IMLPX vs. FSENX

Last updated Jun 23, 2026

IMLPX (MainGate MLP Fund) and FSENX (Fidelity Select Energy Portfolio) are both Energy Equities funds. Over the past 10 years, IMLPX returned 9.27%/yr vs 8.66%/yr for FSENX. A 0.75 correlation means they provide meaningful diversification when combined. IMLPX charges 1.44%/yr vs 0.77%/yr for FSENX.

Performance

IMLPX vs. FSENX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MainGate MLP Fund (IMLPX) and Fidelity Select Energy Portfolio (FSENX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IMLPX achieves a 17.62% return, which is significantly lower than FSENX's 25.07% return. Over the past 10 years, IMLPX has outperformed FSENX with an annualized return of 9.27%, while FSENX has yielded a comparatively lower 8.66% annualized return.

IMLPX

• 1D: -0.09%
• 1M: -5.60%
• YTD: 17.62%
• 6M: 18.45%
• 1Y: 18.09%
• 3Y*: 22.92%
• 5Y*: 20.99%
• 10Y*: 9.27%

FSENX

• 1D: -1.60%
• 1M: -9.51%
• YTD: 25.07%
• 6M: 26.87%
• 1Y: 31.46%
• 3Y*: 15.80%
• 5Y*: 21.55%
• 10Y*: 8.66%

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

IMLPX vs. FSENX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IMLPX MainGate MLP Fund	17.62%	2.77%	34.76%	20.26%	33.69%	44.24%	-27.81%	7.14%	-22.20%	-7.92%
FSENX Fidelity Select Energy Portfolio	25.07%	10.56%	4.26%	0.94%	62.98%	55.31%	-32.51%	9.90%	-24.94%	-2.65%

Correlation

The correlation between IMLPX and FSENX is 0.72, 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	0.72
Correlation (3Y) Calculated over the trailing 3-year period	0.72
Correlation (5Y) Calculated over the trailing 5-year period	0.78
Correlation (10Y) Calculated over the trailing 10-year period	0.78
Correlation (All Time) Calculated using the full available price history since Feb 22, 2011	0.75

The correlation between IMLPX and FSENX has been stable across timeframes, ranging from 0.72 to 0.78 - a consistent structural relationship.

Return for Risk

IMLPX vs. FSENX — Risk / Return Rank

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

IMLPX

IMLPX Risk / Return Rank: 34
IMLPX Sharpe Ratio Rank: 27
IMLPX Sortino Ratio Rank: 25
IMLPX Omega Ratio Rank: 23
IMLPX Calmar Ratio Rank: 61
IMLPX Martin Ratio Rank: 32

FSENX

FSENX Risk / Return Rank: 39
FSENX Sharpe Ratio Rank: 36
FSENX Sortino Ratio Rank: 32
FSENX Omega Ratio Rank: 30
FSENX Calmar Ratio Rank: 54
FSENX Martin Ratio Rank: 43

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.

IMLPX vs. FSENX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MainGate MLP Fund (IMLPX) and Fidelity Select Energy Portfolio (FSENX). 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.

	IMLPX	FSENX	Difference
Sharpe ratio: Return per unit of total volatility	1.38	1.62	-0.24
Sortino ratio: Return per unit of downside risk	1.95	2.19	-0.24
Omega ratio: Gain probability vs. loss probability	1.24	1.27	-0.03
Calmar ratio: Return relative to maximum drawdown	2.88	2.69	+0.19
Martin ratio: Return relative to average drawdown	6.85	8.68	-1.83

IMLPX vs. FSENX - Sharpe Ratio Comparison

The current IMLPX Sharpe Ratio is 1.38, which is comparable to the FSENX Sharpe Ratio of 1.62. The chart below compares the historical Sharpe Ratios of IMLPX and FSENX, 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

IMLPX vs. FSENX - Drawdown Comparison

The maximum IMLPX drawdown since its inception was -76.39%, roughly equal to the maximum FSENX drawdown of -76.24%. Use the drawdown chart below to compare losses from any high point for IMLPX and FSENX.

Drawdown Indicators

	IMLPX	FSENX	Difference
Max Drawdown Largest peak-to-trough decline	-76.39%	-76.24%	-0.15%
Max Drawdown (1Y) Largest decline over 1 year	-6.47%	-12.09%	+5.62%
Max Drawdown (3Y) Largest decline over 3 years	-15.93%	-25.85%	+9.92%
Max Drawdown (5Y) Largest decline over 5 years	-22.00%	-28.02%	+6.02%
Max Drawdown (10Y) Largest decline over 10 years	-72.19%	-72.11%	-0.08%
Current Drawdown Current decline from peak	-5.98%	-12.09%	+6.11%
Average Drawdown Average peak-to-trough decline	-17.66%	-17.00%	-0.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.72%	3.74%	-1.02%

Volatility

IMLPX vs. FSENX - Volatility Comparison

The current volatility for MainGate MLP Fund (IMLPX) is 4.89%, while Fidelity Select Energy Portfolio (FSENX) has a volatility of 6.69%. This indicates that IMLPX experiences smaller price fluctuations and is considered to be less risky than FSENX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IMLPX	FSENX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.89%	6.69%	-1.80%
Volatility (6M) Calculated over the trailing 6-month period	10.44%	15.84%	-5.40%
Volatility (1Y) Calculated over the trailing 1-year period	13.50%	20.04%	-6.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.24%	27.28%	-7.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.53%	30.94%	-4.41%

IMLPX vs. FSENX - Expense Ratio Comparison

IMLPX has a 1.44% expense ratio, which is higher than FSENX's 0.77% expense ratio.

Dividends

IMLPX vs. FSENX - Dividend Comparison

IMLPX's dividend yield for the trailing twelve months is around 4.40%, more than FSENX's 1.71% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FSENX Fidelity Select Energy Portfolio	1.71%	1.95%	1.95%	1.98%	2.50%	2.25%	3.43%	1.84%	1.48%	1.74%	0.62%	1.29%
IMLPX MainGate MLP Fund	4.40%	4.55%	4.22%	5.04%	5.75%	7.22%	11.02%	9.83%	9.65%	6.98%	6.02%	7.01%

Frequently Asked Questions

Can I hold both IMLPX and FSENX in my portfolio?

IMLPX and FSENX have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IMLPX or FSENX?

FSENX has higher volatility (6.69%) compared to IMLPX (4.89%). In terms of maximum drawdown, IMLPX dropped -76.39% vs FSENX's -76.24%.

Which has better risk-adjusted returns?

FSENX currently has the higher Sharpe Ratio (1.62 vs 1.38), 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.