MLPLX vs. HMSFX

Last updated Jun 4, 2026

MLPLX (Invesco SteelPath MLP Alpha Plus Fund Class A) and HMSFX (Hennessy Midstream Fund Investor Class) are both MLPs funds. MLPLX is actively managed, while HMSFX is passively managed. Over the past 5 years, MLPLX returned 26.85%/yr vs 19.37%/yr for HMSFX. With a 0.96 correlation, they move nearly in lockstep. MLPLX charges 17.25%/yr vs 1.75%/yr for HMSFX.

Performance

MLPLX vs. HMSFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco SteelPath MLP Alpha Plus Fund Class A (MLPLX) and Hennessy Midstream Fund Investor Class (HMSFX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MLPLX achieves a 25.29% return, which is significantly higher than HMSFX's 16.30% return.

MLPLX

• 1D: 1.54%
• 1M: -1.46%
• YTD: 25.29%
• 6M: 24.87%
• 1Y: 27.55%
• 3Y*: 31.45%
• 5Y*: 26.85%
• 10Y*: 8.82%

HMSFX

• 1D: 1.49%
• 1M: -1.91%
• YTD: 16.30%
• 6M: 15.01%
• 1Y: 15.66%
• 3Y*: 21.48%
• 5Y*: 19.37%
• 10Y*: —

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

MLPLX vs. HMSFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
MLPLX Invesco SteelPath MLP Alpha Plus Fund Class A	25.29%	4.36%	47.10%	25.02%	38.31%	55.18%	-46.03%	8.79%	-24.24%
HMSFX Hennessy Midstream Fund Investor Class	16.30%	-0.76%	35.85%	23.50%	28.88%	36.22%	-31.21%	11.77%	-20.36%

Correlation

The correlation between MLPLX and HMSFX is 0.93, 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	0.93
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (5Y) Calculated over the trailing 5-year period	0.96
Correlation (All Time) Calculated using the full available price history since Sep 5, 2018	0.96

The correlation between MLPLX and HMSFX has been stable across timeframes, ranging from 0.93 to 0.96 - a consistent structural relationship.

Return for Risk

MLPLX vs. HMSFX — Risk / Return Rank

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

MLPLX

MLPLX Risk / Return Rank: 44
MLPLX Sharpe Ratio Rank: 38
MLPLX Sortino Ratio Rank: 33
MLPLX Omega Ratio Rank: 32
MLPLX Calmar Ratio Rank: 73
MLPLX Martin Ratio Rank: 45

HMSFX

HMSFX Risk / Return Rank: 14
HMSFX Sharpe Ratio Rank: 11
HMSFX Sortino Ratio Rank: 10
HMSFX Omega Ratio Rank: 10
HMSFX Calmar Ratio Rank: 25
HMSFX Martin Ratio Rank: 15

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.

MLPLX vs. HMSFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco SteelPath MLP Alpha Plus Fund Class A (MLPLX) and Hennessy Midstream Fund Investor Class (HMSFX). 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.

	MLPLX	HMSFX	Difference
Sharpe ratio Return per unit of total volatility	1.80	0.85	+0.95
Sortino ratio Return per unit of downside risk	2.41	1.23	+1.18
Omega ratio Gain probability vs. loss probability	1.30	1.15	+0.15
Calmar ratio Return relative to maximum drawdown	3.33	1.84	+1.49
Martin ratio Return relative to average drawdown	9.47	4.20	+5.27
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MLPLX vs. HMSFX - Sharpe Ratio Comparison

The current MLPLX Sharpe Ratio is 1.80, which is higher than the HMSFX Sharpe Ratio of 0.85. The chart below compares the historical Sharpe Ratios of MLPLX and HMSFX, 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

	MLPLX	HMSFX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.80	0.85	+0.95
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.07	0.96	+0.11
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.25	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.19	0.35	-0.16

Drawdowns

MLPLX vs. HMSFX - Drawdown Comparison

The maximum MLPLX drawdown since its inception was -88.76%, which is greater than HMSFX's maximum drawdown of -68.50%. Use the drawdown chart below to compare losses from any high point for MLPLX and HMSFX.

Drawdown Indicators

	MLPLX	HMSFX	Difference
Max Drawdown Largest peak-to-trough decline	-88.76%	-68.50%	-20.26%
Max Drawdown (1Y) Largest decline over 1 year	-8.86%	-6.98%	-1.88%
Max Drawdown (3Y) Largest decline over 3 years	-19.55%	-16.38%	-3.17%
Max Drawdown (5Y) Largest decline over 5 years	-27.21%	-21.17%	-6.04%
Max Drawdown (10Y) Largest decline over 10 years	-85.02%	—	—
Current Drawdown Current decline from peak	-5.61%	-5.02%	-0.59%
Average Drawdown Average peak-to-trough decline	-28.99%	-12.41%	-16.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.10%	3.89%	-0.79%

Volatility

MLPLX vs. HMSFX - Volatility Comparison

Invesco SteelPath MLP Alpha Plus Fund Class A (MLPLX) has a higher volatility of 6.78% compared to Hennessy Midstream Fund Investor Class (HMSFX) at 6.12%. This indicates that MLPLX's price experiences larger fluctuations and is considered to be riskier than HMSFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MLPLX	HMSFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.78%	6.12%	+0.66%
Volatility (6M) Calculated over the trailing 6-month period	12.24%	11.63%	+0.61%
Volatility (1Y) Calculated over the trailing 1-year period	16.47%	15.17%	+1.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.24%	20.24%	+5.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	35.57%	29.40%	+6.17%

MLPLX vs. HMSFX - Expense Ratio Comparison

MLPLX has a 17.25% expense ratio, which is higher than HMSFX's 1.75% expense ratio.

Dividends

MLPLX vs. HMSFX - Dividend Comparison

MLPLX's dividend yield for the trailing twelve months is around 4.90%, less than HMSFX's 7.96% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HMSFX Hennessy Midstream Fund Investor Class	7.96%	8.89%	8.12%	10.11%	11.23%	12.99%	15.54%	9.26%	4.74%	0.00%	0.00%	0.00%
MLPLX Invesco SteelPath MLP Alpha Plus Fund Class A	4.90%	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

Can I hold both MLPLX and HMSFX in my portfolio?

With a correlation of 0.93, MLPLX and HMSFX 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, MLPLX or HMSFX?

MLPLX has higher volatility (6.78%) compared to HMSFX (6.12%). In terms of maximum drawdown, MLPLX dropped -88.76% vs HMSFX's -68.50%.

Which has better risk-adjusted returns?

MLPLX currently has the higher Sharpe Ratio (1.80 vs 0.85), 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.