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

MLPD.L vs. QQQ

Last updated Jun 4, 2026

MLPD.L (Invesco Morningstar US Energy Infrastructure MLP UCITS ETF (Dist)) and QQQ (Invesco QQQ ETF) are both exchange-traded funds - MLPD.L is a Energy Equities fund tracking the MSCI World/Energy NR USD, while QQQ is a Nasdaq-100 fund tracking the NASDAQ-100 Index. Both are passively managed. Over the past 10 years, MLPD.L returned 7.30%/yr vs 21.94%/yr for QQQ. At a 0.17 correlation, their price movements are largely independent. MLPD.L charges 0.50%/yr vs 0.18%/yr for QQQ.

Performance

MLPD.L vs. QQQ - 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 Invesco QQQ ETF (QQQ). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, MLPD.L achieves a 19.38% return, which is significantly lower than QQQ's 21.30% return. Over the past 10 years, MLPD.L has underperformed QQQ with an annualized return of 7.30%, while QQQ has yielded a comparatively higher 21.94% annualized return.

MLPD.L

1D
1.11%
1M
0.78%
YTD
19.38%
6M
16.54%
1Y
16.43%
3Y*
19.18%
5Y*
17.42%
10Y*
7.30%

QQQ

1D
-0.26%
1M
10.60%
YTD
21.30%
6M
19.66%
1Y
41.82%
3Y*
28.78%
5Y*
17.97%
10Y*
21.94%
*Multi-year figures are annualized to reflect compound growth (CAGR)

MLPD.L vs. QQQ - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
MLPD.L
Invesco Morningstar US Energy Infrastructure MLP UCITS ETF (Dist)		19.38%2.33%22.53%19.70%31.84%36.86%-31.37%7.22%-14.92%-8.67%
QQQ
Invesco QQQ ETF		21.30%20.77%25.58%54.86%-32.58%27.42%48.62%38.96%-0.13%32.66%

Correlation

The correlation between MLPD.L and QQQ is -0.01, 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

-0.01

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

0.06

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

0.11

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

0.15

Correlation (All Time)
Calculated using the full available price history since Jun 25, 2013

0.17

The correlation between MLPD.L and QQQ shifts across timeframes, from -0.01 (1 year) to 0.17 (all time), reflecting how their relationship changes across market environments.

MLPD.L vs. QQQ - Sectors Allocation Comparison

Sectors
MLPD.L
QQQ

Energy

96.7%
0.6%

Utilities

3.2%
1.4%

Industrials

0.2%
2.8%

Basic Materials

-

1.1%

Communication Services

-

15.8%

Consumer Cyclical

-

12.3%

Consumer Defensive

-

7.7%

Financial Services

-

0.2%

Healthcare

-

4.2%

Real Estate

-

0.1%

Technology

-

53.8%

Energy

MLPD.L
96.7%
QQQ
0.6%

Utilities

MLPD.L
3.2%
QQQ
1.4%

Industrials

MLPD.L
0.2%
QQQ
2.8%

Basic Materials

MLPD.L

-

QQQ
1.1%

Communication Services

MLPD.L

-

QQQ
15.8%

Consumer Cyclical

MLPD.L

-

QQQ
12.3%

Consumer Defensive

MLPD.L

-

QQQ
7.7%

Financial Services

MLPD.L

-

QQQ
0.2%

Healthcare

MLPD.L

-

QQQ
4.2%

Real Estate

MLPD.L

-

QQQ
0.1%

Technology

MLPD.L

-

QQQ
53.8%

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Invesco Morningstar US Energy Infrastructure MLP UCITS ETF (Dist)

Invesco QQQ ETF

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Often compared with QQQ:
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Return for Risk

MLPD.L vs. QQQ — 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: 3232
Overall Rank
MLPD.L Sharpe Ratio Rank: 3131
Sharpe Ratio Rank
MLPD.L Sortino Ratio Rank: 2929
Sortino Ratio Rank
MLPD.L Omega Ratio Rank: 2828
Omega Ratio Rank
MLPD.L Calmar Ratio Rank: 3939
Calmar Ratio Rank
MLPD.L Martin Ratio Rank: 3232
Martin Ratio Rank
QQQ
QQQ Risk / Return Rank: 7373
Overall Rank
QQQ Sharpe Ratio Rank: 7979
Sharpe Ratio Rank
QQQ Sortino Ratio Rank: 7575
Sortino Ratio Rank
QQQ Omega Ratio Rank: 7474
Omega Ratio Rank
QQQ Calmar Ratio Rank: 6969
Calmar Ratio Rank
QQQ Martin Ratio Rank: 7171
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. QQQ - 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 Invesco QQQ ETF (QQQ). 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.LQQQDifference
Sharpe ratioReturn per unit of total volatility
1.15
2.64

-1.49

Sortino ratioReturn per unit of downside risk
1.62
3.45

-1.82

Omega ratioGain probability vs. loss probability

1.20

1.45

-0.25

Calmar ratioReturn relative to maximum drawdown

1.93

3.51

-1.59

Martin ratioReturn relative to average drawdown

4.95

13.49

-8.54

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

MLPD.L vs. QQQ - Sharpe Ratio Comparison

The current MLPD.L Sharpe Ratio is 1.15, which is lower than the QQQ Sharpe Ratio of 2.64. The chart below compares the historical Sharpe Ratios of MLPD.L and QQQ, 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.LQQQDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.15

2.64

-1.49

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.85

0.81

+0.05

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.26

0.99

-0.73

Sharpe Ratio (All Time)

Calculated using the full available price history

0.15

0.41

-0.26

Drawdowns

MLPD.L vs. QQQ - Drawdown Comparison

The maximum MLPD.L drawdown since its inception was -82.22%, roughly equal to the maximum QQQ drawdown of -82.97%. Use the drawdown chart below to compare losses from any high point for MLPD.L and QQQ.

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Drawdown Indicators

MLPD.LQQQDifference

Max Drawdown

Largest peak-to-trough decline

-82.22%

-82.97%

+0.75%

Max Drawdown (1Y)

Largest decline over 1 year

-8.49%

-11.96%

+3.47%

Max Drawdown (3Y)

Largest decline over 3 years

-17.23%

-22.77%

+5.54%

Max Drawdown (5Y)

Largest decline over 5 years

-21.78%

-35.12%

+13.34%

Max Drawdown (10Y)

Largest decline over 10 years

-75.74%

-35.12%

-40.62%

Current Drawdown

Current decline from peak

-2.71%

-0.26%

-2.45%

Average Drawdown

Average peak-to-trough decline

-28.24%

-32.79%

+4.55%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.31%

3.11%

+0.20%

Volatility

MLPD.L vs. QQQ - Volatility Comparison

Invesco Morningstar US Energy Infrastructure MLP UCITS ETF (Dist) (MLPD.L) has a higher volatility of 5.23% compared to Invesco QQQ ETF (QQQ) at 4.49%. This indicates that MLPD.L's price experiences larger fluctuations and is considered to be riskier than QQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

MLPD.LQQQDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.23%

4.49%

+0.74%

Volatility (6M)

Calculated over the trailing 6-month period

10.96%

12.10%

-1.14%

Volatility (1Y)

Calculated over the trailing 1-year period

14.23%

15.94%

-1.71%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

20.38%

22.38%

-2.00%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

28.35%

22.29%

+6.06%

MLPD.L vs. QQQ - Expense Ratio Comparison

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

Dividends

MLPD.L vs. QQQ - Dividend Comparison

MLPD.L's dividend yield for the trailing twelve months is around 7.53%, more than QQQ's 0.38% yield.

PositionTTM20252024202320222021202020192018201720162015
MLPD.L
Invesco Morningstar US Energy Infrastructure MLP UCITS ETF (Dist)		7.53%8.21%8.18%8.60%7.98%8.57%11.03%10.06%9.87%8.15%8.14%9.96%
QQQ
Invesco QQQ ETF		0.38%0.45%0.56%0.62%0.80%0.43%0.55%0.74%0.91%0.84%1.06%0.99%

Frequently Asked Questions

MLPD.L and QQQ have a correlation of -0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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

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

MLPD.L is categorized as Energy Equities, while QQQ is Nasdaq-100. MLPD.L tracks MSCI World/Energy NR USD, while QQQ tracks NASDAQ-100 Index. Their fees differ too: 0.50% for MLPD.L and 0.18% for QQQ.

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