MLPZX vs. AMLP

Last updated Jun 23, 2026

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 9.59%/yr vs 6.33%/yr for AMLP. Their correlation of 0.93 suggests significant overlap in exposure. MLPZX charges 1.10%/yr vs 0.90%/yr for AMLP.

Performance

MLPZX vs. AMLP - Performance Comparison

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

Returns By Period

In the year-to-date period, MLPZX achieves a 16.50% return, which is significantly higher than AMLP's 12.04% return. Over the past 10 years, MLPZX has outperformed AMLP with an annualized return of 9.59%, while AMLP has yielded a comparatively lower 6.33% annualized return.

MLPZX

• 1D: 0.14%
• 1M: -6.51%
• YTD: 16.50%
• 6M: 16.68%
• 1Y: 19.56%
• 3Y*: 20.73%
• 5Y*: 18.79%
• 10Y*: 9.59%

AMLP

• 1D: -0.02%
• 1M: -7.08%
• YTD: 12.04%
• 6M: 12.19%
• 1Y: 12.67%
• 3Y*: 19.33%
• 5Y*: 15.63%
• 10Y*: 6.33%

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

MLPZX vs. AMLP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MLPZX Invesco SteelPath MLP Income Fund	16.50%	7.88%	24.54%	20.71%	25.10%	44.98%	-25.49%	14.50%	-12.92%	-8.42%
AMLP Alerian MLP ETF	12.04%	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 - 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	0.94
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.

Return for Risk

MLPZX vs. AMLP — Risk / Return Rank

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

MLPZX

MLPZX Risk / Return Rank: 44
MLPZX Sharpe Ratio Rank: 40
MLPZX Sortino Ratio Rank: 39
MLPZX Omega Ratio Rank: 35
MLPZX Calmar Ratio Rank: 57
MLPZX Martin Ratio Rank: 46

AMLP

AMLP Risk / Return Rank: 30
AMLP Sharpe Ratio Rank: 30
AMLP Sortino Ratio Rank: 29
AMLP Omega Ratio Rank: 28
AMLP Calmar Ratio Rank: 29
AMLP Martin Ratio Rank: 31

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. 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 ratio: Return per unit of total volatility	1.72	1.06	+0.66
Sortino ratio: Return per unit of downside risk	2.43	1.53	+0.90
Omega ratio: Gain probability vs. loss probability	1.29	1.19	+0.11
Calmar ratio: Return relative to maximum drawdown	2.78	1.42	+1.36
Martin ratio: Return relative to average drawdown	9.08	4.32	+4.76

MLPZX vs. AMLP - Sharpe Ratio Comparison

The current MLPZX Sharpe Ratio is 1.72, which is higher than the AMLP Sharpe Ratio of 1.06. The chart below compares the historical Sharpe Ratios of MLPZX and AMLP, 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. 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.

Drawdown Indicators

	MLPZX	AMLP	Difference
Max Drawdown Largest peak-to-trough decline	-77.56%	-77.19%	-0.37%
Max Drawdown (1Y) Largest decline over 1 year	-7.23%	-8.94%	+1.71%
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 Drawdown Current decline from peak	-7.10%	-7.62%	+0.52%
Average Drawdown Average peak-to-trough decline	-13.50%	-17.36%	+3.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.21%	2.94%	-0.73%

Volatility

MLPZX vs. AMLP - Volatility Comparison

Invesco SteelPath MLP Income Fund (MLPZX) and Alerian MLP ETF (AMLP) have volatilities of 4.26% and 4.48%, 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

	MLPZX	AMLP	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.26%	4.48%	-0.22%
Volatility (6M) Calculated over the trailing 6-month period	8.98%	8.85%	+0.13%
Volatility (1Y) Calculated over the trailing 1-year period	11.69%	11.98%	-0.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.25%	19.75%	-2.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.84%	27.68%	-1.84%

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 6.27%, less than AMLP's 7.94% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AMLP Alerian MLP ETF	7.94%	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	6.27%	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 AMLP in my portfolio?

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.

Which is riskier, MLPZX or AMLP?

AMLP has higher volatility (4.48%) compared to MLPZX (4.26%). In terms of maximum drawdown, MLPZX dropped -77.56% vs AMLP's -77.19%.

Which has better risk-adjusted returns?

MLPZX currently has the higher Sharpe Ratio (1.72 vs 1.06), 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.