IMLPX vs. VENAX

Last updated Jun 23, 2026

IMLPX (MainGate MLP Fund) and VENAX (Vanguard Energy Index Fund Admiral Shares) are both Energy Equities funds. Over the past 10 years, IMLPX returned 9.27%/yr vs 8.45%/yr for VENAX. A 0.75 correlation means they provide meaningful diversification when combined. IMLPX charges 1.44%/yr vs 0.10%/yr for VENAX.

Performance

IMLPX vs. VENAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MainGate MLP Fund (IMLPX) and Vanguard Energy Index Fund Admiral Shares (VENAX). 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 VENAX's 21.25% return. Over the past 10 years, IMLPX has outperformed VENAX with an annualized return of 9.27%, while VENAX has yielded a comparatively lower 8.45% 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%

VENAX

• 1D: -1.61%
• 1M: -9.68%
• YTD: 21.25%
• 6M: 22.53%
• 1Y: 25.20%
• 3Y*: 14.10%
• 5Y*: 19.67%
• 10Y*: 8.45%

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

IMLPX vs. VENAX - 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%
VENAX Vanguard Energy Index Fund Admiral Shares	21.25%	7.29%	6.57%	0.05%	62.94%	55.57%	-33.27%	9.36%	-19.90%	-2.39%

Correlation

The correlation between IMLPX and VENAX is 0.73, 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	0.73
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	0.79
Correlation (All Time) Calculated using the full available price history since Feb 22, 2011	0.75

The correlation between IMLPX and VENAX has been stable across timeframes, ranging from 0.72 to 0.79 - a consistent structural relationship.

Return for Risk

IMLPX vs. VENAX — 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

VENAX

VENAX Risk / Return Rank: 23
VENAX Sharpe Ratio Rank: 22
VENAX Sortino Ratio Rank: 20
VENAX Omega Ratio Rank: 19
VENAX Calmar Ratio Rank: 28
VENAX Martin Ratio Rank: 26

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. VENAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MainGate MLP Fund (IMLPX) and Vanguard Energy Index Fund Admiral Shares (VENAX). 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	VENAX	Difference
Sharpe ratio: Return per unit of total volatility	1.38	1.27	+0.11
Sortino ratio: Return per unit of downside risk	1.95	1.75	+0.20
Omega ratio: Gain probability vs. loss probability	1.24	1.21	+0.02
Calmar ratio: Return relative to maximum drawdown	2.88	1.85	+1.03
Martin ratio: Return relative to average drawdown	6.85	5.84	+1.01

IMLPX vs. VENAX - Sharpe Ratio Comparison

The current IMLPX Sharpe Ratio is 1.38, which is comparable to the VENAX Sharpe Ratio of 1.27. The chart below compares the historical Sharpe Ratios of IMLPX and VENAX, 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. VENAX - Drawdown Comparison

The maximum IMLPX drawdown since its inception was -76.39%, roughly equal to the maximum VENAX drawdown of -74.42%. Use the drawdown chart below to compare losses from any high point for IMLPX and VENAX.

Drawdown Indicators

	IMLPX	VENAX	Difference
Max Drawdown Largest peak-to-trough decline	-76.39%	-74.42%	-1.97%
Max Drawdown (1Y) Largest decline over 1 year	-6.47%	-14.22%	+7.75%
Max Drawdown (3Y) Largest decline over 3 years	-15.93%	-21.44%	+5.51%
Max Drawdown (5Y) Largest decline over 5 years	-22.00%	-26.59%	+4.59%
Max Drawdown (10Y) Largest decline over 10 years	-72.19%	-69.58%	-2.61%
Current Drawdown Current decline from peak	-5.98%	-14.22%	+8.24%
Average Drawdown Average peak-to-trough decline	-17.66%	-19.96%	+2.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.72%	4.51%	-1.79%

Volatility

IMLPX vs. VENAX - Volatility Comparison

The current volatility for MainGate MLP Fund (IMLPX) is 4.89%, while Vanguard Energy Index Fund Admiral Shares (VENAX) has a volatility of 7.03%. This indicates that IMLPX experiences smaller price fluctuations and is considered to be less risky than VENAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IMLPX	VENAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.89%	7.03%	-2.14%
Volatility (6M) Calculated over the trailing 6-month period	10.44%	16.72%	-6.28%
Volatility (1Y) Calculated over the trailing 1-year period	13.50%	20.81%	-7.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.24%	26.45%	-6.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.53%	30.25%	-3.72%

IMLPX vs. VENAX - Expense Ratio Comparison

IMLPX has a 1.44% expense ratio, which is higher than VENAX's 0.10% expense ratio.

Dividends

IMLPX vs. VENAX - Dividend Comparison

IMLPX's dividend yield for the trailing twelve months is around 4.40%, more than VENAX's 2.59% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
VENAX Vanguard Energy Index Fund Admiral Shares	2.59%	3.10%	3.24%	3.34%	3.65%	3.80%	4.76%	3.41%	3.35%	2.90%	2.31%	3.17%

Frequently Asked Questions

Can I hold both IMLPX and VENAX in my portfolio?

IMLPX and VENAX have a correlation of 0.73, 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 VENAX?

VENAX has higher volatility (7.03%) compared to IMLPX (4.89%). In terms of maximum drawdown, IMLPX dropped -76.39% vs VENAX's -74.42%.

Which has better risk-adjusted returns?

IMLPX currently has the higher Sharpe Ratio (1.38 vs 1.27), 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.