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MLPP.L vs. IUSE.L
Performance
Return for Risk
Drawdowns
Volatility
Dividends

MLPP.L vs. IUSE.L

Last updated Jul 18, 2026
Documentation

MLPP.L (Invesco Morningstar US Energy Infrastructure MLP UCITS ETF (Dist)) and IUSE.L (iShares S&P 500 EUR Hedged UCITS ETF Acc) are both exchange-traded funds - MLPP.L is a Energy Equities fund tracking the MSCI World/Energy NR USD, while IUSE.L is a S&P 500 fund tracking the S&P 500 EUR Hedged Index. Both are passively managed. Over the past 10 years, MLPP.L returned 6.54%/yr vs 12.15%/yr for IUSE.L. At a 0.35 correlation, their price movements are largely independent. MLPP.L charges 0.50%/yr vs 0.20%/yr for IUSE.L.

Performance

MLPP.L vs. IUSE.L - 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 iShares S&P 500 EUR Hedged UCITS ETF Acc (IUSE.L). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

MLPP.L is traded in GBp, while IUSE.L is traded in EUR. To make them comparable, the IUSE.L 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 21.00% return, which is significantly higher than IUSE.L's 4.87% return. Over the past 10 years, MLPP.L has underperformed IUSE.L with an annualized return of 6.54%, while IUSE.L has yielded a comparatively higher 12.15% 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%

IUSE.L

1D
-1.18%
1M
-2.41%
6M
4.60%
YTD
4.87%
1Y
15.27%
3Y*
16.37%
5Y*
9.95%
10Y*
12.15%
*Multi-year figures are annualized to reflect compound growth (CAGR)

MLPP.L vs. IUSE.L - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
IUSE.L
iShares S&P 500 EUR Hedged UCITS ETF Acc		4.87%21.10%17.61%20.60%-17.10%20.27%21.31%19.17%-7.49%24.12%

Correlation

The correlation between MLPP.L and IUSE.L is -0.15, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

-0.15

Correlation (3Y)
Calculated over the trailing 3-year period

0.12

Correlation (5Y)
Calculated over the trailing 5-year period

0.23

Correlation (10Y)
Calculated over the trailing 10-year period

0.34

Correlation (All Time)
Calculated using the full available price history since May 16, 2013

0.35

The correlation between MLPP.L and IUSE.L shifts across timeframes, from -0.15 (1 year) to 0.35 (all time), reflecting how their relationship changes across market environments.

MLPP.L vs. IUSE.L - Sectors Allocation Comparison

Sectors
MLPP.L
IUSE.L

Energy

96.6%
3.1%

Utilities

3.2%
2.1%

Industrials

0.2%
7.8%

Basic Materials

-

1.7%

Communication Services

-

10.6%

Consumer Cyclical

-

9.9%

Consumer Defensive

-

4.5%

Financial Services

-

11.1%

Healthcare

-

8.3%

Real Estate

-

1.8%

Technology

-

39.1%

Energy

MLPP.L
96.6%
IUSE.L
3.1%

Utilities

MLPP.L
3.2%
IUSE.L
2.1%

Industrials

MLPP.L
0.2%
IUSE.L
7.8%

Basic Materials

MLPP.L

-

IUSE.L
1.7%

Communication Services

MLPP.L

-

IUSE.L
10.6%

Consumer Cyclical

MLPP.L

-

IUSE.L
9.9%

Consumer Defensive

MLPP.L

-

IUSE.L
4.5%

Financial Services

MLPP.L

-

IUSE.L
11.1%

Healthcare

MLPP.L

-

IUSE.L
8.3%

Real Estate

MLPP.L

-

IUSE.L
1.8%

Technology

MLPP.L

-

IUSE.L
39.1%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Invesco Morningstar US Energy Infrastructure MLP UCITS ETF (Dist)

iShares S&P 500 EUR Hedged UCITS ETF Acc

Often compared with MLPP.L:
MLPP.L vs. CIF.TOMLPP.L vs. SMLD.DEMLPP.L vs. ZPDE.DEMLPP.L vs. MLPXMLPP.L vs. SPYMLPP.L vs. IWDMLPP.L vs. EIMI.L
Often compared with IUSE.L:
IUSE.L vs. EXS1.DEIUSE.L vs. IBCK.DEIUSE.L vs. IBCF.DEIUSE.L vs. CEMS.DEIUSE.L vs. SPYIUSE.L vs. SNAW.DEIUSE.L vs. SXR8.DE

Return for Risk

MLPP.L vs. IUSE.L — 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: 4040
Overall Rank
MLPP.L Sharpe Ratio Rank: 3939
Sharpe Ratio Rank
MLPP.L Sortino Ratio Rank: 3636
Sortino Ratio Rank
MLPP.L Omega Ratio Rank: 3737
Omega Ratio Rank
MLPP.L Calmar Ratio Rank: 5353
Calmar Ratio Rank
MLPP.L Martin Ratio Rank: 3737
Martin Ratio Rank
IUSE.L
IUSE.L Risk / Return Rank: 5555
Overall Rank
IUSE.L Sharpe Ratio Rank: 5454
Sharpe Ratio Rank
IUSE.L Sortino Ratio Rank: 5858
Sortino Ratio Rank
IUSE.L Omega Ratio Rank: 5252
Omega Ratio Rank
IUSE.L Calmar Ratio Rank: 5050
Calmar Ratio Rank
IUSE.L Martin Ratio Rank: 5959
Martin Ratio Rank
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. IUSE.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 EUR Hedged UCITS ETF Acc (IUSE.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.LIUSE.LDifference
Sharpe ratioReturn per unit of total volatility
1.14
1.26

-0.11

Sortino ratioReturn per unit of downside risk
1.58
1.91

-0.33

Omega ratioGain probability vs. loss probability

1.20

1.22

-0.02

Calmar ratioReturn relative to maximum drawdown

2.10

1.70

+0.40

Martin ratioReturn relative to average drawdown

4.52

6.35

-1.83

MLPP.L vs. IUSE.L - Sharpe Ratio Comparison

The current MLPP.L Sharpe Ratio is 1.14, which is comparable to the IUSE.L Sharpe Ratio of 1.26. The chart below compares the historical Sharpe Ratios of MLPP.L and IUSE.L, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

MLPP.L vs. IUSE.L - Drawdown Comparison

The maximum MLPP.L drawdown since its inception was -81.28%, which is greater than IUSE.L's maximum drawdown of -27.56%. Use the drawdown chart below to compare losses from any high point for MLPP.L and IUSE.L.

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Drawdown Indicators

MLPP.LIUSE.LDifference

Max Drawdown

Largest peak-to-trough decline

-81.28%

-27.56%

-53.72%

Max Drawdown (1Y)

Largest decline over 1 year

-8.99%

-8.92%

-0.07%

Max Drawdown (3Y)

Largest decline over 3 years

-19.03%

-17.08%

-1.95%

Max Drawdown (5Y)

Largest decline over 5 years

-19.03%

-23.84%

+4.81%

Max Drawdown (10Y)

Largest decline over 10 years

-74.26%

-27.56%

-46.70%

Current Drawdown

Current decline from peak

-1.92%

-3.52%

+1.60%

Average Drawdown

Average peak-to-trough decline

-34.66%

-5.06%

-29.60%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.19%

2.40%

+1.79%

Volatility

MLPP.L vs. IUSE.L - Volatility Comparison

Invesco Morningstar US Energy Infrastructure MLP UCITS ETF (Dist) (MLPP.L) has a higher volatility of 3.94% compared to iShares S&P 500 EUR Hedged UCITS ETF Acc (IUSE.L) at 3.14%. This indicates that MLPP.L's price experiences larger fluctuations and is considered to be riskier than IUSE.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.LIUSE.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.94%

3.14%

+0.80%

Volatility (6M)

Calculated over the trailing 6-month period

13.10%

9.43%

+3.67%

Volatility (1Y)

Calculated over the trailing 1-year period

16.56%

12.12%

+4.44%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

19.62%

16.06%

+3.56%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

27.54%

16.51%

+11.03%

MLPP.L vs. IUSE.L - Expense Ratio Comparison

MLPP.L has a 0.50% expense ratio, which is higher than IUSE.L's 0.20% expense ratio.

Dividends

MLPP.L vs. IUSE.L - Dividend Comparison

MLPP.L's dividend yield for the trailing twelve months is around 7.59%, while IUSE.L has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
IUSE.L
iShares S&P 500 EUR Hedged UCITS ETF 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 IUSE.L have a correlation of -0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, IUSE.L is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.

IUSE.L is cheaper with a 0.20% expense ratio, compared with 0.50% for MLPP.L.

MLPP.L is categorized as Energy Equities, while IUSE.L is S&P 500. MLPP.L tracks MSCI World/Energy NR USD, while IUSE.L tracks S&P 500 EUR Hedged Index. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.50% for MLPP.L and 0.20% for IUSE.L.

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