MLPDX vs. MLPAX

Last updated Jun 23, 2026

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 9.69%/yr vs 8.53%/yr for MLPAX. Their correlation of 0.94 suggests significant overlap in exposure. MLPDX charges 9.02%/yr vs 1.54%/yr for MLPAX.

Performance

MLPDX vs. MLPAX - Performance Comparison

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

Returns By Period

The year-to-date returns for both stocks are quite close, with MLPDX having a 16.34% return and MLPAX slightly lower at 15.55%. Over the past 10 years, MLPDX has outperformed MLPAX with an annualized return of 9.69%, while MLPAX has yielded a comparatively lower 8.53% annualized return.

MLPDX

• 1D: 0.15%
• 1M: -6.45%
• YTD: 16.34%
• 6M: 16.54%
• 1Y: 19.28%
• 3Y*: 20.36%
• 5Y*: 18.48%
• 10Y*: 9.69%

MLPAX

• 1D: 0.11%
• 1M: -5.44%
• YTD: 15.55%
• 6M: 16.24%
• 1Y: 16.65%
• 3Y*: 24.53%
• 5Y*: 21.03%
• 10Y*: 8.53%

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

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	16.34%	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	15.55%	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 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.96
Correlation (3Y) Calculated over the trailing 3-year period	0.95
Correlation (5Y) Calculated over the trailing 5-year period	0.96
Correlation (10Y) Calculated over the trailing 10-year period	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.

Return for Risk

MLPDX vs. MLPAX — Risk / Return Rank

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

MLPDX

MLPDX Risk / Return Rank: 42
MLPDX Sharpe Ratio Rank: 39
MLPDX Sortino Ratio Rank: 37
MLPDX Omega Ratio Rank: 33
MLPDX Calmar Ratio Rank: 55
MLPDX Martin Ratio Rank: 44

MLPAX

MLPAX Risk / Return Rank: 37
MLPAX Sharpe Ratio Rank: 32
MLPAX Sortino Ratio Rank: 30
MLPAX Omega Ratio Rank: 28
MLPAX Calmar Ratio Rank: 60
MLPAX Martin Ratio Rank: 34

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. 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 ratio: Return per unit of total volatility	1.68	1.51	+0.16
Sortino ratio: Return per unit of downside risk	2.37	2.12	+0.24
Omega ratio: Gain probability vs. loss probability	1.28	1.26	+0.02
Calmar ratio: Return relative to maximum drawdown	2.72	2.84	-0.12
Martin ratio: Return relative to average drawdown	8.80	7.27	+1.53

MLPDX vs. MLPAX - Sharpe Ratio Comparison

The current MLPDX Sharpe Ratio is 1.68, which is comparable to the MLPAX Sharpe Ratio of 1.51. The chart below compares the historical Sharpe Ratios of MLPDX and MLPAX, 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. 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.

Drawdown Indicators

	MLPDX	MLPAX	Difference
Max Drawdown Largest peak-to-trough decline	-77.09%	-77.51%	+0.42%
Max Drawdown (1Y) Largest decline over 1 year	-7.23%	-6.06%	-1.17%
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 Drawdown Current decline from peak	-7.09%	-5.82%	-1.27%
Average Drawdown Average peak-to-trough decline	-13.37%	-17.01%	+3.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.22%	2.36%	-0.14%

Volatility

MLPDX vs. MLPAX - Volatility Comparison

Invesco SteelPath MLP Income Fund Class A (MLPDX) and Invesco SteelPath MLP Alpha Fund Class A (MLPAX) have volatilities of 4.18% and 4.20%, 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	MLPAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.18%	4.20%	-0.02%
Volatility (6M) Calculated over the trailing 6-month period	8.97%	8.80%	+0.17%
Volatility (1Y) Calculated over the trailing 1-year period	11.71%	11.37%	+0.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.32%	19.33%	-2.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.75%	25.97%	-0.22%

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 6.88%, more than MLPAX's 5.34% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MLPAX Invesco SteelPath MLP Alpha Fund Class A	5.34%	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	6.88%	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 MLPAX in my portfolio?

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.

Which is riskier, MLPDX or MLPAX?

MLPAX has higher volatility (4.20%) compared to MLPDX (4.18%). In terms of maximum drawdown, MLPDX dropped -77.09% vs MLPAX's -77.51%.

Which has better risk-adjusted returns?

MLPDX currently has the higher Sharpe Ratio (1.68 vs 1.51), 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.