MLPFX vs. MLPLX
MLPFX (Invesco SteelPath MLP Select 40 Fund Class A) and MLPLX (Invesco SteelPath MLP Alpha Plus Fund Class A) are both MLPs funds from Invesco. Both are actively managed. Over the past 10 years, MLPFX returned 10.44%/yr vs 9.46%/yr for MLPLX. Their 0.96 correlation means they have historically moved very closely together. MLPFX charges 10.29%/yr vs 17.25%/yr for MLPLX.
Performance
MLPFX vs. MLPLX - Performance Comparison
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Returns By Period
In the year-to-date period, MLPFX achieves a 25.13% return, which is significantly lower than MLPLX's 30.97% return. Over the past 10 years, MLPFX has outperformed MLPLX with an annualized return of 10.44%, while MLPLX has yielded a comparatively lower 9.46% annualized return.
MLPFX
- 1D
- 0.55%
- 1M
- 2.53%
- 6M
- 15.87%
- YTD
- 25.13%
- 1Y
- 29.05%
- 3Y*
- 24.26%
- 5Y*
- 22.44%
- 10Y*
- 10.44%
- ALL TIME*
- 8.28%
MLPLX
- 1D
- 0.27%
- 1M
- 4.79%
- 6M
- 20.54%
- YTD
- 30.97%
- 1Y
- 32.27%
- 3Y*
- 29.36%
- 5Y*
- 29.67%
- 10Y*
- 9.46%
- ALL TIME*
- 6.58%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
MLPFX vs. MLPLX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MLPFX Invesco SteelPath MLP Select 40 Fund Class A | 25.13% | 8.22% | 29.99% | 22.47% | 21.84% | 39.44% | -25.43% | 6.90% | -9.63% | -4.02% |
MLPLX Invesco SteelPath MLP Alpha Plus Fund Class A | 30.97% | 4.36% | 47.10% | 25.02% | 38.31% | 55.18% | -46.03% | 8.79% | -21.09% | -11.18% |
Correlation
The correlation between MLPFX and MLPLX is 0.96 - they have historically moved very closely together. At this level, their price movements offset little of one another.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.96 |
Correlation (3Y) Balances recent behavior with more history. | 0.96 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.96 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.96 |
Correlation (All Time) Calculated using the full available price history since Dec 30, 2011 | 0.96 |
The correlation between MLPFX and MLPLX has been stable across timeframes, ranging from 0.96 to 0.96 - a consistent structural relationship.
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Return for Risk
MLPFX vs. MLPLX — Risk / Return Rank
MLPFX
MLPLX
MLPFX vs. MLPLX - 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 Alpha Plus Fund Class A (MLPLX). 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.
| MLPFX | MLPLX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.31 | ||
| Sortino ratioReturn per unit of downside risk | +0.45 | ||
| Omega ratioGain probability vs. loss probability | 1.37 | 1.32 | +0.05 |
| Calmar ratioReturn relative to maximum drawdown | 3.92 | 3.60 | +0.32 |
| Martin ratioReturn relative to average drawdown | 10.91 | 8.82 | +2.09 |
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Drawdowns
MLPFX vs. MLPLX - Drawdown Comparison
The maximum MLPFX drawdown since its inception was -76.01%, smaller than the maximum MLPLX drawdown of -88.76%. Use the drawdown chart below to compare losses from any high point for MLPFX and MLPLX.
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Drawdown Indicators
| MLPFX | MLPLX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -76.01% | -88.76% | +12.75% |
Max Drawdown (1Y)Largest decline over 1 year | -7.40% | -8.56% | +1.16% |
Max Drawdown (3Y)Largest decline over 3 years | -14.55% | -19.55% | +5.00% |
Max Drawdown (5Y)Largest decline over 5 years | -18.81% | -27.21% | +8.40% |
Max Drawdown (10Y)Largest decline over 10 years | -72.18% | -85.02% | +12.84% |
Current DrawdownCurrent decline from peak | -3.16% | -1.96% | -1.20% |
Average DrawdownAverage peak-to-trough decline | -12.99% | -28.71% | +15.72% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.65% | 3.60% | -0.95% |
Volatility
MLPFX vs. MLPLX - Volatility Comparison
The current volatility for Invesco SteelPath MLP Select 40 Fund Class A (MLPFX) is 4.55%, while Invesco SteelPath MLP Alpha Plus Fund Class A (MLPLX) has a volatility of 5.52%. This indicates that MLPFX experiences smaller price fluctuations and is considered to be less risky than MLPLX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MLPFX | MLPLX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.55% | 5.52% | -0.97% |
Volatility (6M)Calculated over the trailing 6-month period | 10.16% | 12.92% | -2.76% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.08% | 16.69% | -3.61% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.54% | 24.65% | -7.11% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 25.08% | 35.44% | -10.36% |
MLPFX vs. MLPLX - Expense Ratio Comparison
MLPFX has a 10.29% expense ratio, which is lower than MLPLX's 17.25% expense ratio.
Dividends
MLPFX vs. MLPLX - Dividend Comparison
MLPFX's dividend yield for the trailing twelve months is around 5.24%, more than MLPLX's 4.83% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MLPFX Invesco SteelPath MLP Select 40 Fund Class A | 5.24% | 6.11% | 5.29% | 6.54% | 7.34% | 8.29% | 13.36% | 10.42% | 10.09% | 8.35% | 7.41% | 7.84% |
MLPLX Invesco SteelPath MLP Alpha Plus Fund Class A | 4.83% | 5.70% | 4.42% | 5.92% | 6.79% | 8.75% | 22.54% | 14.33% | 13.67% | 9.68% | 7.88% | 9.20% |
Frequently Asked Questions
With a correlation of 0.96, MLPFX and MLPLX 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.
MLPLX has higher volatility (5.52%) compared to MLPFX (4.55%). In terms of maximum drawdown, MLPFX dropped -76.01% vs MLPLX's -88.76%.
MLPFX currently has the higher Sharpe Ratio (2.22 vs 1.91), 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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