MLPP.L vs. IESU.L
MLPP.L (Invesco Morningstar US Energy Infrastructure MLP UCITS ETF (Dist)) and IESU.L (iShares S&P 500 Energy Sector UCITS ETF USD (Acc)) are both Energy Equities funds - MLPP.L tracks the MSCI World/Energy NR USD while IESU.L tracks the S&P 500 Capped 35/20 Energy Index NTR. Both are passively managed. Over the past 10 years, MLPP.L returned 6.54%/yr vs 8.50%/yr for IESU.L. A 0.73 correlation means they provide meaningful diversification when combined. MLPP.L charges 0.50%/yr vs 0.15%/yr for IESU.L.
Performance
MLPP.L vs. IESU.L - Performance Comparison
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Returns By Period
In the year-to-date period, MLPP.L achieves a 21.00% return, which is significantly lower than IESU.L's 28.61% return. Over the past 10 years, MLPP.L has underperformed IESU.L with an annualized return of 6.54%, while IESU.L has yielded a comparatively higher 8.50% annualized return.
MLPP.L
- 1D
- 0.43%
- 1M
- 5.89%
- 6M
- 14.45%
- YTD
- 21.00%
- 1Y
- 18.99%
- 3Y*
- 16.57%
- 5Y*
- 19.42%
- 10Y*
- 6.54%
IESU.L
- 1D
- 1.07%
- 1M
- 4.80%
- 6M
- 20.56%
- YTD
- 28.61%
- 1Y
- 35.99%
- 3Y*
- 13.44%
- 5Y*
- 22.82%
- 10Y*
- 8.50%
MLPP.L vs. IESU.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MLPP.L Invesco Morningstar US Energy Infrastructure MLP UCITS ETF (Dist) | 21.00% | -4.64% | 24.38% | 13.26% | 47.49% | 38.54% | -33.64% | 3.91% | -10.05% | -16.89% |
IESU.L iShares S&P 500 Energy Sector UCITS ETF USD (Acc) | 28.61% | 2.26% | 5.45% | -5.96% | 83.53% | 53.82% | -35.62% | 5.37% | -13.39% | -10.01% |
Correlation
The correlation between MLPP.L and IESU.L is 0.74, 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 | 0.74 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.70 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.76 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.74 |
Correlation (All Time) Calculated using the full available price history since Nov 20, 2015 | 0.73 |
The correlation between MLPP.L and IESU.L has been stable across timeframes, ranging from 0.70 to 0.76 - a consistent structural relationship.
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Return for Risk
MLPP.L vs. IESU.L — Risk / Return Rank
MLPP.L
IESU.L
MLPP.L vs. IESU.L - 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 iShares S&P 500 Energy Sector UCITS ETF USD (Acc) (IESU.L). 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.
| MLPP.L | IESU.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.32 | ||
| Sortino ratioReturn per unit of downside risk | -0.33 | ||
| Omega ratioGain probability vs. loss probability | 1.20 | 1.26 | -0.06 |
| Calmar ratioReturn relative to maximum drawdown | 2.10 | 2.07 | +0.04 |
| Martin ratioReturn relative to average drawdown | 4.52 | 5.01 | -0.49 |
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Drawdowns
MLPP.L vs. IESU.L - Drawdown Comparison
The maximum MLPP.L drawdown since its inception was -81.28%, which is greater than IESU.L's maximum drawdown of -63.88%. Use the drawdown chart below to compare losses from any high point for MLPP.L and IESU.L.
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Drawdown Indicators
| MLPP.L | IESU.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -81.28% | -63.88% | -17.40% |
Max Drawdown (1Y)Largest decline over 1 year | -8.99% | -17.34% | +8.35% |
Max Drawdown (3Y)Largest decline over 3 years | -19.03% | -26.36% | +7.33% |
Max Drawdown (5Y)Largest decline over 5 years | -19.03% | -26.36% | +7.33% |
Max Drawdown (10Y)Largest decline over 10 years | -74.26% | -62.16% | -12.10% |
Current DrawdownCurrent decline from peak | -1.92% | -10.65% | +8.73% |
Average DrawdownAverage peak-to-trough decline | -34.66% | -20.50% | -14.16% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.19% | 7.16% | -2.97% |
Volatility
MLPP.L vs. IESU.L - Volatility Comparison
The current volatility for Invesco Morningstar US Energy Infrastructure MLP UCITS ETF (Dist) (MLPP.L) is 3.94%, while iShares S&P 500 Energy Sector UCITS ETF USD (Acc) (IESU.L) has a volatility of 7.50%. This indicates that MLPP.L experiences smaller price fluctuations and is considered to be less risky than IESU.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MLPP.L | IESU.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.94% | 7.50% | -3.56% |
Volatility (6M)Calculated over the trailing 6-month period | 13.10% | 21.74% | -8.64% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.56% | 24.54% | -7.98% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.62% | 29.08% | -9.46% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 27.54% | 29.16% | -1.62% |
MLPP.L vs. IESU.L - Expense Ratio Comparison
MLPP.L has a 0.50% expense ratio, which is higher than IESU.L's 0.15% expense ratio.
Dividends
MLPP.L vs. IESU.L - Dividend Comparison
MLPP.L's dividend yield for the trailing twelve months is around 7.59%, while IESU.L has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IESU.L iShares S&P 500 Energy Sector UCITS ETF USD (Acc) | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
MLPP.L Invesco Morningstar US Energy Infrastructure MLP UCITS ETF (Dist) | 7.59% | 8.26% | 8.01% | 8.75% | 7.87% | 8.40% | 11.76% | 10.29% | 9.50% | 8.48% | 7.39% | 9.67% |
Frequently Asked Questions
MLPP.L and IESU.L have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, IESU.L is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.
IESU.L is cheaper with a 0.15% expense ratio, compared with 0.50% for MLPP.L.
MLPP.L tracks MSCI World/Energy NR USD, while IESU.L tracks S&P 500 Capped 35/20 Energy Index NTR. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.50% for MLPP.L and 0.15% for IESU.L.
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