MLPS.L vs. MLPQ.L

Last updated Jun 4, 2026

MLPS.L (Invesco Morningstar US Energy Infrastructure MLP UCITS ETF) and MLPQ.L (Invesco Morningstar US Energy Infrastructure MLP UCITS ETF) 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 7.33%/yr for MLPQ.L. With a 0.96 correlation, they move nearly in lockstep. Both charge a 0.50% expense ratio.

Performance

MLPS.L vs. MLPQ.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 (MLPQ.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

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

Returns By Period

The year-to-date returns for both stocks are quite close, with MLPS.L having a 19.52% return and MLPQ.L slightly lower at 19.32%. Over a longer period, both investments have demonstrated similar performance, with their 10-year annualized returns being quite close: MLPS.L at 7.33% and MLPQ.L at 7.33%.

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%

MLPQ.L

• 1D: 1.11%
• 1M: 1.07%
• YTD: 19.32%
• 6M: 16.28%
• 1Y: 16.34%
• 3Y*: 19.24%
• 5Y*: 17.42%
• 10Y*: 7.33%

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

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
MLPQ.L Invesco Morningstar US Energy Infrastructure MLP UCITS ETF	19.32%	2.66%	22.56%	18.90%	31.70%	37.39%	-31.51%	8.01%	-15.08%	-8.97%

Correlation

The correlation between MLPS.L and MLPQ.L is 0.95 - 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	0.95
Correlation (3Y) Calculated over the trailing 3-year period	0.95
Correlation (5Y) Calculated over the trailing 5-year period	0.96
Correlation (10Y) Calculated over the trailing 10-year period	0.96
Correlation (All Time) Calculated using the full available price history since Jun 25, 2013	0.96

The correlation between MLPS.L and MLPQ.L has been stable across timeframes, ranging from 0.95 to 0.96 - a consistent structural relationship.

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

Sectors	MLPS.L	MLPQ.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	-	-

Return for Risk

MLPS.L vs. MLPQ.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: 33
MLPS.L Sharpe Ratio Rank: 32
MLPS.L Sortino Ratio Rank: 30
MLPS.L Omega Ratio Rank: 29
MLPS.L Calmar Ratio Rank: 40
MLPS.L Martin Ratio Rank: 33

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

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. MLPQ.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 (MLPQ.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.L	MLPQ.L	Difference
Sharpe ratio: Return per unit of total volatility	1.16	1.08	+0.08
Sortino ratio: Return per unit of downside risk	1.63	1.52	+0.10
Omega ratio: Gain probability vs. loss probability	1.20	1.19	+0.01
Calmar ratio: Return relative to maximum drawdown	1.94	2.02	-0.08
Martin ratio: Return relative to average drawdown	5.03	5.13	-0.10
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. MLPQ.L - Sharpe Ratio Comparison

The current MLPS.L Sharpe Ratio is 1.16, which is comparable to the MLPQ.L Sharpe Ratio of 1.08. The chart below compares the historical Sharpe Ratios of MLPS.L and MLPQ.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.

Sharpe Ratios by Period

	MLPS.L	MLPQ.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.16	1.08	+0.08
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. MLPQ.L - Drawdown Comparison

The maximum MLPS.L drawdown since its inception was -82.23%, roughly equal to the maximum MLPQ.L drawdown of -82.34%. Use the drawdown chart below to compare losses from any high point for MLPS.L and MLPQ.L.

Drawdown Indicators

	MLPS.L	MLPQ.L	Difference
Max Drawdown Largest peak-to-trough decline	-82.23%	-82.34%	+0.11%
Max Drawdown (1Y) Largest decline over 1 year	-8.45%	-8.06%	-0.39%
Max Drawdown (3Y) Largest decline over 3 years	-17.67%	-17.57%	-0.10%
Max Drawdown (5Y) Largest decline over 5 years	-21.76%	-21.57%	-0.19%
Max Drawdown (10Y) Largest decline over 10 years	-75.70%	-75.81%	+0.11%
Current Drawdown Current decline from peak	-2.66%	-2.89%	+0.23%
Average Drawdown Average peak-to-trough decline	-28.26%	-28.25%	-0.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.27%	3.18%	+0.09%

Volatility

MLPS.L vs. MLPQ.L - Volatility Comparison

The current volatility for Invesco Morningstar US Energy Infrastructure MLP UCITS ETF (MLPS.L) is 5.27%, while Invesco Morningstar US Energy Infrastructure MLP UCITS ETF (MLPQ.L) has a volatility of 5.66%. This indicates that MLPS.L experiences smaller price fluctuations and is considered to be less risky than MLPQ.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MLPS.L	MLPQ.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.27%	5.66%	-0.39%
Volatility (6M) Calculated over the trailing 6-month period	10.77%	12.04%	-1.27%
Volatility (1Y) Calculated over the trailing 1-year period	14.14%	15.10%	-0.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.41%	20.48%	-0.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.54%	28.39%	+0.15%

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

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

Dividends

MLPS.L vs. MLPQ.L - Dividend Comparison

Neither MLPS.L nor MLPQ.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

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

With a correlation of 0.95, MLPS.L and MLPQ.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.

Which ETF is better, MLPS.L or MLPQ.L?

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

Which ETF is cheaper, MLPS.L or MLPQ.L?

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

What is the main difference between MLPS.L and MLPQ.L?

Both ETFs track MSCI World/Energy NR USD.