MLPP.L vs. BXSL

Last updated Jun 5, 2026

MLPP.L (Invesco Morningstar US Energy Infrastructure MLP UCITS ETF (Dist)) is Energy Equities fund tracking the MSCI World/Energy NR USD, while BXSL (Blackstone Secured Lending Fund) is a stock. Over the past 3 years, MLPP.L returned 15.77%/yr vs 5.12%/yr for BXSL. At a 0.14 correlation, their price movements are largely independent.

Performance

MLPP.L vs. BXSL - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in Invesco Morningstar US Energy Infrastructure MLP UCITS ETF (Dist) (MLPP.L) and Blackstone Secured Lending Fund (BXSL). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

MLPP.L is traded in GBp, while BXSL is traded in USD. To make them comparable, the BXSL values have been converted to GBp using the latest available exchange rates.

Returns By Period

In the year-to-date period, MLPP.L achieves a 19.02% return, which is significantly higher than BXSL's -6.21% return.

MLPP.L

• 1D: -0.55%
• 1M: 0.89%
• YTD: 19.02%
• 6M: 13.93%
• 1Y: 16.92%
• 3Y*: 15.77%
• 5Y*: 18.55%
• 10Y*: 3.95%

BXSL

• 1D: 2.32%
• 1M: -3.70%
• YTD: -6.21%
• 6M: -11.05%
• 1Y: -14.50%
• 3Y*: 5.12%
• 5Y*: —
• 10Y*: —

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

MLPP.L vs. BXSL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
MLPP.L Invesco Morningstar US Energy Infrastructure MLP UCITS ETF (Dist)	19.02%	-4.63%	24.36%	13.33%	47.48%	-5.84%
BXSL Blackstone Secured Lending Fund	-6.21%	-15.82%	31.27%	30.93%	-17.23%	27.37%

Correlation

The correlation between MLPP.L and BXSL is 0.12, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.12
Correlation (3Y) Calculated over the trailing 3-year period	0.20
Correlation (All Time) Calculated using the full available price history since Oct 29, 2021	0.14

Return for Risk

MLPP.L vs. BXSL — Risk / Return Rank

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

MLPP.L

MLPP.L Risk / Return Rank: 31
MLPP.L Sharpe Ratio Rank: 29
MLPP.L Sortino Ratio Rank: 27
MLPP.L Omega Ratio Rank: 28
MLPP.L Calmar Ratio Rank: 39
MLPP.L Martin Ratio Rank: 30

BXSL

BXSL Risk / Return Rank: 15
BXSL Sharpe Ratio Rank: 10
BXSL Sortino Ratio Rank: 11
BXSL Omega Ratio Rank: 14
BXSL Calmar Ratio Rank: 18
BXSL Martin Ratio Rank: 22

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.

MLPP.L vs. BXSL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Morningstar US Energy Infrastructure MLP UCITS ETF (Dist) (MLPP.L) and Blackstone Secured Lending Fund (BXSL). 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.

	MLPP.L	BXSL	Difference
Sharpe ratio: Return per unit of total volatility	1.04	-0.71	+1.75
Sortino ratio: Return per unit of downside risk	1.45	-0.92	+2.37
Omega ratio: Gain probability vs. loss probability	1.18	0.90	+0.28
Calmar ratio: Return relative to maximum drawdown	1.87	-0.62	+2.49
Martin ratio: Return relative to average drawdown	4.35	-0.95	+5.30
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MLPP.L vs. BXSL - Sharpe Ratio Comparison

The current MLPP.L Sharpe Ratio is 1.04, which is higher than the BXSL Sharpe Ratio of -0.71. The chart below compares the historical Sharpe Ratios of MLPP.L and BXSL, 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

	MLPP.L	BXSL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.04	-0.71	+1.75
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.00	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.15	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.00	0.34	-0.34

Drawdowns

MLPP.L vs. BXSL - Drawdown Comparison

The maximum MLPP.L drawdown since its inception was -84.51%, which is greater than BXSL's maximum drawdown of -29.12%. Use the drawdown chart below to compare losses from any high point for MLPP.L and BXSL.

Drawdown Indicators

	MLPP.L	BXSL	Difference
Max Drawdown Largest peak-to-trough decline	-84.51%	-29.12%	-55.39%
Max Drawdown (1Y) Largest decline over 1 year	-8.99%	-23.47%	+14.48%
Max Drawdown (3Y) Largest decline over 3 years	-19.03%	-29.12%	+10.09%
Max Drawdown (5Y) Largest decline over 5 years	-19.03%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-80.34%	—	—
Current Drawdown Current decline from peak	-7.30%	-25.63%	+18.33%
Average Drawdown Average peak-to-trough decline	-36.25%	-12.97%	-23.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.88%	15.25%	-11.37%

Volatility

MLPP.L vs. BXSL - Volatility Comparison

Invesco Morningstar US Energy Infrastructure MLP UCITS ETF (Dist) (MLPP.L) and Blackstone Secured Lending Fund (BXSL) have volatilities of 6.47% and 6.17%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MLPP.L	BXSL	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.47%	6.17%	+0.30%
Volatility (6M) Calculated over the trailing 6-month period	12.89%	16.44%	-3.55%
Volatility (1Y) Calculated over the trailing 1-year period	16.25%	20.55%	-4.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.82%	24.09%	-3.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.00%	24.09%	+7.91%

Dividends

MLPP.L vs. BXSL - Dividend Comparison

MLPP.L's dividend yield for the trailing twelve months is around 7.55%, less than BXSL's 12.94% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BXSL Blackstone Secured Lending Fund	12.94%	11.70%	9.53%	10.64%	13.02%	1.56%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
MLPP.L Invesco Morningstar US Energy Infrastructure MLP UCITS ETF (Dist)	7.55%	8.28%	7.99%	8.81%	7.86%	8.40%	6.01%	0.13%	0.13%	0.11%	0.10%	0.15%

Frequently Asked Questions

Can I hold both MLPP.L and BXSL in my portfolio?

MLPP.L and BXSL have a correlation of 0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.