MLPAX vs. UMI

Last updated Aug 1, 2026

MLPAX (Invesco SteelPath MLP Alpha Fund Class A) and UMI (USCF Midstream Energy Income Fund ETF) are both funds - MLPAX is a MLPs fund actively managed by Invesco, while UMI is a Energy Equities fund actively managed by USCF. Both are actively managed. Over the past 5 years, MLPAX returned 23.55%/yr vs 22.50%/yr for UMI. Their 0.74 correlation means they have sometimes moved together and sometimes differently. MLPAX charges 1.54%/yr vs 0.85%/yr for UMI.

Performance

MLPAX vs. UMI - Performance Comparison

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

Returns By Period

In the year-to-date period, MLPAX achieves a 21.63% return, which is significantly lower than UMI's 26.70% 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%

UMI

• 1D: 0.50%
• 1M: 3.72%
• 6M: 18.07%
• YTD: 26.70%
• 1Y: 28.25%
• 3Y*: 26.23%
• 5Y*: 22.50%
• 10Y*: —
• ALL TIME*: 14.58%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
MLPAX Invesco SteelPath MLP Alpha Fund Class A	$0.00	$0.00	$0.00
UMI USCF Midstream Energy Income Fund ETF	$1.28M	$1.03M	$1.15M

MLPAX vs. UMI - 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%	8.31%
UMI USCF Midstream Energy Income Fund ETF	26.70%	5.11%	42.97%	14.60%	20.78%	20.97%	-8.25%	21.06%	-10.64%	2.76%

Correlation

The correlation between MLPAX and UMI is 0.93, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.93
Correlation (3Y) Balances recent behavior with more history.	0.92
Correlation (5Y) Shows whether the relationship held over a longer period.	0.94
Correlation (All Time) Calculated using the full available price history since Nov 30, 2017	0.74

The correlation between MLPAX and UMI shifts across timeframes, from 0.74 (all time) to 0.94 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

MLPAX vs. UMI — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

MLPAX

MLPAX Risk / Return Rank: 81
MLPAX Sharpe Ratio Rank: 81
MLPAX Sortino Ratio Rank: 78
MLPAX Omega Ratio Rank: 75
MLPAX Calmar Ratio Rank: 93
MLPAX Martin Ratio Rank: 76

UMI

UMI Risk / Return Rank: 83
UMI Sharpe Ratio Rank: 84
UMI Sortino Ratio Rank: 83
UMI Omega Ratio Rank: 81
UMI Calmar Ratio Rank: 90
UMI Martin Ratio Rank: 76

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

MLPAX vs. UMI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco SteelPath MLP Alpha Fund Class A (MLPAX) and USCF Midstream Energy Income Fund ETF (UMI). 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	UMI	Difference
Sharpe ratio: Return per unit of total volatility	1.95	1.95	0.00
Sortino ratio: Return per unit of downside risk	2.71	2.69	+0.02
Omega ratio: Gain probability vs. loss probability	1.33	1.34	0.00
Calmar ratio: Return relative to maximum drawdown	3.86	3.79	+0.07
Martin ratio: Return relative to average drawdown	9.31	9.51	-0.20

MLPAX vs. UMI - Sharpe Ratio Comparison

The current MLPAX Sharpe Ratio is 1.95, which is comparable to the UMI Sharpe Ratio of 1.95. The chart below compares the historical Sharpe Ratios of MLPAX and UMI, 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. UMI - Drawdown Comparison

The maximum MLPAX drawdown since its inception was -77.51%, which is greater than UMI's maximum drawdown of -48.08%. Use the drawdown chart below to compare losses from any high point for MLPAX and UMI.

Drawdown Indicators

	MLPAX	UMI	Difference
Max Drawdown Largest peak-to-trough decline	-77.51%	-48.08%	-29.43%
Max Drawdown (1Y) Largest decline over 1 year	-5.92%	-7.50%	+1.58%
Max Drawdown (3Y) Largest decline over 3 years	-15.29%	-17.08%	+1.79%
Max Drawdown (5Y) Largest decline over 5 years	-21.04%	-20.05%	-0.99%
Max Drawdown (10Y) Largest decline over 10 years	-72.85%	—	—
Current Drawdown Current decline from peak	-1.49%	-2.00%	+0.51%
Average Drawdown Average peak-to-trough decline	-16.91%	-6.53%	-10.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.44%	2.98%	-0.54%

Volatility

MLPAX vs. UMI - Volatility Comparison

The current volatility for Invesco SteelPath MLP Alpha Fund Class A (MLPAX) is 3.93%, while USCF Midstream Energy Income Fund ETF (UMI) has a volatility of 5.19%. This indicates that MLPAX experiences smaller price fluctuations and is considered to be less risky than UMI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MLPAX	UMI	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.93%	5.19%	-1.26%
Volatility (6M) Calculated over the trailing 6-month period	9.26%	11.67%	-2.41%
Volatility (1Y) Calculated over the trailing 1-year period	11.71%	14.59%	-2.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.02%	19.35%	-0.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.97%	23.10%	+2.87%

MLPAX vs. UMI - Expense Ratio Comparison

MLPAX has a 1.54% expense ratio, which is higher than UMI's 0.85% expense ratio.

Dividends

MLPAX vs. UMI - Dividend Comparison

MLPAX's dividend yield for the trailing twelve months is around 5.14%, less than UMI's 5.80% 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%
UMI USCF Midstream Energy Income Fund ETF	5.80%	6.23%	4.39%	4.67%	4.36%	3.00%	2.18%	2.47%	2.48%	0.15%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MLPAX and UMI in my portfolio?

With a correlation of 0.93, MLPAX and UMI 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 UMI?

UMI has higher volatility (5.19%) compared to MLPAX (3.93%). In terms of maximum drawdown, MLPAX dropped -77.51% vs UMI's -48.08%.

Which has better risk-adjusted returns?

MLPAX currently has the higher Sharpe Ratio (1.95 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.