MLPDX vs. VAFAX

Last updated Aug 4, 2026

MLPDX (Invesco SteelPath MLP Income Fund Class A) and VAFAX (Invesco American Franchise Fund Class A) are both mutual funds - MLPDX is a MLPs fund actively managed by Invesco, while VAFAX is a Large Cap Growth Equities fund managed by Invesco. Over the past 10 years, MLPDX returned 10.42%/yr vs 14.90%/yr for VAFAX. Their 0.38 correlation means their historical movements had little consistent relationship. MLPDX charges 9.02%/yr vs 0.95%/yr for VAFAX.

Performance

MLPDX vs. VAFAX - 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 American Franchise Fund Class A (VAFAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MLPDX achieves a 24.58% return, which is significantly higher than VAFAX's 3.77% return. Over the past 10 years, MLPDX has underperformed VAFAX with an annualized return of 10.42%, while VAFAX has yielded a comparatively higher 14.90% annualized return.

MLPDX

• 1D: 0.85%
• 1M: 4.88%
• 6M: 17.08%
• YTD: 24.58%
• 1Y: 27.35%
• 3Y*: 21.59%
• 5Y*: 20.92%
• 10Y*: 10.42%
• ALL TIME*: 7.67%

VAFAX

• 1D: 1.68%
• 1M: -2.08%
• 6M: 4.24%
• YTD: 3.77%
• 1Y: 8.74%
• 3Y*: 18.54%
• 5Y*: 8.62%
• 10Y*: 14.90%
• ALL TIME*: 11.20%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
MLPDX Invesco SteelPath MLP Income Fund Class A	$0.00	$0.00	$0.00
VAFAX Invesco American Franchise Fund Class A	$0.00	$0.00	$0.00

MLPDX vs. VAFAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MLPDX Invesco SteelPath MLP Income Fund Class A	24.58%	7.69%	24.00%	20.32%	25.11%	44.69%	-25.75%	18.07%	-13.12%	-8.61%
VAFAX Invesco American Franchise Fund Class A	3.77%	11.86%	34.78%	40.91%	-31.20%	11.13%	42.15%	36.55%	-3.99%	27.11%

Correlation

The correlation between MLPDX and VAFAX is -0.07, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.07
Correlation (3Y) Balances recent behavior with more history.	0.18
Correlation (5Y) Shows whether the relationship held over a longer period.	0.32
Correlation (10Y) Provides a long-term view across more market conditions.	0.35
Correlation (All Time) Calculated using the full available price history since Apr 5, 2010	0.38

The correlation between MLPDX and VAFAX shifts across timeframes, from -0.07 (1 year) to 0.38 (all time), reflecting how their relationship changes across market environments.

Return for Risk

MLPDX vs. VAFAX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

MLPDX

MLPDX Risk / Return Rank: 83
MLPDX Sharpe Ratio Rank: 85
MLPDX Sortino Ratio Rank: 82
MLPDX Omega Ratio Rank: 77
MLPDX Calmar Ratio Rank: 89
MLPDX Martin Ratio Rank: 79

VAFAX

VAFAX Risk / Return Rank: 8
VAFAX Sharpe Ratio Rank: 7
VAFAX Sortino Ratio Rank: 8
VAFAX Omega Ratio Rank: 8
VAFAX Calmar Ratio Rank: 8
VAFAX Martin Ratio Rank: 8

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

MLPDX vs. VAFAX - 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 American Franchise Fund Class A (VAFAX). 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	VAFAX	Difference
Sharpe ratio: Return per unit of total volatility	2.11	0.28	+1.82
Sortino ratio: Return per unit of downside risk	2.94	0.55	+2.39
Omega ratio: Gain probability vs. loss probability	1.36	1.07	+0.29
Calmar ratio: Return relative to maximum drawdown	3.48	0.33	+3.14
Martin ratio: Return relative to average drawdown	10.14	0.97	+9.18

MLPDX vs. VAFAX - Sharpe Ratio Comparison

The current MLPDX Sharpe Ratio is 2.11, which is higher than the VAFAX Sharpe Ratio of 0.28. The chart below compares the historical Sharpe Ratios of MLPDX and VAFAX, 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. VAFAX - Drawdown Comparison

The maximum MLPDX drawdown since its inception was -77.09%, which is greater than VAFAX's maximum drawdown of -48.48%. Use the drawdown chart below to compare losses from any high point for MLPDX and VAFAX.

Drawdown Indicators

	MLPDX	VAFAX	Difference
Max Drawdown Largest peak-to-trough decline	-77.09%	-48.48%	-28.61%
Max Drawdown (1Y) Largest decline over 1 year	-7.51%	-19.27%	+11.76%
Max Drawdown (3Y) Largest decline over 3 years	-14.45%	-27.24%	+12.79%
Max Drawdown (5Y) Largest decline over 5 years	-17.98%	-38.86%	+20.88%
Max Drawdown (10Y) Largest decline over 10 years	-72.90%	-38.86%	-34.04%
Current Drawdown Current decline from peak	-0.52%	-5.68%	+5.16%
Average Drawdown Average peak-to-trough decline	-13.30%	-8.09%	-5.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.59%	6.58%	-3.99%

Volatility

MLPDX vs. VAFAX - Volatility Comparison

The current volatility for Invesco SteelPath MLP Income Fund Class A (MLPDX) is 4.21%, while Invesco American Franchise Fund Class A (VAFAX) has a volatility of 8.21%. This indicates that MLPDX experiences smaller price fluctuations and is considered to be less risky than VAFAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MLPDX	VAFAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.21%	8.21%	-4.00%
Volatility (6M) Calculated over the trailing 6-month period	9.76%	18.21%	-8.45%
Volatility (1Y) Calculated over the trailing 1-year period	12.41%	22.45%	-10.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.04%	23.61%	-6.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.72%	22.57%	+3.15%

MLPDX vs. VAFAX - Expense Ratio Comparison

MLPDX has a 9.02% expense ratio, which is higher than VAFAX's 0.95% expense ratio.

Dividends

MLPDX vs. VAFAX - Dividend Comparison

MLPDX's dividend yield for the trailing twelve months is around 6.49%, less than VAFAX's 13.58% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MLPDX Invesco SteelPath MLP Income Fund Class A	6.49%	7.51%	6.42%	7.72%	8.49%	9.74%	17.44%	17.48%	13.70%	10.99%	10.00%	11.12%
VAFAX Invesco American Franchise Fund Class A	13.58%	14.09%	3.74%	0.00%	8.32%	26.50%	8.78%	6.85%	10.42%	5.37%	4.08%	4.90%

Frequently Asked Questions

Can I hold both MLPDX and VAFAX in my portfolio?

MLPDX and VAFAX have a correlation of -0.07, 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 VAFAX?

VAFAX has higher volatility (8.21%) compared to MLPDX (4.21%). In terms of maximum drawdown, MLPDX dropped -77.09% vs VAFAX's -48.48%.

Which has better risk-adjusted returns?

MLPDX currently has the higher Sharpe Ratio (2.11 vs 0.28), 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.