MLPP.L vs. MLPB
MLPP.L (Invesco Morningstar US Energy Infrastructure MLP UCITS ETF (Dist)) and MLPB (ETRACS Alerian MLP Infrastructure Index ETN Series B) are both exchange-traded funds - MLPP.L is a Energy Equities fund tracking the MSCI World/Energy NR USD, while MLPB is a MLPs fund tracking the Alerian MLP Infrastructure Index. Both are passively managed. Over the past 10 years, MLPP.L returned 3.95%/yr vs 11.16%/yr for MLPB. At a 0.43 correlation, their price movements are largely independent. MLPP.L charges 0.50%/yr vs 0.85%/yr for MLPB.
Performance
MLPP.L vs. MLPB - Performance Comparison
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Different Trading Currencies
MLPP.L is traded in GBp, while MLPB is traded in USD. To make them comparable, the MLPB 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 lower than MLPB's 21.74% return. Over the past 10 years, MLPP.L has underperformed MLPB with an annualized return of 3.95%, while MLPB has yielded a comparatively higher 11.16% annualized 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%
MLPB
- 1D
- 1.28%
- 1M
- 1.53%
- YTD
- 21.74%
- 6M
- 17.77%
- 1Y
- 25.48%
- 3Y*
- 19.74%
- 5Y*
- 21.02%
- 10Y*
- 11.16%
MLPP.L vs. MLPB - 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) | 19.02% | -4.63% | 24.36% | 13.33% | 47.48% | 38.50% | -38.75% | -2.21% | -17.19% | -22.69% |
MLPB ETRACS Alerian MLP Infrastructure Index ETN Series B | 21.74% | -0.25% | 27.72% | 15.91% | 45.70% | 40.74% | -32.83% | 1.67% | -3.38% | -17.52% |
Correlation
The correlation between MLPP.L and MLPB is 0.59, 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 | 0.59 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.61 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.57 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.45 |
Correlation (All Time) Calculated using the full available price history since Oct 12, 2015 | 0.43 |
The correlation between MLPP.L and MLPB shifts across timeframes, from 0.43 (all time) to 0.61 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
MLPP.L vs. MLPB — Risk / Return Rank
MLPP.L
MLPB
MLPP.L vs. MLPB - 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 ETRACS Alerian MLP Infrastructure Index ETN Series B (MLPB). 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 | MLPB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.67 | ||
| Sortino ratioReturn per unit of downside risk | -0.92 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 1.29 | -0.11 |
| Calmar ratioReturn relative to maximum drawdown | 1.87 | 2.39 | -0.51 |
| Martin ratioReturn relative to average drawdown | 4.35 | 6.44 | -2.09 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| MLPP.L | MLPB | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.04 | 1.71 | -0.67 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.00 | 1.08 | -0.08 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.15 | 0.40 | -0.24 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.00 | 0.28 | -0.28 |
Drawdowns
MLPP.L vs. MLPB - Drawdown Comparison
The maximum MLPP.L drawdown since its inception was -84.51%, which is greater than MLPB's maximum drawdown of -70.51%. Use the drawdown chart below to compare losses from any high point for MLPP.L and MLPB.
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Drawdown Indicators
| MLPP.L | MLPB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -84.51% | -70.51% | -14.00% |
Max Drawdown (1Y)Largest decline over 1 year | -8.99% | -10.72% | +1.73% |
Max Drawdown (3Y)Largest decline over 3 years | -19.03% | -17.65% | -1.38% |
Max Drawdown (5Y)Largest decline over 5 years | -19.03% | -18.25% | -0.78% |
Max Drawdown (10Y)Largest decline over 10 years | -80.34% | -70.51% | -9.83% |
Current DrawdownCurrent decline from peak | -7.30% | -3.61% | -3.69% |
Average DrawdownAverage peak-to-trough decline | -36.25% | -17.98% | -18.27% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.88% | 3.97% | -0.09% |
Volatility
MLPP.L vs. MLPB - Volatility Comparison
Invesco Morningstar US Energy Infrastructure MLP UCITS ETF (Dist) (MLPP.L) and ETRACS Alerian MLP Infrastructure Index ETN Series B (MLPB) have volatilities of 6.47% and 6.51%, 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.
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Volatility by Period
| MLPP.L | MLPB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.47% | 6.51% | -0.04% |
Volatility (6M)Calculated over the trailing 6-month period | 12.89% | 11.28% | +1.61% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.25% | 15.12% | +1.13% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.82% | 19.60% | +1.22% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.00% | 28.39% | +3.61% |
MLPP.L vs. MLPB - Expense Ratio Comparison
MLPP.L has a 0.50% expense ratio, which is lower than MLPB's 0.85% expense ratio.
Dividends
MLPP.L vs. MLPB - Dividend Comparison
MLPP.L's dividend yield for the trailing twelve months is around 7.55%, more than MLPB's 5.78% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MLPB ETRACS Alerian MLP Infrastructure Index ETN Series B | 5.78% | 6.51% | 5.95% | 6.37% | 6.00% | 6.98% | 11.93% | 7.98% | 8.11% | 7.23% | 6.85% | 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
MLPP.L and MLPB have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, MLPP.L is cheaper at 0.50% per year. The better choice depends on whether you care most about return, fees, risk, or income.
MLPP.L is cheaper with a 0.50% expense ratio, compared with 0.85% for MLPB.
MLPP.L is categorized as Energy Equities, while MLPB is MLPs. MLPP.L tracks MSCI World/Energy NR USD, while MLPB tracks Alerian MLP Infrastructure Index. They also come from different issuers: Invesco and UBS. Their fees differ too: 0.50% for MLPP.L and 0.85% for MLPB.
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