MLPZX vs. VADDX

Last updated Jun 4, 2026

MLPZX (Invesco SteelPath MLP Income Fund) and VADDX (Invesco Equally-Weighted S&P 500 Fund) are both mutual funds - MLPZX is a Energy Equities fund managed by Invesco, while VADDX is a S&P 500 fund tracking the S&P 500 Equal Weight Index. Over the past 10 years, MLPZX returned 9.79%/yr vs 11.66%/yr for VADDX. A 0.53 correlation means they provide meaningful diversification when combined. MLPZX charges 1.10%/yr vs 0.27%/yr for VADDX.

Performance

MLPZX vs. VADDX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco SteelPath MLP Income Fund (MLPZX) and Invesco Equally-Weighted S&P 500 Fund (VADDX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MLPZX achieves a 19.85% return, which is significantly higher than VADDX's 10.05% return. Over the past 10 years, MLPZX has underperformed VADDX with an annualized return of 9.79%, while VADDX has yielded a comparatively higher 11.66% annualized return.

MLPZX

• 1D: 0.93%
• 1M: -0.27%
• YTD: 19.85%
• 6M: 18.57%
• 1Y: 23.34%
• 3Y*: 22.46%
• 5Y*: 19.25%
• 10Y*: 9.79%

VADDX

• 1D: 0.33%
• 1M: 4.13%
• YTD: 10.05%
• 6M: 10.54%
• 1Y: 19.82%
• 3Y*: 15.26%
• 5Y*: 8.40%
• 10Y*: 11.66%

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

MLPZX vs. VADDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MLPZX Invesco SteelPath MLP Income Fund	19.85%	7.88%	24.54%	20.71%	25.10%	44.98%	-25.49%	14.50%	-12.92%	-8.42%
VADDX Invesco Equally-Weighted S&P 500 Fund	10.05%	11.16%	12.68%	13.58%	-11.86%	29.27%	12.56%	28.92%	-7.96%	18.55%

Correlation

The correlation between MLPZX and VADDX is 0.20, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.20
Correlation (3Y) Calculated over the trailing 3-year period	0.44
Correlation (5Y) Calculated over the trailing 5-year period	0.53
Correlation (10Y) Calculated over the trailing 10-year period	0.54
Correlation (All Time) Calculated using the full available price history since Apr 1, 2010	0.53

Over the past year, the correlation between MLPZX and VADDX has dropped to 0.20 - well below their long-term average of 0.53, suggesting their price drivers have been diverging.

Return for Risk

MLPZX vs. VADDX — Risk / Return Rank

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

MLPZX

MLPZX Risk / Return Rank: 60
MLPZX Sharpe Ratio Rank: 53
MLPZX Sortino Ratio Rank: 50
MLPZX Omega Ratio Rank: 45
MLPZX Calmar Ratio Rank: 86
MLPZX Martin Ratio Rank: 67

VADDX

VADDX Risk / Return Rank: 42
VADDX Sharpe Ratio Rank: 39
VADDX Sortino Ratio Rank: 39
VADDX Omega Ratio Rank: 35
VADDX Calmar Ratio Rank: 49
VADDX Martin Ratio Rank: 49

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. VADDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco SteelPath MLP Income Fund (MLPZX) and Invesco Equally-Weighted S&P 500 Fund (VADDX). 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	VADDX	Difference
Sharpe ratio: Return per unit of total volatility	2.14	1.80	+0.33
Sortino ratio: Return per unit of downside risk	2.97	2.61	+0.36
Omega ratio: Gain probability vs. loss probability	1.36	1.32	+0.05
Calmar ratio: Return relative to maximum drawdown	4.10	2.66	+1.44
Martin ratio: Return relative to average drawdown	13.06	10.09	+2.97
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. VADDX - Sharpe Ratio Comparison

The current MLPZX Sharpe Ratio is 2.14, which is comparable to the VADDX Sharpe Ratio of 1.80. The chart below compares the historical Sharpe Ratios of MLPZX and VADDX, 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	VADDX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.14	1.80	+0.33
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.12	0.52	+0.60
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.38	0.63	-0.25
Sharpe Ratio (All Time) Calculated using the full available price history	0.33	0.47	-0.15

Drawdowns

MLPZX vs. VADDX - Drawdown Comparison

The maximum MLPZX drawdown since its inception was -77.56%, which is greater than VADDX's maximum drawdown of -60.12%. Use the drawdown chart below to compare losses from any high point for MLPZX and VADDX.

Drawdown Indicators

	MLPZX	VADDX	Difference
Max Drawdown Largest peak-to-trough decline	-77.56%	-60.12%	-17.44%
Max Drawdown (1Y) Largest decline over 1 year	-6.07%	-7.88%	+1.81%
Max Drawdown (3Y) Largest decline over 3 years	-14.46%	-17.86%	+3.40%
Max Drawdown (5Y) Largest decline over 5 years	-17.90%	-21.58%	+3.68%
Max Drawdown (10Y) Largest decline over 10 years	-73.62%	-39.39%	-34.23%
Current Drawdown Current decline from peak	-4.42%	0.00%	-4.42%
Average Drawdown Average peak-to-trough decline	-13.53%	-7.00%	-6.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.90%	2.07%	-0.17%

Volatility

MLPZX vs. VADDX - Volatility Comparison

Invesco SteelPath MLP Income Fund (MLPZX) has a higher volatility of 4.97% compared to Invesco Equally-Weighted S&P 500 Fund (VADDX) at 2.64%. This indicates that MLPZX's price experiences larger fluctuations and is considered to be riskier than VADDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MLPZX	VADDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.97%	2.64%	+2.33%
Volatility (6M) Calculated over the trailing 6-month period	8.81%	8.38%	+0.43%
Volatility (1Y) Calculated over the trailing 1-year period	11.66%	11.64%	+0.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.35%	16.27%	+1.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.85%	18.54%	+7.31%

MLPZX vs. VADDX - Expense Ratio Comparison

MLPZX has a 1.10% expense ratio, which is higher than VADDX's 0.27% expense ratio.

Dividends

MLPZX vs. VADDX - Dividend Comparison

MLPZX's dividend yield for the trailing twelve months is around 6.03%, less than VADDX's 9.17% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MLPZX Invesco SteelPath MLP Income Fund	6.03%	6.87%	5.92%	7.19%	7.98%	9.19%	16.57%	13.12%	13.27%	10.70%	9.79%	10.93%
VADDX Invesco Equally-Weighted S&P 500 Fund	9.17%	10.09%	8.88%	4.86%	8.45%	9.92%	6.38%	4.68%	7.13%	2.97%	0.30%	2.98%

Frequently Asked Questions

Can I hold both MLPZX and VADDX in my portfolio?

MLPZX and VADDX have a correlation of 0.20, 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 VADDX?

MLPZX has higher volatility (4.97%) compared to VADDX (2.64%). In terms of maximum drawdown, MLPZX dropped -77.56% vs VADDX's -60.12%.

Which has better risk-adjusted returns?

MLPZX currently has the higher Sharpe Ratio (2.14 vs 1.80), 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.