MLPFX vs. MLPDX

Last updated Jun 3, 2026

MLPFX (Invesco SteelPath MLP Select 40 Fund Class A) and MLPDX (Invesco SteelPath MLP Income Fund Class A) are both MLPs funds from Invesco. Both are actively managed. Over the past 10 years, MLPFX returned 10.04%/yr vs 9.78%/yr for MLPDX. With a 0.96 correlation, they move nearly in lockstep. MLPFX charges 10.29%/yr vs 9.02%/yr for MLPDX.

Performance

MLPFX vs. MLPDX - 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 SteelPath MLP Income Fund Class A (MLPDX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MLPFX achieves a 21.14% return, which is significantly higher than MLPDX's 18.63% return. Both investments have delivered pretty close results over the past 10 years, with MLPFX having a 10.04% annualized return and MLPDX not far behind at 9.78%.

MLPFX

• 1D: 0.47%
• 1M: -1.94%
• YTD: 21.14%
• 6M: 22.36%
• 1Y: 25.25%
• 3Y*: 25.73%
• 5Y*: 20.81%
• 10Y*: 10.04%

MLPDX

• 1D: 0.89%
• 1M: -0.45%
• YTD: 18.63%
• 6M: 18.63%
• 1Y: 23.42%
• 3Y*: 21.77%
• 5Y*: 19.01%
• 10Y*: 9.78%

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

MLPFX vs. MLPDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MLPFX Invesco SteelPath MLP Select 40 Fund Class A	21.14%	8.22%	29.99%	22.47%	21.84%	39.44%	-25.43%	6.90%	-9.63%	-4.02%
MLPDX Invesco SteelPath MLP Income Fund Class A	18.63%	7.69%	24.00%	20.32%	25.11%	44.69%	-25.75%	18.07%	-13.12%	-8.61%

Correlation

The correlation between MLPFX and MLPDX is 0.95, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.95
Correlation (3Y) Calculated over the trailing 3-year period	0.96
Correlation (5Y) Calculated over the trailing 5-year period	0.97
Correlation (10Y) Calculated over the trailing 10-year period	0.97
Correlation (All Time) Calculated using the full available price history since Apr 7, 2010	0.96

The correlation between MLPFX and MLPDX has been stable across timeframes, ranging from 0.95 to 0.97 - a consistent structural relationship.

Return for Risk

MLPFX vs. MLPDX — Risk / Return Rank

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

MLPFX

MLPFX Risk / Return Rank: 58
MLPFX Sharpe Ratio Rank: 52
MLPFX Sortino Ratio Rank: 47
MLPFX Omega Ratio Rank: 44
MLPFX Calmar Ratio Rank: 82
MLPFX Martin Ratio Rank: 66

MLPDX

MLPDX Risk / Return Rank: 56
MLPDX Sharpe Ratio Rank: 50
MLPDX Sortino Ratio Rank: 48
MLPDX Omega Ratio Rank: 43
MLPDX Calmar Ratio Rank: 80
MLPDX Martin Ratio Rank: 59

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. MLPDX - 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 SteelPath MLP Income Fund Class A (MLPDX). 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	MLPDX	Difference
Sharpe ratio Return per unit of total volatility	2.12	2.08	+0.04
Sortino ratio Return per unit of downside risk	2.88	2.90	-0.02
Omega ratio Gain probability vs. loss probability	1.36	1.35	0.00
Calmar ratio Return relative to maximum drawdown	3.82	3.67	+0.15
Martin ratio Return relative to average drawdown	12.80	11.84	+0.96
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. MLPDX - Sharpe Ratio Comparison

The current MLPFX Sharpe Ratio is 2.12, which is comparable to the MLPDX Sharpe Ratio of 2.08. The chart below compares the historical Sharpe Ratios of MLPFX and MLPDX, 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	MLPDX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.12	2.08	+0.04
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.17	1.10	+0.07
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.40	0.38	+0.02
Sharpe Ratio (All Time) Calculated using the full available price history	0.37	0.32	+0.05

Drawdowns

MLPFX vs. MLPDX - Drawdown Comparison

The maximum MLPFX drawdown since its inception was -76.01%, roughly equal to the maximum MLPDX drawdown of -77.09%. Use the drawdown chart below to compare losses from any high point for MLPFX and MLPDX.

Drawdown Indicators

	MLPFX	MLPDX	Difference
Max Drawdown Largest peak-to-trough decline	-76.01%	-77.09%	+1.08%
Max Drawdown (1Y) Largest decline over 1 year	-6.68%	-6.10%	-0.58%
Max Drawdown (3Y) Largest decline over 3 years	-14.55%	-14.45%	-0.10%
Max Drawdown (5Y) Largest decline over 5 years	-18.81%	-17.98%	-0.83%
Max Drawdown (10Y) Largest decline over 10 years	-72.18%	-72.90%	+0.72%
Current Drawdown Current decline from peak	-6.24%	-5.27%	-0.97%
Average Drawdown Average peak-to-trough decline	-13.08%	-13.40%	+0.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.99%	1.89%	+0.10%

Volatility

MLPFX vs. MLPDX - Volatility Comparison

Invesco SteelPath MLP Select 40 Fund Class A (MLPFX) and Invesco SteelPath MLP Income Fund Class A (MLPDX) have volatilities of 5.09% and 4.94%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MLPFX	MLPDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.09%	4.94%	+0.15%
Volatility (6M) Calculated over the trailing 6-month period	9.37%	8.81%	+0.56%
Volatility (1Y) Calculated over the trailing 1-year period	12.63%	11.67%	+0.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.85%	17.42%	+0.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.07%	25.76%	-0.69%

MLPFX vs. MLPDX - Expense Ratio Comparison

MLPFX has a 10.29% expense ratio, which is higher than MLPDX's 9.02% expense ratio.

Dividends

MLPFX vs. MLPDX - Dividend Comparison

MLPFX's dividend yield for the trailing twelve months is around 5.31%, less than MLPDX's 6.68% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MLPDX Invesco SteelPath MLP Income Fund Class A	6.68%	7.51%	6.42%	7.72%	8.49%	9.74%	17.44%	17.48%	13.70%	10.99%	10.00%	11.12%
MLPFX Invesco SteelPath MLP Select 40 Fund Class A	5.31%	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 MLPDX in my portfolio?

With a correlation of 0.95, MLPFX and MLPDX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, MLPFX or MLPDX?

MLPFX has higher volatility (5.09%) compared to MLPDX (4.94%). In terms of maximum drawdown, MLPFX dropped -76.01% vs MLPDX's -77.09%.

Which has better risk-adjusted returns?

MLPFX currently has the higher Sharpe Ratio (2.12 vs 2.08), 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.