MLPQ.L vs. IESU.L
MLPQ.L (Invesco Morningstar US Energy Infrastructure MLP UCITS ETF) and IESU.L (iShares S&P 500 Energy Sector UCITS ETF USD (Acc)) are both Energy Equities funds - MLPQ.L tracks the MSCI World/Energy NR USD while IESU.L tracks the S&P 500 Capped 35/20 Energy Index NTR. Both are passively managed. Over the past 10 years, MLPQ.L returned 6.58%/yr vs 8.50%/yr for IESU.L. A 0.72 correlation means they provide meaningful diversification when combined. MLPQ.L charges 0.50%/yr vs 0.15%/yr for IESU.L.
Performance
MLPQ.L vs. IESU.L - Performance Comparison
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Returns By Period
In the year-to-date period, MLPQ.L achieves a 21.07% return, which is significantly lower than IESU.L's 28.61% return. Over the past 10 years, MLPQ.L has underperformed IESU.L with an annualized return of 6.58%, while IESU.L has yielded a comparatively higher 8.50% annualized return.
MLPQ.L
- 1D
- 0.64%
- 1M
- 6.04%
- 6M
- 14.63%
- YTD
- 21.07%
- 1Y
- 19.13%
- 3Y*
- 16.60%
- 5Y*
- 19.46%
- 10Y*
- 6.58%
IESU.L
- 1D
- 1.07%
- 1M
- 4.80%
- 6M
- 20.56%
- YTD
- 28.61%
- 1Y
- 35.99%
- 3Y*
- 13.44%
- 5Y*
- 22.82%
- 10Y*
- 8.50%
MLPQ.L vs. IESU.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MLPQ.L Invesco Morningstar US Energy Infrastructure MLP UCITS ETF | 21.07% | -4.55% | 24.63% | 12.94% | 47.46% | 38.65% | -33.55% | 3.85% | -10.58% | -16.33% |
IESU.L iShares S&P 500 Energy Sector UCITS ETF USD (Acc) | 28.61% | 2.26% | 5.45% | -5.96% | 83.53% | 53.82% | -35.62% | 5.37% | -13.39% | -10.01% |
Correlation
The correlation between MLPQ.L and IESU.L is 0.73, 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 | 0.73 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.71 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.77 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.73 |
Correlation (All Time) Calculated using the full available price history since Nov 20, 2015 | 0.72 |
The correlation between MLPQ.L and IESU.L has been stable across timeframes, ranging from 0.71 to 0.77 - a consistent structural relationship.
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Return for Risk
MLPQ.L vs. IESU.L — Risk / Return Rank
MLPQ.L
IESU.L
MLPQ.L vs. IESU.L - 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 iShares S&P 500 Energy Sector UCITS ETF USD (Acc) (IESU.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.
| MLPQ.L | IESU.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.30 | ||
| Sortino ratioReturn per unit of downside risk | -0.32 | ||
| Omega ratioGain probability vs. loss probability | 1.20 | 1.26 | -0.06 |
| Calmar ratioReturn relative to maximum drawdown | 2.10 | 2.07 | +0.03 |
| Martin ratioReturn relative to average drawdown | 4.55 | 5.01 | -0.46 |
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Drawdowns
MLPQ.L vs. IESU.L - Drawdown Comparison
The maximum MLPQ.L drawdown since its inception was -81.18%, which is greater than IESU.L's maximum drawdown of -63.88%. Use the drawdown chart below to compare losses from any high point for MLPQ.L and IESU.L.
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Drawdown Indicators
| MLPQ.L | IESU.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -81.18% | -63.88% | -17.30% |
Max Drawdown (1Y)Largest decline over 1 year | -9.07% | -17.34% | +8.27% |
Max Drawdown (3Y)Largest decline over 3 years | -21.78% | -26.36% | +4.58% |
Max Drawdown (5Y)Largest decline over 5 years | -21.78% | -26.36% | +4.58% |
Max Drawdown (10Y)Largest decline over 10 years | -74.07% | -62.16% | -11.91% |
Current DrawdownCurrent decline from peak | -1.81% | -10.65% | +8.84% |
Average DrawdownAverage peak-to-trough decline | -34.84% | -20.50% | -14.34% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.19% | 7.16% | -2.97% |
Volatility
MLPQ.L vs. IESU.L - Volatility Comparison
The current volatility for Invesco Morningstar US Energy Infrastructure MLP UCITS ETF (MLPQ.L) is 3.98%, while iShares S&P 500 Energy Sector UCITS ETF USD (Acc) (IESU.L) has a volatility of 7.50%. This indicates that MLPQ.L experiences smaller price fluctuations and is considered to be less risky than IESU.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MLPQ.L | IESU.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.98% | 7.50% | -3.52% |
Volatility (6M)Calculated over the trailing 6-month period | 12.93% | 21.74% | -8.81% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.43% | 24.54% | -8.11% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 23.46% | 29.08% | -5.62% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 28.97% | 29.16% | -0.19% |
MLPQ.L vs. IESU.L - Expense Ratio Comparison
MLPQ.L has a 0.50% expense ratio, which is higher than IESU.L's 0.15% expense ratio.
Dividends
MLPQ.L vs. IESU.L - Dividend Comparison
Neither MLPQ.L nor IESU.L has paid dividends to shareholders.
Frequently Asked Questions
MLPQ.L and IESU.L have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, IESU.L is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.
IESU.L is cheaper with a 0.15% expense ratio, compared with 0.50% for MLPQ.L.
MLPQ.L tracks MSCI World/Energy NR USD, while IESU.L tracks S&P 500 Capped 35/20 Energy Index NTR. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.50% for MLPQ.L and 0.15% for IESU.L.
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