SPMPX vs. VADDX

Last updated Jul 14, 2026

SPMPX (Invesco SteelPath MLP Alpha Plus Fund Class R5) and VADDX (Invesco Equally-Weighted S&P 500 Fund) are both mutual funds - SPMPX is a Energy Equities fund actively managed by Invesco, while VADDX is a S&P 500 fund tracking the S&P 500 Equal Weight Index. SPMPX is actively managed, while VADDX is passively managed. Over the past 5 years, SPMPX returned 27.47%/yr vs 8.78%/yr for VADDX. A 0.55 correlation means they provide meaningful diversification when combined. SPMPX charges 7.73%/yr vs 0.27%/yr for VADDX.

Performance

SPMPX vs. VADDX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco SteelPath MLP Alpha Plus Fund Class R5 (SPMPX) 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, SPMPX achieves a 27.74% return, which is significantly higher than VADDX's 12.75% return.

SPMPX

• 1D: -0.40%
• 1M: 1.11%
• 6M: 26.09%
• YTD: 27.74%
• 1Y: 30.46%
• 3Y*: 30.17%
• 5Y*: 27.47%
• 10Y*: —

VADDX

• 1D: 0.35%
• 1M: 1.61%
• 6M: 9.20%
• YTD: 12.75%
• 1Y: 18.04%
• 3Y*: 14.01%
• 5Y*: 8.78%
• 10Y*: 11.62%

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

SPMPX vs. VADDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
SPMPX Invesco SteelPath MLP Alpha Plus Fund Class R5	27.74%	4.59%	47.63%	25.49%	38.13%	56.29%	-45.67%	-10.91%
VADDX Invesco Equally-Weighted S&P 500 Fund	12.75%	11.16%	12.68%	13.58%	-11.86%	29.27%	12.56%	13.49%

Correlation

The correlation between SPMPX and VADDX is 0.14, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.14
Correlation (3Y) Calculated over the trailing 3-year period	0.40
Correlation (5Y) Calculated over the trailing 5-year period	0.51
Correlation (All Time) Calculated using the full available price history since May 24, 2019	0.55

Over the past year, the correlation between SPMPX and VADDX has dropped to 0.14 - well below their long-term average of 0.55, suggesting their price drivers have been diverging.

Return for Risk

SPMPX vs. VADDX — Risk / Return Rank

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

SPMPX

SPMPX Risk / Return Rank: 67
SPMPX Sharpe Ratio Rank: 71
SPMPX Sortino Ratio Rank: 65
SPMPX Omega Ratio Rank: 57
SPMPX Calmar Ratio Rank: 89
SPMPX Martin Ratio Rank: 54

VADDX

VADDX Risk / Return Rank: 45
VADDX Sharpe Ratio Rank: 43
VADDX Sortino Ratio Rank: 44
VADDX Omega Ratio Rank: 39
VADDX Calmar Ratio Rank: 51
VADDX Martin Ratio Rank: 51

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.

SPMPX vs. VADDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco SteelPath MLP Alpha Plus Fund Class R5 (SPMPX) 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.

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.

	SPMPX	VADDX	Difference
Sharpe ratio: Return per unit of total volatility	1.87	1.46	+0.41
Sortino ratio: Return per unit of downside risk	2.53	2.13	+0.40
Omega ratio: Gain probability vs. loss probability	1.31	1.26	+0.05
Calmar ratio: Return relative to maximum drawdown	3.54	2.19	+1.35
Martin ratio: Return relative to average drawdown	8.63	8.29	+0.33

SPMPX vs. VADDX - Sharpe Ratio Comparison

The current SPMPX Sharpe Ratio is 1.87, which is comparable to the VADDX Sharpe Ratio of 1.46. The chart below compares the historical Sharpe Ratios of SPMPX 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.

Drawdowns

SPMPX vs. VADDX - Drawdown Comparison

The maximum SPMPX drawdown since its inception was -81.60%, which is greater than VADDX's maximum drawdown of -60.12%. Use the drawdown chart below to compare losses from any high point for SPMPX and VADDX.

Drawdown Indicators

	SPMPX	VADDX	Difference
Max Drawdown Largest peak-to-trough decline	-81.60%	-60.12%	-21.48%
Max Drawdown (1Y) Largest decline over 1 year	-8.79%	-7.88%	-0.91%
Max Drawdown (3Y) Largest decline over 3 years	-19.53%	-17.86%	-1.67%
Max Drawdown (5Y) Largest decline over 5 years	-27.12%	-21.58%	-5.54%
Max Drawdown (10Y) Largest decline over 10 years	—	-39.39%	—
Current Drawdown Current decline from peak	-3.97%	-0.34%	-3.63%
Average Drawdown Average peak-to-trough decline	-16.76%	-6.98%	-9.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.60%	2.08%	+1.52%

Volatility

SPMPX vs. VADDX - Volatility Comparison

Invesco SteelPath MLP Alpha Plus Fund Class R5 (SPMPX) has a higher volatility of 6.06% compared to Invesco Equally-Weighted S&P 500 Fund (VADDX) at 3.49%. This indicates that SPMPX'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

	SPMPX	VADDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.06%	3.49%	+2.57%
Volatility (6M) Calculated over the trailing 6-month period	12.75%	8.64%	+4.11%
Volatility (1Y) Calculated over the trailing 1-year period	16.70%	11.84%	+4.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.91%	16.27%	+8.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	38.57%	18.45%	+20.12%

SPMPX vs. VADDX - Expense Ratio Comparison

SPMPX has a 7.73% expense ratio, which is higher than VADDX's 0.27% expense ratio.

Dividends

SPMPX vs. VADDX - Dividend Comparison

SPMPX's dividend yield for the trailing twelve months is around 4.81%, less than VADDX's 8.95% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPMPX Invesco SteelPath MLP Alpha Plus Fund Class R5	4.81%	5.55%	4.32%	5.81%	6.70%	9.04%	22.32%	8.34%	0.00%	0.00%	0.00%	0.00%
VADDX Invesco Equally-Weighted S&P 500 Fund	8.95%	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 SPMPX and VADDX in my portfolio?

SPMPX and VADDX have a correlation of 0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPMPX or VADDX?

SPMPX has higher volatility (6.06%) compared to VADDX (3.49%). In terms of maximum drawdown, SPMPX dropped -81.60% vs VADDX's -60.12%.

Which has better risk-adjusted returns?

SPMPX currently has the higher Sharpe Ratio (1.87 vs 1.46), 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.