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MLPD.L vs. IHYG.L
Performance
Return for Risk
Drawdowns
Volatility
Dividends

MLPD.L vs. IHYG.L

Last updated Jun 9, 2026

MLPD.L (Invesco Morningstar US Energy Infrastructure MLP UCITS ETF (Dist)) and IHYG.L (iShares € High Yield Corp Bond UCITS ETF EUR (Dist)) are both exchange-traded funds - MLPD.L is a Energy Equities fund tracking the MSCI World/Energy NR USD, while IHYG.L is a European High Yield Bonds fund tracking the Markit iBoxx Euro Liquid High Yield Index. Both are passively managed. Over the past 10 years, MLPD.L returned 7.11%/yr vs 3.35%/yr for IHYG.L. At a 0.20 correlation, their price movements are largely independent. Both charge a 0.50% expense ratio.

Performance

MLPD.L vs. IHYG.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 iShares € High Yield Corp Bond UCITS ETF EUR (Dist) (IHYG.L). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

MLPD.L is traded in USD, while IHYG.L is traded in EUR. To make them comparable, the IHYG.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 18.82% return, which is significantly higher than IHYG.L's -1.29% return. Over the past 10 years, MLPD.L has outperformed IHYG.L with an annualized return of 7.11%, while IHYG.L has yielded a comparatively lower 3.35% annualized return.

MLPD.L

1D
-0.49%
1M
1.36%
YTD
18.82%
6M
14.62%
1Y
15.61%
3Y*
18.84%
5Y*
16.46%
10Y*
7.11%

IHYG.L

1D
0.01%
1M
-1.85%
YTD
-1.29%
6M
0.46%
1Y
4.25%
3Y*
8.59%
5Y*
1.48%
10Y*
3.35%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)202520242023202220212020201920182017
MLPD.L
Invesco Morningstar US Energy Infrastructure MLP UCITS ETF (Dist)		18.82%2.34%22.53%19.70%31.82%36.90%-31.38%7.22%-14.92%-8.67%
IHYG.L
iShares € High Yield Corp Bond UCITS ETF EUR (Dist)		-1.29%19.47%-0.83%14.86%-14.91%-3.98%10.09%7.57%-8.07%19.64%

Correlation

The correlation between MLPD.L and IHYG.L is -0.05, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

-0.05

Correlation (3Y)
Calculated over the trailing 3-year period

0.10

Correlation (5Y)
Calculated over the trailing 5-year period

0.23

Correlation (10Y)
Calculated over the trailing 10-year period

0.22

Correlation (All Time)
Calculated using the full available price history since May 17, 2013

0.20

The correlation between MLPD.L and IHYG.L shifts across timeframes, from -0.05 (1 year) to 0.23 (5 years), reflecting how their relationship changes across market environments.

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

Sectors
MLPD.L
IHYG.L

Energy

96.7%

-

Utilities

3.2%

-

Industrials

0.2%

-

Basic Materials

-

-

Communication Services

-

-

Consumer Cyclical

-

-

Consumer Defensive

-

-

Financial Services

-

100.0%

Healthcare

-

-

Real Estate

-

-

Technology

-

-

Energy

MLPD.L
96.7%
IHYG.L

-

Utilities

MLPD.L
3.2%
IHYG.L

-

Industrials

MLPD.L
0.2%
IHYG.L

-

Basic Materials

MLPD.L

-

IHYG.L

-

Communication Services

MLPD.L

-

IHYG.L

-

Consumer Cyclical

MLPD.L

-

IHYG.L

-

Consumer Defensive

MLPD.L

-

IHYG.L

-

Financial Services

MLPD.L

-

IHYG.L
100.0%

Healthcare

MLPD.L

-

IHYG.L

-

Real Estate

MLPD.L

-

IHYG.L

-

Technology

MLPD.L

-

IHYG.L

-

Compare stocks, funds, or ETFs

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Invesco Morningstar US Energy Infrastructure MLP UCITS ETF (Dist)

iShares € High Yield Corp Bond UCITS ETF EUR (Dist)

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Often compared with IHYG.L:
IHYG.L vs. IEAC.ASIHYG.L vs. XHYA.DEIHYG.L vs. XAT1.DEIHYG.L vs. GLDIHYG.L vs. SDHA.LIHYG.L vs. YIEL.LIHYG.L vs. XHYG.L

Return for Risk

MLPD.L vs. IHYG.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: 3434
Overall Rank
MLPD.L Sharpe Ratio Rank: 3434
Sharpe Ratio Rank
MLPD.L Sortino Ratio Rank: 3131
Sortino Ratio Rank
MLPD.L Omega Ratio Rank: 3131
Omega Ratio Rank
MLPD.L Calmar Ratio Rank: 4141
Calmar Ratio Rank
MLPD.L Martin Ratio Rank: 3434
Martin Ratio Rank
IHYG.L
IHYG.L Risk / Return Rank: 2828
Overall Rank
IHYG.L Sharpe Ratio Rank: 2626
Sharpe Ratio Rank
IHYG.L Sortino Ratio Rank: 2828
Sortino Ratio Rank
IHYG.L Omega Ratio Rank: 2626
Omega Ratio Rank
IHYG.L Calmar Ratio Rank: 2525
Calmar Ratio Rank
IHYG.L Martin Ratio Rank: 3333
Martin Ratio Rank
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. IHYG.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 iShares € High Yield Corp Bond UCITS ETF EUR (Dist) (IHYG.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.

MLPD.LIHYG.LDifference
Sharpe ratioReturn per unit of total volatility
1.09
0.55

+0.54

Sortino ratioReturn per unit of downside risk
1.55
0.85

+0.70

Omega ratioGain probability vs. loss probability

1.19

1.10

+0.09

Calmar ratioReturn relative to maximum drawdown

1.83

0.58

+1.26

Martin ratioReturn relative to average drawdown

4.68

1.67

+3.01

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

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

The current MLPD.L Sharpe Ratio is 1.09, which is higher than the IHYG.L Sharpe Ratio of 0.55. The chart below compares the historical Sharpe Ratios of MLPD.L and IHYG.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.

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Sharpe Ratios by Period

MLPD.LIHYG.LDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.09

0.55

+0.54

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.81

0.14

+0.67

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.25

0.31

-0.06

Sharpe Ratio (All Time)

Calculated using the full available price history

0.13

0.31

-0.18

Drawdowns

MLPD.L vs. IHYG.L - Drawdown Comparison

The maximum MLPD.L drawdown since its inception was -82.22%, which is greater than IHYG.L's maximum drawdown of -31.65%. Use the drawdown chart below to compare losses from any high point for MLPD.L and IHYG.L.

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Drawdown Indicators

MLPD.LIHYG.LDifference

Max Drawdown

Largest peak-to-trough decline

-82.22%

-31.65%

-50.57%

Max Drawdown (1Y)

Largest decline over 1 year

-8.48%

-7.35%

-1.13%

Max Drawdown (3Y)

Largest decline over 3 years

-17.24%

-7.61%

-9.63%

Max Drawdown (5Y)

Largest decline over 5 years

-21.78%

-31.62%

+9.84%

Max Drawdown (10Y)

Largest decline over 10 years

-75.74%

-31.65%

-44.09%

Current Drawdown

Current decline from peak

-3.16%

-3.97%

+0.81%

Average Drawdown

Average peak-to-trough decline

-28.08%

-8.99%

-19.09%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.33%

2.54%

+0.79%

Volatility

MLPD.L vs. IHYG.L - Volatility Comparison

Invesco Morningstar US Energy Infrastructure MLP UCITS ETF (Dist) (MLPD.L) has a higher volatility of 4.46% compared to iShares € High Yield Corp Bond UCITS ETF EUR (Dist) (IHYG.L) at 2.00%. This indicates that MLPD.L's price experiences larger fluctuations and is considered to be riskier than IHYG.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

MLPD.LIHYG.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.46%

2.00%

+2.46%

Volatility (6M)

Calculated over the trailing 6-month period

10.93%

5.86%

+5.07%

Volatility (1Y)

Calculated over the trailing 1-year period

14.24%

7.71%

+6.53%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

20.36%

10.62%

+9.74%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

28.33%

10.79%

+17.54%

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

Both MLPD.L and IHYG.L have an expense ratio of 0.50%.

Dividends

MLPD.L vs. IHYG.L - Dividend Comparison

MLPD.L's dividend yield for the trailing twelve months is around 7.56%, more than IHYG.L's 5.18% yield.

PositionTTM20252024202320222021202020192018201720162015
IHYG.L
iShares € High Yield Corp Bond UCITS ETF EUR (Dist)		5.18%5.44%6.10%5.41%3.70%3.07%3.67%3.76%3.68%3.77%4.03%4.59%
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

MLPD.L and IHYG.L have a correlation of -0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Both ETFs have the same 0.50% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

MLPD.L and IHYG.L have the same expense ratio: 0.50% per year.

MLPD.L is categorized as Energy Equities, while IHYG.L is European High Yield Bonds. MLPD.L tracks MSCI World/Energy NR USD, while IHYG.L tracks Markit iBoxx Euro Liquid High Yield Index. They also come from different issuers: Invesco and iShares.

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