MLPQ.L vs. FSENX

Last updated Jul 17, 2026

MLPQ.L (Invesco Morningstar US Energy Infrastructure MLP UCITS ETF) and FSENX (Fidelity Select Energy Portfolio) are both Energy Equities funds. MLPQ.L is passively managed, while FSENX is actively managed. Over the past 10 years, MLPQ.L returned 6.74%/yr vs 8.98%/yr for FSENX. At a 0.49 correlation, their price movements are largely independent. MLPQ.L charges 0.50%/yr vs 0.77%/yr for FSENX.

Performance

MLPQ.L vs. FSENX - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in Invesco Morningstar US Energy Infrastructure MLP UCITS ETF (MLPQ.L) and Fidelity Select Energy Portfolio (FSENX). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

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

Returns By Period

In the year-to-date period, MLPQ.L achieves a 20.29% return, which is significantly lower than FSENX's 32.79% return. Over the past 10 years, MLPQ.L has underperformed FSENX with an annualized return of 6.74%, while FSENX has yielded a comparatively higher 8.98% annualized return.

MLPQ.L

• 1D: 0.85%
• 1M: 5.25%
• 6M: 13.96%
• YTD: 20.29%
• 1Y: 18.65%
• 3Y*: 16.90%
• 5Y*: 19.30%
• 10Y*: 6.74%

FSENX

• 1D: -1.99%
• 1M: 2.75%
• 6M: 22.83%
• YTD: 32.79%
• 1Y: 43.18%
• 3Y*: 16.11%
• 5Y*: 25.31%
• 10Y*: 8.98%

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

MLPQ.L vs. FSENX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MLPQ.L Invesco Morningstar US Energy Infrastructure MLP UCITS ETF	20.29%	-4.55%	24.63%	12.94%	47.46%	38.65%	-33.55%	3.85%	-10.58%	-16.33%
FSENX Fidelity Select Energy Portfolio	32.79%	2.68%	6.08%	-4.10%	82.36%	56.78%	-34.50%	5.72%	-20.49%	-11.07%

Correlation

The correlation between MLPQ.L and FSENX is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.46
Correlation (3Y) Calculated over the trailing 3-year period	0.47
Correlation (5Y) Calculated over the trailing 5-year period	0.56
Correlation (10Y) Calculated over the trailing 10-year period	0.52
Correlation (All Time) Calculated using the full available price history since May 20, 2013	0.49

The correlation between MLPQ.L and FSENX has been stable across timeframes, ranging from 0.46 to 0.56 - a consistent structural relationship.

Return for Risk

MLPQ.L vs. FSENX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

MLPQ.L

MLPQ.L Risk / Return Rank: 39
MLPQ.L Sharpe Ratio Rank: 38
MLPQ.L Sortino Ratio Rank: 35
MLPQ.L Omega Ratio Rank: 36
MLPQ.L Calmar Ratio Rank: 50
MLPQ.L Martin Ratio Rank: 36

FSENX

FSENX Risk / Return Rank: 76
FSENX Sharpe Ratio Rank: 82
FSENX Sortino Ratio Rank: 75
FSENX Omega Ratio Rank: 70
FSENX Calmar Ratio Rank: 88
FSENX Martin Ratio Rank: 62

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.

MLPQ.L vs. FSENX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Morningstar US Energy Infrastructure MLP UCITS ETF (MLPQ.L) and Fidelity Select Energy Portfolio (FSENX). 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.

	MLPQ.L	FSENX	Difference
Sharpe ratio: Return per unit of total volatility	1.13	1.96	-0.82
Sortino ratio: Return per unit of downside risk	1.56	2.58	-1.02
Omega ratio: Gain probability vs. loss probability	1.20	1.33	-0.13
Calmar ratio: Return relative to maximum drawdown	2.05	3.25	-1.21
Martin ratio: Return relative to average drawdown	4.43	8.21	-3.78

MLPQ.L vs. FSENX - Sharpe Ratio Comparison

The current MLPQ.L Sharpe Ratio is 1.13, which is lower than the FSENX Sharpe Ratio of 1.96. The chart below compares the historical Sharpe Ratios of MLPQ.L and FSENX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

MLPQ.L vs. FSENX - Drawdown Comparison

The maximum MLPQ.L drawdown since its inception was -81.18%, which is greater than FSENX's maximum drawdown of -68.14%. Use the drawdown chart below to compare losses from any high point for MLPQ.L and FSENX.

Drawdown Indicators

	MLPQ.L	FSENX	Difference
Max Drawdown Largest peak-to-trough decline	-81.18%	-68.14%	-13.04%
Max Drawdown (1Y) Largest decline over 1 year	-9.07%	-12.66%	+3.59%
Max Drawdown (3Y) Largest decline over 3 years	-21.78%	-27.21%	+5.43%
Max Drawdown (5Y) Largest decline over 5 years	-21.78%	-27.21%	+5.43%
Max Drawdown (10Y) Largest decline over 10 years	-74.07%	-68.14%	-5.93%
Current Drawdown Current decline from peak	-2.44%	-8.13%	+5.69%
Average Drawdown Average peak-to-trough decline	-34.85%	-18.95%	-15.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.20%	5.01%	-0.81%

Volatility

MLPQ.L vs. FSENX - Volatility Comparison

The current volatility for Invesco Morningstar US Energy Infrastructure MLP UCITS ETF (MLPQ.L) is 3.96%, while Fidelity Select Energy Portfolio (FSENX) has a volatility of 6.97%. This indicates that MLPQ.L experiences smaller price fluctuations and is considered to be less risky than FSENX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MLPQ.L	FSENX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.96%	6.97%	-3.01%
Volatility (6M) Calculated over the trailing 6-month period	12.92%	16.78%	-3.86%
Volatility (1Y) Calculated over the trailing 1-year period	16.45%	21.08%	-4.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.47%	26.70%	-3.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.98%	30.50%	-1.52%

MLPQ.L vs. FSENX - Expense Ratio Comparison

MLPQ.L has a 0.50% expense ratio, which is lower than FSENX's 0.77% expense ratio.

Dividends

MLPQ.L vs. FSENX - Dividend Comparison

MLPQ.L has not paid dividends to shareholders, while FSENX's dividend yield for the trailing twelve months is around 1.60%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FSENX Fidelity Select Energy Portfolio	1.60%	1.95%	1.95%	1.98%	2.50%	2.25%	3.43%	1.84%	1.48%	1.74%	0.62%	1.29%
MLPQ.L Invesco Morningstar US Energy Infrastructure MLP 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

Can I hold both MLPQ.L and FSENX in my portfolio?

MLPQ.L and FSENX have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.