NCLP.L vs. MLPD.L

Last updated Apr 1, 2026

Compare and contrast key facts about WisdomTree Uranium and Nuclear Energy UCITS ETF USD Accumulating (NCLP.L) and Invesco Morningstar US Energy Infrastructure MLP UCITS ETF (Dist) (MLPD.L).

NCLP.L and MLPD.L are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. NCLP.L is a passively managed fund by WisdomTree that tracks the performance of the WisdomTree Uranium and Nuclear Energy UCITS Index. It was launched on Mar 5, 2025. MLPD.L is a passively managed fund by Invesco that tracks the performance of the MSCI World/Energy NR USD. It was launched on May 15, 2013. Both NCLP.L and MLPD.L are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

NCLP.L vs. MLPD.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in WisdomTree Uranium and Nuclear Energy UCITS ETF USD Accumulating (NCLP.L) and Invesco Morningstar US Energy Infrastructure MLP UCITS ETF (Dist) (MLPD.L). The values are adjusted to include any dividend payments, if applicable.

NCLP.L vs. MLPD.L - Yearly Performance Comparison

	2026 (YTD)	2025
NCLP.L WisdomTree Uranium and Nuclear Energy UCITS ETF USD Accumulating	16.41%	94.52%
MLPD.L Invesco Morningstar US Energy Infrastructure MLP UCITS ETF (Dist)	20.34%	-8.18%

Different Trading Currencies

NCLP.L is traded in GBp, while MLPD.L is traded in USD. To make them comparable, the MLPD.L values have been converted to GBp using the latest available exchange rates.

Returns By Period

In the year-to-date period, NCLP.L achieves a 16.41% return, which is significantly lower than MLPD.L's 20.34% return.

NCLP.L

• 1D: -0.12%
• 1M: -12.74%
• YTD: 16.41%
• 6M: 11.87%
• 1Y: 142.42%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MLPD.L

• 1D: -0.67%
• 1M: 5.57%
• YTD: 20.34%
• 6M: 20.73%
• 1Y: 6.86%
• 3Y*: 16.89%
• 5Y*: 22.37%
• 10Y*: 10.68%

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

NCLP.L vs. MLPD.L - Expense Ratio Comparison

NCLP.L has a 0.45% expense ratio, which is lower than MLPD.L's 0.50% expense ratio.

MLPD.L

Invesco Morningstar US Energy Infrastructure MLP UCITS ETF (Dist)

NCLP.L

WisdomTree Uranium and Nuclear Energy UCITS ETF USD Accumulating

Return for Risk

NCLP.L vs. MLPD.L — Risk / Return Rank

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

NCLP.L

NCLP.L Risk / Return Rank: 96
NCLP.L Sharpe Ratio Rank: 97
NCLP.L Sortino Ratio Rank: 96
NCLP.L Omega Ratio Rank: 93
NCLP.L Calmar Ratio Rank: 97
NCLP.L Martin Ratio Rank: 94

MLPD.L

MLPD.L Risk / Return Rank: 26
MLPD.L Sharpe Ratio Rank: 28
MLPD.L Sortino Ratio Rank: 27
MLPD.L Omega Ratio Rank: 29
MLPD.L Calmar Ratio Rank: 25
MLPD.L Martin Ratio Rank: 22

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.

NCLP.L vs. MLPD.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for WisdomTree Uranium and Nuclear Energy UCITS ETF USD Accumulating (NCLP.L) and Invesco Morningstar US Energy Infrastructure MLP UCITS ETF (Dist) (MLPD.L). 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.

	NCLP.L	MLPD.L	Difference
Sharpe ratio Return per unit of total volatility	3.07	0.36	+2.71
Sortino ratio Return per unit of downside risk	3.42	0.59	+2.83
Omega ratio Gain probability vs. loss probability	1.43	1.08	+0.35
Calmar ratio Return relative to maximum drawdown	5.13	0.41	+4.72
Martin ratio Return relative to average drawdown	14.67	0.72	+13.96
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NCLP.L vs. MLPD.L - Sharpe Ratio Comparison

The current NCLP.L Sharpe Ratio is 3.07, which is higher than the MLPD.L Sharpe Ratio of 0.36. The chart below compares the historical Sharpe Ratios of NCLP.L and MLPD.L, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	NCLP.L	MLPD.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.07	0.36	+2.71
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	1.10	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.38	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.56	0.19	+2.36

Correlation

The correlation between NCLP.L and MLPD.L is 0.23, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

NCLP.L vs. MLPD.L - Dividend Comparison

NCLP.L has not paid dividends to shareholders, while MLPD.L's dividend yield for the trailing twelve months is around 7.61%.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NCLP.L WisdomTree Uranium and Nuclear Energy UCITS ETF USD Accumulating	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
MLPD.L Invesco Morningstar US Energy Infrastructure MLP UCITS ETF (Dist)	7.61%	8.21%	8.18%	8.60%	7.98%	8.57%	11.03%	10.06%	9.87%	8.15%	8.14%	9.96%

Drawdowns

NCLP.L vs. MLPD.L - Drawdown Comparison

The maximum NCLP.L drawdown since its inception was -26.96%, smaller than the maximum MLPD.L drawdown of -75.45%. Use the drawdown chart below to compare losses from any high point for NCLP.L and MLPD.L.

Drawdown Indicators

	NCLP.L	MLPD.L	Difference
Max Drawdown Largest peak-to-trough decline	-26.96%	-82.22%	+55.26%
Max Drawdown (1Y) Largest decline over 1 year	-26.96%	-17.03%	-9.93%
Max Drawdown (5Y) Largest decline over 5 years	—	-21.78%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-75.74%	—
Current Drawdown Current decline from peak	-15.57%	-1.46%	-14.11%
Average Drawdown Average peak-to-trough decline	-7.09%	-28.57%	+21.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.43%	6.81%	+2.62%

Volatility

NCLP.L vs. MLPD.L - Volatility Comparison

WisdomTree Uranium and Nuclear Energy UCITS ETF USD Accumulating (NCLP.L) has a higher volatility of 14.32% compared to Invesco Morningstar US Energy Infrastructure MLP UCITS ETF (Dist) (MLPD.L) at 4.25%. This indicates that NCLP.L's price experiences larger fluctuations and is considered to be riskier than MLPD.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NCLP.L	MLPD.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.32%	4.25%	+10.07%
Volatility (6M) Calculated over the trailing 6-month period	35.88%	10.13%	+25.75%
Volatility (1Y) Calculated over the trailing 1-year period	46.22%	19.00%	+27.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	45.84%	20.36%	+25.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	45.84%	28.29%	+17.55%