MLPP.L vs. MLPD.L

Last updated Jun 5, 2026

MLPP.L (Invesco Morningstar US Energy Infrastructure MLP UCITS ETF (Dist)) and MLPD.L (Invesco Morningstar US Energy Infrastructure MLP UCITS ETF (Dist)) are both Energy Equities funds from Invesco tracking the MSCI World/Energy NR USD. Both are passively managed. Over the past 10 years, MLPP.L returned 3.95%/yr vs 7.72%/yr for MLPD.L. A 0.77 correlation means they provide meaningful diversification when combined. Both charge a 0.50% expense ratio.

Performance

MLPP.L vs. MLPD.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 Invesco Morningstar US Energy Infrastructure MLP UCITS ETF (Dist) (MLPD.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

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

Returns By Period

The year-to-date returns for both investments are quite close, with MLPP.L having a 19.02% return and MLPD.L slightly higher at 19.18%. Over the past 10 years, MLPP.L has underperformed MLPD.L with an annualized return of 3.95%, while MLPD.L has yielded a comparatively higher 7.72% 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%

MLPD.L

• 1D: -0.57%
• 1M: 0.78%
• YTD: 19.18%
• 6M: 13.75%
• 1Y: 16.82%
• 3Y*: 15.85%
• 5Y*: 18.55%
• 10Y*: 7.72%

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

MLPP.L vs. MLPD.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)	19.02%	-4.63%	24.36%	13.33%	47.48%	38.50%	-38.75%	-2.21%	-17.19%	-22.69%
MLPD.L Invesco Morningstar US Energy Infrastructure MLP UCITS ETF (Dist)	19.18%	-4.96%	24.67%	13.71%	47.52%	38.15%	-33.39%	3.14%	-9.87%	-16.56%

Correlation

The correlation between MLPP.L and MLPD.L is 0.94, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.94
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (5Y) Calculated over the trailing 5-year period	0.86
Correlation (10Y) Calculated over the trailing 10-year period	0.78
Correlation (All Time) Calculated using the full available price history since Jul 12, 2013	0.77

The correlation between MLPP.L and MLPD.L shifts across timeframes, from 0.77 (all time) to 0.94 (3 years), reflecting how their relationship changes across market environments.

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

Sectors	MLPP.L	MLPD.L
Energy	96.7%	96.7%
Utilities	3.2%	3.2%
Industrials	0.2%	0.2%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Financial Services	-	-
Healthcare	-	-
Real Estate	-	-
Technology	-	-

Return for Risk

MLPP.L vs. MLPD.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: 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

MLPD.L

MLPD.L Risk / Return Rank: 32
MLPD.L Sharpe Ratio Rank: 31
MLPD.L Sortino Ratio Rank: 29
MLPD.L Omega Ratio Rank: 29
MLPD.L Calmar Ratio Rank: 38
MLPD.L Martin Ratio Rank: 32

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. MLPD.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 Invesco Morningstar US Energy Infrastructure MLP UCITS ETF (Dist) (MLPD.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.

	MLPP.L	MLPD.L	Difference
Sharpe ratio: Return per unit of total volatility	1.04	1.05	-0.01
Sortino ratio: Return per unit of downside risk	1.45	1.48	-0.04
Omega ratio: Gain probability vs. loss probability	1.18	1.18	0.00
Calmar ratio: Return relative to maximum drawdown	1.87	1.78	+0.09
Martin ratio: Return relative to average drawdown	4.35	4.22	+0.13
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. MLPD.L - Sharpe Ratio Comparison

The current MLPP.L Sharpe Ratio is 1.04, which is comparable to the MLPD.L Sharpe Ratio of 1.05. The chart below compares the historical Sharpe Ratios of MLPP.L and MLPD.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.

Sharpe Ratios by Period

	MLPP.L	MLPD.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.04	1.05	-0.01
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.00	0.92	+0.09
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.15	0.27	-0.12
Sharpe Ratio (All Time) Calculated using the full available price history	-0.00	0.19	-0.19

Drawdowns

MLPP.L vs. MLPD.L - Drawdown Comparison

The maximum MLPP.L drawdown since its inception was -84.51%, which is greater than MLPD.L's maximum drawdown of -75.45%. Use the drawdown chart below to compare losses from any high point for MLPP.L and MLPD.L.

Drawdown Indicators

	MLPP.L	MLPD.L	Difference
Max Drawdown Largest peak-to-trough decline	-84.51%	-75.45%	-9.06%
Max Drawdown (1Y) Largest decline over 1 year	-8.99%	-9.39%	+0.40%
Max Drawdown (3Y) Largest decline over 3 years	-19.03%	-19.01%	-0.02%
Max Drawdown (5Y) Largest decline over 5 years	-19.03%	-19.01%	-0.02%
Max Drawdown (10Y) Largest decline over 10 years	-80.34%	-73.90%	-6.44%
Current Drawdown Current decline from peak	-7.30%	-3.40%	-3.90%
Average Drawdown Average peak-to-trough decline	-36.25%	-20.17%	-16.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.88%	3.98%	-0.10%

Volatility

MLPP.L vs. MLPD.L - Volatility Comparison

Invesco Morningstar US Energy Infrastructure MLP UCITS ETF (Dist) (MLPP.L) has a higher volatility of 6.47% compared to Invesco Morningstar US Energy Infrastructure MLP UCITS ETF (Dist) (MLPD.L) at 6.01%. This indicates that MLPP.L's price experiences larger fluctuations and is considered to be riskier than MLPD.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MLPP.L	MLPD.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.47%	6.01%	+0.46%
Volatility (6M) Calculated over the trailing 6-month period	12.89%	12.35%	+0.54%
Volatility (1Y) Calculated over the trailing 1-year period	16.25%	15.99%	+0.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.82%	20.26%	+0.56%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.00%	28.17%	+3.83%

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

Both MLPP.L and MLPD.L have an expense ratio of 0.50%.

Dividends

MLPP.L vs. MLPD.L - Dividend Comparison

MLPP.L's dividend yield for the trailing twelve months is around 7.55%, which matches MLPD.L's 7.57% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MLPD.L Invesco Morningstar US Energy Infrastructure MLP UCITS ETF (Dist)	7.57%	8.21%	8.18%	8.60%	7.98%	8.57%	11.03%	10.06%	9.87%	8.15%	8.14%	9.96%
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 MLPD.L in my portfolio?

With a correlation of 0.94, MLPP.L and MLPD.L move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which ETF is better, MLPP.L or MLPD.L?

Both ETFs have the same 0.50% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, MLPP.L or MLPD.L?

MLPP.L and MLPD.L have the same expense ratio: 0.50% per year.

What is the main difference between MLPP.L and MLPD.L?

Both ETFs track MSCI World/Energy NR USD.