MLPAX vs. HMSFX

Last updated Jun 4, 2026

MLPAX (Invesco SteelPath MLP Alpha Fund Class A) and HMSFX (Hennessy Midstream Fund Investor Class) are both MLPs funds. MLPAX is actively managed, while HMSFX is passively managed. Over the past 5 years, MLPAX returned 21.52%/yr vs 19.37%/yr for HMSFX. With a 0.96 correlation, they move nearly in lockstep. MLPAX charges 1.54%/yr vs 1.75%/yr for HMSFX.

Performance

MLPAX vs. HMSFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco SteelPath MLP Alpha Fund Class A (MLPAX) and Hennessy Midstream Fund Investor Class (HMSFX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MLPAX achieves a 17.69% return, which is significantly higher than HMSFX's 16.30% return.

MLPAX

• 1D: 1.05%
• 1M: -0.97%
• YTD: 17.69%
• 6M: 17.41%
• 1Y: 19.10%
• 3Y*: 25.81%
• 5Y*: 21.52%
• 10Y*: 8.64%

HMSFX

• 1D: 1.49%
• 1M: -1.91%
• YTD: 16.30%
• 6M: 15.01%
• 1Y: 15.66%
• 3Y*: 21.48%
• 5Y*: 19.37%
• 10Y*: —

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

MLPAX vs. HMSFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
MLPAX Invesco SteelPath MLP Alpha Fund Class A	17.69%	4.31%	40.77%	20.43%	29.07%	39.45%	-30.58%	5.60%	-18.49%
HMSFX Hennessy Midstream Fund Investor Class	16.30%	-0.76%	35.85%	23.50%	28.88%	36.22%	-31.21%	11.77%	-20.36%

Correlation

The correlation between MLPAX and HMSFX is 0.93, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.93
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (5Y) Calculated over the trailing 5-year period	0.96
Correlation (All Time) Calculated using the full available price history since Sep 5, 2018	0.96

The correlation between MLPAX and HMSFX has been stable across timeframes, ranging from 0.93 to 0.96 - a consistent structural relationship.

Return for Risk

MLPAX vs. HMSFX — Risk / Return Rank

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

MLPAX

MLPAX Risk / Return Rank: 44
MLPAX Sharpe Ratio Rank: 37
MLPAX Sortino Ratio Rank: 34
MLPAX Omega Ratio Rank: 33
MLPAX Calmar Ratio Rank: 71
MLPAX Martin Ratio Rank: 43

HMSFX

HMSFX Risk / Return Rank: 14
HMSFX Sharpe Ratio Rank: 11
HMSFX Sortino Ratio Rank: 10
HMSFX Omega Ratio Rank: 10
HMSFX Calmar Ratio Rank: 25
HMSFX Martin Ratio Rank: 15

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.

MLPAX vs. HMSFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco SteelPath MLP Alpha Fund Class A (MLPAX) and Hennessy Midstream Fund Investor Class (HMSFX). 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.

	MLPAX	HMSFX	Difference
Sharpe ratio: Return per unit of total volatility	1.78	0.85	+0.93
Sortino ratio: Return per unit of downside risk	2.45	1.23	+1.22
Omega ratio: Gain probability vs. loss probability	1.30	1.15	+0.15
Calmar ratio: Return relative to maximum drawdown	3.28	1.84	+1.44
Martin ratio: Return relative to average drawdown	9.15	4.20	+4.95
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MLPAX vs. HMSFX - Sharpe Ratio Comparison

The current MLPAX Sharpe Ratio is 1.78, which is higher than the HMSFX Sharpe Ratio of 0.85. The chart below compares the historical Sharpe Ratios of MLPAX and HMSFX, 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

	MLPAX	HMSFX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.78	0.85	+0.93
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.11	0.96	+0.15
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.33	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.30	0.35	-0.04

Drawdowns

MLPAX vs. HMSFX - Drawdown Comparison

The maximum MLPAX drawdown since its inception was -77.51%, which is greater than HMSFX's maximum drawdown of -68.50%. Use the drawdown chart below to compare losses from any high point for MLPAX and HMSFX.

Drawdown Indicators

	MLPAX	HMSFX	Difference
Max Drawdown Largest peak-to-trough decline	-77.51%	-68.50%	-9.01%
Max Drawdown (1Y) Largest decline over 1 year	-6.17%	-6.98%	+0.81%
Max Drawdown (3Y) Largest decline over 3 years	-15.29%	-16.38%	+1.09%
Max Drawdown (5Y) Largest decline over 5 years	-21.04%	-21.17%	+0.13%
Max Drawdown (10Y) Largest decline over 10 years	-72.85%	—	—
Current Drawdown Current decline from peak	-4.07%	-5.02%	+0.95%
Average Drawdown Average peak-to-trough decline	-17.05%	-12.41%	-4.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.20%	3.89%	-1.69%

Volatility

MLPAX vs. HMSFX - Volatility Comparison

The current volatility for Invesco SteelPath MLP Alpha Fund Class A (MLPAX) is 4.84%, while Hennessy Midstream Fund Investor Class (HMSFX) has a volatility of 6.12%. This indicates that MLPAX experiences smaller price fluctuations and is considered to be less risky than HMSFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MLPAX	HMSFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.84%	6.12%	-1.28%
Volatility (6M) Calculated over the trailing 6-month period	8.67%	11.63%	-2.96%
Volatility (1Y) Calculated over the trailing 1-year period	11.44%	15.17%	-3.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.46%	20.24%	-0.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.98%	29.40%	-3.42%

MLPAX vs. HMSFX - Expense Ratio Comparison

MLPAX has a 1.54% expense ratio, which is lower than HMSFX's 1.75% expense ratio.

Dividends

MLPAX vs. HMSFX - Dividend Comparison

MLPAX's dividend yield for the trailing twelve months is around 5.18%, less than HMSFX's 7.96% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HMSFX Hennessy Midstream Fund Investor Class	7.96%	8.89%	8.12%	10.11%	11.23%	12.99%	15.54%	9.26%	4.74%	0.00%	0.00%	0.00%
MLPAX Invesco SteelPath MLP Alpha Fund Class A	5.18%	5.72%	5.00%	5.91%	6.56%	7.91%	14.02%	9.91%	10.40%	8.21%	7.34%	7.99%

Frequently Asked Questions

Can I hold both MLPAX and HMSFX in my portfolio?

With a correlation of 0.93, MLPAX and HMSFX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, MLPAX or HMSFX?

HMSFX has higher volatility (6.12%) compared to MLPAX (4.84%). In terms of maximum drawdown, MLPAX dropped -77.51% vs HMSFX's -68.50%.

Which has better risk-adjusted returns?

MLPAX currently has the higher Sharpe Ratio (1.78 vs 0.85), 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.