MLPQ.L vs. MLPZX

Last updated Jun 4, 2026

MLPQ.L (Invesco Morningstar US Energy Infrastructure MLP UCITS ETF) and MLPZX (Invesco SteelPath MLP Income Fund) are both Energy Equities funds from Invesco. Over the past 10 years, MLPQ.L returned 8.16%/yr vs 10.63%/yr for MLPZX. A 0.63 correlation means they provide meaningful diversification when combined. MLPQ.L charges 0.50%/yr vs 1.10%/yr for MLPZX.

Performance

MLPQ.L vs. MLPZX - 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 Invesco SteelPath MLP Income Fund (MLPZX). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

MLPQ.L is traded in GBp, while MLPZX is traded in USD. To make them comparable, the MLPZX 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 MLPQ.L having a 19.60% return and MLPZX slightly higher at 19.98%. Over the past 10 years, MLPQ.L has underperformed MLPZX with an annualized return of 8.16%, while MLPZX has yielded a comparatively higher 10.63% annualized return.

MLPQ.L

• 1D: 1.38%
• 1M: 2.14%
• YTD: 19.60%
• 6M: 15.65%
• 1Y: 17.12%
• 3Y*: 16.27%
• 5Y*: 18.67%
• 10Y*: 8.16%

MLPZX

• 1D: 0.87%
• 1M: 0.27%
• YTD: 19.98%
• 6M: 17.63%
• 1Y: 23.87%
• 3Y*: 19.33%
• 5Y*: 20.37%
• 10Y*: 10.63%

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

MLPQ.L vs. MLPZX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MLPQ.L Invesco Morningstar US Energy Infrastructure MLP UCITS ETF	19.60%	-4.55%	24.63%	12.94%	47.46%	38.65%	-33.55%	3.85%	-9.99%	-16.88%
MLPZX Invesco SteelPath MLP Income Fund	19.98%	0.19%	26.71%	14.67%	39.98%	46.36%	-27.68%	10.15%	-7.76%	-16.34%

Correlation

The correlation between MLPQ.L and MLPZX 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	0.63
Correlation (10Y) Calculated over the trailing 10-year period	0.63
Correlation (All Time) Calculated using the full available price history since Jun 25, 2013	0.63

The correlation between MLPQ.L and MLPZX has been stable across timeframes, ranging from 0.59 to 0.63 - a consistent structural relationship.

Return for Risk

MLPQ.L vs. MLPZX — 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: 30
MLPQ.L Sharpe Ratio Rank: 29
MLPQ.L Sortino Ratio Rank: 27
MLPQ.L Omega Ratio Rank: 28
MLPQ.L Calmar Ratio Rank: 38
MLPQ.L Martin Ratio Rank: 30

MLPZX

MLPZX Risk / Return Rank: 60
MLPZX Sharpe Ratio Rank: 53
MLPZX Sortino Ratio Rank: 50
MLPZX Omega Ratio Rank: 45
MLPZX Calmar Ratio Rank: 86
MLPZX Martin Ratio Rank: 67

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. MLPZX - 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 Invesco SteelPath MLP Income Fund (MLPZX). 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.

	MLPQ.L	MLPZX	Difference
Sharpe ratio: Return per unit of total volatility	1.06	1.92	-0.86
Sortino ratio: Return per unit of downside risk	1.47	2.64	-1.18
Omega ratio: Gain probability vs. loss probability	1.19	1.33	-0.15
Calmar ratio: Return relative to maximum drawdown	1.88	3.74	-1.86
Martin ratio: Return relative to average drawdown	4.40	9.61	-5.21
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MLPQ.L vs. MLPZX - Sharpe Ratio Comparison

The current MLPQ.L Sharpe Ratio is 1.06, which is lower than the MLPZX Sharpe Ratio of 1.92. The chart below compares the historical Sharpe Ratios of MLPQ.L and MLPZX, 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

	MLPQ.L	MLPZX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.06	1.92	-0.86
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.95	1.19	-0.25
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.29	0.41	-0.12
Sharpe Ratio (All Time) Calculated using the full available price history	0.19	0.36	-0.17

Drawdowns

MLPQ.L vs. MLPZX - Drawdown Comparison

The maximum MLPQ.L drawdown since its inception was -75.62%, which is greater than MLPZX's maximum drawdown of -71.45%. Use the drawdown chart below to compare losses from any high point for MLPQ.L and MLPZX.

Drawdown Indicators

	MLPQ.L	MLPZX	Difference
Max Drawdown Largest peak-to-trough decline	-75.62%	-71.45%	-4.17%
Max Drawdown (1Y) Largest decline over 1 year	-9.07%	-6.86%	-2.21%
Max Drawdown (3Y) Largest decline over 3 years	-19.04%	-16.38%	-2.66%
Max Drawdown (5Y) Largest decline over 5 years	-19.04%	-16.38%	-2.66%
Max Drawdown (10Y) Largest decline over 10 years	-74.07%	-71.45%	-2.62%
Current Drawdown Current decline from peak	-3.00%	-4.84%	+1.84%
Average Drawdown Average peak-to-trough decline	-20.04%	-10.68%	-9.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.88%	2.66%	+1.22%

Volatility

MLPQ.L vs. MLPZX - Volatility Comparison

Invesco Morningstar US Energy Infrastructure MLP UCITS ETF (MLPQ.L) and Invesco SteelPath MLP Income Fund (MLPZX) have volatilities of 6.19% and 6.00%, 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.

Volatility by Period

	MLPQ.L	MLPZX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.19%	6.00%	+0.19%
Volatility (6M) Calculated over the trailing 6-month period	12.68%	10.21%	+2.47%
Volatility (1Y) Calculated over the trailing 1-year period	16.13%	13.40%	+2.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.75%	17.19%	+2.56%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.80%	25.80%	+2.00%

MLPQ.L vs. MLPZX - Expense Ratio Comparison

MLPQ.L has a 0.50% expense ratio, which is lower than MLPZX's 1.10% expense ratio.

Dividends

MLPQ.L vs. MLPZX - Dividend Comparison

MLPQ.L has not paid dividends to shareholders, while MLPZX's dividend yield for the trailing twelve months is around 6.03%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
MLPZX Invesco SteelPath MLP Income Fund	6.03%	6.87%	5.92%	7.19%	7.98%	9.19%	16.57%	13.12%	13.27%	10.70%	9.79%	10.93%

Frequently Asked Questions

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

MLPQ.L and MLPZX 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.