IWM vs. MLPD.L

Last updated Jun 9, 2026

IWM (iShares Russell 2000 ETF) and MLPD.L (Invesco Morningstar US Energy Infrastructure MLP UCITS ETF (Dist)) are both exchange-traded funds - IWM is a Small Cap Blend Equities fund tracking the Russell 2000 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, IWM returned 10.78%/yr vs 7.11%/yr for MLPD.L. At a 0.31 correlation, their price movements are largely independent. IWM charges 0.19%/yr vs 0.50%/yr for MLPD.L.

Performance

IWM vs. MLPD.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Russell 2000 ETF (IWM) and Invesco Morningstar US Energy Infrastructure MLP UCITS ETF (Dist) (MLPD.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IWM achieves a 15.62% return, which is significantly lower than MLPD.L's 18.82% return. Over the past 10 years, IWM has outperformed MLPD.L with an annualized return of 10.78%, while MLPD.L has yielded a comparatively lower 7.11% annualized return.

IWM

• 1D: 0.87%
• 1M: -0.02%
• YTD: 15.62%
• 6M: 13.83%
• 1Y: 35.52%
• 3Y*: 16.64%
• 5Y*: 5.48%
• 10Y*: 10.78%

MLPD.L

• 1D: -0.49%
• 1M: 1.36%
• YTD: 18.82%
• 6M: 14.62%
• 1Y: 15.61%
• 3Y*: 18.84%
• 5Y*: 16.46%
• 10Y*: 7.11%

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

IWM vs. MLPD.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IWM iShares Russell 2000 ETF	15.62%	12.66%	11.38%	16.83%	-20.48%	14.54%	20.03%	25.39%	-11.12%	14.58%
MLPD.L Invesco Morningstar US Energy Infrastructure MLP UCITS ETF (Dist)	18.82%	2.34%	22.53%	19.70%	31.82%	36.90%	-31.38%	7.22%	-14.92%	-8.67%

Correlation

The correlation between IWM and MLPD.L is 0.02, 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	0.02
Correlation (3Y) Calculated over the trailing 3-year period	0.22
Correlation (5Y) Calculated over the trailing 5-year period	0.28
Correlation (10Y) Calculated over the trailing 10-year period	0.31
Correlation (All Time) Calculated using the full available price history since May 17, 2013	0.31

Over the past year, the correlation between IWM and MLPD.L has dropped to 0.02 - well below their long-term average of 0.31, suggesting their price drivers have been diverging.

IWM vs. MLPD.L - Sectors Allocation Comparison

Sectors	IWM	MLPD.L
Technology	19.5%	-
Industrials	17.2%	0.2%
Healthcare	16.1%	-
Financial Services	15.6%	-
Consumer Cyclical	7.9%	-
Energy	5.8%	96.7%
Real Estate	5.6%	-
Basic Materials	4.5%	-
Utilities	3.0%	3.2%
Consumer Defensive	2.1%	-
Communication Services	2.1%	-

Return for Risk

IWM vs. MLPD.L — Risk / Return Rank

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

IWM

IWM Risk / Return Rank: 63
IWM Sharpe Ratio Rank: 61
IWM Sortino Ratio Rank: 60
IWM Omega Ratio Rank: 54
IWM Calmar Ratio Rank: 71
IWM Martin Ratio Rank: 68

MLPD.L

MLPD.L Risk / Return Rank: 34
MLPD.L Sharpe Ratio Rank: 34
MLPD.L Sortino Ratio Rank: 31
MLPD.L Omega Ratio Rank: 31
MLPD.L Calmar Ratio Rank: 41
MLPD.L Martin Ratio Rank: 34

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.

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

This table presents a comparison of risk-adjusted performance metrics for iShares Russell 2000 ETF (IWM) 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.

	IWM	MLPD.L	Difference
Sharpe ratio: Return per unit of total volatility	1.83	1.09	+0.74
Sortino ratio: Return per unit of downside risk	2.54	1.55	+0.99
Omega ratio: Gain probability vs. loss probability	1.30	1.19	+0.11
Calmar ratio: Return relative to maximum drawdown	3.24	1.83	+1.40
Martin ratio: Return relative to average drawdown	11.44	4.68	+6.75
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IWM vs. MLPD.L - Sharpe Ratio Comparison

The current IWM Sharpe Ratio is 1.83, which is higher than the MLPD.L Sharpe Ratio of 1.09. The chart below compares the historical Sharpe Ratios of IWM 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.

Sharpe Ratios by Period

	IWM	MLPD.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.83	1.09	+0.74
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.24	0.81	-0.57
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.47	0.25	+0.22
Sharpe Ratio (All Time) Calculated using the full available price history	0.36	0.13	+0.24

Drawdowns

IWM vs. MLPD.L - Drawdown Comparison

The maximum IWM drawdown since its inception was -59.05%, smaller than the maximum MLPD.L drawdown of -82.22%. Use the drawdown chart below to compare losses from any high point for IWM and MLPD.L.

Drawdown Indicators

	IWM	MLPD.L	Difference
Max Drawdown Largest peak-to-trough decline	-59.05%	-82.22%	+23.17%
Max Drawdown (1Y) Largest decline over 1 year	-11.03%	-8.48%	-2.55%
Max Drawdown (3Y) Largest decline over 3 years	-27.50%	-17.24%	-10.26%
Max Drawdown (5Y) Largest decline over 5 years	-31.91%	-21.78%	-10.13%
Max Drawdown (10Y) Largest decline over 10 years	-41.13%	-75.74%	+34.61%
Current Drawdown Current decline from peak	-2.71%	-3.16%	+0.45%
Average Drawdown Average peak-to-trough decline	-10.76%	-28.08%	+17.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.11%	3.33%	-0.22%

Volatility

IWM vs. MLPD.L - Volatility Comparison

iShares Russell 2000 ETF (IWM) has a higher volatility of 6.52% compared to Invesco Morningstar US Energy Infrastructure MLP UCITS ETF (Dist) (MLPD.L) at 4.46%. This indicates that IWM's price experiences larger fluctuations and is considered to be riskier than MLPD.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IWM	MLPD.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.52%	4.46%	+2.06%
Volatility (6M) Calculated over the trailing 6-month period	14.00%	10.93%	+3.07%
Volatility (1Y) Calculated over the trailing 1-year period	19.53%	14.24%	+5.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.58%	20.36%	+2.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.07%	28.33%	-5.26%

IWM vs. MLPD.L - Expense Ratio Comparison

IWM has a 0.19% expense ratio, which is lower than MLPD.L's 0.50% expense ratio.

Dividends

IWM vs. MLPD.L - Dividend Comparison

IWM's dividend yield for the trailing twelve months is around 0.89%, less than MLPD.L's 7.56% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IWM iShares Russell 2000 ETF	0.89%	1.04%	1.15%	1.35%	1.48%	0.94%	1.04%	1.26%	1.40%	1.26%	1.38%	1.54%
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

Can I hold both IWM and MLPD.L in my portfolio?

IWM and MLPD.L have a correlation of 0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, IWM or MLPD.L?

On fees, IWM is cheaper at 0.19% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, IWM or MLPD.L?

IWM is cheaper with a 0.19% expense ratio, compared with 0.50% for MLPD.L.

What is the main difference between IWM and MLPD.L?

IWM is categorized as Small Cap Blend Equities, while MLPD.L is Energy Equities. IWM tracks Russell 2000 Index, while MLPD.L tracks MSCI World/Energy NR USD. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.19% for IWM and 0.50% for MLPD.L.