MLPDX vs. NML
MLPDX (Invesco SteelPath MLP Income Fund Class A) and NML (Neuberger Berman MLP) are both MLPs funds. Both are actively managed. Over the past 10 years, MLPDX returned 9.69%/yr vs 9.77%/yr for NML. A 0.74 correlation means they provide meaningful diversification when combined. MLPDX charges 9.02%/yr vs 2.72%/yr for NML.
Performance
MLPDX vs. NML - Performance Comparison
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Returns By Period
In the year-to-date period, MLPDX achieves a 16.34% return, which is significantly lower than NML's 19.29% return. Both investments have delivered pretty close results over the past 10 years, with MLPDX having a 9.69% annualized return and NML not far ahead at 9.77%.
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%
NML
- 1D
- 0.72%
- 1M
- -6.05%
- YTD
- 19.29%
- 6M
- 21.14%
- 1Y
- 21.15%
- 3Y*
- 26.04%
- 5Y*
- 22.96%
- 10Y*
- 9.77%
MLPDX vs. NML - 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% |
NML Neuberger Berman MLP | 19.29% | 4.36% | 40.55% | 14.61% | 32.75% | 61.76% | -45.84% | 10.60% | -23.02% | 7.07% |
Correlation
The correlation between MLPDX and NML 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 (3Y) Calculated over the trailing 3-year period | 0.70 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.78 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.79 |
Correlation (All Time) Calculated using the full available price history since Mar 26, 2013 | 0.74 |
The correlation between MLPDX and NML has been stable across timeframes, ranging from 0.70 to 0.79 - a consistent structural relationship.
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Return for Risk
MLPDX vs. NML — Risk / Return Rank
MLPDX
NML
MLPDX vs. NML - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco SteelPath MLP Income Fund Class A (MLPDX) and Neuberger Berman MLP (NML). 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 | NML | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.45 | ||
| Sortino ratioReturn per unit of downside risk | +0.66 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 1.21 | +0.07 |
| Calmar ratioReturn relative to maximum drawdown | 2.72 | 2.20 | +0.52 |
| Martin ratioReturn relative to average drawdown | 8.80 | 5.90 | +2.91 |
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Drawdowns
MLPDX vs. NML - Drawdown Comparison
The maximum MLPDX drawdown since its inception was -77.09%, smaller than the maximum NML drawdown of -90.48%. Use the drawdown chart below to compare losses from any high point for MLPDX and NML.
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Drawdown Indicators
| MLPDX | NML | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -77.09% | -90.48% | +13.39% |
Max Drawdown (1Y)Largest decline over 1 year | -7.23% | -9.67% | +2.44% |
Max Drawdown (3Y)Largest decline over 3 years | -14.45% | -16.92% | +2.47% |
Max Drawdown (5Y)Largest decline over 5 years | -17.98% | -21.40% | +3.42% |
Max Drawdown (10Y)Largest decline over 10 years | -72.90% | -84.84% | +11.94% |
Current DrawdownCurrent decline from peak | -7.09% | -7.21% | +0.12% |
Average DrawdownAverage peak-to-trough decline | -13.37% | -36.95% | +23.58% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.22% | 3.60% | -1.38% |
Volatility
MLPDX vs. NML - Volatility Comparison
The current volatility for Invesco SteelPath MLP Income Fund Class A (MLPDX) is 4.18%, while Neuberger Berman MLP (NML) has a volatility of 6.17%. This indicates that MLPDX experiences smaller price fluctuations and is considered to be less risky than NML based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MLPDX | NML | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.18% | 6.17% | -1.99% |
Volatility (6M)Calculated over the trailing 6-month period | 8.97% | 13.72% | -4.75% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.71% | 17.28% | -5.57% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.32% | 23.81% | -6.49% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 25.75% | 35.08% | -9.33% |
MLPDX vs. NML - Expense Ratio Comparison
MLPDX has a 9.02% expense ratio, which is higher than NML's 2.72% expense ratio.
Dividends
MLPDX vs. NML - Dividend Comparison
MLPDX's dividend yield for the trailing twelve months is around 6.88%, less than NML's 7.55% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
NML Neuberger Berman MLP | 7.55% | 8.24% | 7.94% | 10.19% | 4.26% | 3.54% | 8.33% | 9.76% | 9.87% | 7.04% | 8.63% | 15.44% |
Frequently Asked Questions
MLPDX and NML 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.
NML has higher volatility (6.17%) compared to MLPDX (4.18%). In terms of maximum drawdown, MLPDX dropped -77.09% vs NML's -90.48%.
MLPDX currently has the higher Sharpe Ratio (1.68 vs 1.23), 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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