MLPAX vs. PFFA

Last updated Apr 1, 2026

Compare and contrast key facts about Invesco SteelPath MLP Alpha Fund Class A (MLPAX) and Virtus InfraCap U.S. Preferred Stock ETF (PFFA).

MLPAX is an actively managed fund by Invesco. It was launched on Mar 31, 2010. PFFA is an actively managed fund by Virtus Investment Partners. It was launched on May 15, 2018.

Performance

MLPAX vs. PFFA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco SteelPath MLP Alpha Fund Class A (MLPAX) and Virtus InfraCap U.S. Preferred Stock ETF (PFFA). The values are adjusted to include any dividend payments, if applicable.

MLPAX vs. PFFA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
MLPAX Invesco SteelPath MLP Alpha Fund Class A	17.20%	4.31%	40.77%	20.43%	29.07%	39.45%	-30.58%	5.60%	-11.15%
PFFA Virtus InfraCap U.S. Preferred Stock ETF	-3.22%	8.22%	16.11%	26.45%	-20.91%	23.53%	-7.87%	31.99%	-7.10%

Returns By Period

In the year-to-date period, MLPAX achieves a 17.20% return, which is significantly higher than PFFA's -3.22% return.

MLPAX

• 1D: -0.51%
• 1M: 3.08%
• YTD: 17.20%
• 6M: 19.83%
• 1Y: 14.53%
• 3Y*: 26.37%
• 5Y*: 25.99%
• 10Y*: 10.84%

PFFA

• 1D: 0.10%
• 1M: -4.25%
• YTD: -3.22%
• 6M: -1.63%
• 1Y: 5.66%
• 3Y*: 12.09%
• 5Y*: 5.84%
• 10Y*: —

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

MLPAX vs. PFFA - Expense Ratio Comparison

MLPAX has a 1.54% expense ratio, which is higher than PFFA's 1.47% expense ratio.

MLPAX

Invesco SteelPath MLP Alpha Fund Class A

PFFA

Virtus InfraCap U.S. Preferred Stock ETF

Return for Risk

MLPAX vs. PFFA — Risk / Return Rank

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

MLPAX

MLPAX Risk / Return Rank: 34
MLPAX Sharpe Ratio Rank: 40
MLPAX Sortino Ratio Rank: 33
MLPAX Omega Ratio Rank: 41
MLPAX Calmar Ratio Rank: 33
MLPAX Martin Ratio Rank: 23

PFFA

PFFA Risk / Return Rank: 30
PFFA Sharpe Ratio Rank: 33
PFFA Sortino Ratio Rank: 28
PFFA Omega Ratio Rank: 32
PFFA Calmar Ratio Rank: 27
PFFA Martin Ratio Rank: 28

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. PFFA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco SteelPath MLP Alpha Fund Class A (MLPAX) and Virtus InfraCap U.S. Preferred Stock ETF (PFFA). 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	PFFA	Difference
Sharpe ratio Return per unit of total volatility	0.87	0.57	+0.30
Sortino ratio Return per unit of downside risk	1.18	0.78	+0.40
Omega ratio Gain probability vs. loss probability	1.19	1.12	+0.07
Calmar ratio Return relative to maximum drawdown	0.93	0.58	+0.35
Martin ratio Return relative to average drawdown	2.57	2.04	+0.54
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. PFFA - Sharpe Ratio Comparison

The current MLPAX Sharpe Ratio is 0.87, which is higher than the PFFA Sharpe Ratio of 0.57. The chart below compares the historical Sharpe Ratios of MLPAX and PFFA, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	MLPAX	PFFA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.87	0.57	+0.30
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.34	0.51	+0.83
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.42	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.31	0.22	+0.09

Correlation

The correlation between MLPAX and PFFA is 0.39, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

MLPAX vs. PFFA - Dividend Comparison

MLPAX's dividend yield for the trailing twelve months is around 5.07%, less than PFFA's 10.06% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MLPAX Invesco SteelPath MLP Alpha Fund Class A	5.07%	5.72%	5.00%	5.91%	6.56%	7.91%	14.02%	9.91%	10.40%	8.21%	7.34%	7.99%
PFFA Virtus InfraCap U.S. Preferred Stock ETF	10.06%	9.47%	9.18%	9.56%	10.75%	7.64%	8.54%	10.02%	5.15%	0.00%	0.00%	0.00%

Drawdowns

MLPAX vs. PFFA - Drawdown Comparison

The maximum MLPAX drawdown since its inception was -77.51%, which is greater than PFFA's maximum drawdown of -70.52%. Use the drawdown chart below to compare losses from any high point for MLPAX and PFFA.

Drawdown Indicators

	MLPAX	PFFA	Difference
Max Drawdown Largest peak-to-trough decline	-77.51%	-70.52%	-6.99%
Max Drawdown (1Y) Largest decline over 1 year	-14.80%	-8.54%	-6.26%
Max Drawdown (5Y) Largest decline over 5 years	-21.04%	-22.70%	+1.66%
Max Drawdown (10Y) Largest decline over 10 years	-72.85%	—	—
Current Drawdown Current decline from peak	-0.61%	-6.07%	+5.46%
Average Drawdown Average peak-to-trough decline	-17.21%	-6.77%	-10.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.35%	2.41%	+2.94%

Volatility

MLPAX vs. PFFA - Volatility Comparison

The current volatility for Invesco SteelPath MLP Alpha Fund Class A (MLPAX) is 3.07%, while Virtus InfraCap U.S. Preferred Stock ETF (PFFA) has a volatility of 3.26%. This indicates that MLPAX experiences smaller price fluctuations and is considered to be less risky than PFFA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MLPAX	PFFA	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.07%	3.26%	-0.19%
Volatility (6M) Calculated over the trailing 6-month period	7.67%	5.25%	+2.42%
Volatility (1Y) Calculated over the trailing 1-year period	16.71%	9.98%	+6.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.56%	11.49%	+8.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.13%	32.17%	-6.04%