MLPAX vs. MLPDX

Last updated Jun 23, 2026

MLPAX (Invesco SteelPath MLP Alpha Fund Class A) and MLPDX (Invesco SteelPath MLP Income Fund Class A) are both MLPs funds from Invesco. Both are actively managed. Over the past 10 years, MLPAX returned 8.53%/yr vs 9.69%/yr for MLPDX. Their correlation of 0.94 suggests significant overlap in exposure. MLPAX charges 1.54%/yr vs 9.02%/yr for MLPDX.

Performance

MLPAX vs. MLPDX - Performance Comparison

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

Returns By Period

In the year-to-date period, MLPAX achieves a 15.55% return, which is significantly lower than MLPDX's 16.34% return. Over the past 10 years, MLPAX has underperformed MLPDX with an annualized return of 8.53%, while MLPDX has yielded a comparatively higher 9.69% annualized return.

MLPAX

• 1D: 0.11%
• 1M: -5.44%
• YTD: 15.55%
• 6M: 16.24%
• 1Y: 16.65%
• 3Y*: 24.53%
• 5Y*: 21.03%
• 10Y*: 8.53%

MLPDX

• 1D: 0.15%
• 1M: -6.45%
• YTD: 16.34%
• 6M: 16.54%
• 1Y: 19.28%
• 3Y*: 20.36%
• 5Y*: 18.48%
• 10Y*: 9.69%

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

MLPAX vs. MLPDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MLPAX Invesco SteelPath MLP Alpha Fund Class A	15.55%	4.31%	40.77%	20.43%	29.07%	39.45%	-30.58%	5.60%	-15.05%	-7.22%
MLPDX Invesco SteelPath MLP Income Fund Class A	16.34%	7.69%	24.00%	20.32%	25.11%	44.69%	-25.75%	18.07%	-13.12%	-8.61%

Correlation

The correlation between MLPAX and MLPDX is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.96
Correlation (3Y) Calculated over the trailing 3-year period	0.95
Correlation (5Y) Calculated over the trailing 5-year period	0.96
Correlation (10Y) Calculated over the trailing 10-year period	0.94
Correlation (All Time) Calculated using the full available price history since Apr 5, 2010	0.94

The correlation between MLPAX and MLPDX has been stable across timeframes, ranging from 0.94 to 0.96 - a consistent structural relationship.

Return for Risk

MLPAX vs. MLPDX — Risk / Return Rank

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

MLPAX

MLPAX Risk / Return Rank: 37
MLPAX Sharpe Ratio Rank: 32
MLPAX Sortino Ratio Rank: 30
MLPAX Omega Ratio Rank: 28
MLPAX Calmar Ratio Rank: 60
MLPAX Martin Ratio Rank: 34

MLPDX

MLPDX Risk / Return Rank: 42
MLPDX Sharpe Ratio Rank: 39
MLPDX Sortino Ratio Rank: 37
MLPDX Omega Ratio Rank: 33
MLPDX Calmar Ratio Rank: 55
MLPDX Martin Ratio Rank: 44

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. MLPDX - Risk-Adjusted Trends Comparison

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

	MLPAX	MLPDX	Difference
Sharpe ratio: Return per unit of total volatility	1.51	1.68	-0.16
Sortino ratio: Return per unit of downside risk	2.12	2.37	-0.24
Omega ratio: Gain probability vs. loss probability	1.26	1.28	-0.02
Calmar ratio: Return relative to maximum drawdown	2.84	2.72	+0.12
Martin ratio: Return relative to average drawdown	7.27	8.80	-1.53

MLPAX vs. MLPDX - Sharpe Ratio Comparison

The current MLPAX Sharpe Ratio is 1.51, which is comparable to the MLPDX Sharpe Ratio of 1.68. The chart below compares the historical Sharpe Ratios of MLPAX and MLPDX, 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

MLPAX vs. MLPDX - Drawdown Comparison

The maximum MLPAX drawdown since its inception was -77.51%, roughly equal to the maximum MLPDX drawdown of -77.09%. Use the drawdown chart below to compare losses from any high point for MLPAX and MLPDX.

Drawdown Indicators

	MLPAX	MLPDX	Difference
Max Drawdown Largest peak-to-trough decline	-77.51%	-77.09%	-0.42%
Max Drawdown (1Y) Largest decline over 1 year	-6.06%	-7.23%	+1.17%
Max Drawdown (3Y) Largest decline over 3 years	-15.29%	-14.45%	-0.84%
Max Drawdown (5Y) Largest decline over 5 years	-21.04%	-17.98%	-3.06%
Max Drawdown (10Y) Largest decline over 10 years	-72.85%	-72.90%	+0.05%
Current Drawdown Current decline from peak	-5.82%	-7.09%	+1.27%
Average Drawdown Average peak-to-trough decline	-17.01%	-13.37%	-3.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.36%	2.22%	+0.14%

Volatility

MLPAX vs. MLPDX - Volatility Comparison

Invesco SteelPath MLP Alpha Fund Class A (MLPAX) and Invesco SteelPath MLP Income Fund Class A (MLPDX) have volatilities of 4.20% and 4.18%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MLPAX	MLPDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.20%	4.18%	+0.02%
Volatility (6M) Calculated over the trailing 6-month period	8.80%	8.97%	-0.17%
Volatility (1Y) Calculated over the trailing 1-year period	11.37%	11.71%	-0.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.33%	17.32%	+2.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.97%	25.75%	+0.22%

MLPAX vs. MLPDX - Expense Ratio Comparison

MLPAX has a 1.54% expense ratio, which is lower than MLPDX's 9.02% expense ratio.

Dividends

MLPAX vs. MLPDX - Dividend Comparison

MLPAX's dividend yield for the trailing twelve months is around 5.34%, less than MLPDX's 6.88% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MLPAX Invesco SteelPath MLP Alpha Fund Class A	5.34%	5.72%	5.00%	5.91%	6.56%	7.91%	14.02%	9.91%	10.40%	8.21%	7.34%	7.99%
MLPDX Invesco SteelPath MLP Income Fund Class A	6.88%	7.51%	6.42%	7.72%	8.49%	9.74%	17.44%	17.48%	13.70%	10.99%	10.00%	11.12%

Frequently Asked Questions

Can I hold both MLPAX and MLPDX in my portfolio?

With a correlation of 0.96, MLPAX and MLPDX 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 MLPDX?

MLPAX has higher volatility (4.20%) compared to MLPDX (4.18%). In terms of maximum drawdown, MLPAX dropped -77.51% vs MLPDX's -77.09%.

Which has better risk-adjusted returns?

MLPDX currently has the higher Sharpe Ratio (1.68 vs 1.51), 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.