MLPDX vs. EMO

Last updated Jul 14, 2026

MLPDX (Invesco SteelPath MLP Income Fund Class A) and EMO (ClearBridge Energy Midstream Opportunity Fund) are both MLPs funds. Both are actively managed. Over the past 10 years, MLPDX returned 9.75%/yr vs 7.35%/yr for EMO. A 0.78 correlation means they provide meaningful diversification when combined. MLPDX charges 9.02%/yr vs 13.90%/yr for EMO.

Performance

MLPDX vs. EMO - Performance Comparison

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

Returns By Period

In the year-to-date period, MLPDX achieves a 19.66% return, which is significantly lower than EMO's 20.75% return. Over the past 10 years, MLPDX has outperformed EMO with an annualized return of 9.75%, while EMO has yielded a comparatively lower 7.35% annualized return.

MLPDX

• 1D: -0.58%
• 1M: 0.29%
• 6M: 16.55%
• YTD: 19.66%
• 1Y: 23.15%
• 3Y*: 21.04%
• 5Y*: 18.63%
• 10Y*: 9.75%

EMO

• 1D: 2.04%
• 1M: 3.44%
• 6M: 17.97%
• YTD: 20.75%
• 1Y: 21.70%
• 3Y*: 30.91%
• 5Y*: 28.91%
• 10Y*: 7.35%

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

MLPDX vs. EMO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MLPDX Invesco SteelPath MLP Income Fund Class A	19.66%	7.69%	24.00%	20.32%	25.11%	44.69%	-25.75%	18.07%	-13.12%	-8.61%
EMO ClearBridge Energy Midstream Opportunity Fund	20.75%	7.38%	44.45%	31.76%	40.13%	74.70%	-64.47%	19.60%	-25.73%	0.07%

Correlation

The correlation between MLPDX and EMO is 0.57, 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	0.57
Correlation (3Y) Calculated over the trailing 3-year period	0.68
Correlation (5Y) Calculated over the trailing 5-year period	0.80
Correlation (10Y) Calculated over the trailing 10-year period	0.82
Correlation (All Time) Calculated using the full available price history since Jun 14, 2011	0.78

Over the past year, the correlation between MLPDX and EMO has dropped to 0.57 - well below their long-term average of 0.78, suggesting their price drivers have been diverging.

Return for Risk

MLPDX vs. EMO — Risk / Return Rank

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

MLPDX

MLPDX Risk / Return Rank: 71
MLPDX Sharpe Ratio Rank: 74
MLPDX Sortino Ratio Rank: 72
MLPDX Omega Ratio Rank: 64
MLPDX Calmar Ratio Rank: 84
MLPDX Martin Ratio Rank: 59

EMO

EMO Risk / Return Rank: 34
EMO Sharpe Ratio Rank: 34
EMO Sortino Ratio Rank: 34
EMO Omega Ratio Rank: 35
EMO Calmar Ratio Rank: 43
EMO Martin Ratio Rank: 22

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.

MLPDX vs. EMO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco SteelPath MLP Income Fund Class A (MLPDX) and ClearBridge Energy Midstream Opportunity Fund (EMO). 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.

	MLPDX	EMO	Difference
Sharpe ratio: Return per unit of total volatility	1.93	1.28	+0.64
Sortino ratio: Return per unit of downside risk	2.69	1.88	+0.80
Omega ratio: Gain probability vs. loss probability	1.33	1.24	+0.09
Calmar ratio: Return relative to maximum drawdown	3.14	2.00	+1.13
Martin ratio: Return relative to average drawdown	9.20	4.10	+5.10

MLPDX vs. EMO - Sharpe Ratio Comparison

The current MLPDX Sharpe Ratio is 1.93, which is higher than the EMO Sharpe Ratio of 1.28. The chart below compares the historical Sharpe Ratios of MLPDX and EMO, 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

MLPDX vs. EMO - Drawdown Comparison

The maximum MLPDX drawdown since its inception was -77.09%, smaller than the maximum EMO drawdown of -95.06%. Use the drawdown chart below to compare losses from any high point for MLPDX and EMO.

Drawdown Indicators

	MLPDX	EMO	Difference
Max Drawdown Largest peak-to-trough decline	-77.09%	-95.06%	+17.97%
Max Drawdown (1Y) Largest decline over 1 year	-7.51%	-10.87%	+3.36%
Max Drawdown (3Y) Largest decline over 3 years	-14.45%	-18.81%	+4.36%
Max Drawdown (5Y) Largest decline over 5 years	-17.98%	-28.59%	+10.61%
Max Drawdown (10Y) Largest decline over 10 years	-72.90%	-93.02%	+20.12%
Current Drawdown Current decline from peak	-4.45%	-2.65%	-1.80%
Average Drawdown Average peak-to-trough decline	-13.34%	-31.78%	+18.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.55%	5.31%	-2.76%

Volatility

MLPDX vs. EMO - Volatility Comparison

Invesco SteelPath MLP Income Fund Class A (MLPDX) and ClearBridge Energy Midstream Opportunity Fund (EMO) have volatilities of 5.01% and 4.90%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MLPDX	EMO	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.01%	4.90%	+0.11%
Volatility (6M) Calculated over the trailing 6-month period	9.59%	12.64%	-3.05%
Volatility (1Y) Calculated over the trailing 1-year period	12.24%	17.00%	-4.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.28%	26.37%	-9.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.73%	41.16%	-15.43%

MLPDX vs. EMO - Expense Ratio Comparison

MLPDX has a 9.02% expense ratio, which is lower than EMO's 13.90% expense ratio.

Dividends

MLPDX vs. EMO - Dividend Comparison

MLPDX's dividend yield for the trailing twelve months is around 6.75%, less than EMO's 8.34% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EMO ClearBridge Energy Midstream Opportunity Fund	8.34%	9.41%	7.16%	6.79%	6.71%	6.71%	15.82%	10.94%	16.39%	10.85%	9.76%	11.88%
MLPDX Invesco SteelPath MLP Income Fund Class A	6.75%	7.51%	6.42%	7.72%	8.49%	9.74%	17.44%	17.48%	13.70%	10.99%	10.00%	11.12%

Frequently Asked Questions

Can I hold both MLPDX and EMO in my portfolio?

MLPDX and EMO have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MLPDX or EMO?

MLPDX has higher volatility (5.01%) compared to EMO (4.90%). In terms of maximum drawdown, MLPDX dropped -77.09% vs EMO's -95.06%.

Which has better risk-adjusted returns?

MLPDX currently has the higher Sharpe Ratio (1.93 vs 1.28), 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.