MLPAX vs. MLPDX
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 9.05%/yr vs 10.35%/yr for MLPDX. Their correlation of 0.94 means they have usually moved in the same direction. MLPAX charges 1.54%/yr vs 9.02%/yr for MLPDX.
Performance
MLPAX vs. MLPDX - Performance Comparison
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Returns By Period
In the year-to-date period, MLPAX achieves a 21.63% return, which is significantly lower than MLPDX's 23.53% return. Over the past 10 years, MLPAX has underperformed MLPDX with an annualized return of 9.05%, while MLPDX has yielded a comparatively higher 10.35% annualized return.
MLPAX
- 1D
- 0.20%
- 1M
- 3.40%
- 6M
- 14.75%
- YTD
- 21.63%
- 1Y
- 23.21%
- 3Y*
- 23.74%
- 5Y*
- 23.55%
- 10Y*
- 9.05%
- ALL TIME*
- 7.33%
MLPDX
- 1D
- 0.29%
- 1M
- 3.99%
- 6M
- 15.17%
- YTD
- 23.53%
- 1Y
- 26.27%
- 3Y*
- 21.08%
- 5Y*
- 20.71%
- 10Y*
- 10.35%
- ALL TIME*
- 7.62%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
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 | 21.63% | 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 | 23.53% | 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 - they have historically moved very closely together. At this level, their price movements offset little of one another.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.96 |
Correlation (3Y) Balances recent behavior with more history. | 0.95 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.95 |
Correlation (10Y) Provides a long-term view across more market conditions. | 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.
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Return for Risk
MLPAX vs. MLPDX — Risk / Return Rank
MLPAX
MLPDX
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 ratioReturn per unit of total volatility | -0.14 | ||
| Sortino ratioReturn per unit of downside risk | -0.20 | ||
| Omega ratioGain probability vs. loss probability | 1.33 | 1.36 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | 3.86 | 3.44 | +0.41 |
| Martin ratioReturn relative to average drawdown | 9.31 | 9.96 | -0.65 |
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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.
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Drawdown Indicators
| MLPAX | MLPDX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -77.51% | -77.09% | -0.42% |
Max Drawdown (1Y)Largest decline over 1 year | -5.92% | -7.51% | +1.59% |
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 DrawdownCurrent decline from peak | -1.49% | -1.36% | -0.13% |
Average DrawdownAverage peak-to-trough decline | -16.91% | -13.30% | -3.61% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.44% | 2.59% | -0.15% |
Volatility
MLPAX vs. MLPDX - Volatility Comparison
The current volatility for Invesco SteelPath MLP Alpha Fund Class A (MLPAX) is 3.93%, while Invesco SteelPath MLP Income Fund Class A (MLPDX) has a volatility of 4.27%. This indicates that MLPAX experiences smaller price fluctuations and is considered to be less risky than MLPDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MLPAX | MLPDX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.93% | 4.27% | -0.34% |
Volatility (6M)Calculated over the trailing 6-month period | 9.26% | 9.78% | -0.52% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.71% | 12.38% | -0.67% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.02% | 17.04% | +1.98% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 25.97% | 25.73% | +0.24% |
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 5.14%, less than MLPDX's 6.54% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MLPAX Invesco SteelPath MLP Alpha Fund Class A | 5.14% | 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 | 6.54% | 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
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.
MLPDX has higher volatility (4.27%) compared to MLPAX (3.93%). In terms of maximum drawdown, MLPAX dropped -77.51% vs MLPDX's -77.09%.
MLPDX currently has the higher Sharpe Ratio (2.09 vs 1.95), 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.
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