NML vs. MLPLX
NML (Neuberger Berman MLP) and MLPLX (Invesco SteelPath MLP Alpha Plus Fund Class A) are both MLPs funds. Both are actively managed. Over the past 10 years, NML returned 10.71%/yr vs 9.46%/yr for MLPLX. Their 0.75 correlation means they have sometimes moved together and sometimes differently. NML charges 2.72%/yr vs 17.25%/yr for MLPLX.
Performance
NML vs. MLPLX - Performance Comparison
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Returns By Period
In the year-to-date period, NML achieves a 28.84% return, which is significantly lower than MLPLX's 30.97% return. Over the past 10 years, NML has outperformed MLPLX with an annualized return of 10.71%, while MLPLX has yielded a comparatively lower 9.46% annualized return.
NML
- 1D
- 1.65%
- 1M
- 4.26%
- 6M
- 15.85%
- YTD
- 28.84%
- 1Y
- 30.58%
- 3Y*
- 24.05%
- 5Y*
- 26.21%
- 10Y*
- 10.71%
- ALL TIME*
- 2.88%
MLPLX
- 1D
- 0.27%
- 1M
- 4.79%
- 6M
- 20.54%
- YTD
- 30.97%
- 1Y
- 32.27%
- 3Y*
- 29.36%
- 5Y*
- 29.67%
- 10Y*
- 9.46%
- ALL TIME*
- 6.58%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $1.26M | $1.11M | $1.30M |
NML vs. MLPLX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
NML Neuberger Berman MLP | 28.84% | 4.36% | 40.55% | 14.61% | 32.75% | 61.76% | -45.84% | 10.60% | -23.02% | 7.07% |
MLPLX Invesco SteelPath MLP Alpha Plus Fund Class A | 30.97% | 4.36% | 47.10% | 25.02% | 38.31% | 55.18% | -46.03% | 8.79% | -21.09% | -11.18% |
Correlation
The correlation between NML and MLPLX is 0.70, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.70 |
Correlation (3Y) Balances recent behavior with more history. | 0.72 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.79 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.81 |
Correlation (All Time) Calculated using the full available price history since Mar 26, 2013 | 0.75 |
The correlation between NML and MLPLX shifts across timeframes, from 0.70 (1 year) to 0.81 (10 years), reflecting how their relationship changes across market environments.
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Return for Risk
NML vs. MLPLX — Risk / Return Rank
NML
MLPLX
NML vs. MLPLX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Neuberger Berman MLP (NML) and Invesco SteelPath MLP Alpha Plus Fund Class A (MLPLX). 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.
| NML | MLPLX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.30 | ||
| Sortino ratioReturn per unit of downside risk | -0.45 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 1.32 | -0.04 |
| Calmar ratioReturn relative to maximum drawdown | 3.08 | 3.60 | -0.51 |
| Martin ratioReturn relative to average drawdown | 8.41 | 8.82 | -0.41 |
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Drawdowns
NML vs. MLPLX - Drawdown Comparison
The maximum NML drawdown since its inception was -90.48%, roughly equal to the maximum MLPLX drawdown of -88.76%. Use the drawdown chart below to compare losses from any high point for NML and MLPLX.
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Drawdown Indicators
| NML | MLPLX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -90.48% | -88.76% | -1.72% |
Max Drawdown (1Y)Largest decline over 1 year | -9.57% | -8.56% | -1.01% |
Max Drawdown (3Y)Largest decline over 3 years | -16.92% | -19.55% | +2.63% |
Max Drawdown (5Y)Largest decline over 5 years | -21.40% | -27.21% | +5.81% |
Max Drawdown (10Y)Largest decline over 10 years | -84.84% | -85.02% | +0.18% |
Current DrawdownCurrent decline from peak | -2.43% | -1.96% | -0.47% |
Average DrawdownAverage peak-to-trough decline | -36.68% | -28.71% | -7.97% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.51% | 3.60% | -0.09% |
Volatility
NML vs. MLPLX - Volatility Comparison
Neuberger Berman MLP (NML) has a higher volatility of 6.97% compared to Invesco SteelPath MLP Alpha Plus Fund Class A (MLPLX) at 5.52%. This indicates that NML's price experiences larger fluctuations and is considered to be riskier than MLPLX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| NML | MLPLX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.97% | 5.52% | +1.45% |
Volatility (6M)Calculated over the trailing 6-month period | 14.90% | 12.92% | +1.98% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.33% | 16.69% | +1.64% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 23.73% | 24.65% | -0.92% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 35.00% | 35.44% | -0.44% |
NML vs. MLPLX - Expense Ratio Comparison
NML has a 2.72% expense ratio, which is lower than MLPLX's 17.25% expense ratio.
Dividends
NML vs. MLPLX - Dividend Comparison
NML's dividend yield for the trailing twelve months is around 7.15%, more than MLPLX's 4.83% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MLPLX Invesco SteelPath MLP Alpha Plus Fund Class A | 4.83% | 5.70% | 4.42% | 5.92% | 6.79% | 8.75% | 22.54% | 14.33% | 13.67% | 9.68% | 7.88% | 9.20% |
NML Neuberger Berman MLP | 7.15% | 8.24% | 7.94% | 10.19% | 4.26% | 3.54% | 8.33% | 9.76% | 9.87% | 7.04% | 8.63% | 15.44% |
Frequently Asked Questions
NML and MLPLX have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NML has higher volatility (6.97%) compared to MLPLX (5.52%). In terms of maximum drawdown, NML dropped -90.48% vs MLPLX's -88.76%.
MLPLX currently has the higher Sharpe Ratio (1.91 vs 1.61), 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.
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