MLPDX vs. MLPD

Last updated Jun 24, 2026

MLPDX (Invesco SteelPath MLP Income Fund Class A) and MLPD (Global X MLP & Energy Infrastructure Covered Call ETF) are both funds - MLPDX is a MLPs fund actively managed by Invesco, while MLPD is a Derivative Income fund tracking the Cboe MLPX ATM BuyWrite Index. MLPDX is actively managed, while MLPD is passively managed. Over the past year, MLPDX returned 20.44% vs 15.13% for MLPD. A 0.73 correlation means they provide meaningful diversification when combined. MLPDX charges 9.02%/yr vs 0.60%/yr for MLPD.

Performance

MLPDX vs. MLPD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco SteelPath MLP Income Fund Class A (MLPDX) and Global X MLP & Energy Infrastructure Covered Call ETF (MLPD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MLPDX achieves a 16.69% return, which is significantly higher than MLPD's 5.90% return.

MLPDX

• 1D: 0.30%
• 1M: -6.16%
• YTD: 16.69%
• 6M: 16.30%
• 1Y: 20.44%
• 3Y*: 21.51%
• 5Y*: 17.94%
• 10Y*: 9.71%

MLPD

• 1D: 0.42%
• 1M: -0.92%
• YTD: 5.90%
• 6M: 6.34%
• 1Y: 15.13%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MLPDX vs. MLPD - Yearly Performance Comparison

	2026 (YTD)	2025	2024
MLPDX Invesco SteelPath MLP Income Fund Class A	16.69%	7.69%	8.74%
MLPD Global X MLP & Energy Infrastructure Covered Call ETF	5.90%	11.77%	9.42%

Correlation

The correlation between MLPDX and MLPD is 0.70, 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	0.70
Correlation (All Time) Calculated using the full available price history since May 8, 2024	0.73

The correlation between MLPDX and MLPD has been stable across timeframes, ranging from 0.70 to 0.73 - a consistent structural relationship.

Return for Risk

MLPDX vs. MLPD — 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: 40
MLPDX Sortino Ratio Rank: 38
MLPDX Omega Ratio Rank: 34
MLPDX Calmar Ratio Rank: 56
MLPDX Martin Ratio Rank: 43

MLPD

MLPD Risk / Return Rank: 65
MLPD Sharpe Ratio Rank: 66
MLPD Sortino Ratio Rank: 62
MLPD Omega Ratio Rank: 68
MLPD Calmar Ratio Rank: 68
MLPD Martin Ratio Rank: 60

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. MLPD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco SteelPath MLP Income Fund Class A (MLPDX) and Global X MLP & Energy Infrastructure Covered Call ETF (MLPD). 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	MLPD	Difference
Sharpe ratio: Return per unit of total volatility	1.69	1.99	-0.30
Sortino ratio: Return per unit of downside risk	2.38	2.67	-0.28
Omega ratio: Gain probability vs. loss probability	1.29	1.37	-0.08
Calmar ratio: Return relative to maximum drawdown	2.74	3.16	-0.43
Martin ratio: Return relative to average drawdown	8.72	10.05	-1.33

MLPDX vs. MLPD - Sharpe Ratio Comparison

The current MLPDX Sharpe Ratio is 1.69, which is comparable to the MLPD Sharpe Ratio of 1.99. The chart below compares the historical Sharpe Ratios of MLPDX and MLPD, 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. MLPD - Drawdown Comparison

The maximum MLPDX drawdown since its inception was -77.09%, which is greater than MLPD's maximum drawdown of -12.90%. Use the drawdown chart below to compare losses from any high point for MLPDX and MLPD.

Drawdown Indicators

	MLPDX	MLPD	Difference
Max Drawdown Largest peak-to-trough decline	-77.09%	-12.90%	-64.19%
Max Drawdown (1Y) Largest decline over 1 year	-7.23%	-4.80%	-2.43%
Max Drawdown (3Y) Largest decline over 3 years	-14.45%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-17.98%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-72.90%	—	—
Current Drawdown Current decline from peak	-6.82%	-1.11%	-5.71%
Average Drawdown Average peak-to-trough decline	-13.37%	-1.12%	-12.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.26%	1.51%	+0.75%

Volatility

MLPDX vs. MLPD - Volatility Comparison

Invesco SteelPath MLP Income Fund Class A (MLPDX) has a higher volatility of 4.15% compared to Global X MLP & Energy Infrastructure Covered Call ETF (MLPD) at 3.38%. This indicates that MLPDX's price experiences larger fluctuations and is considered to be riskier than MLPD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MLPDX	MLPD	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.15%	3.38%	+0.77%
Volatility (6M) Calculated over the trailing 6-month period	8.82%	5.53%	+3.29%
Volatility (1Y) Calculated over the trailing 1-year period	11.74%	7.65%	+4.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.27%	11.35%	+5.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.76%	11.35%	+14.41%

MLPDX vs. MLPD - Expense Ratio Comparison

MLPDX has a 9.02% expense ratio, which is higher than MLPD's 0.60% expense ratio.

Dividends

MLPDX vs. MLPD - Dividend Comparison

MLPDX's dividend yield for the trailing twelve months is around 6.86%, less than MLPD's 13.48% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MLPD Global X MLP & Energy Infrastructure Covered Call ETF	13.48%	13.45%	6.68%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
MLPDX Invesco SteelPath MLP Income Fund Class A	6.86%	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 MLPD in my portfolio?

MLPDX and MLPD have a correlation of 0.70, 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 MLPD?

MLPDX has higher volatility (4.15%) compared to MLPD (3.38%). In terms of maximum drawdown, MLPDX dropped -77.09% vs MLPD's -12.90%.

Which has better risk-adjusted returns?

MLPD currently has the higher Sharpe Ratio (1.99 vs 1.69), 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.