MLPZX vs. VGELX

Last updated Jun 4, 2026

MLPZX (Invesco SteelPath MLP Income Fund) and VGELX (Vanguard Energy Fund Admiral Shares) are both Energy Equities funds. Over the past 10 years, MLPZX returned 9.79%/yr vs 9.54%/yr for VGELX. A 0.68 correlation means they provide meaningful diversification when combined. MLPZX charges 1.10%/yr vs 0.33%/yr for VGELX.

Performance

MLPZX vs. VGELX - Performance Comparison

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

Returns By Period

The year-to-date returns for both investments are quite close, with MLPZX having a 19.85% return and VGELX slightly higher at 20.09%. Both investments have delivered pretty close results over the past 10 years, with MLPZX having a 9.79% annualized return and VGELX not far behind at 9.54%.

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%

VGELX

• 1D: 1.24%
• 1M: -3.38%
• YTD: 20.09%
• 6M: 18.16%
• 1Y: 33.01%
• 3Y*: 28.30%
• 5Y*: 22.13%
• 10Y*: 9.54%

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

MLPZX vs. VGELX - 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%
VGELX Vanguard Energy Fund Admiral Shares	20.09%	20.76%	30.46%	8.87%	23.70%	27.80%	-30.80%	13.32%	-17.12%	3.31%

Correlation

The correlation between MLPZX and VGELX is 0.65, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.65
Correlation (3Y) Calculated over the trailing 3-year period	0.66
Correlation (5Y) Calculated over the trailing 5-year period	0.74
Correlation (10Y) Calculated over the trailing 10-year period	0.72
Correlation (All Time) Calculated using the full available price history since Apr 1, 2010	0.68

The correlation between MLPZX and VGELX has been stable across timeframes, ranging from 0.65 to 0.74 - a consistent structural relationship.

Return for Risk

MLPZX vs. VGELX — 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

VGELX

VGELX Risk / Return Rank: 85
VGELX Sharpe Ratio Rank: 86
VGELX Sortino Ratio Rank: 79
VGELX Omega Ratio Rank: 74
VGELX Calmar Ratio Rank: 95
VGELX Martin Ratio Rank: 93

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. VGELX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco SteelPath MLP Income Fund (MLPZX) and Vanguard Energy Fund Admiral Shares (VGELX). 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	VGELX	Difference
Sharpe ratio: Return per unit of total volatility	2.14	2.76	-0.62
Sortino ratio: Return per unit of downside risk	2.97	3.76	-0.78
Omega ratio: Gain probability vs. loss probability	1.36	1.49	-0.12
Calmar ratio: Return relative to maximum drawdown	4.10	5.86	-1.76
Martin ratio: Return relative to average drawdown	13.06	20.18	-7.12
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. VGELX - Sharpe Ratio Comparison

The current MLPZX Sharpe Ratio is 2.14, which is comparable to the VGELX Sharpe Ratio of 2.76. The chart below compares the historical Sharpe Ratios of MLPZX and VGELX, 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	VGELX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.14	2.76	-0.62
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.12	1.19	-0.07
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.38	0.41	-0.03
Sharpe Ratio (All Time) Calculated using the full available price history	0.33	0.35	-0.02

Drawdowns

MLPZX vs. VGELX - Drawdown Comparison

The maximum MLPZX drawdown since its inception was -77.56%, which is greater than VGELX's maximum drawdown of -65.22%. Use the drawdown chart below to compare losses from any high point for MLPZX and VGELX.

Drawdown Indicators

	MLPZX	VGELX	Difference
Max Drawdown Largest peak-to-trough decline	-77.56%	-65.22%	-12.34%
Max Drawdown (1Y) Largest decline over 1 year	-6.07%	-5.69%	-0.38%
Max Drawdown (3Y) Largest decline over 3 years	-14.46%	-12.30%	-2.16%
Max Drawdown (5Y) Largest decline over 5 years	-17.90%	-19.72%	+1.82%
Max Drawdown (10Y) Largest decline over 10 years	-73.62%	-61.13%	-12.49%
Current Drawdown Current decline from peak	-4.42%	-4.24%	-0.18%
Average Drawdown Average peak-to-trough decline	-13.53%	-19.15%	+5.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.90%	1.65%	+0.25%

Volatility

MLPZX vs. VGELX - Volatility Comparison

Invesco SteelPath MLP Income Fund (MLPZX) and Vanguard Energy Fund Admiral Shares (VGELX) have volatilities of 4.97% and 4.91%, 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	VGELX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.97%	4.91%	+0.06%
Volatility (6M) Calculated over the trailing 6-month period	8.81%	10.17%	-1.36%
Volatility (1Y) Calculated over the trailing 1-year period	11.66%	12.10%	-0.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.35%	18.72%	-1.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.85%	23.21%	+2.64%

MLPZX vs. VGELX - Expense Ratio Comparison

MLPZX has a 1.10% expense ratio, which is higher than VGELX's 0.33% expense ratio.

Dividends

MLPZX vs. VGELX - Dividend Comparison

MLPZX's dividend yield for the trailing twelve months is around 6.03%, less than VGELX's 7.20% 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%
VGELX Vanguard Energy Fund Admiral Shares	7.20%	4.79%	34.15%	6.91%	4.71%	3.70%	4.54%	3.38%	3.07%	3.05%	1.91%	2.70%

Frequently Asked Questions

Can I hold both MLPZX and VGELX in my portfolio?

MLPZX and VGELX have a correlation of 0.65, 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 VGELX?

MLPZX has higher volatility (4.97%) compared to VGELX (4.91%). In terms of maximum drawdown, MLPZX dropped -77.56% vs VGELX's -65.22%.

Which has better risk-adjusted returns?

VGELX currently has the higher Sharpe Ratio (2.76 vs 2.14), 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.