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MLPS.L vs. MLPD.L
Performance
Return for Risk
Drawdowns
Volatility
Dividends

MLPS.L vs. MLPD.L

Last updated Jun 4, 2026

MLPS.L (Invesco Morningstar US Energy Infrastructure MLP UCITS ETF) and MLPD.L (Invesco Morningstar US Energy Infrastructure MLP UCITS ETF (Dist)) are both Energy Equities funds from Invesco tracking the MSCI World/Energy NR USD. Both are passively managed. Over the past 10 years, MLPS.L returned 7.33%/yr vs 7.30%/yr for MLPD.L. With a 0.98 correlation, they move nearly in lockstep. Both charge a 0.50% expense ratio.

Performance

MLPS.L vs. MLPD.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Morningstar US Energy Infrastructure MLP UCITS ETF (MLPS.L) and Invesco Morningstar US Energy Infrastructure MLP UCITS ETF (Dist) (MLPD.L). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

The year-to-date returns for both stocks are quite close, with MLPS.L having a 19.52% return and MLPD.L slightly lower at 19.38%. Both investments have delivered pretty close results over the past 10 years, with MLPS.L having a 7.33% annualized return and MLPD.L not far behind at 7.30%.

MLPS.L

1D
1.18%
1M
0.77%
YTD
19.52%
6M
16.56%
1Y
16.47%
3Y*
19.21%
5Y*
17.43%
10Y*
7.33%

MLPD.L

1D
1.11%
1M
0.78%
YTD
19.38%
6M
16.54%
1Y
16.43%
3Y*
19.18%
5Y*
17.42%
10Y*
7.30%
*Multi-year figures are annualized to reflect compound growth (CAGR)

MLPS.L vs. MLPD.L - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
MLPS.L
Invesco Morningstar US Energy Infrastructure MLP UCITS ETF		19.52%2.44%22.62%19.38%31.92%36.78%-31.20%7.20%-14.89%-8.69%
MLPD.L
Invesco Morningstar US Energy Infrastructure MLP UCITS ETF (Dist)		19.38%2.33%22.53%19.70%31.84%36.86%-31.37%7.22%-14.92%-8.67%

Correlation

The correlation between MLPS.L and MLPD.L is 0.99 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.99

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

0.98

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

0.99

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

0.99

Correlation (All Time)
Calculated using the full available price history since Jun 25, 2013

0.98

The correlation between MLPS.L and MLPD.L has been stable across timeframes, ranging from 0.98 to 0.99 - a consistent structural relationship.

MLPS.L vs. MLPD.L - Sectors Allocation Comparison

Sectors
MLPS.L
MLPD.L

Energy

96.7%
96.7%

Utilities

3.2%
3.2%

Industrials

0.2%
0.2%

Basic Materials

-

-

Communication Services

-

-

Consumer Cyclical

-

-

Consumer Defensive

-

-

Financial Services

-

-

Healthcare

-

-

Real Estate

-

-

Technology

-

-

Energy

MLPS.L
96.7%
MLPD.L
96.7%

Utilities

MLPS.L
3.2%
MLPD.L
3.2%

Industrials

MLPS.L
0.2%
MLPD.L
0.2%

Basic Materials

MLPS.L

-

MLPD.L

-

Communication Services

MLPS.L

-

MLPD.L

-

Consumer Cyclical

MLPS.L

-

MLPD.L

-

Consumer Defensive

MLPS.L

-

MLPD.L

-

Financial Services

MLPS.L

-

MLPD.L

-

Healthcare

MLPS.L

-

MLPD.L

-

Real Estate

MLPS.L

-

MLPD.L

-

Technology

MLPS.L

-

MLPD.L

-

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Invesco Morningstar US Energy Infrastructure MLP UCITS ETF

Invesco Morningstar US Energy Infrastructure MLP UCITS ETF (Dist)

Often compared with MLPS.L:
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Often compared with MLPD.L:
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Return for Risk

MLPS.L vs. MLPD.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
MLPS.L
MLPS.L Risk / Return Rank: 3333
Overall Rank
MLPS.L Sharpe Ratio Rank: 3232
Sharpe Ratio Rank
MLPS.L Sortino Ratio Rank: 3030
Sortino Ratio Rank
MLPS.L Omega Ratio Rank: 2929
Omega Ratio Rank
MLPS.L Calmar Ratio Rank: 4040
Calmar Ratio Rank
MLPS.L Martin Ratio Rank: 3333
Martin Ratio Rank
MLPD.L
MLPD.L Risk / Return Rank: 3232
Overall Rank
MLPD.L Sharpe Ratio Rank: 3131
Sharpe Ratio Rank
MLPD.L Sortino Ratio Rank: 2929
Sortino Ratio Rank
MLPD.L Omega Ratio Rank: 2828
Omega Ratio Rank
MLPD.L Calmar Ratio Rank: 3939
Calmar Ratio Rank
MLPD.L Martin Ratio Rank: 3232
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.

MLPS.L vs. MLPD.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Morningstar US Energy Infrastructure MLP UCITS ETF (MLPS.L) and Invesco Morningstar US Energy Infrastructure MLP UCITS ETF (Dist) (MLPD.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.

MLPS.LMLPD.LDifference
Sharpe ratioReturn per unit of total volatility
1.16
1.15

+0.01

Sortino ratioReturn per unit of downside risk
1.63
1.62

+0.01

Omega ratioGain probability vs. loss probability

1.20

1.20

0.00

Calmar ratioReturn relative to maximum drawdown

1.94

1.93

+0.02

Martin ratioReturn relative to average drawdown

5.03

4.95

+0.08

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MLPS.L vs. MLPD.L - Sharpe Ratio Comparison

The current MLPS.L Sharpe Ratio is 1.16, which is comparable to the MLPD.L Sharpe Ratio of 1.15. The chart below compares the historical Sharpe Ratios of MLPS.L and MLPD.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

MLPS.LMLPD.LDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.16

1.15

+0.01

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.85

0.85

0.00

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.26

0.26

0.00

Sharpe Ratio (All Time)

Calculated using the full available price history

0.15

0.15

0.00

Drawdowns

MLPS.L vs. MLPD.L - Drawdown Comparison

The maximum MLPS.L drawdown since its inception was -82.23%, roughly equal to the maximum MLPD.L drawdown of -82.22%. Use the drawdown chart below to compare losses from any high point for MLPS.L and MLPD.L.

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Drawdown Indicators

MLPS.LMLPD.LDifference

Max Drawdown

Largest peak-to-trough decline

-82.23%

-82.22%

-0.01%

Max Drawdown (1Y)

Largest decline over 1 year

-8.45%

-8.49%

+0.04%

Max Drawdown (3Y)

Largest decline over 3 years

-17.67%

-17.23%

-0.44%

Max Drawdown (5Y)

Largest decline over 5 years

-21.76%

-21.78%

+0.02%

Max Drawdown (10Y)

Largest decline over 10 years

-75.70%

-75.74%

+0.04%

Current Drawdown

Current decline from peak

-2.66%

-2.71%

+0.05%

Average Drawdown

Average peak-to-trough decline

-28.26%

-28.24%

-0.02%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.27%

3.31%

-0.04%

Volatility

MLPS.L vs. MLPD.L - Volatility Comparison

Invesco Morningstar US Energy Infrastructure MLP UCITS ETF (MLPS.L) and Invesco Morningstar US Energy Infrastructure MLP UCITS ETF (Dist) (MLPD.L) have volatilities of 5.27% and 5.23%, 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.

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Volatility by Period

MLPS.LMLPD.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.27%

5.23%

+0.04%

Volatility (6M)

Calculated over the trailing 6-month period

10.77%

10.96%

-0.19%

Volatility (1Y)

Calculated over the trailing 1-year period

14.14%

14.23%

-0.09%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

20.41%

20.38%

+0.03%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

28.54%

28.35%

+0.19%

MLPS.L vs. MLPD.L - Expense Ratio Comparison

Both MLPS.L and MLPD.L have an expense ratio of 0.50%.

Dividends

MLPS.L vs. MLPD.L - Dividend Comparison

MLPS.L has not paid dividends to shareholders, while MLPD.L's dividend yield for the trailing twelve months is around 7.53%.

PositionTTM20252024202320222021202020192018201720162015
MLPD.L
Invesco Morningstar US Energy Infrastructure MLP UCITS ETF (Dist)		7.53%8.21%8.18%8.60%7.98%8.57%11.03%10.06%9.87%8.15%8.14%9.96%
MLPS.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

With a correlation of 0.99, MLPS.L and MLPD.L move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Both ETFs have the same 0.50% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

MLPS.L and MLPD.L have the same expense ratio: 0.50% per year.

Both ETFs track MSCI World/Energy NR USD.

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