MLPOX vs. RYEIX

Last updated Jun 4, 2026

MLPOX (Invesco SteelPath MLP Alpha Fund) and RYEIX (Rydex Energy Fund) are both Energy Equities funds. Over the past 10 years, MLPOX returned 8.95%/yr vs 6.68%/yr for RYEIX. A 0.73 correlation means they provide meaningful diversification when combined. MLPOX charges 1.29%/yr vs 1.36%/yr for RYEIX.

Performance

MLPOX vs. RYEIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco SteelPath MLP Alpha Fund (MLPOX) and Rydex Energy Fund (RYEIX). 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 RYEIX's 35.81% return. Over the past 10 years, MLPOX has outperformed RYEIX with an annualized return of 8.95%, while RYEIX has yielded a comparatively lower 6.68% 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%

RYEIX

• 1D: 1.86%
• 1M: -1.58%
• YTD: 35.81%
• 6M: 31.02%
• 1Y: 51.80%
• 3Y*: 17.07%
• 5Y*: 17.42%
• 10Y*: 6.68%

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

MLPOX vs. RYEIX - 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%
RYEIX Rydex Energy Fund	35.81%	6.96%	0.49%	1.87%	49.54%	50.70%	-34.24%	6.50%	-25.31%	-6.17%

Correlation

The correlation between MLPOX and RYEIX is 0.70, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.70
Correlation (3Y) Calculated over the trailing 3-year period	0.73
Correlation (5Y) Calculated over the trailing 5-year period	0.79
Correlation (10Y) Calculated over the trailing 10-year period	0.79
Correlation (All Time) Calculated using the full available price history since Apr 6, 2010	0.73

The correlation between MLPOX and RYEIX has been stable across timeframes, ranging from 0.70 to 0.79 - a consistent structural relationship.

Return for Risk

MLPOX vs. RYEIX — 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

RYEIX

RYEIX Risk / Return Rank: 81
RYEIX Sharpe Ratio Rank: 86
RYEIX Sortino Ratio Rank: 72
RYEIX Omega Ratio Rank: 64
RYEIX Calmar Ratio Rank: 94
RYEIX Martin Ratio Rank: 89

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. RYEIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco SteelPath MLP Alpha Fund (MLPOX) and Rydex Energy Fund (RYEIX). 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	RYEIX	Difference
Sharpe ratio: Return per unit of total volatility	1.80	2.81	-1.00
Sortino ratio: Return per unit of downside risk	2.48	3.54	-1.07
Omega ratio: Gain probability vs. loss probability	1.31	1.45	-0.14
Calmar ratio: Return relative to maximum drawdown	3.40	5.63	-2.23
Martin ratio: Return relative to average drawdown	9.50	17.55	-8.05
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. RYEIX - Sharpe Ratio Comparison

The current MLPOX Sharpe Ratio is 1.80, which is lower than the RYEIX Sharpe Ratio of 2.81. The chart below compares the historical Sharpe Ratios of MLPOX and RYEIX, 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	RYEIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.80	2.81	-1.00
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.12	0.66	+0.46
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.35	0.21	+0.14
Sharpe Ratio (All Time) Calculated using the full available price history	0.32	0.18	+0.14

Drawdowns

MLPOX vs. RYEIX - Drawdown Comparison

The maximum MLPOX drawdown since its inception was -76.99%, smaller than the maximum RYEIX drawdown of -83.50%. Use the drawdown chart below to compare losses from any high point for MLPOX and RYEIX.

Drawdown Indicators

	MLPOX	RYEIX	Difference
Max Drawdown Largest peak-to-trough decline	-76.99%	-83.50%	+6.51%
Max Drawdown (1Y) Largest decline over 1 year	-6.07%	-9.74%	+3.67%
Max Drawdown (3Y) Largest decline over 3 years	-15.18%	-26.94%	+11.76%
Max Drawdown (5Y) Largest decline over 5 years	-21.17%	-26.94%	+5.77%
Max Drawdown (10Y) Largest decline over 10 years	-72.41%	-74.93%	+2.52%
Current Drawdown Current decline from peak	-4.04%	-2.86%	-1.18%
Average Drawdown Average peak-to-trough decline	-16.42%	-28.62%	+12.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.16%	3.12%	-0.96%

Volatility

MLPOX vs. RYEIX - Volatility Comparison

The current volatility for Invesco SteelPath MLP Alpha Fund (MLPOX) is 4.96%, while Rydex Energy Fund (RYEIX) has a volatility of 6.66%. This indicates that MLPOX experiences smaller price fluctuations and is considered to be less risky than RYEIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MLPOX	RYEIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.96%	6.66%	-1.70%
Volatility (6M) Calculated over the trailing 6-month period	8.70%	14.99%	-6.29%
Volatility (1Y) Calculated over the trailing 1-year period	11.47%	19.58%	-8.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.49%	26.46%	-6.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.97%	31.83%	-5.86%

MLPOX vs. RYEIX - Expense Ratio Comparison

MLPOX has a 1.29% expense ratio, which is lower than RYEIX's 1.36% expense ratio.

Dividends

MLPOX vs. RYEIX - Dividend Comparison

MLPOX's dividend yield for the trailing twelve months is around 4.79%, more than RYEIX's 1.85% 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%
RYEIX Rydex Energy Fund	1.85%	2.51%	3.84%	2.68%	2.55%	0.50%	2.38%	0.78%	0.81%	0.71%	0.62%	0.43%

Frequently Asked Questions

Can I hold both MLPOX and RYEIX in my portfolio?

MLPOX and RYEIX have a correlation of 0.70, 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 RYEIX?

RYEIX has higher volatility (6.66%) compared to MLPOX (4.96%). In terms of maximum drawdown, MLPOX dropped -76.99% vs RYEIX's -83.50%.

Which has better risk-adjusted returns?

RYEIX currently has the higher Sharpe Ratio (2.81 vs 1.80), 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.