MLPTX vs. VGENX

Last updated Aug 1, 2026

MLPTX (Invesco SteelPath MLP Select 40 Fund) and VGENX (Vanguard Energy Opportunities Fund Investor Shares) are both Energy Equities funds. Over the past 10 years, MLPTX returned 10.71%/yr vs 9.76%/yr for VGENX. Their 0.71 correlation means they have sometimes moved together and sometimes differently. MLPTX charges 0.85%/yr vs 0.45%/yr for VGENX.

Performance

MLPTX vs. VGENX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco SteelPath MLP Select 40 Fund (MLPTX) and Vanguard Energy Opportunities Fund Investor Shares (VGENX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MLPTX achieves a 25.27% return, which is significantly higher than VGENX's 22.83% return. Over the past 10 years, MLPTX has outperformed VGENX with an annualized return of 10.71%, while VGENX has yielded a comparatively lower 9.76% annualized return.

MLPTX

• 1D: 0.59%
• 1M: 2.49%
• 6M: 16.03%
• YTD: 25.27%
• 1Y: 29.42%
• 3Y*: 24.60%
• 5Y*: 22.78%
• 10Y*: 10.71%
• ALL TIME*: 8.56%

VGENX

• 1D: 0.65%
• 1M: 5.57%
• 6M: 13.63%
• YTD: 22.83%
• 1Y: 32.73%
• 3Y*: 25.56%
• 5Y*: 23.72%
• 10Y*: 9.76%
• ALL TIME*: 10.01%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
MLPTX Invesco SteelPath MLP Select 40 Fund	$0.00	$0.00	$0.00
VGENX Vanguard Energy Opportunities Fund Investor Shares	$0.00	$0.00	$0.00

MLPTX vs. VGENX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MLPTX Invesco SteelPath MLP Select 40 Fund	25.27%	8.57%	30.35%	22.78%	22.02%	40.06%	-25.31%	7.10%	-9.46%	-3.71%
VGENX Vanguard Energy Opportunities Fund Investor Shares	22.83%	20.67%	30.25%	8.78%	23.59%	27.71%	-30.85%	13.23%	-17.19%	3.22%

Correlation

The correlation between MLPTX and VGENX is 0.70, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.70
Correlation (3Y) Balances recent behavior with more history.	0.71
Correlation (5Y) Shows whether the relationship held over a longer period.	0.77
Correlation (10Y) Provides a long-term view across more market conditions.	0.75
Correlation (All Time) Calculated using the full available price history since Apr 6, 2010	0.71

The correlation between MLPTX and VGENX has been stable across timeframes, ranging from 0.70 to 0.77 - a consistent structural relationship.

Return for Risk

MLPTX vs. VGENX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

MLPTX

MLPTX Risk / Return Rank: 87
MLPTX Sharpe Ratio Rank: 89
MLPTX Sortino Ratio Rank: 85
MLPTX Omega Ratio Rank: 81
MLPTX Calmar Ratio Rank: 94
MLPTX Martin Ratio Rank: 86

VGENX

VGENX Risk / Return Rank: 91
VGENX Sharpe Ratio Rank: 94
VGENX Sortino Ratio Rank: 90
VGENX Omega Ratio Rank: 87
VGENX Calmar Ratio Rank: 93
VGENX Martin Ratio Rank: 91

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

MLPTX vs. VGENX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco SteelPath MLP Select 40 Fund (MLPTX) and Vanguard Energy Opportunities Fund Investor Shares (VGENX). 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.

	MLPTX	VGENX	Difference
Sharpe ratio: Return per unit of total volatility	2.24	2.49	-0.25
Sortino ratio: Return per unit of downside risk	3.07	3.37	-0.30
Omega ratio: Gain probability vs. loss probability	1.38	1.43	-0.06
Calmar ratio: Return relative to maximum drawdown	3.98	3.69	+0.29
Martin ratio: Return relative to average drawdown	10.99	12.28	-1.30

MLPTX vs. VGENX - Sharpe Ratio Comparison

The current MLPTX Sharpe Ratio is 2.24, which is comparable to the VGENX Sharpe Ratio of 2.49. The chart below compares the historical Sharpe Ratios of MLPTX and VGENX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

MLPTX vs. VGENX - Drawdown Comparison

The maximum MLPTX drawdown since its inception was -75.66%, which is greater than VGENX's maximum drawdown of -65.37%. Use the drawdown chart below to compare losses from any high point for MLPTX and VGENX.

Drawdown Indicators

	MLPTX	VGENX	Difference
Max Drawdown Largest peak-to-trough decline	-75.66%	-65.37%	-10.29%
Max Drawdown (1Y) Largest decline over 1 year	-7.36%	-8.76%	+1.40%
Max Drawdown (3Y) Largest decline over 3 years	-14.53%	-12.30%	-2.23%
Max Drawdown (5Y) Largest decline over 5 years	-18.85%	-19.72%	+0.87%
Max Drawdown (10Y) Largest decline over 10 years	-71.95%	-61.19%	-10.76%
Current Drawdown Current decline from peak	-3.14%	-2.02%	-1.12%
Average Drawdown Average peak-to-trough decline	-12.60%	-14.90%	+2.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.66%	2.63%	+0.03%

Volatility

MLPTX vs. VGENX - Volatility Comparison

The current volatility for Invesco SteelPath MLP Select 40 Fund (MLPTX) is 4.56%, while Vanguard Energy Opportunities Fund Investor Shares (VGENX) has a volatility of 4.89%. This indicates that MLPTX experiences smaller price fluctuations and is considered to be less risky than VGENX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MLPTX	VGENX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.56%	4.89%	-0.33%
Volatility (6M) Calculated over the trailing 6-month period	10.18%	10.82%	-0.64%
Volatility (1Y) Calculated over the trailing 1-year period	13.08%	13.02%	+0.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.51%	18.66%	-1.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.02%	23.06%	+1.96%

MLPTX vs. VGENX - Expense Ratio Comparison

MLPTX has a 0.85% expense ratio, which is higher than VGENX's 0.45% expense ratio.

Dividends

MLPTX vs. VGENX - Dividend Comparison

MLPTX's dividend yield for the trailing twelve months is around 4.80%, less than VGENX's 6.98% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MLPTX Invesco SteelPath MLP Select 40 Fund	4.80%	5.63%	4.91%	6.11%	6.90%	7.84%	12.75%	10.02%	9.76%	8.11%	7.24%	7.69%
VGENX Vanguard Energy Opportunities Fund Investor Shares	6.98%	4.71%	33.96%	6.83%	4.63%	3.63%	4.46%	3.30%	2.96%	2.96%	1.84%	2.63%

Frequently Asked Questions

Can I hold both MLPTX and VGENX in my portfolio?

MLPTX and VGENX have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MLPTX or VGENX?

VGENX has higher volatility (4.89%) compared to MLPTX (4.56%). In terms of maximum drawdown, MLPTX dropped -75.66% vs VGENX's -65.37%.

Which has better risk-adjusted returns?

VGENX currently has the higher Sharpe Ratio (2.49 vs 2.24), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.