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IHYG.L vs. MLPD.L
Performance
Return for Risk
Drawdowns
Volatility
Dividends

IHYG.L vs. MLPD.L

Last updated Jun 9, 2026

IHYG.L (iShares € High Yield Corp Bond UCITS ETF EUR (Dist)) and MLPD.L (Invesco Morningstar US Energy Infrastructure MLP UCITS ETF (Dist)) are both exchange-traded funds - IHYG.L is a European High Yield Bonds fund tracking the Markit iBoxx Euro Liquid High Yield Index, while MLPD.L is a Energy Equities fund tracking the MSCI World/Energy NR USD. Both are passively managed. Over the past 10 years, IHYG.L returned 3.09%/yr vs 6.84%/yr for MLPD.L. At a 0.28 correlation, their price movements are largely independent. Both charge a 0.50% expense ratio.

Performance

IHYG.L vs. MLPD.L - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in iShares € High Yield Corp Bond UCITS ETF EUR (Dist) (IHYG.L) and Invesco Morningstar US Energy Infrastructure MLP UCITS ETF (Dist) (MLPD.L). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

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

Returns By Period

In the year-to-date period, IHYG.L achieves a 0.54% return, which is significantly lower than MLPD.L's 21.02% return. Over the past 10 years, IHYG.L has underperformed MLPD.L with an annualized return of 3.09%, while MLPD.L has yielded a comparatively higher 6.84% annualized return.

IHYG.L

1D
-0.07%
1M
0.31%
YTD
0.54%
6M
1.38%
1Y
2.99%
3Y*
6.08%
5Y*
2.59%
10Y*
3.09%

MLPD.L

1D
-0.61%
1M
3.57%
YTD
21.02%
6M
15.65%
1Y
14.20%
3Y*
16.09%
5Y*
17.73%
10Y*
6.84%
*Multi-year figures are annualized to reflect compound growth (CAGR)

IHYG.L vs. MLPD.L - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
IHYG.L
iShares € High Yield Corp Bond UCITS ETF EUR (Dist)		0.54%5.32%5.71%11.34%-9.47%3.04%1.14%9.70%-3.57%4.81%
MLPD.L
Invesco Morningstar US Energy Infrastructure MLP UCITS ETF (Dist)		21.02%-9.81%30.62%16.11%39.99%47.14%-37.04%9.64%-10.92%-19.89%

Correlation

The correlation between IHYG.L and MLPD.L is -0.06, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

-0.06

Correlation (3Y)
Calculated over the trailing 3-year period

0.12

Correlation (5Y)
Calculated over the trailing 5-year period

0.18

Correlation (10Y)
Calculated over the trailing 10-year period

0.27

Correlation (All Time)
Calculated using the full available price history since May 17, 2013

0.28

The correlation between IHYG.L and MLPD.L shifts across timeframes, from -0.06 (1 year) to 0.28 (all time), reflecting how their relationship changes across market environments.

IHYG.L vs. MLPD.L - Sectors Allocation Comparison

Sectors
IHYG.L
MLPD.L

Financial Services

100.0%

-

Basic Materials

-

-

Communication Services

-

-

Consumer Cyclical

-

-

Consumer Defensive

-

-

Energy

-

96.7%

Healthcare

-

-

Industrials

-

0.2%

Real Estate

-

-

Technology

-

-

Utilities

-

3.2%

Financial Services

IHYG.L
100.0%
MLPD.L

-

Basic Materials

IHYG.L

-

MLPD.L

-

Communication Services

IHYG.L

-

MLPD.L

-

Consumer Cyclical

IHYG.L

-

MLPD.L

-

Consumer Defensive

IHYG.L

-

MLPD.L

-

Energy

IHYG.L

-

MLPD.L
96.7%

Healthcare

IHYG.L

-

MLPD.L

-

Industrials

IHYG.L

-

MLPD.L
0.2%

Real Estate

IHYG.L

-

MLPD.L

-

Technology

IHYG.L

-

MLPD.L

-

Utilities

IHYG.L

-

MLPD.L
3.2%

Compare stocks, funds, or ETFs

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iShares € High Yield Corp Bond UCITS ETF EUR (Dist)

Invesco Morningstar US Energy Infrastructure MLP UCITS ETF (Dist)

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Often compared with MLPD.L:
MLPD.L vs. MLPXMLPD.L vs. MLPAMLPD.L vs. TDIV.ASMLPD.L vs. EIPIXMLPD.L vs. JEPQMLPD.L vs. QYLDMLPD.L vs. MAIN

Return for Risk

IHYG.L vs. MLPD.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
IHYG.L
IHYG.L Risk / Return Rank: 2828
Overall Rank
IHYG.L Sharpe Ratio Rank: 2626
Sharpe Ratio Rank
IHYG.L Sortino Ratio Rank: 2828
Sortino Ratio Rank
IHYG.L Omega Ratio Rank: 2626
Omega Ratio Rank
IHYG.L Calmar Ratio Rank: 2525
Calmar Ratio Rank
IHYG.L Martin Ratio Rank: 3333
Martin Ratio Rank
MLPD.L
MLPD.L Risk / Return Rank: 3434
Overall Rank
MLPD.L Sharpe Ratio Rank: 3434
Sharpe Ratio Rank
MLPD.L Sortino Ratio Rank: 3131
Sortino Ratio Rank
MLPD.L Omega Ratio Rank: 3131
Omega Ratio Rank
MLPD.L Calmar Ratio Rank: 4141
Calmar Ratio Rank
MLPD.L Martin Ratio Rank: 3434
Martin Ratio Rank
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.

IHYG.L vs. MLPD.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares € High Yield Corp Bond UCITS ETF EUR (Dist) (IHYG.L) and Invesco Morningstar US Energy Infrastructure MLP UCITS ETF (Dist) (MLPD.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.

IHYG.LMLPD.LDifference
Sharpe ratioReturn per unit of total volatility
0.84
0.89

-0.05

Sortino ratioReturn per unit of downside risk
1.36
1.29

+0.07

Omega ratioGain probability vs. loss probability

1.16

1.16

+0.01

Calmar ratioReturn relative to maximum drawdown

1.08

1.45

-0.37

Martin ratioReturn relative to average drawdown

4.47

3.19

+1.28

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IHYG.L vs. MLPD.L - Sharpe Ratio Comparison

The current IHYG.L Sharpe Ratio is 0.84, which is comparable to the MLPD.L Sharpe Ratio of 0.89. The chart below compares the historical Sharpe Ratios of IHYG.L and MLPD.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.

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Sharpe Ratios by Period

IHYG.LMLPD.LDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.84

0.89

-0.05

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.48

0.85

-0.38

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.45

0.24

+0.22

Sharpe Ratio (All Time)

Calculated using the full available price history

0.64

0.15

+0.48

Drawdowns

IHYG.L vs. MLPD.L - Drawdown Comparison

The maximum IHYG.L drawdown since its inception was -25.61%, smaller than the maximum MLPD.L drawdown of -79.38%. Use the drawdown chart below to compare losses from any high point for IHYG.L and MLPD.L.

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Drawdown Indicators

IHYG.LMLPD.LDifference

Max Drawdown

Largest peak-to-trough decline

-25.61%

-79.38%

+53.77%

Max Drawdown (1Y)

Largest decline over 1 year

-2.76%

-9.76%

+7.00%

Max Drawdown (3Y)

Largest decline over 3 years

-3.89%

-22.59%

+18.70%

Max Drawdown (5Y)

Largest decline over 5 years

-14.59%

-22.59%

+8.00%

Max Drawdown (10Y)

Largest decline over 10 years

-25.61%

-76.44%

+50.83%

Current Drawdown

Current decline from peak

-0.32%

-2.55%

+2.23%

Average Drawdown

Average peak-to-trough decline

-2.04%

-23.12%

+21.08%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.67%

4.44%

-3.77%

Volatility

IHYG.L vs. MLPD.L - Volatility Comparison

The current volatility for iShares € High Yield Corp Bond UCITS ETF EUR (Dist) (IHYG.L) is 0.94%, while Invesco Morningstar US Energy Infrastructure MLP UCITS ETF (Dist) (MLPD.L) has a volatility of 5.09%. This indicates that IHYG.L experiences smaller price fluctuations and is considered to be less risky than MLPD.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

IHYG.LMLPD.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

0.94%

5.09%

-4.15%

Volatility (6M)

Calculated over the trailing 6-month period

3.07%

12.18%

-9.11%

Volatility (1Y)

Calculated over the trailing 1-year period

3.56%

15.88%

-12.32%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

5.44%

20.77%

-15.33%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

6.79%

28.84%

-22.05%

IHYG.L vs. MLPD.L - Expense Ratio Comparison

Both IHYG.L and MLPD.L have an expense ratio of 0.50%.

Dividends

IHYG.L vs. MLPD.L - Dividend Comparison

IHYG.L's dividend yield for the trailing twelve months is around 5.18%, less than MLPD.L's 7.56% yield.

PositionTTM20252024202320222021202020192018201720162015
IHYG.L
iShares € High Yield Corp Bond UCITS ETF EUR (Dist)		5.18%5.44%6.10%5.41%3.70%3.07%3.67%3.76%3.68%3.77%4.03%4.59%
MLPD.L
Invesco Morningstar US Energy Infrastructure MLP UCITS ETF (Dist)		7.56%8.21%8.18%8.60%7.98%8.57%11.03%10.06%9.87%8.15%8.14%9.96%

Frequently Asked Questions

IHYG.L and MLPD.L have a correlation of -0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Both ETFs have the same 0.50% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

IHYG.L and MLPD.L have the same expense ratio: 0.50% per year.

IHYG.L is categorized as European High Yield Bonds, while MLPD.L is Energy Equities. IHYG.L tracks Markit iBoxx Euro Liquid High Yield Index, while MLPD.L tracks MSCI World/Energy NR USD. They also come from different issuers: iShares and Invesco.

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