MLPD.L vs. ENGY.L

Last updated Jul 18, 2026

MLPD.L (Invesco Morningstar US Energy Infrastructure MLP UCITS ETF (Dist)) and ENGY.L (SPDR® MSCI Europe Energy UCITS ETF) are both Energy Equities funds tracking the MSCI World/Energy NR USD, from Invesco and State Street respectively. Both are passively managed. Over the past 10 years, MLPD.L returned 6.79%/yr vs 10.39%/yr for ENGY.L. A 0.59 correlation means they provide meaningful diversification when combined. MLPD.L charges 0.50%/yr vs 0.18%/yr for ENGY.L.

Performance

MLPD.L vs. ENGY.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Morningstar US Energy Infrastructure MLP UCITS ETF (Dist) (MLPD.L) and SPDR® MSCI Europe Energy UCITS ETF (ENGY.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

MLPD.L is traded in USD, while ENGY.L is traded in EUR. To make them comparable, the ENGY.L values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, MLPD.L achieves a 20.82% return, which is significantly lower than ENGY.L's 28.50% return. Over the past 10 years, MLPD.L has underperformed ENGY.L with an annualized return of 6.79%, while ENGY.L has yielded a comparatively higher 10.39% annualized return.

MLPD.L

• 1D: 0.21%
• 1M: 6.37%
• 6M: 15.08%
• YTD: 20.82%
• 1Y: 19.27%
• 3Y*: 17.68%
• 5Y*: 18.85%
• 10Y*: 6.79%

ENGY.L

• 1D: 1.66%
• 1M: 4.49%
• 6M: 26.77%
• YTD: 28.50%
• 1Y: 41.44%
• 3Y*: 17.40%
• 5Y*: 19.95%
• 10Y*: 10.39%

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

MLPD.L vs. ENGY.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MLPD.L Invesco Morningstar US Energy Infrastructure MLP UCITS ETF (Dist)	20.82%	2.34%	22.53%	19.70%	31.82%	36.90%	-31.38%	7.22%	-14.92%	-8.67%
ENGY.L SPDR® MSCI Europe Energy UCITS ETF	28.50%	29.30%	-10.61%	11.36%	30.50%	26.52%	-25.30%	6.94%	-4.42%	20.14%

Correlation

The correlation between MLPD.L and ENGY.L is 0.54, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.54
Correlation (3Y) Calculated over the trailing 3-year period	0.52
Correlation (5Y) Calculated over the trailing 5-year period	0.64
Correlation (10Y) Calculated over the trailing 10-year period	0.58
Correlation (All Time) Calculated using the full available price history since Dec 12, 2014	0.59

The correlation between MLPD.L and ENGY.L shifts across timeframes, from 0.52 (3 years) to 0.64 (5 years), reflecting how their relationship changes across market environments.

MLPD.L vs. ENGY.L - Sectors Allocation Comparison

Sectors	MLPD.L	ENGY.L
Energy	96.6%	98.4%
Utilities	3.2%	0.0%
Industrials	0.2%	0.2%
Basic Materials	-	0.1%
Communication Services	-	0.8%
Consumer Cyclical	-	0.1%
Consumer Defensive	-	0.1%
Financial Services	-	0.2%
Healthcare	-	0.1%
Real Estate	-	0.0%
Technology	-	0.1%

Return for Risk

MLPD.L vs. ENGY.L — Risk / Return Rank

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

MLPD.L

MLPD.L Risk / Return Rank: 47
MLPD.L Sharpe Ratio Rank: 47
MLPD.L Sortino Ratio Rank: 44
MLPD.L Omega Ratio Rank: 41
MLPD.L Calmar Ratio Rank: 57
MLPD.L Martin Ratio Rank: 43

ENGY.L

ENGY.L Risk / Return Rank: 66
ENGY.L Sharpe Ratio Rank: 75
ENGY.L Sortino Ratio Rank: 64
ENGY.L Omega Ratio Rank: 72
ENGY.L Calmar Ratio Rank: 63
ENGY.L Martin Ratio Rank: 57

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.

MLPD.L vs. ENGY.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Morningstar US Energy Infrastructure MLP UCITS ETF (Dist) (MLPD.L) and SPDR® MSCI Europe Energy UCITS ETF (ENGY.L). 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.

	MLPD.L	ENGY.L	Difference
Sharpe ratio: Return per unit of total volatility	1.31	1.76	-0.45
Sortino ratio: Return per unit of downside risk	1.83	2.25	-0.42
Omega ratio: Gain probability vs. loss probability	1.22	1.31	-0.08
Calmar ratio: Return relative to maximum drawdown	2.28	2.16	+0.12
Martin ratio: Return relative to average drawdown	5.51	7.27	-1.76

MLPD.L vs. ENGY.L - Sharpe Ratio Comparison

The current MLPD.L Sharpe Ratio is 1.31, which is comparable to the ENGY.L Sharpe Ratio of 1.76. The chart below compares the historical Sharpe Ratios of MLPD.L and ENGY.L, 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

MLPD.L vs. ENGY.L - Drawdown Comparison

The maximum MLPD.L drawdown since its inception was -82.22%, which is greater than ENGY.L's maximum drawdown of -61.34%. Use the drawdown chart below to compare losses from any high point for MLPD.L and ENGY.L.

Drawdown Indicators

	MLPD.L	ENGY.L	Difference
Max Drawdown Largest peak-to-trough decline	-82.22%	-61.34%	-20.88%
Max Drawdown (1Y) Largest decline over 1 year	-8.42%	-19.08%	+10.66%
Max Drawdown (3Y) Largest decline over 3 years	-17.24%	-24.38%	+7.14%
Max Drawdown (5Y) Largest decline over 5 years	-21.78%	-24.41%	+2.63%
Max Drawdown (10Y) Largest decline over 10 years	-75.74%	-61.34%	-14.40%
Current Drawdown Current decline from peak	-1.53%	-9.19%	+7.66%
Average Drawdown Average peak-to-trough decline	-27.87%	-12.18%	-15.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.48%	5.68%	-2.20%

Volatility

MLPD.L vs. ENGY.L - Volatility Comparison

The current volatility for Invesco Morningstar US Energy Infrastructure MLP UCITS ETF (Dist) (MLPD.L) is 3.64%, while SPDR® MSCI Europe Energy UCITS ETF (ENGY.L) has a volatility of 6.93%. This indicates that MLPD.L experiences smaller price fluctuations and is considered to be less risky than ENGY.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MLPD.L	ENGY.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.64%	6.93%	-3.29%
Volatility (6M) Calculated over the trailing 6-month period	11.21%	20.29%	-9.08%
Volatility (1Y) Calculated over the trailing 1-year period	14.62%	23.45%	-8.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.14%	25.16%	-5.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.21%	26.94%	+1.27%

MLPD.L vs. ENGY.L - Expense Ratio Comparison

MLPD.L has a 0.50% expense ratio, which is higher than ENGY.L's 0.18% expense ratio.

Dividends

MLPD.L vs. ENGY.L - Dividend Comparison

MLPD.L's dividend yield for the trailing twelve months is around 7.56%, while ENGY.L has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ENGY.L SPDR® MSCI Europe Energy UCITS ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
MLPD.L Invesco Morningstar US Energy Infrastructure MLP UCITS ETF (Dist)	7.56%	8.21%	8.18%	8.60%	7.98%	8.57%	11.03%	10.06%	9.87%	8.15%	8.14%	9.96%

Frequently Asked Questions

Can I hold both MLPD.L and ENGY.L in my portfolio?

MLPD.L and ENGY.L have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, MLPD.L or ENGY.L?

On fees, ENGY.L is cheaper at 0.18% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, MLPD.L or ENGY.L?

ENGY.L is cheaper with a 0.18% expense ratio, compared with 0.50% for MLPD.L.

What is the main difference between MLPD.L and ENGY.L?

Both ETFs track MSCI World/Energy NR USD. They also come from different issuers: Invesco and State Street. Their fees differ too: 0.50% for MLPD.L and 0.18% for ENGY.L.