MLPZX vs. ACEIX

Last updated Jun 24, 2026

MLPZX (Invesco SteelPath MLP Income Fund) and ACEIX (Invesco Equity and Income Fund) are both mutual funds - MLPZX is a Energy Equities fund managed by Invesco, while ACEIX is a Diversified Portfolio fund managed by Invesco. Over the past 10 years, MLPZX returned 9.61%/yr vs 9.24%/yr for ACEIX. A 0.55 correlation means they provide meaningful diversification when combined. MLPZX charges 1.10%/yr vs 0.78%/yr for ACEIX.

Performance

MLPZX vs. ACEIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco SteelPath MLP Income Fund (MLPZX) and Invesco Equity and Income Fund (ACEIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MLPZX achieves a 16.82% return, which is significantly higher than ACEIX's 6.66% return. Both investments have delivered pretty close results over the past 10 years, with MLPZX having a 9.61% annualized return and ACEIX not far behind at 9.24%.

MLPZX

• 1D: 0.27%
• 1M: -6.25%
• YTD: 16.82%
• 6M: 16.46%
• 1Y: 20.63%
• 3Y*: 21.80%
• 5Y*: 18.22%
• 10Y*: 9.61%

ACEIX

• 1D: 0.17%
• 1M: 0.52%
• YTD: 6.66%
• 6M: 6.27%
• 1Y: 16.44%
• 3Y*: 13.42%
• 5Y*: 7.58%
• 10Y*: 9.24%

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

MLPZX vs. ACEIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MLPZX Invesco SteelPath MLP Income Fund	16.82%	7.88%	24.54%	20.71%	25.10%	44.98%	-25.49%	14.50%	-12.92%	-8.42%
ACEIX Invesco Equity and Income Fund	6.66%	12.85%	11.77%	10.08%	-7.75%	18.02%	9.96%	19.17%	-9.74%	10.86%

Correlation

The correlation between MLPZX and ACEIX is 0.20, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.20
Correlation (3Y) Calculated over the trailing 3-year period	0.45
Correlation (5Y) Calculated over the trailing 5-year period	0.56
Correlation (10Y) Calculated over the trailing 10-year period	0.57
Correlation (All Time) Calculated using the full available price history since Mar 31, 2010	0.55

Over the past year, the correlation between MLPZX and ACEIX has dropped to 0.20 - well below their long-term average of 0.55, suggesting their price drivers have been diverging.

Return for Risk

MLPZX vs. ACEIX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

MLPZX

MLPZX Risk / Return Rank: 43
MLPZX Sharpe Ratio Rank: 40
MLPZX Sortino Ratio Rank: 39
MLPZX Omega Ratio Rank: 35
MLPZX Calmar Ratio Rank: 57
MLPZX Martin Ratio Rank: 45

ACEIX

ACEIX Risk / Return Rank: 63
ACEIX Sharpe Ratio Rank: 58
ACEIX Sortino Ratio Rank: 59
ACEIX Omega Ratio Rank: 55
ACEIX Calmar Ratio Rank: 71
ACEIX Martin Ratio Rank: 71

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.

MLPZX vs. ACEIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco SteelPath MLP Income Fund (MLPZX) and Invesco Equity and Income Fund (ACEIX). 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.

	MLPZX	ACEIX	Difference
Sharpe ratio: Return per unit of total volatility	1.72	2.06	-0.35
Sortino ratio: Return per unit of downside risk	2.42	2.94	-0.52
Omega ratio: Gain probability vs. loss probability	1.29	1.37	-0.08
Calmar ratio: Return relative to maximum drawdown	2.78	3.10	-0.32
Martin ratio: Return relative to average drawdown	8.90	12.74	-3.84

MLPZX vs. ACEIX - Sharpe Ratio Comparison

The current MLPZX Sharpe Ratio is 1.72, which is comparable to the ACEIX Sharpe Ratio of 2.06. The chart below compares the historical Sharpe Ratios of MLPZX and ACEIX, 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

MLPZX vs. ACEIX - Drawdown Comparison

The maximum MLPZX drawdown since its inception was -77.56%, which is greater than ACEIX's maximum drawdown of -40.08%. Use the drawdown chart below to compare losses from any high point for MLPZX and ACEIX.

Drawdown Indicators

	MLPZX	ACEIX	Difference
Max Drawdown Largest peak-to-trough decline	-77.56%	-40.08%	-37.48%
Max Drawdown (1Y) Largest decline over 1 year	-7.23%	-5.50%	-1.73%
Max Drawdown (3Y) Largest decline over 3 years	-14.46%	-12.40%	-2.06%
Max Drawdown (5Y) Largest decline over 5 years	-17.90%	-16.73%	-1.17%
Max Drawdown (10Y) Largest decline over 10 years	-73.62%	-30.80%	-42.82%
Current Drawdown Current decline from peak	-6.84%	-0.77%	-6.07%
Average Drawdown Average peak-to-trough decline	-13.50%	-4.60%	-8.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.25%	1.33%	+0.92%

Volatility

MLPZX vs. ACEIX - Volatility Comparison

Invesco SteelPath MLP Income Fund (MLPZX) has a higher volatility of 4.22% compared to Invesco Equity and Income Fund (ACEIX) at 2.70%. This indicates that MLPZX's price experiences larger fluctuations and is considered to be riskier than ACEIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MLPZX	ACEIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.22%	2.70%	+1.52%
Volatility (6M) Calculated over the trailing 6-month period	8.85%	6.36%	+2.49%
Volatility (1Y) Calculated over the trailing 1-year period	11.71%	8.27%	+3.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.20%	11.12%	+6.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.85%	12.85%	+13.00%

MLPZX vs. ACEIX - Expense Ratio Comparison

MLPZX has a 1.10% expense ratio, which is higher than ACEIX's 0.78% expense ratio.

Dividends

MLPZX vs. ACEIX - Dividend Comparison

MLPZX's dividend yield for the trailing twelve months is around 6.25%, less than ACEIX's 6.47% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ACEIX Invesco Equity and Income Fund	6.47%	6.87%	8.28%	6.91%	6.65%	13.74%	2.94%	5.53%	8.91%	6.73%	3.94%	5.17%
MLPZX Invesco SteelPath MLP Income Fund	6.25%	6.87%	5.92%	7.19%	7.98%	9.19%	16.57%	13.12%	13.27%	10.70%	9.79%	10.93%

Frequently Asked Questions

Can I hold both MLPZX and ACEIX in my portfolio?

MLPZX and ACEIX have a correlation of 0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MLPZX or ACEIX?

MLPZX has higher volatility (4.22%) compared to ACEIX (2.70%). In terms of maximum drawdown, MLPZX dropped -77.56% vs ACEIX's -40.08%.

Which has better risk-adjusted returns?

ACEIX currently has the higher Sharpe Ratio (2.06 vs 1.72), 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.