MLPZX vs. AMLP
MLPZX (Invesco SteelPath MLP Income Fund) and AMLP (Alerian MLP ETF) are both funds - MLPZX is a Energy Equities fund managed by Invesco, while AMLP is a MLPs fund tracking the Alerian MLP Infrastructure Index. Over the past 10 years, MLPZX returned 10.25%/yr vs 7.29%/yr for AMLP. Their correlation of 0.93 means they have usually moved in the same direction. MLPZX charges 1.10%/yr vs 0.90%/yr for AMLP.
Performance
MLPZX vs. AMLP - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, MLPZX achieves a 23.69% return, which is significantly higher than AMLP's 22.35% return. Over the past 10 years, MLPZX has outperformed AMLP with an annualized return of 10.25%, while AMLP has yielded a comparatively lower 7.29% annualized return.
MLPZX
- 1D
- 0.26%
- 1M
- 4.04%
- 6M
- 15.32%
- YTD
- 23.69%
- 1Y
- 26.60%
- 3Y*
- 21.33%
- 5Y*
- 21.04%
- 10Y*
- 10.25%
- ALL TIME*
- 7.71%
AMLP
- 1D
- 0.89%
- 1M
- 6.26%
- 6M
- 14.99%
- YTD
- 22.35%
- 1Y
- 21.27%
- 3Y*
- 19.27%
- 5Y*
- 19.50%
- 10Y*
- 7.29%
- ALL TIME*
- 5.90%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
AMLP Alerian MLP ETF | $65.00M | $60.75M | $74.60M |
| $0.00 | $0.00 | $0.00 |
MLPZX vs. AMLP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MLPZX Invesco SteelPath MLP Income Fund | 23.69% | 7.88% | 24.54% | 20.71% | 25.10% | 44.98% | -25.49% | 14.50% | -12.92% | -8.42% |
AMLP Alerian MLP ETF | 22.35% | 5.78% | 22.76% | 21.40% | 25.47% | 39.09% | -32.26% | 5.99% | -12.67% | -7.89% |
Correlation
The correlation between MLPZX and AMLP 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 (3Y) Balances recent behavior with more history. | 0.95 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.96 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.94 |
Correlation (All Time) Calculated using the full available price history since Aug 25, 2010 | 0.93 |
The correlation between MLPZX and AMLP has been stable across timeframes, ranging from 0.93 to 0.96 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
MLPZX vs. AMLP — Risk / Return Rank
MLPZX
AMLP
MLPZX vs. AMLP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco SteelPath MLP Income Fund (MLPZX) and Alerian MLP ETF (AMLP). 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 | AMLP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.55 | ||
| Sortino ratioReturn per unit of downside risk | +0.76 | ||
| Omega ratioGain probability vs. loss probability | 1.37 | 1.27 | +0.09 |
| Calmar ratioReturn relative to maximum drawdown | 3.51 | 2.35 | +1.16 |
| Martin ratioReturn relative to average drawdown | 10.16 | 6.55 | +3.61 |
Loading charts...
Drawdowns
MLPZX vs. AMLP - Drawdown Comparison
The maximum MLPZX drawdown since its inception was -77.56%, roughly equal to the maximum AMLP drawdown of -77.19%. Use the drawdown chart below to compare losses from any high point for MLPZX and AMLP.
Loading charts...
Drawdown Indicators
| MLPZX | AMLP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -77.56% | -77.19% | -0.37% |
Max Drawdown (1Y)Largest decline over 1 year | -7.48% | -8.47% | +0.99% |
Max Drawdown (3Y)Largest decline over 3 years | -14.46% | -14.27% | -0.19% |
Max Drawdown (5Y)Largest decline over 5 years | -17.90% | -20.92% | +3.02% |
Max Drawdown (10Y)Largest decline over 10 years | -73.62% | -72.62% | -1.00% |
Current DrawdownCurrent decline from peak | -1.36% | 0.00% | -1.36% |
Average DrawdownAverage peak-to-trough decline | -13.43% | -17.26% | +3.83% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.57% | 3.20% | -0.63% |
Volatility
MLPZX vs. AMLP - Volatility Comparison
Invesco SteelPath MLP Income Fund (MLPZX) has a higher volatility of 4.22% compared to Alerian MLP ETF (AMLP) at 3.98%. This indicates that MLPZX's price experiences larger fluctuations and is considered to be riskier than AMLP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| MLPZX | AMLP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.22% | 3.98% | +0.24% |
Volatility (6M)Calculated over the trailing 6-month period | 9.71% | 9.81% | -0.10% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.32% | 12.55% | -0.23% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.96% | 19.37% | -2.41% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 25.82% | 27.64% | -1.82% |
MLPZX vs. AMLP - Expense Ratio Comparison
MLPZX has a 1.10% expense ratio, which is higher than AMLP's 0.90% expense ratio.
Dividends
MLPZX vs. AMLP - Dividend Comparison
MLPZX's dividend yield for the trailing twelve months is around 5.96%, less than AMLP's 7.27% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
AMLP Alerian MLP ETF | 7.27% | 8.36% | 7.70% | 7.86% | 7.70% | 8.55% | 12.31% | 9.12% | 9.29% | 7.97% | 8.09% | 9.84% |
MLPZX Invesco SteelPath MLP Income Fund | 5.96% | 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
With a correlation of 0.95, MLPZX and AMLP 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.
MLPZX has higher volatility (4.22%) compared to AMLP (3.98%). In terms of maximum drawdown, MLPZX dropped -77.56% vs AMLP's -77.19%.
MLPZX currently has the higher Sharpe Ratio (2.13 vs 1.58), 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.
Find the right allocation for MLPZX and AMLP
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer