MLPX vs. PIPE

Last updated Aug 2, 2026

MLPX (Global X MLP & Energy Infrastructure ETF) and PIPE (Invesco SteelPath MLP & Energy Infrastructure ETF) are both Infrastructure Equities funds. MLPX is passively managed, while PIPE is actively managed. Over the past year, MLPX returned 26.87% vs 32.12% for PIPE. Their correlation of 0.95 means they have usually moved in the same direction. MLPX charges 0.45%/yr vs 0.75%/yr for PIPE.

Performance

MLPX vs. PIPE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Global X MLP & Energy Infrastructure ETF (MLPX) and Invesco SteelPath MLP & Energy Infrastructure ETF (PIPE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MLPX achieves a 26.75% return, which is significantly lower than PIPE's 29.62% return.

MLPX

• 1D: 0.31%
• 1M: 2.91%
• 6M: 17.40%
• YTD: 26.75%
• 1Y: 26.87%
• 3Y*: 26.63%
• 5Y*: 22.92%
• 10Y*: 12.35%
• ALL TIME*: 9.35%

PIPE

• 1D: 0.42%
• 1M: 3.42%
• 6M: 20.35%
• YTD: 29.62%
• 1Y: 32.12%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 19.86%

*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)
MLPX Global X MLP & Energy Infrastructure ETF	$36.85M	$35.99M	$31.05M
PIPE Invesco SteelPath MLP & Energy Infrastructure ETF	$120.83K	$81.36K	$87.35K

MLPX vs. PIPE - Yearly Performance Comparison

	2026 (YTD)	2025
MLPX Global X MLP & Energy Infrastructure ETF	26.75%	-0.59%
PIPE Invesco SteelPath MLP & Energy Infrastructure ETF	29.62%	0.14%

Correlation

The correlation between MLPX and PIPE is 0.95, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.95
Correlation (All Time) Calculated using the full available price history since Feb 20, 2025	0.95

The correlation between MLPX and PIPE has been stable across timeframes, ranging from 0.95 to 0.95 - a consistent structural relationship.

MLPX vs. PIPE - Sectors Allocation Comparison

Sectors	MLPX	PIPE
Energy	99.6%	97.0%
Utilities	0.4%	2.0%
Industrials	0.3%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Financial Services	-	1.3%
Healthcare	-	-
Real Estate	-	-
Technology	-	-

Return for Risk

MLPX vs. PIPE — Risk / Return Rank

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

MLPX

MLPX Risk / Return Rank: 74
MLPX Sharpe Ratio Rank: 75
MLPX Sortino Ratio Rank: 76
MLPX Omega Ratio Rank: 70
MLPX Calmar Ratio Rank: 85
MLPX Martin Ratio Rank: 64

PIPE

PIPE Risk / Return Rank: 86
PIPE Sharpe Ratio Rank: 88
PIPE Sortino Ratio Rank: 86
PIPE Omega Ratio Rank: 84
PIPE Calmar Ratio Rank: 92
PIPE Martin Ratio Rank: 79

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.

MLPX vs. PIPE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X MLP & Energy Infrastructure ETF (MLPX) and Invesco SteelPath MLP & Energy Infrastructure ETF (PIPE). 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.

	MLPX	PIPE	Difference
Sharpe ratio: Return per unit of total volatility	1.71	2.12	-0.42
Sortino ratio: Return per unit of downside risk	2.41	2.88	-0.47
Omega ratio: Gain probability vs. loss probability	1.29	1.36	-0.07
Calmar ratio: Return relative to maximum drawdown	3.27	4.30	-1.04
Martin ratio: Return relative to average drawdown	7.63	10.31	-2.67

MLPX vs. PIPE - Sharpe Ratio Comparison

The current MLPX Sharpe Ratio is 1.71, which is comparable to the PIPE Sharpe Ratio of 2.12. The chart below compares the historical Sharpe Ratios of MLPX and PIPE, 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

MLPX vs. PIPE - Drawdown Comparison

The maximum MLPX drawdown since its inception was -70.67%, which is greater than PIPE's maximum drawdown of -15.69%. Use the drawdown chart below to compare losses from any high point for MLPX and PIPE.

Drawdown Indicators

	MLPX	PIPE	Difference
Max Drawdown Largest peak-to-trough decline	-70.67%	-15.69%	-54.98%
Max Drawdown (1Y) Largest decline over 1 year	-8.18%	-7.33%	-0.85%
Max Drawdown (3Y) Largest decline over 3 years	-16.77%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-19.72%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-64.70%	—	—
Current Drawdown Current decline from peak	-3.27%	-2.64%	-0.63%
Average Drawdown Average peak-to-trough decline	-16.47%	-3.94%	-12.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.49%	3.06%	+0.43%

Volatility

MLPX vs. PIPE - Volatility Comparison

Global X MLP & Energy Infrastructure ETF (MLPX) and Invesco SteelPath MLP & Energy Infrastructure ETF (PIPE) have volatilities of 5.46% and 5.41%, 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

	MLPX	PIPE	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.46%	5.41%	+0.05%
Volatility (6M) Calculated over the trailing 6-month period	12.52%	12.00%	+0.52%
Volatility (1Y) Calculated over the trailing 1-year period	15.68%	14.91%	+0.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.90%	18.62%	+1.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.14%	18.62%	+7.52%

MLPX vs. PIPE - Expense Ratio Comparison

MLPX has a 0.45% expense ratio, which is lower than PIPE's 0.75% expense ratio.

Dividends

MLPX vs. PIPE - Dividend Comparison

MLPX's dividend yield for the trailing twelve months is around 4.05%, more than PIPE's 3.71% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MLPX Global X MLP & Energy Infrastructure ETF	4.05%	4.88%	4.30%	5.22%	5.23%	5.98%	8.32%	5.78%	5.77%	4.36%	5.50%	4.81%
PIPE Invesco SteelPath MLP & Energy Infrastructure ETF	3.71%	3.74%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MLPX and PIPE in my portfolio?

With a correlation of 0.95, MLPX and PIPE 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 is riskier, MLPX or PIPE?

MLPX has higher volatility (5.46%) compared to PIPE (5.41%). In terms of maximum drawdown, MLPX dropped -70.67% vs PIPE's -15.69%.

Which ETF is better, MLPX or PIPE?

On 1-year performance, PIPE leads with 32.12% vs 26.87% for MLPX. On fees, MLPX is cheaper at 0.45% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MLPX or PIPE?

Over the 1-year period, PIPE has performed better with a 32.12% return vs 26.87%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MLPX or PIPE?

MLPX is cheaper with a 0.45% expense ratio, compared with 0.75% for PIPE.

Which ETF pays a higher dividend yield, MLPX or PIPE?

MLPX has the higher dividend yield at 4.05%, compared with 3.71% for PIPE.

What is the main difference between MLPX and PIPE?

They also come from different issuers: Global X and Invesco. Their fees differ too: 0.45% for MLPX and 0.75% for PIPE.

Which has better risk-adjusted returns?

PIPE currently has the higher Sharpe Ratio (2.12 vs 1.71), 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.