MLPDX vs. VDE

Last updated Jun 4, 2026

MLPDX (Invesco SteelPath MLP Income Fund Class A) and VDE (Vanguard Energy ETF) are both funds - MLPDX is a MLPs fund actively managed by Invesco, while VDE is a Energy Equities fund tracking the MSCI US Investable Market Energy 25/50 Index. MLPDX is actively managed, while VDE is passively managed. Over the past 10 years, MLPDX returned 9.87%/yr vs 9.70%/yr for VDE. A 0.70 correlation means they provide meaningful diversification when combined. MLPDX charges 9.02%/yr vs 0.09%/yr for VDE.

Performance

MLPDX vs. VDE - Performance Comparison

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

Returns By Period

In the year-to-date period, MLPDX achieves a 19.67% return, which is significantly lower than VDE's 32.24% return. Both investments have delivered pretty close results over the past 10 years, with MLPDX having a 9.87% annualized return and VDE not far behind at 9.70%.

MLPDX

• 1D: 0.88%
• 1M: -0.30%
• YTD: 19.67%
• 6M: 18.47%
• 1Y: 23.06%
• 3Y*: 22.12%
• 5Y*: 18.92%
• 10Y*: 9.87%

VDE

• 1D: 1.13%
• 1M: -2.17%
• YTD: 32.24%
• 6M: 29.32%
• 1Y: 45.53%
• 3Y*: 17.97%
• 5Y*: 20.43%
• 10Y*: 9.70%

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

MLPDX vs. VDE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MLPDX Invesco SteelPath MLP Income Fund Class A	19.67%	7.69%	24.00%	20.32%	25.11%	44.69%	-25.75%	18.07%	-13.12%	-8.61%
VDE Vanguard Energy ETF	32.24%	7.11%	6.75%	0.03%	62.89%	56.31%	-33.02%	9.28%	-19.95%	-2.50%

Correlation

The correlation between MLPDX and VDE is 0.65, 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	0.65
Correlation (3Y) Calculated over the trailing 3-year period	0.66
Correlation (5Y) Calculated over the trailing 5-year period	0.73
Correlation (10Y) Calculated over the trailing 10-year period	0.74
Correlation (All Time) Calculated using the full available price history since Apr 6, 2010	0.70

The correlation between MLPDX and VDE has been stable across timeframes, ranging from 0.65 to 0.74 - a consistent structural relationship.

Return for Risk

MLPDX vs. VDE — Risk / Return Rank

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

MLPDX

MLPDX Risk / Return Rank: 59
MLPDX Sharpe Ratio Rank: 51
MLPDX Sortino Ratio Rank: 49
MLPDX Omega Ratio Rank: 43
MLPDX Calmar Ratio Rank: 85
MLPDX Martin Ratio Rank: 66

VDE

VDE Risk / Return Rank: 64
VDE Sharpe Ratio Rank: 66
VDE Sortino Ratio Rank: 60
VDE Omega Ratio Rank: 57
VDE Calmar Ratio Rank: 75
VDE Martin Ratio Rank: 62

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. VDE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco SteelPath MLP Income Fund Class A (MLPDX) and Vanguard Energy ETF (VDE). 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.

	MLPDX	VDE	Difference
Sharpe ratio: Return per unit of total volatility	2.12	2.25	-0.13
Sortino ratio: Return per unit of downside risk	2.95	2.88	+0.07
Omega ratio: Gain probability vs. loss probability	1.36	1.36	0.00
Calmar ratio: Return relative to maximum drawdown	4.05	3.88	+0.17
Martin ratio: Return relative to average drawdown	12.88	11.42	+1.46
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MLPDX vs. VDE - Sharpe Ratio Comparison

The current MLPDX Sharpe Ratio is 2.12, which is comparable to the VDE Sharpe Ratio of 2.25. The chart below compares the historical Sharpe Ratios of MLPDX and VDE, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	MLPDX	VDE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.12	2.25	-0.13
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.09	0.78	+0.32
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.38	0.33	+0.06
Sharpe Ratio (All Time) Calculated using the full available price history	0.32	0.28	+0.04

Drawdowns

MLPDX vs. VDE - Drawdown Comparison

The maximum MLPDX drawdown since its inception was -77.09%, roughly equal to the maximum VDE drawdown of -74.20%. Use the drawdown chart below to compare losses from any high point for MLPDX and VDE.

Drawdown Indicators

	MLPDX	VDE	Difference
Max Drawdown Largest peak-to-trough decline	-77.09%	-74.20%	-2.89%
Max Drawdown (1Y) Largest decline over 1 year	-6.10%	-11.80%	+5.70%
Max Drawdown (3Y) Largest decline over 3 years	-14.45%	-21.41%	+6.96%
Max Drawdown (5Y) Largest decline over 5 years	-17.98%	-26.58%	+8.60%
Max Drawdown (10Y) Largest decline over 10 years	-72.90%	-69.29%	-3.61%
Current Drawdown Current decline from peak	-4.44%	-6.43%	+1.99%
Average Drawdown Average peak-to-trough decline	-13.40%	-19.96%	+6.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.91%	4.00%	-2.09%

Volatility

MLPDX vs. VDE - Volatility Comparison

The current volatility for Invesco SteelPath MLP Income Fund Class A (MLPDX) is 4.95%, while Vanguard Energy ETF (VDE) has a volatility of 7.99%. This indicates that MLPDX experiences smaller price fluctuations and is considered to be less risky than VDE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MLPDX	VDE	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.95%	7.99%	-3.04%
Volatility (6M) Calculated over the trailing 6-month period	8.83%	16.33%	-7.50%
Volatility (1Y) Calculated over the trailing 1-year period	11.67%	20.38%	-8.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.42%	26.40%	-8.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.76%	29.93%	-4.17%

MLPDX vs. VDE - Expense Ratio Comparison

MLPDX has a 9.02% expense ratio, which is higher than VDE's 0.09% expense ratio.

Dividends

MLPDX vs. VDE - Dividend Comparison

MLPDX's dividend yield for the trailing twelve months is around 6.62%, more than VDE's 2.37% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MLPDX Invesco SteelPath MLP Income Fund Class A	6.62%	7.51%	6.42%	7.72%	8.49%	9.74%	17.44%	17.48%	13.70%	10.99%	10.00%	11.12%
VDE Vanguard Energy ETF	2.37%	3.11%	3.23%	3.34%	3.65%	4.13%	4.76%	3.42%	3.35%	2.90%	2.31%	3.17%

Frequently Asked Questions

Can I hold both MLPDX and VDE in my portfolio?

MLPDX and VDE have a correlation of 0.65, 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 VDE?

VDE has higher volatility (7.99%) compared to MLPDX (4.95%). In terms of maximum drawdown, MLPDX dropped -77.09% vs VDE's -74.20%.

Which has better risk-adjusted returns?

VDE currently has the higher Sharpe Ratio (2.25 vs 2.12), 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.