MLPDX vs. MLPAX
MLPDX (Invesco SteelPath MLP Income Fund Class A) and MLPAX (Invesco SteelPath MLP Alpha Fund Class A) are both MLPs funds from Invesco. Both are actively managed. Over the past 10 years, MLPDX returned 10.35%/yr vs 9.05%/yr for MLPAX. Their correlation of 0.94 means they have usually moved in the same direction. MLPDX charges 9.02%/yr vs 1.54%/yr for MLPAX.
Performance
MLPDX vs. MLPAX - Performance Comparison
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Returns By Period
In the year-to-date period, MLPDX achieves a 23.53% return, which is significantly higher than MLPAX's 21.63% return. Over the past 10 years, MLPDX has outperformed MLPAX with an annualized return of 10.35%, while MLPAX has yielded a comparatively lower 9.05% annualized return.
MLPDX
- 1D
- 0.29%
- 1M
- 3.99%
- 6M
- 15.17%
- YTD
- 23.53%
- 1Y
- 26.27%
- 3Y*
- 21.08%
- 5Y*
- 20.71%
- 10Y*
- 10.35%
- ALL TIME*
- 7.62%
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%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
MLPDX vs. MLPAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MLPDX Invesco SteelPath MLP Income Fund Class A | 23.53% | 7.69% | 24.00% | 20.32% | 25.11% | 44.69% | -25.75% | 18.07% | -13.12% | -8.61% |
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% | -7.22% |
Correlation
The correlation between MLPDX and MLPAX is 0.96 - they have historically moved very closely together. At this level, their price movements offset little of one another.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.96 |
Correlation (3Y) Balances recent behavior with more history. | 0.95 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.95 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.94 |
Correlation (All Time) Calculated using the full available price history since Apr 5, 2010 | 0.94 |
The correlation between MLPDX and MLPAX has been stable across timeframes, ranging from 0.94 to 0.96 - a consistent structural relationship.
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Return for Risk
MLPDX vs. MLPAX — Risk / Return Rank
MLPDX
MLPAX
MLPDX vs. MLPAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco SteelPath MLP Income Fund Class A (MLPDX) and Invesco SteelPath MLP Alpha Fund Class A (MLPAX). 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 | MLPAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.14 | ||
| Sortino ratioReturn per unit of downside risk | +0.20 | ||
| Omega ratioGain probability vs. loss probability | 1.36 | 1.33 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | 3.44 | 3.86 | -0.41 |
| Martin ratioReturn relative to average drawdown | 9.96 | 9.31 | +0.65 |
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Drawdowns
MLPDX vs. MLPAX - Drawdown Comparison
The maximum MLPDX drawdown since its inception was -77.09%, roughly equal to the maximum MLPAX drawdown of -77.51%. Use the drawdown chart below to compare losses from any high point for MLPDX and MLPAX.
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Drawdown Indicators
| MLPDX | MLPAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -77.09% | -77.51% | +0.42% |
Max Drawdown (1Y)Largest decline over 1 year | -7.51% | -5.92% | -1.59% |
Max Drawdown (3Y)Largest decline over 3 years | -14.45% | -15.29% | +0.84% |
Max Drawdown (5Y)Largest decline over 5 years | -17.98% | -21.04% | +3.06% |
Max Drawdown (10Y)Largest decline over 10 years | -72.90% | -72.85% | -0.05% |
Current DrawdownCurrent decline from peak | -1.36% | -1.49% | +0.13% |
Average DrawdownAverage peak-to-trough decline | -13.30% | -16.91% | +3.61% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.59% | 2.44% | +0.15% |
Volatility
MLPDX vs. MLPAX - Volatility Comparison
Invesco SteelPath MLP Income Fund Class A (MLPDX) has a higher volatility of 4.27% compared to Invesco SteelPath MLP Alpha Fund Class A (MLPAX) at 3.93%. This indicates that MLPDX's price experiences larger fluctuations and is considered to be riskier than MLPAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MLPDX | MLPAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.27% | 3.93% | +0.34% |
Volatility (6M)Calculated over the trailing 6-month period | 9.78% | 9.26% | +0.52% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.38% | 11.71% | +0.67% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.04% | 19.02% | -1.98% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 25.73% | 25.97% | -0.24% |
MLPDX vs. MLPAX - Expense Ratio Comparison
MLPDX has a 9.02% expense ratio, which is higher than MLPAX's 1.54% expense ratio.
Dividends
MLPDX vs. MLPAX - Dividend Comparison
MLPDX's dividend yield for the trailing twelve months is around 6.54%, more than MLPAX's 5.14% 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% |
MLPDX Invesco SteelPath MLP Income Fund Class A | 6.54% | 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
With a correlation of 0.96, MLPDX and MLPAX 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.
MLPDX has higher volatility (4.27%) compared to MLPAX (3.93%). In terms of maximum drawdown, MLPDX dropped -77.09% vs MLPAX's -77.51%.
MLPDX currently has the higher Sharpe Ratio (2.09 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.
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