IGNAX vs. MLPOX
IGNAX (Delaware Ivy Natural Resources Fund) and MLPOX (Invesco SteelPath MLP Alpha Fund) are both Energy Equities funds. Over the past 10 years, IGNAX returned 6.42%/yr vs 9.06%/yr for MLPOX. A 0.66 correlation means they provide meaningful diversification when combined. IGNAX charges 1.82%/yr vs 1.29%/yr for MLPOX.
Performance
IGNAX vs. MLPOX - Performance Comparison
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Returns By Period
In the year-to-date period, IGNAX achieves a 9.98% return, which is significantly lower than MLPOX's 21.73% return. Over the past 10 years, IGNAX has underperformed MLPOX with an annualized return of 6.42%, while MLPOX has yielded a comparatively higher 9.06% annualized return.
IGNAX
- 1D
- -0.57%
- 1M
- -3.75%
- 6M
- 1.85%
- YTD
- 9.98%
- 1Y
- 36.89%
- 3Y*
- 14.90%
- 5Y*
- 15.02%
- 10Y*
- 6.42%
MLPOX
- 1D
- 1.04%
- 1M
- 5.26%
- 6M
- 17.80%
- YTD
- 21.73%
- 1Y
- 23.60%
- 3Y*
- 25.38%
- 5Y*
- 23.97%
- 10Y*
- 9.06%
IGNAX vs. MLPOX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IGNAX Delaware Ivy Natural Resources Fund | 9.98% | 38.01% | -0.56% | 1.26% | 17.52% | 26.06% | -12.38% | 9.24% | -23.79% | 2.89% |
MLPOX Invesco SteelPath MLP Alpha Fund | 21.73% | 4.47% | 40.63% | 20.44% | 29.45% | 39.81% | -30.40% | 6.71% | -14.77% | -6.96% |
Correlation
The correlation between IGNAX and MLPOX is 0.33, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.33 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.51 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.67 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.69 |
Correlation (All Time) Calculated using the full available price history since Apr 5, 2010 | 0.66 |
Over the past year, the correlation between IGNAX and MLPOX has dropped to 0.33 - well below their long-term average of 0.66, suggesting their price drivers have been diverging.
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Return for Risk
IGNAX vs. MLPOX — Risk / Return Rank
IGNAX
MLPOX
IGNAX vs. MLPOX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Delaware Ivy Natural Resources Fund (IGNAX) 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.
| IGNAX | MLPOX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.02 | ||
| Sortino ratioReturn per unit of downside risk | -0.21 | ||
| Omega ratioGain probability vs. loss probability | 1.36 | 1.35 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 3.29 | 4.06 | -0.77 |
| Martin ratioReturn relative to average drawdown | 11.47 | 9.78 | +1.69 |
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Drawdowns
IGNAX vs. MLPOX - Drawdown Comparison
The maximum IGNAX drawdown since its inception was -77.49%, roughly equal to the maximum MLPOX drawdown of -76.99%. Use the drawdown chart below to compare losses from any high point for IGNAX and MLPOX.
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Drawdown Indicators
| IGNAX | MLPOX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -77.49% | -76.99% | -0.50% |
Max Drawdown (1Y)Largest decline over 1 year | -11.40% | -5.93% | -5.47% |
Max Drawdown (3Y)Largest decline over 3 years | -22.86% | -15.18% | -7.68% |
Max Drawdown (5Y)Largest decline over 5 years | -24.79% | -21.17% | -3.62% |
Max Drawdown (10Y)Largest decline over 10 years | -57.95% | -72.41% | +14.46% |
Current DrawdownCurrent decline from peak | -15.93% | -0.98% | -14.95% |
Average DrawdownAverage peak-to-trough decline | -35.59% | -16.33% | -19.26% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.26% | 2.45% | +0.81% |
Volatility
IGNAX vs. MLPOX - Volatility Comparison
Delaware Ivy Natural Resources Fund (IGNAX) has a higher volatility of 4.62% compared to Invesco SteelPath MLP Alpha Fund (MLPOX) at 4.19%. This indicates that IGNAX'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
| IGNAX | MLPOX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.62% | 4.19% | +0.43% |
Volatility (6M)Calculated over the trailing 6-month period | 14.03% | 9.10% | +4.93% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.19% | 11.81% | +6.38% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.95% | 19.25% | +2.70% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.39% | 25.96% | -3.57% |
IGNAX vs. MLPOX - Expense Ratio Comparison
IGNAX has a 1.82% expense ratio, which is higher than MLPOX's 1.29% expense ratio.
Dividends
IGNAX vs. MLPOX - Dividend Comparison
IGNAX has not paid dividends to shareholders, while MLPOX's dividend yield for the trailing twelve months is around 4.76%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IGNAX Delaware Ivy Natural Resources Fund | 0.00% | 0.00% | 5.68% | 1.94% | 2.02% | 2.30% | 0.29% | 1.75% | 0.00% | 0.00% | 0.06% | 0.00% |
MLPOX Invesco SteelPath MLP Alpha Fund | 4.76% | 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
IGNAX and MLPOX have a correlation of 0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IGNAX has higher volatility (4.62%) compared to MLPOX (4.19%). In terms of maximum drawdown, IGNAX dropped -77.49% vs MLPOX's -76.99%.
IGNAX currently has the higher Sharpe Ratio (2.06 vs 2.04), 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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