MLPZX vs. FMGIX

Last updated Jun 5, 2026

MLPZX (Invesco SteelPath MLP Income Fund) and FMGIX (Frontier MFG Core Infrastructure Fund) are both Energy Equities funds. Over the past 10 years, MLPZX returned 9.78%/yr vs 9.89%/yr for FMGIX. At a 0.36 correlation, their price movements are largely independent. MLPZX charges 1.10%/yr vs 0.50%/yr for FMGIX.

Performance

MLPZX vs. FMGIX - Performance Comparison

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

Returns By Period

In the year-to-date period, MLPZX achieves a 19.69% return, which is significantly higher than FMGIX's 6.91% return. Both investments have delivered pretty close results over the past 10 years, with MLPZX having a 9.78% annualized return and FMGIX not far ahead at 9.89%.

MLPZX

• 1D: -0.14%
• 1M: -0.66%
• YTD: 19.69%
• 6M: 17.16%
• 1Y: 24.94%
• 3Y*: 22.40%
• 5Y*: 19.22%
• 10Y*: 9.78%

FMGIX

• 1D: -0.29%
• 1M: -2.54%
• YTD: 6.91%
• 6M: 7.37%
• 1Y: 12.92%
• 3Y*: 21.33%
• 5Y*: 11.82%
• 10Y*: 9.89%

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

MLPZX vs. FMGIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MLPZX Invesco SteelPath MLP Income Fund	19.69%	7.88%	24.54%	20.71%	25.10%	44.98%	-25.49%	14.50%	-12.92%	-8.42%
FMGIX Frontier MFG Core Infrastructure Fund	6.91%	22.67%	34.26%	4.86%	-9.46%	13.84%	-1.36%	28.00%	-6.62%	20.25%

Correlation

The correlation between MLPZX and FMGIX is 0.19, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.19
Correlation (3Y) Calculated over the trailing 3-year period	0.30
Correlation (5Y) Calculated over the trailing 5-year period	0.36
Correlation (10Y) Calculated over the trailing 10-year period	0.34
Correlation (All Time) Calculated using the full available price history since Jan 19, 2012	0.36

The correlation between MLPZX and FMGIX shifts across timeframes, from 0.19 (1 year) to 0.36 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

MLPZX vs. FMGIX — Risk / Return Rank

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

MLPZX

MLPZX Risk / Return Rank: 56
MLPZX Sharpe Ratio Rank: 48
MLPZX Sortino Ratio Rank: 46
MLPZX Omega Ratio Rank: 41
MLPZX Calmar Ratio Rank: 84
MLPZX Martin Ratio Rank: 62

FMGIX

FMGIX Risk / Return Rank: 20
FMGIX Sharpe Ratio Rank: 19
FMGIX Sortino Ratio Rank: 17
FMGIX Omega Ratio Rank: 18
FMGIX Calmar Ratio Rank: 24
FMGIX Martin Ratio Rank: 23

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. FMGIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco SteelPath MLP Income Fund (MLPZX) and Frontier MFG Core Infrastructure Fund (FMGIX). 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.

	MLPZX	FMGIX	Difference
Sharpe ratio: Return per unit of total volatility	2.01	1.23	+0.78
Sortino ratio: Return per unit of downside risk	2.81	1.71	+1.11
Omega ratio: Gain probability vs. loss probability	1.34	1.22	+0.12
Calmar ratio: Return relative to maximum drawdown	3.85	1.79	+2.07
Martin ratio: Return relative to average drawdown	12.15	5.59	+6.55
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MLPZX vs. FMGIX - Sharpe Ratio Comparison

The current MLPZX Sharpe Ratio is 2.01, which is higher than the FMGIX Sharpe Ratio of 1.23. The chart below compares the historical Sharpe Ratios of MLPZX and FMGIX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	MLPZX	FMGIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.01	1.23	+0.78
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.12	0.42	+0.70
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.38	0.19	+0.19
Sharpe Ratio (All Time) Calculated using the full available price history	0.33	0.23	+0.09

Drawdowns

MLPZX vs. FMGIX - Drawdown Comparison

The maximum MLPZX drawdown since its inception was -77.56%, which is greater than FMGIX's maximum drawdown of -57.57%. Use the drawdown chart below to compare losses from any high point for MLPZX and FMGIX.

Drawdown Indicators

	MLPZX	FMGIX	Difference
Max Drawdown Largest peak-to-trough decline	-77.56%	-57.57%	-19.99%
Max Drawdown (1Y) Largest decline over 1 year	-6.07%	-7.11%	+1.04%
Max Drawdown (3Y) Largest decline over 3 years	-14.46%	-20.56%	+6.10%
Max Drawdown (5Y) Largest decline over 5 years	-17.90%	-26.61%	+8.71%
Max Drawdown (10Y) Largest decline over 10 years	-73.62%	-57.57%	-16.05%
Current Drawdown Current decline from peak	-4.56%	-5.08%	+0.52%
Average Drawdown Average peak-to-trough decline	-13.52%	-5.34%	-8.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.92%	2.27%	-0.35%

Volatility

MLPZX vs. FMGIX - Volatility Comparison

Invesco SteelPath MLP Income Fund (MLPZX) has a higher volatility of 4.93% compared to Frontier MFG Core Infrastructure Fund (FMGIX) at 3.85%. This indicates that MLPZX's price experiences larger fluctuations and is considered to be riskier than FMGIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MLPZX	FMGIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.93%	3.85%	+1.08%
Volatility (6M) Calculated over the trailing 6-month period	8.79%	8.42%	+0.37%
Volatility (1Y) Calculated over the trailing 1-year period	11.65%	10.31%	+1.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.34%	28.52%	-11.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.85%	52.58%	-26.73%

MLPZX vs. FMGIX - Expense Ratio Comparison

MLPZX has a 1.10% expense ratio, which is higher than FMGIX's 0.50% expense ratio.

Dividends

MLPZX vs. FMGIX - Dividend Comparison

MLPZX's dividend yield for the trailing twelve months is around 6.10%, less than FMGIX's 31.45% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FMGIX Frontier MFG Core Infrastructure Fund	31.45%	33.65%	48.77%	4.79%	3.98%	2.63%	2.38%	2.63%	3.09%	3.15%	2.83%	2.79%
MLPZX Invesco SteelPath MLP Income Fund	6.10%	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 FMGIX in my portfolio?

MLPZX and FMGIX have a correlation of 0.19, 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 FMGIX?

MLPZX has higher volatility (4.93%) compared to FMGIX (3.85%). In terms of maximum drawdown, MLPZX dropped -77.56% vs FMGIX's -57.57%.

Which has better risk-adjusted returns?

MLPZX currently has the higher Sharpe Ratio (2.01 vs 1.23), 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.