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

MLPP.L vs. XLEP.L

Last updated Jun 5, 2026

MLPP.L (Invesco Morningstar US Energy Infrastructure MLP UCITS ETF (Dist)) and XLEP.L (Invesco US Energy Sector UCITS ETF) 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 10.15%/yr for XLEP.L. A 0.62 correlation means they provide meaningful diversification when combined. MLPP.L charges 0.50%/yr vs 0.14%/yr for XLEP.L.

Performance

MLPP.L vs. XLEP.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 US Energy Sector UCITS ETF (XLEP.L). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, MLPP.L achieves a 19.02% return, which is significantly lower than XLEP.L's 31.41% return. Over the past 10 years, MLPP.L has underperformed XLEP.L with an annualized return of 3.95%, while XLEP.L has yielded a comparatively higher 10.15% 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%

XLEP.L

1D
-0.21%
1M
-0.08%
YTD
31.41%
6M
28.36%
1Y
47.38%
3Y*
14.05%
5Y*
21.30%
10Y*
10.15%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)202520242023202220212020201920182017
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%
XLEP.L
Invesco US Energy Sector UCITS ETF		31.41%1.41%4.85%-5.07%81.43%53.83%-35.01%5.84%-13.66%-9.87%

Correlation

The correlation between MLPP.L and XLEP.L is 0.75, 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

0.75

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

0.72

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

0.69

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

0.61

Correlation (All Time)
Calculated using the full available price history since Jul 1, 2014

0.62

The correlation between MLPP.L and XLEP.L shifts across timeframes, from 0.61 (10 years) to 0.75 (1 year), reflecting how their relationship changes across market environments.

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

Sectors
MLPP.L
XLEP.L

Energy

96.7%
100.0%

Utilities

3.2%

-

Industrials

0.2%

-

Basic Materials

-

-

Communication Services

-

-

Consumer Cyclical

-

-

Consumer Defensive

-

-

Financial Services

-

-

Healthcare

-

-

Real Estate

-

-

Technology

-

-

Energy

MLPP.L
96.7%
XLEP.L
100.0%

Utilities

MLPP.L
3.2%
XLEP.L

-

Industrials

MLPP.L
0.2%
XLEP.L

-

Basic Materials

MLPP.L

-

XLEP.L

-

Communication Services

MLPP.L

-

XLEP.L

-

Consumer Cyclical

MLPP.L

-

XLEP.L

-

Consumer Defensive

MLPP.L

-

XLEP.L

-

Financial Services

MLPP.L

-

XLEP.L

-

Healthcare

MLPP.L

-

XLEP.L

-

Real Estate

MLPP.L

-

XLEP.L

-

Technology

MLPP.L

-

XLEP.L

-

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Invesco Morningstar US Energy Infrastructure MLP UCITS ETF (Dist)

Invesco US Energy Sector UCITS ETF

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 XLEP.L:
XLEP.L vs. XLEXLEP.L vs. TLTXLEP.L vs. WENS.LXLEP.L vs. SPMOXLEP.L vs. XLES.LXLEP.L vs. VUAA.LXLEP.L vs. VDE

Return for Risk

MLPP.L vs. XLEP.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: 3131
Overall Rank
MLPP.L Sharpe Ratio Rank: 2929
Sharpe Ratio Rank
MLPP.L Sortino Ratio Rank: 2727
Sortino Ratio Rank
MLPP.L Omega Ratio Rank: 2828
Omega Ratio Rank
MLPP.L Calmar Ratio Rank: 3939
Calmar Ratio Rank
MLPP.L Martin Ratio Rank: 3030
Martin Ratio Rank
XLEP.L
XLEP.L Risk / Return Rank: 5757
Overall Rank
XLEP.L Sharpe Ratio Rank: 6161
Sharpe Ratio Rank
XLEP.L Sortino Ratio Rank: 5252
Sortino Ratio Rank
XLEP.L Omega Ratio Rank: 5858
Omega Ratio Rank
XLEP.L Calmar Ratio Rank: 6060
Calmar Ratio Rank
XLEP.L Martin Ratio Rank: 5454
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. XLEP.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 US Energy Sector UCITS ETF (XLEP.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.LXLEP.LDifference
Sharpe ratioReturn per unit of total volatility
1.04
2.02

-0.98

Sortino ratioReturn per unit of downside risk
1.45
2.49

-1.04

Omega ratioGain probability vs. loss probability

1.18

1.35

-0.17

Calmar ratioReturn relative to maximum drawdown

1.87

2.92

-1.04

Martin ratioReturn relative to average drawdown

4.35

9.27

-4.92

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. XLEP.L - Sharpe Ratio Comparison

The current MLPP.L Sharpe Ratio is 1.04, which is lower than the XLEP.L Sharpe Ratio of 2.02. The chart below compares the historical Sharpe Ratios of MLPP.L and XLEP.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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Sharpe Ratios by Period

MLPP.LXLEP.LDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.04

2.02

-0.98

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

1.00

0.81

+0.19

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.15

0.36

-0.21

Sharpe Ratio (All Time)

Calculated using the full available price history

-0.00

0.25

-0.25

Drawdowns

MLPP.L vs. XLEP.L - Drawdown Comparison

The maximum MLPP.L drawdown since its inception was -84.51%, which is greater than XLEP.L's maximum drawdown of -63.35%. Use the drawdown chart below to compare losses from any high point for MLPP.L and XLEP.L.

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Drawdown Indicators

MLPP.LXLEP.LDifference

Max Drawdown

Largest peak-to-trough decline

-84.51%

-63.35%

-21.16%

Max Drawdown (1Y)

Largest decline over 1 year

-8.99%

-16.17%

+7.18%

Max Drawdown (3Y)

Largest decline over 3 years

-19.03%

-24.06%

+5.03%

Max Drawdown (5Y)

Largest decline over 5 years

-19.03%

-24.16%

+5.13%

Max Drawdown (10Y)

Largest decline over 10 years

-80.34%

-63.35%

-16.99%

Current Drawdown

Current decline from peak

-7.30%

-8.08%

+0.78%

Average Drawdown

Average peak-to-trough decline

-36.25%

-16.96%

-19.29%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.88%

5.10%

-1.22%

Volatility

MLPP.L vs. XLEP.L - Volatility Comparison

The current volatility for Invesco Morningstar US Energy Infrastructure MLP UCITS ETF (Dist) (MLPP.L) is 6.47%, while Invesco US Energy Sector UCITS ETF (XLEP.L) has a volatility of 8.92%. This indicates that MLPP.L experiences smaller price fluctuations and is considered to be less risky than XLEP.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.LXLEP.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

6.47%

8.92%

-2.45%

Volatility (6M)

Calculated over the trailing 6-month period

12.89%

19.87%

-6.98%

Volatility (1Y)

Calculated over the trailing 1-year period

16.25%

23.44%

-7.19%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

20.82%

26.28%

-5.46%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

32.00%

28.14%

+3.86%

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

MLPP.L has a 0.50% expense ratio, which is higher than XLEP.L's 0.14% expense ratio.

Dividends

MLPP.L vs. XLEP.L - Dividend Comparison

MLPP.L's dividend yield for the trailing twelve months is around 7.55%, while XLEP.L has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
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%
XLEP.L
Invesco US Energy Sector UCITS ETF		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

MLPP.L and XLEP.L have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, XLEP.L is cheaper at 0.14% per year. The better choice depends on whether you care most about return, fees, risk, or income.

XLEP.L is cheaper with a 0.14% expense ratio, compared with 0.50% for MLPP.L.

Both ETFs track MSCI World/Energy NR USD. Their fees differ too: 0.50% for MLPP.L and 0.14% for XLEP.L.

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