MLPQ.L vs. MLPZX

Last updated Apr 1, 2026

Compare and contrast key facts about Invesco Morningstar US Energy Infrastructure MLP UCITS ETF (MLPQ.L) and Invesco SteelPath MLP Income Fund (MLPZX).

MLPQ.L is a passively managed fund by Invesco that tracks the performance of the MSCI World/Energy NR USD. It was launched on May 15, 2013. MLPZX is managed by Invesco. It was launched on Mar 30, 2010.

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.

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	20.41%	-4.55%	24.63%	12.94%	47.46%	38.65%	-33.55%	3.85%	-9.99%	-16.88%
MLPZX Invesco SteelPath MLP Income Fund	19.75%	0.19%	26.71%	14.67%	39.98%	46.36%	-27.68%	10.15%	-7.76%	-16.34%

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 stocks are quite close, with MLPQ.L having a 20.41% return and MLPZX slightly lower at 19.75%. Over the past 10 years, MLPQ.L has underperformed MLPZX with an annualized return of 10.68%, while MLPZX has yielded a comparatively higher 13.18% annualized return.

MLPQ.L

• 1D: -0.53%
• 1M: 5.51%
• YTD: 20.41%
• 6M: 20.87%
• 1Y: 7.01%
• 3Y*: 17.06%
• 5Y*: 22.41%
• 10Y*: 10.68%

MLPZX

• 1D: -0.08%
• 1M: 4.61%
• YTD: 19.75%
• 6M: 22.82%
• 1Y: 13.78%
• 3Y*: 19.79%
• 5Y*: 24.15%
• 10Y*: 13.18%

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

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.

MLPZX

Invesco SteelPath MLP Income Fund

MLPQ.L

Invesco Morningstar US Energy Infrastructure MLP UCITS ETF

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: 21
MLPQ.L Sharpe Ratio Rank: 23
MLPQ.L Sortino Ratio Rank: 21
MLPQ.L Omega Ratio Rank: 22
MLPQ.L Calmar Ratio Rank: 21
MLPQ.L Martin Ratio Rank: 17

MLPZX

MLPZX Risk / Return Rank: 44
MLPZX Sharpe Ratio Rank: 52
MLPZX Sortino Ratio Rank: 45
MLPZX Omega Ratio Rank: 49
MLPZX Calmar Ratio Rank: 42
MLPZX Martin Ratio Rank: 30

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	0.37	0.81	-0.44
Sortino ratio Return per unit of downside risk	0.59	1.14	-0.55
Omega ratio Gain probability vs. loss probability	1.08	1.17	-0.08
Calmar ratio Return relative to maximum drawdown	0.42	0.99	-0.57
Martin ratio Return relative to average drawdown	0.72	1.84	-1.12
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 0.37, which is lower than the MLPZX Sharpe Ratio of 0.81. The chart below compares the historical Sharpe Ratios of MLPQ.L and MLPZX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	MLPQ.L	MLPZX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.37	0.81	-0.44
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.14	1.42	-0.28
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.38	0.51	-0.13
Sharpe Ratio (All Time) Calculated using the full available price history	0.19	0.36	-0.17

Correlation

The correlation between MLPQ.L and MLPZX is 0.63, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

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 6.06%.

	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	6.06%	6.87%	5.92%	7.19%	7.98%	9.19%	16.57%	13.12%	13.27%	10.70%	9.79%	10.93%

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%	-77.56%	+1.94%
Max Drawdown (1Y) Largest decline over 1 year	-16.22%	-14.46%	-1.76%
Max Drawdown (5Y) Largest decline over 5 years	-19.04%	-17.90%	-1.14%
Max Drawdown (10Y) Largest decline over 10 years	-74.07%	-73.62%	-0.45%
Current Drawdown Current decline from peak	-0.82%	-1.32%	+0.50%
Average Drawdown Average peak-to-trough decline	-20.25%	-13.65%	-6.60%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.44%	4.78%	+4.66%

Volatility

MLPQ.L vs. MLPZX - Volatility Comparison

Invesco Morningstar US Energy Infrastructure MLP UCITS ETF (MLPQ.L) has a higher volatility of 4.30% compared to Invesco SteelPath MLP Income Fund (MLPZX) at 3.57%. This indicates that MLPQ.L's price experiences larger fluctuations and is considered to be riskier than MLPZX based on this measure. 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	4.30%	3.57%	+0.73%
Volatility (6M) Calculated over the trailing 6-month period	9.82%	8.66%	+1.16%
Volatility (1Y) Calculated over the trailing 1-year period	18.88%	16.65%	+2.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.71%	17.16%	+2.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.90%	25.95%	+1.95%