MLPOX vs. VGENX
MLPOX (Invesco SteelPath MLP Alpha Fund) and VGENX (Vanguard Energy Opportunities Fund Investor Shares) are both Energy Equities funds. Over the past 10 years, MLPOX returned 8.86%/yr vs 9.08%/yr for VGENX. A 0.69 correlation means they provide meaningful diversification when combined. MLPOX charges 1.29%/yr vs 0.45%/yr for VGENX.
Performance
MLPOX vs. VGENX - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with MLPOX having a 16.44% return and VGENX slightly higher at 16.60%. Both investments have delivered pretty close results over the past 10 years, with MLPOX having a 8.86% annualized return and VGENX not far ahead at 9.08%.
MLPOX
- 1D
- 0.59%
- 1M
- -4.85%
- YTD
- 16.44%
- 6M
- 16.44%
- 1Y
- 18.63%
- 3Y*
- 25.96%
- 5Y*
- 20.95%
- 10Y*
- 8.86%
VGENX
- 1D
- 0.97%
- 1M
- -4.94%
- YTD
- 16.60%
- 6M
- 16.98%
- 1Y
- 25.71%
- 3Y*
- 26.91%
- 5Y*
- 21.66%
- 10Y*
- 9.08%
MLPOX vs. VGENX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MLPOX Invesco SteelPath MLP Alpha Fund | 16.44% | 4.47% | 40.63% | 20.44% | 29.45% | 39.81% | -30.40% | 6.71% | -14.77% | -6.96% |
VGENX Vanguard Energy Opportunities Fund Investor Shares | 16.60% | 20.67% | 30.25% | 8.78% | 23.59% | 27.71% | -30.85% | 13.23% | -17.19% | 3.22% |
Correlation
The correlation between MLPOX and VGENX 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 | 0.71 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.78 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.75 |
Correlation (All Time) Calculated using the full available price history since Apr 5, 2010 | 0.69 |
The correlation between MLPOX and VGENX has been stable across timeframes, ranging from 0.69 to 0.78 - a consistent structural relationship.
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Return for Risk
MLPOX vs. VGENX — Risk / Return Rank
MLPOX
VGENX
MLPOX vs. VGENX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco SteelPath MLP Alpha Fund (MLPOX) and Vanguard Energy Opportunities Fund Investor Shares (VGENX). 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.
| MLPOX | VGENX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.49 | ||
| Sortino ratioReturn per unit of downside risk | -0.66 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 1.36 | -0.09 |
| Calmar ratioReturn relative to maximum drawdown | 3.00 | 3.21 | -0.21 |
| Martin ratioReturn relative to average drawdown | 7.59 | 12.31 | -4.72 |
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Drawdowns
MLPOX vs. VGENX - Drawdown Comparison
The maximum MLPOX drawdown since its inception was -76.99%, which is greater than VGENX's maximum drawdown of -65.37%. Use the drawdown chart below to compare losses from any high point for MLPOX and VGENX.
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Drawdown Indicators
| MLPOX | VGENX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -76.99% | -65.37% | -11.62% |
Max Drawdown (1Y)Largest decline over 1 year | -5.97% | -7.88% | +1.91% |
Max Drawdown (3Y)Largest decline over 3 years | -15.18% | -12.30% | -2.88% |
Max Drawdown (5Y)Largest decline over 5 years | -21.17% | -19.72% | -1.45% |
Max Drawdown (10Y)Largest decline over 10 years | -72.41% | -61.19% | -11.22% |
Current DrawdownCurrent decline from peak | -5.28% | -6.99% | +1.71% |
Average DrawdownAverage peak-to-trough decline | -16.38% | -14.92% | -1.46% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.35% | 2.05% | +0.30% |
Volatility
MLPOX vs. VGENX - Volatility Comparison
Invesco SteelPath MLP Alpha Fund (MLPOX) has a higher volatility of 4.28% compared to Vanguard Energy Opportunities Fund Investor Shares (VGENX) at 3.92%. This indicates that MLPOX's price experiences larger fluctuations and is considered to be riskier than VGENX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MLPOX | VGENX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.28% | 3.92% | +0.36% |
Volatility (6M)Calculated over the trailing 6-month period | 8.68% | 10.30% | -1.62% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.45% | 12.32% | -0.87% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.32% | 18.68% | +0.64% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 25.97% | 23.17% | +2.80% |
MLPOX vs. VGENX - Expense Ratio Comparison
MLPOX has a 1.29% expense ratio, which is higher than VGENX's 0.45% expense ratio.
Dividends
MLPOX vs. VGENX - Dividend Comparison
MLPOX's dividend yield for the trailing twelve months is around 4.91%, less than VGENX's 7.35% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MLPOX Invesco SteelPath MLP Alpha Fund | 4.91% | 5.31% | 4.26% | 5.55% | 6.19% | 7.52% | 13.39% | 10.42% | 10.08% | 8.00% | 7.18% | 7.85% |
VGENX Vanguard Energy Opportunities Fund Investor Shares | 7.35% | 4.71% | 33.96% | 6.83% | 4.63% | 3.63% | 4.46% | 3.30% | 2.96% | 2.96% | 1.84% | 2.63% |
Frequently Asked Questions
MLPOX and VGENX 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.
MLPOX has higher volatility (4.28%) compared to VGENX (3.92%). In terms of maximum drawdown, MLPOX dropped -76.99% vs VGENX's -65.37%.
VGENX currently has the higher Sharpe Ratio (2.06 vs 1.57), 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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