframes, from 0.42 (all time) to 0.58 (5 years), reflecting how their relationship changes across market environments.

ENGY.L vs. MLPS.L - Sectors Allocation Comparison

Sectors	ENGY.L	MLPS.L
Energy	99.1%	96.7%
Communication Services	0.7%	-
Financial Services	0.0%	-
Industrials	0.0%	0.2%
Healthcare	0.0%	-
Consumer Defensive	0.0%	-
Technology	0.0%	-
Consumer Cyclical	0.0%	-
Basic Materials	0.0%	-
Utilities	0.0%	3.2%
Real Estate	0.0%	-

Return for Risk

ENGY.L vs. MLPS.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

ENGY.L

ENGY.L Risk / Return Rank: 73
ENGY.L Sharpe Ratio Rank: 73
ENGY.L Sortino Ratio Rank: 61
ENGY.L Omega Ratio Rank: 69
ENGY.L Calmar Ratio Rank: 84
ENGY.L Martin Ratio Rank: 76

MLPS.L

MLPS.L Risk / Return Rank: 33
MLPS.L Sharpe Ratio Rank: 32
MLPS.L Sortino Ratio Rank: 30
MLPS.L Omega Ratio Rank: 29
MLPS.L Calmar Ratio Rank: 40
MLPS.L Martin Ratio Rank: 33

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

ENGY.L vs. MLPS.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR® MSCI Europe Energy UCITS ETF (ENGY.L) and Invesco Morningstar US Energy Infrastructure MLP UCITS ETF (MLPS.L). 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.

	ENGY.L	MLPS.L	Difference
Sharpe ratio: Return per unit of total volatility	2.38	0.89	+1.49
Sortino ratio: Return per unit of downside risk	2.87	1.28	+1.58
Omega ratio: Gain probability vs. loss probability	1.41	1.16	+0.25
Calmar ratio: Return relative to maximum drawdown	4.55	1.44	+3.11
Martin ratio: Return relative to average drawdown	14.59	3.19	+11.40
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ENGY.L vs. MLPS.L - Sharpe Ratio Comparison

The current ENGY.L Sharpe Ratio is 2.38, which is higher than the MLPS.L Sharpe Ratio of 0.89. The chart below compares the historical Sharpe Ratios of ENGY.L and MLPS.L, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	ENGY.L	MLPS.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.38	0.89	+1.49
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.88	0.89	-0.01
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.53	0.24	+0.29
Sharpe Ratio (All Time) Calculated using the full available price history	0.42	0.18	+0.24

Drawdowns

ENGY.L vs. MLPS.L - Drawdown Comparison

The maximum ENGY.L drawdown since its inception was -58.56%, smaller than the maximum MLPS.L drawdown of -79.38%. Use the drawdown chart below to compare losses from any high point for ENGY.L and MLPS.L.

Drawdown Indicators

	ENGY.L	MLPS.L	Difference
Max Drawdown Largest peak-to-trough decline	-58.56%	-79.38%	+20.82%
Max Drawdown (1Y) Largest decline over 1 year	-11.73%	-9.79%	-1.94%
Max Drawdown (3Y) Largest decline over 3 years	-26.50%	-22.76%	-3.74%
Max Drawdown (5Y) Largest decline over 5 years	-26.50%	-22.76%	-3.74%
Max Drawdown (10Y) Largest decline over 10 years	-58.56%	-76.41%	+17.85%
Current Drawdown Current decline from peak	-5.46%	-2.66%	-2.80%
Average Drawdown Average peak-to-trough decline	-13.00%	-23.08%	+10.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.66%	4.42%	-0.76%

Volatility

ENGY.L vs. MLPS.L - Volatility Comparison

SPDR® MSCI Europe Energy UCITS ETF (ENGY.L) has a higher volatility of 8.12% compared to Invesco Morningstar US Energy Infrastructure MLP UCITS ETF (MLPS.L) at 5.91%. This indicates that ENGY.L's price experiences larger fluctuations and is considered to be riskier than MLPS.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ENGY.L	MLPS.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.12%	5.91%	+2.21%
Volatility (6M) Calculated over the trailing 6-month period	19.19%	12.04%	+7.15%
Volatility (1Y) Calculated over the trailing 1-year period	22.41%	15.85%	+6.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.63%	20.83%	+3.80%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	30.02%	29.06%	+0.96%

ENGY.L vs. MLPS.L - Expense Ratio Comparison

ENGY.L has a 0.18% expense ratio, which is lower than MLPS.L's 0.50% expense ratio.

Dividends

ENGY.L vs. MLPS.L - Dividend Comparison

Neither ENGY.L nor MLPS.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both ENGY.L and MLPS.L in my portfolio?

ENGY.L and MLPS.L have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ENGY.L or MLPS.L?

On fees, ENGY.L is cheaper at 0.18% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ENGY.L or MLPS.L?

ENGY.L is cheaper with a 0.18% expense ratio, compared with 0.50% for MLPS.L.

What is the main difference between ENGY.L and MLPS.L?

Both ETFs track MSCI World/Energy NR USD. They also come from different issuers: State Street and Invesco. Their fees differ too: 0.18% for ENGY.L and 0.50% for MLPS.L.