MLPZX vs. ULTY

Last updated Jun 23, 2026

MLPZX (Invesco SteelPath MLP Income Fund) and ULTY (YieldMax Ultra Option Income Strategy ETF) are both funds - MLPZX is a Energy Equities fund managed by Invesco, while ULTY is a Derivative Income fund actively managed by YieldMax. Over the past year, MLPZX returned 19.56% vs 4.21% for ULTY. At a 0.25 correlation, their price movements are largely independent. MLPZX charges 1.10%/yr vs 1.14%/yr for ULTY.

Performance

MLPZX vs. ULTY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco SteelPath MLP Income Fund (MLPZX) and YieldMax Ultra Option Income Strategy ETF (ULTY). 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 ULTY's 11.16% 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%

ULTY

• 1D: -0.16%
• 1M: 2.32%
• YTD: 11.16%
• 6M: 8.66%
• 1Y: 4.21%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MLPZX vs. ULTY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
MLPZX Invesco SteelPath MLP Income Fund	16.50%	7.88%	15.68%
ULTY YieldMax Ultra Option Income Strategy ETF	11.16%	-0.84%	-4.73%

Correlation

The correlation between MLPZX and ULTY is 0.04, 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	0.04
Correlation (All Time) Calculated using the full available price history since Feb 29, 2024	0.25

Over the past year, the correlation between MLPZX and ULTY has dropped to 0.04 - well below their long-term average of 0.25, suggesting their price drivers have been diverging.

Return for Risk

MLPZX vs. ULTY — 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

ULTY

ULTY Risk / Return Rank: 10
ULTY Sharpe Ratio Rank: 11
ULTY Sortino Ratio Rank: 10
ULTY Omega Ratio Rank: 10
ULTY Calmar Ratio Rank: 10
ULTY Martin Ratio Rank: 10

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. ULTY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco SteelPath MLP Income Fund (MLPZX) and YieldMax Ultra Option Income Strategy ETF (ULTY). 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	ULTY	Difference
Sharpe ratio: Return per unit of total volatility	1.72	0.20	+1.52
Sortino ratio: Return per unit of downside risk	2.43	0.40	+2.02
Omega ratio: Gain probability vs. loss probability	1.29	1.05	+0.24
Calmar ratio: Return relative to maximum drawdown	2.78	0.18	+2.61
Martin ratio: Return relative to average drawdown	9.08	0.34	+8.74

MLPZX vs. ULTY - Sharpe Ratio Comparison

The current MLPZX Sharpe Ratio is 1.72, which is higher than the ULTY Sharpe Ratio of 0.20. The chart below compares the historical Sharpe Ratios of MLPZX and ULTY, 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. ULTY - Drawdown Comparison

The maximum MLPZX drawdown since its inception was -77.56%, which is greater than ULTY's maximum drawdown of -26.85%. Use the drawdown chart below to compare losses from any high point for MLPZX and ULTY.

Drawdown Indicators

	MLPZX	ULTY	Difference
Max Drawdown Largest peak-to-trough decline	-77.56%	-26.85%	-50.71%
Max Drawdown (1Y) Largest decline over 1 year	-7.23%	-24.16%	+16.93%
Max Drawdown (3Y) Largest decline over 3 years	-14.46%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-17.90%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-73.62%	—	—
Current Drawdown Current decline from peak	-7.10%	-8.86%	+1.76%
Average Drawdown Average peak-to-trough decline	-13.50%	-9.89%	-3.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.21%	12.53%	-10.32%

Volatility

MLPZX vs. ULTY - Volatility Comparison

The current volatility for Invesco SteelPath MLP Income Fund (MLPZX) is 4.26%, while YieldMax Ultra Option Income Strategy ETF (ULTY) has a volatility of 8.25%. This indicates that MLPZX experiences smaller price fluctuations and is considered to be less risky than ULTY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MLPZX	ULTY	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.26%	8.25%	-3.99%
Volatility (6M) Calculated over the trailing 6-month period	8.98%	16.19%	-7.21%
Volatility (1Y) Calculated over the trailing 1-year period	11.69%	21.58%	-9.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.25%	27.29%	-10.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.84%	27.29%	-1.45%

MLPZX vs. ULTY - Expense Ratio Comparison

MLPZX has a 1.10% expense ratio, which is lower than ULTY's 1.14% expense ratio.

Dividends

MLPZX vs. ULTY - Dividend Comparison

MLPZX's dividend yield for the trailing twelve months is around 6.27%, less than ULTY's 110.82% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
ULTY YieldMax Ultra Option Income Strategy ETF	110.82%	142.99%	111.70%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MLPZX and ULTY in my portfolio?

MLPZX and ULTY have a correlation of 0.04, 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 ULTY?

ULTY has higher volatility (8.25%) compared to MLPZX (4.26%). In terms of maximum drawdown, MLPZX dropped -77.56% vs ULTY's -26.85%.

Which has better risk-adjusted returns?

MLPZX currently has the higher Sharpe Ratio (1.72 vs 0.20), 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.