MLPZX vs. PFFA

Last updated Jun 24, 2026

MLPZX (Invesco SteelPath MLP Income Fund) and PFFA (Virtus InfraCap U.S. Preferred Stock ETF) are both funds - MLPZX is a Energy Equities fund managed by Invesco, while PFFA is a Preferred Stock/Convertible Bonds fund actively managed by Virtus Investment Partners. Over the past 5 years, MLPZX returned 18.22%/yr vs 6.09%/yr for PFFA. At a 0.40 correlation, their price movements are largely independent. MLPZX charges 1.10%/yr vs 1.47%/yr for PFFA.

Performance

MLPZX vs. PFFA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco SteelPath MLP Income Fund (MLPZX) and Virtus InfraCap U.S. Preferred Stock ETF (PFFA). 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 PFFA's 2.26% return.

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%

PFFA

• 1D: -0.28%
• 1M: -0.23%
• YTD: 2.26%
• 6M: 1.93%
• 1Y: 11.54%
• 3Y*: 14.10%
• 5Y*: 6.09%
• 10Y*: —

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

MLPZX vs. PFFA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
MLPZX Invesco SteelPath MLP Income Fund	16.82%	7.88%	24.54%	20.71%	25.10%	44.98%	-25.49%	14.50%	-11.71%
PFFA Virtus InfraCap U.S. Preferred Stock ETF	2.26%	8.22%	16.11%	26.45%	-20.91%	23.53%	-7.87%	31.99%	-7.29%

Correlation

The correlation between MLPZX and PFFA is 0.07, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.07
Correlation (3Y) Calculated over the trailing 3-year period	0.27
Correlation (5Y) Calculated over the trailing 5-year period	0.36
Correlation (All Time) Calculated using the full available price history since May 16, 2018	0.40

Over the past year, the correlation between MLPZX and PFFA has dropped to 0.07 - well below their long-term average of 0.40, suggesting their price drivers have been diverging.

Return for Risk

MLPZX vs. PFFA — 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

PFFA

PFFA Risk / Return Rank: 44
PFFA Sharpe Ratio Rank: 49
PFFA Sortino Ratio Rank: 48
PFFA Omega Ratio Rank: 48
PFFA Calmar Ratio Rank: 37
PFFA Martin Ratio Rank: 39

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. PFFA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco SteelPath MLP Income Fund (MLPZX) and Virtus InfraCap U.S. Preferred Stock ETF (PFFA). 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	PFFA	Difference
Sharpe ratio: Return per unit of total volatility	1.72	1.62	+0.10
Sortino ratio: Return per unit of downside risk	2.42	2.32	+0.11
Omega ratio: Gain probability vs. loss probability	1.29	1.30	-0.01
Calmar ratio: Return relative to maximum drawdown	2.78	1.79	+0.99
Martin ratio: Return relative to average drawdown	8.90	5.90	+3.00

MLPZX vs. PFFA - Sharpe Ratio Comparison

The current MLPZX Sharpe Ratio is 1.72, which is comparable to the PFFA Sharpe Ratio of 1.62. The chart below compares the historical Sharpe Ratios of MLPZX and PFFA, 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. PFFA - Drawdown Comparison

The maximum MLPZX drawdown since its inception was -77.56%, which is greater than PFFA's maximum drawdown of -70.52%. Use the drawdown chart below to compare losses from any high point for MLPZX and PFFA.

Drawdown Indicators

	MLPZX	PFFA	Difference
Max Drawdown Largest peak-to-trough decline	-77.56%	-70.52%	-7.04%
Max Drawdown (1Y) Largest decline over 1 year	-7.23%	-6.49%	-0.74%
Max Drawdown (3Y) Largest decline over 3 years	-14.46%	-12.15%	-2.31%
Max Drawdown (5Y) Largest decline over 5 years	-17.90%	-22.70%	+4.80%
Max Drawdown (10Y) Largest decline over 10 years	-73.62%	—	—
Current Drawdown Current decline from peak	-6.84%	-2.28%	-4.56%
Average Drawdown Average peak-to-trough decline	-13.50%	-6.62%	-6.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.25%	1.96%	+0.29%

Volatility

MLPZX vs. PFFA - Volatility Comparison

Invesco SteelPath MLP Income Fund (MLPZX) has a higher volatility of 4.22% compared to Virtus InfraCap U.S. Preferred Stock ETF (PFFA) at 2.13%. This indicates that MLPZX's price experiences larger fluctuations and is considered to be riskier than PFFA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MLPZX	PFFA	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.22%	2.13%	+2.09%
Volatility (6M) Calculated over the trailing 6-month period	8.85%	5.91%	+2.94%
Volatility (1Y) Calculated over the trailing 1-year period	11.71%	7.16%	+4.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.20%	11.54%	+5.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.85%	31.74%	-5.89%

MLPZX vs. PFFA - Expense Ratio Comparison

MLPZX has a 1.10% expense ratio, which is lower than PFFA's 1.47% expense ratio.

Dividends

MLPZX vs. PFFA - Dividend Comparison

MLPZX's dividend yield for the trailing twelve months is around 6.25%, less than PFFA's 9.79% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
PFFA Virtus InfraCap U.S. Preferred Stock ETF	9.79%	9.47%	9.18%	9.56%	10.75%	7.64%	8.54%	10.02%	5.15%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MLPZX and PFFA in my portfolio?

MLPZX and PFFA have a correlation of 0.07, 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 PFFA?

MLPZX has higher volatility (4.22%) compared to PFFA (2.13%). In terms of maximum drawdown, MLPZX dropped -77.56% vs PFFA's -70.52%.

Which has better risk-adjusted returns?

MLPZX currently has the higher Sharpe Ratio (1.72 vs 1.62), 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.