MLPOX vs. MLXIX

Last updated Jun 4, 2026

MLPOX (Invesco SteelPath MLP Alpha Fund) and MLXIX (Catalyst Energy Infrastructure Fund) are both Energy Equities funds. Over the past 10 years, MLPOX returned 8.95%/yr vs 10.89%/yr for MLXIX. Their correlation of 0.91 suggests significant overlap in exposure. MLPOX charges 1.29%/yr vs 1.43%/yr for MLXIX.

Performance

MLPOX vs. MLXIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco SteelPath MLP Alpha Fund (MLPOX) and Catalyst Energy Infrastructure Fund (MLXIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MLPOX achieves a 17.97% return, which is significantly lower than MLXIX's 30.50% return. Over the past 10 years, MLPOX has underperformed MLXIX with an annualized return of 8.95%, while MLXIX has yielded a comparatively higher 10.89% annualized return.

MLPOX

• 1D: 1.16%
• 1M: -0.90%
• YTD: 17.97%
• 6M: 17.71%
• 1Y: 19.41%
• 3Y*: 25.96%
• 5Y*: 21.73%
• 10Y*: 8.95%

MLXIX

• 1D: 1.17%
• 1M: -3.04%
• YTD: 30.50%
• 6M: 28.82%
• 1Y: 19.89%
• 3Y*: 24.52%
• 5Y*: 19.89%
• 10Y*: 10.89%

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

MLPOX vs. MLXIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MLPOX Invesco SteelPath MLP Alpha Fund	17.97%	4.47%	40.63%	20.44%	29.45%	39.81%	-30.40%	6.71%	-14.77%	-6.96%
MLXIX Catalyst Energy Infrastructure Fund	30.50%	-8.56%	45.26%	15.34%	27.02%	42.04%	-20.02%	12.05%	-18.48%	-13.83%

Correlation

The correlation between MLPOX and MLXIX is 0.84, 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	0.84
Correlation (3Y) Calculated over the trailing 3-year period	0.88
Correlation (5Y) Calculated over the trailing 5-year period	0.91
Correlation (10Y) Calculated over the trailing 10-year period	0.91
Correlation (All Time) Calculated using the full available price history since Dec 26, 2014	0.91

The correlation between MLPOX and MLXIX has been stable across timeframes, ranging from 0.84 to 0.91 - a consistent structural relationship.

Return for Risk

MLPOX vs. MLXIX — Risk / Return Rank

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

MLPOX

MLPOX Risk / Return Rank: 45
MLPOX Sharpe Ratio Rank: 39
MLPOX Sortino Ratio Rank: 35
MLPOX Omega Ratio Rank: 33
MLPOX Calmar Ratio Rank: 75
MLPOX Martin Ratio Rank: 45

MLXIX

MLXIX Risk / Return Rank: 14
MLXIX Sharpe Ratio Rank: 16
MLXIX Sortino Ratio Rank: 15
MLXIX Omega Ratio Rank: 14
MLXIX Calmar Ratio Rank: 17
MLXIX Martin Ratio Rank: 10

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.

MLPOX vs. MLXIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco SteelPath MLP Alpha Fund (MLPOX) and Catalyst Energy Infrastructure Fund (MLXIX). 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.

	MLPOX	MLXIX	Difference
Sharpe ratio: Return per unit of total volatility	1.80	1.13	+0.67
Sortino ratio: Return per unit of downside risk	2.48	1.63	+0.85
Omega ratio: Gain probability vs. loss probability	1.31	1.19	+0.11
Calmar ratio: Return relative to maximum drawdown	3.40	1.47	+1.93
Martin ratio: Return relative to average drawdown	9.50	2.91	+6.59
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MLPOX vs. MLXIX - Sharpe Ratio Comparison

The current MLPOX Sharpe Ratio is 1.80, which is higher than the MLXIX Sharpe Ratio of 1.13. The chart below compares the historical Sharpe Ratios of MLPOX and MLXIX, 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

	MLPOX	MLXIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.80	1.13	+0.67
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.12	0.89	+0.23
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.35	0.39	-0.04
Sharpe Ratio (All Time) Calculated using the full available price history	0.32	0.21	+0.11

Drawdowns

MLPOX vs. MLXIX - Drawdown Comparison

The maximum MLPOX drawdown since its inception was -76.99%, roughly equal to the maximum MLXIX drawdown of -76.78%. Use the drawdown chart below to compare losses from any high point for MLPOX and MLXIX.

Drawdown Indicators

	MLPOX	MLXIX	Difference
Max Drawdown Largest peak-to-trough decline	-76.99%	-76.78%	-0.21%
Max Drawdown (1Y) Largest decline over 1 year	-6.07%	-15.44%	+9.37%
Max Drawdown (3Y) Largest decline over 3 years	-15.18%	-22.14%	+6.96%
Max Drawdown (5Y) Largest decline over 5 years	-21.17%	-22.14%	+0.97%
Max Drawdown (10Y) Largest decline over 10 years	-72.41%	-72.63%	+0.22%
Current Drawdown Current decline from peak	-4.04%	-6.46%	+2.42%
Average Drawdown Average peak-to-trough decline	-16.42%	-23.20%	+6.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.16%	7.78%	-5.62%

Volatility

MLPOX vs. MLXIX - Volatility Comparison

The current volatility for Invesco SteelPath MLP Alpha Fund (MLPOX) is 4.96%, while Catalyst Energy Infrastructure Fund (MLXIX) has a volatility of 8.29%. This indicates that MLPOX experiences smaller price fluctuations and is considered to be less risky than MLXIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MLPOX	MLXIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.96%	8.29%	-3.33%
Volatility (6M) Calculated over the trailing 6-month period	8.70%	16.05%	-7.35%
Volatility (1Y) Calculated over the trailing 1-year period	11.47%	20.06%	-8.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.49%	22.51%	-3.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.97%	28.16%	-2.19%

MLPOX vs. MLXIX - Expense Ratio Comparison

MLPOX has a 1.29% expense ratio, which is lower than MLXIX's 1.43% expense ratio.

Dividends

MLPOX vs. MLXIX - Dividend Comparison

MLPOX's dividend yield for the trailing twelve months is around 4.79%, less than MLXIX's 6.83% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MLPOX Invesco SteelPath MLP Alpha Fund	4.79%	5.31%	4.26%	5.55%	6.19%	7.52%	13.39%	10.42%	10.08%	8.00%	7.18%	7.85%
MLXIX Catalyst Energy Infrastructure Fund	6.83%	8.26%	5.02%	6.67%	7.15%	8.26%	14.52%	15.93%	15.62%	11.37%	8.76%	11.47%

Frequently Asked Questions

Can I hold both MLPOX and MLXIX in my portfolio?

MLPOX and MLXIX have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MLPOX or MLXIX?

MLXIX has higher volatility (8.29%) compared to MLPOX (4.96%). In terms of maximum drawdown, MLPOX dropped -76.99% vs MLXIX's -76.78%.

Which has better risk-adjusted returns?

MLPOX currently has the higher Sharpe Ratio (1.80 vs 1.13), 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.