MLPFX vs. ACEIX

Last updated Jun 4, 2026

MLPFX (Invesco SteelPath MLP Select 40 Fund Class A) and ACEIX (Invesco Equity and Income Fund) are both mutual funds - MLPFX is a MLPs fund actively managed by Invesco, while ACEIX is a Diversified Portfolio fund managed by Invesco. Over the past 10 years, MLPFX returned 10.17%/yr vs 8.87%/yr for ACEIX. A 0.58 correlation means they provide meaningful diversification when combined. MLPFX charges 10.29%/yr vs 0.78%/yr for ACEIX.

Performance

MLPFX vs. ACEIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco SteelPath MLP Select 40 Fund Class A (MLPFX) and Invesco Equity and Income Fund (ACEIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MLPFX achieves a 22.61% return, which is significantly higher than ACEIX's 6.02% return. Over the past 10 years, MLPFX has outperformed ACEIX with an annualized return of 10.17%, while ACEIX has yielded a comparatively lower 8.87% annualized return.

MLPFX

• 1D: 1.22%
• 1M: -1.29%
• YTD: 22.61%
• 6M: 22.34%
• 1Y: 25.67%
• 3Y*: 26.23%
• 5Y*: 20.90%
• 10Y*: 10.17%

ACEIX

• 1D: 0.61%
• 1M: 1.13%
• YTD: 6.02%
• 6M: 7.12%
• 1Y: 17.83%
• 3Y*: 13.49%
• 5Y*: 7.05%
• 10Y*: 8.87%

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

MLPFX vs. ACEIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MLPFX Invesco SteelPath MLP Select 40 Fund Class A	22.61%	8.22%	29.99%	22.47%	21.84%	39.44%	-25.43%	6.90%	-9.63%	-4.02%
ACEIX Invesco Equity and Income Fund	6.02%	12.85%	11.77%	10.08%	-7.75%	18.02%	9.96%	19.17%	-9.74%	10.86%

Correlation

The correlation between MLPFX and ACEIX is 0.24, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.24
Correlation (3Y) Calculated over the trailing 3-year period	0.49
Correlation (5Y) Calculated over the trailing 5-year period	0.59
Correlation (10Y) Calculated over the trailing 10-year period	0.60
Correlation (All Time) Calculated using the full available price history since Apr 7, 2010	0.58

Over the past year, the correlation between MLPFX and ACEIX has dropped to 0.24 - well below their long-term average of 0.58, suggesting their price drivers have been diverging.

Return for Risk

MLPFX vs. ACEIX — Risk / Return Rank

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

MLPFX

MLPFX Risk / Return Rank: 60
MLPFX Sharpe Ratio Rank: 53
MLPFX Sortino Ratio Rank: 48
MLPFX Omega Ratio Rank: 44
MLPFX Calmar Ratio Rank: 85
MLPFX Martin Ratio Rank: 69

ACEIX

ACEIX Risk / Return Rank: 67
ACEIX Sharpe Ratio Rank: 64
ACEIX Sortino Ratio Rank: 64
ACEIX Omega Ratio Rank: 59
ACEIX Calmar Ratio Rank: 75
ACEIX Martin Ratio Rank: 75

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.

MLPFX vs. ACEIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco SteelPath MLP Select 40 Fund Class A (MLPFX) and Invesco Equity and Income Fund (ACEIX). 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.

	MLPFX	ACEIX	Difference
Sharpe ratio Return per unit of total volatility	2.14	2.34	-0.20
Sortino ratio Return per unit of downside risk	2.90	3.35	-0.44
Omega ratio Gain probability vs. loss probability	1.36	1.43	-0.07
Calmar ratio Return relative to maximum drawdown	4.04	3.42	+0.63
Martin ratio Return relative to average drawdown	13.32	14.15	-0.82
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MLPFX vs. ACEIX - Sharpe Ratio Comparison

The current MLPFX Sharpe Ratio is 2.14, which is comparable to the ACEIX Sharpe Ratio of 2.34. The chart below compares the historical Sharpe Ratios of MLPFX and ACEIX, 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

	MLPFX	ACEIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.14	2.34	-0.20
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.18	0.64	+0.54
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.41	0.69	-0.29
Sharpe Ratio (All Time) Calculated using the full available price history	0.37	0.72	-0.35

Drawdowns

MLPFX vs. ACEIX - Drawdown Comparison

The maximum MLPFX drawdown since its inception was -76.01%, which is greater than ACEIX's maximum drawdown of -40.08%. Use the drawdown chart below to compare losses from any high point for MLPFX and ACEIX.

Drawdown Indicators

	MLPFX	ACEIX	Difference
Max Drawdown Largest peak-to-trough decline	-76.01%	-40.08%	-35.93%
Max Drawdown (1Y) Largest decline over 1 year	-6.68%	-5.50%	-1.18%
Max Drawdown (3Y) Largest decline over 3 years	-14.55%	-12.40%	-2.15%
Max Drawdown (5Y) Largest decline over 5 years	-18.81%	-16.73%	-2.08%
Max Drawdown (10Y) Largest decline over 10 years	-72.18%	-30.80%	-41.38%
Current Drawdown Current decline from peak	-5.10%	-0.17%	-4.93%
Average Drawdown Average peak-to-trough decline	-13.08%	-4.61%	-8.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.02%	1.32%	+0.70%

Volatility

MLPFX vs. ACEIX - Volatility Comparison

Invesco SteelPath MLP Select 40 Fund Class A (MLPFX) has a higher volatility of 5.21% compared to Invesco Equity and Income Fund (ACEIX) at 2.05%. This indicates that MLPFX's price experiences larger fluctuations and is considered to be riskier than ACEIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MLPFX	ACEIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.21%	2.05%	+3.16%
Volatility (6M) Calculated over the trailing 6-month period	9.42%	6.13%	+3.29%
Volatility (1Y) Calculated over the trailing 1-year period	12.66%	8.03%	+4.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.86%	11.11%	+6.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.08%	12.83%	+12.25%

MLPFX vs. ACEIX - Expense Ratio Comparison

MLPFX has a 10.29% expense ratio, which is higher than ACEIX's 0.78% expense ratio.

Dividends

MLPFX vs. ACEIX - Dividend Comparison

MLPFX's dividend yield for the trailing twelve months is around 5.25%, less than ACEIX's 6.51% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ACEIX Invesco Equity and Income Fund	6.51%	6.87%	8.28%	6.91%	6.65%	13.74%	2.94%	5.53%	8.91%	6.73%	3.94%	5.17%
MLPFX Invesco SteelPath MLP Select 40 Fund Class A	5.25%	6.11%	5.29%	6.54%	7.34%	8.29%	13.36%	10.42%	10.09%	8.35%	7.41%	7.84%

Frequently Asked Questions

Can I hold both MLPFX and ACEIX in my portfolio?

MLPFX and ACEIX have a correlation of 0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MLPFX or ACEIX?

MLPFX has higher volatility (5.21%) compared to ACEIX (2.05%). In terms of maximum drawdown, MLPFX dropped -76.01% vs ACEIX's -40.08%.

Which has better risk-adjusted returns?

ACEIX currently has the higher Sharpe Ratio (2.34 vs 2.14), 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.