MLPNX vs. PRNEX

Last updated Apr 1, 2026

Compare and contrast key facts about Invesco SteelPath MLP Alpha Plus Fund (MLPNX) and T. Rowe Price New Era Fund (PRNEX).

MLPNX is managed by Invesco. It was launched on Dec 29, 2011. PRNEX is managed by T. Rowe Price. It was launched on Jan 19, 1969.

Performance

MLPNX vs. PRNEX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco SteelPath MLP Alpha Plus Fund (MLPNX) and T. Rowe Price New Era Fund (PRNEX). The values are adjusted to include any dividend payments, if applicable.

MLPNX vs. PRNEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MLPNX Invesco SteelPath MLP Alpha Plus Fund	24.90%	4.56%	47.50%	25.29%	38.54%	55.22%	-45.69%	8.98%	-20.95%	-0.65%
PRNEX T. Rowe Price New Era Fund	19.15%	26.94%	4.41%	1.02%	7.14%	25.35%	-2.63%	16.91%	-16.23%	10.57%

Returns By Period

In the year-to-date period, MLPNX achieves a 24.90% return, which is significantly higher than PRNEX's 19.15% return. Over the past 10 years, MLPNX has outperformed PRNEX with an annualized return of 13.49%, while PRNEX has yielded a comparatively lower 10.12% annualized return.

MLPNX

• 1D: -0.76%
• 1M: 4.11%
• YTD: 24.90%
• 6M: 28.11%
• 1Y: 19.24%
• 3Y*: 32.31%
• 5Y*: 33.41%
• 10Y*: 13.49%

PRNEX

• 1D: -1.11%
• 1M: -1.19%
• YTD: 19.15%
• 6M: 31.26%
• 1Y: 44.27%
• 3Y*: 17.27%
• 5Y*: 14.17%
• 10Y*: 10.12%

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

MLPNX vs. PRNEX - Expense Ratio Comparison

MLPNX has a 1.34% expense ratio, which is higher than PRNEX's 0.56% expense ratio.

MLPNX

Invesco SteelPath MLP Alpha Plus Fund

PRNEX

T. Rowe Price New Era Fund

Return for Risk

MLPNX vs. PRNEX — Risk / Return Rank

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

MLPNX

MLPNX Risk / Return Rank: 36
MLPNX Sharpe Ratio Rank: 43
MLPNX Sortino Ratio Rank: 37
MLPNX Omega Ratio Rank: 42
MLPNX Calmar Ratio Rank: 36
MLPNX Martin Ratio Rank: 21

PRNEX

PRNEX Risk / Return Rank: 93
PRNEX Sharpe Ratio Rank: 95
PRNEX Sortino Ratio Rank: 93
PRNEX Omega Ratio Rank: 93
PRNEX Calmar Ratio Rank: 92
PRNEX Martin Ratio Rank: 94

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.

MLPNX vs. PRNEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco SteelPath MLP Alpha Plus Fund (MLPNX) and T. Rowe Price New Era Fund (PRNEX). 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.

	MLPNX	PRNEX	Difference
Sharpe ratio Return per unit of total volatility	0.87	2.23	-1.35
Sortino ratio Return per unit of downside risk	1.20	2.80	-1.60
Omega ratio Gain probability vs. loss probability	1.18	1.45	-0.27
Calmar ratio Return relative to maximum drawdown	0.97	2.67	-1.70
Martin ratio Return relative to average drawdown	2.22	12.65	-10.42
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MLPNX vs. PRNEX - Sharpe Ratio Comparison

The current MLPNX Sharpe Ratio is 0.87, which is lower than the PRNEX Sharpe Ratio of 2.23. The chart below compares the historical Sharpe Ratios of MLPNX and PRNEX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	MLPNX	PRNEX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.87	2.23	-1.35
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.33	0.76	+0.57
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.38	0.49	-0.11
Sharpe Ratio (All Time) Calculated using the full available price history	0.22	0.38	-0.16

Correlation

The correlation between MLPNX and PRNEX is 0.68, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

MLPNX vs. PRNEX - Dividend Comparison

MLPNX's dividend yield for the trailing twelve months is around 4.45%, less than PRNEX's 12.94% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MLPNX Invesco SteelPath MLP Alpha Plus Fund	4.45%	5.31%	4.14%	5.58%	6.44%	8.34%	21.57%	13.90%	13.34%	20.56%	7.75%	9.09%
PRNEX T. Rowe Price New Era Fund	12.94%	15.41%	4.81%	11.46%	4.47%	2.07%	2.54%	2.18%	1.69%	1.89%	1.28%	2.68%

Drawdowns

MLPNX vs. PRNEX - Drawdown Comparison

The maximum MLPNX drawdown since its inception was -87.31%, which is greater than PRNEX's maximum drawdown of -66.56%. Use the drawdown chart below to compare losses from any high point for MLPNX and PRNEX.

Drawdown Indicators

	MLPNX	PRNEX	Difference
Max Drawdown Largest peak-to-trough decline	-87.31%	-66.56%	-20.75%
Max Drawdown (1Y) Largest decline over 1 year	-18.70%	-16.24%	-2.46%
Max Drawdown (5Y) Largest decline over 5 years	-27.27%	-21.50%	-5.77%
Max Drawdown (10Y) Largest decline over 10 years	-83.59%	-49.64%	-33.95%
Current Drawdown Current decline from peak	-1.14%	-2.25%	+1.11%
Average Drawdown Average peak-to-trough decline	-25.78%	-16.35%	-9.43%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.12%	3.42%	+4.70%

Volatility

MLPNX vs. PRNEX - Volatility Comparison

The current volatility for Invesco SteelPath MLP Alpha Plus Fund (MLPNX) is 4.34%, while T. Rowe Price New Era Fund (PRNEX) has a volatility of 5.01%. This indicates that MLPNX experiences smaller price fluctuations and is considered to be less risky than PRNEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MLPNX	PRNEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.34%	5.01%	-0.67%
Volatility (6M) Calculated over the trailing 6-month period	11.13%	12.38%	-1.25%
Volatility (1Y) Calculated over the trailing 1-year period	22.05%	20.21%	+1.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.32%	18.82%	+6.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	36.00%	20.69%	+15.31%