SPMPX vs. VGELX

Last updated Jun 4, 2026

SPMPX (Invesco SteelPath MLP Alpha Plus Fund Class R5) and VGELX (Vanguard Energy Fund Admiral Shares) are both Energy Equities funds. Over the past 5 years, SPMPX returned 27.28%/yr vs 22.13%/yr for VGELX. A 0.77 correlation means they provide meaningful diversification when combined. SPMPX charges 7.73%/yr vs 0.33%/yr for VGELX.

Performance

SPMPX vs. VGELX - 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 Vanguard Energy Fund Admiral Shares (VGELX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPMPX achieves a 25.45% return, which is significantly higher than VGELX's 20.09% return.

SPMPX

• 1D: 1.50%
• 1M: -1.55%
• YTD: 25.45%
• 6M: 24.83%
• 1Y: 27.86%
• 3Y*: 31.73%
• 5Y*: 27.28%
• 10Y*: —

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)

SPMPX vs. VGELX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
SPMPX Invesco SteelPath MLP Alpha Plus Fund Class R5	25.45%	4.59%	47.63%	25.49%	38.13%	56.29%	-45.67%	-10.91%
VGELX Vanguard Energy Fund Admiral Shares	20.09%	20.76%	30.46%	8.87%	23.70%	27.80%	-30.80%	3.50%

Correlation

The correlation between SPMPX and VGELX is 0.70, 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	0.70
Correlation (3Y) Calculated over the trailing 3-year period	0.71
Correlation (5Y) Calculated over the trailing 5-year period	0.77
Correlation (All Time) Calculated using the full available price history since May 28, 2019	0.77

The correlation between SPMPX and VGELX has been stable across timeframes, ranging from 0.70 to 0.77 - a consistent structural relationship.

Return for Risk

SPMPX vs. VGELX — Risk / Return Rank

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

SPMPX

SPMPX Risk / Return Rank: 45
SPMPX Sharpe Ratio Rank: 39
SPMPX Sortino Ratio Rank: 34
SPMPX Omega Ratio Rank: 32
SPMPX Calmar Ratio Rank: 74
SPMPX Martin Ratio Rank: 45

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.

SPMPX vs. VGELX - 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 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.

	SPMPX	VGELX	Difference
Sharpe ratio: Return per unit of total volatility	1.81	2.76	-0.95
Sortino ratio: Return per unit of downside risk	2.43	3.76	-1.33
Omega ratio: Gain probability vs. loss probability	1.30	1.49	-0.19
Calmar ratio: Return relative to maximum drawdown	3.39	5.86	-2.47
Martin ratio: Return relative to average drawdown	9.52	20.18	-10.66
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPMPX vs. VGELX - Sharpe Ratio Comparison

The current SPMPX Sharpe Ratio is 1.81, which is lower than the VGELX Sharpe Ratio of 2.76. The chart below compares the historical Sharpe Ratios of SPMPX 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

	SPMPX	VGELX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.81	2.76	-0.95
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.09	1.19	-0.10
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.41	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.37	0.35	+0.02

Drawdowns

SPMPX vs. VGELX - Drawdown Comparison

The maximum SPMPX drawdown since its inception was -81.60%, which is greater than VGELX's maximum drawdown of -65.22%. Use the drawdown chart below to compare losses from any high point for SPMPX and VGELX.

Drawdown Indicators

	SPMPX	VGELX	Difference
Max Drawdown Largest peak-to-trough decline	-81.60%	-65.22%	-16.38%
Max Drawdown (1Y) Largest decline over 1 year	-8.79%	-5.69%	-3.10%
Max Drawdown (3Y) Largest decline over 3 years	-19.53%	-12.30%	-7.23%
Max Drawdown (5Y) Largest decline over 5 years	-27.12%	-19.72%	-7.40%
Max Drawdown (10Y) Largest decline over 10 years	—	-61.13%	—
Current Drawdown Current decline from peak	-5.70%	-4.24%	-1.46%
Average Drawdown Average peak-to-trough decline	-16.93%	-19.15%	+2.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.12%	1.65%	+1.47%

Volatility

SPMPX vs. VGELX - Volatility Comparison

Invesco SteelPath MLP Alpha Plus Fund Class R5 (SPMPX) has a higher volatility of 6.81% compared to Vanguard Energy Fund Admiral Shares (VGELX) at 4.91%. This indicates that SPMPX's price experiences larger fluctuations and is considered to be riskier than VGELX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPMPX	VGELX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.81%	4.91%	+1.90%
Volatility (6M) Calculated over the trailing 6-month period	12.32%	10.17%	+2.15%
Volatility (1Y) Calculated over the trailing 1-year period	16.47%	12.10%	+4.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.16%	18.72%	+6.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	38.80%	23.21%	+15.59%

SPMPX vs. VGELX - Expense Ratio Comparison

SPMPX has a 7.73% expense ratio, which is higher than VGELX's 0.33% expense ratio.

Dividends

SPMPX vs. VGELX - Dividend Comparison

SPMPX's dividend yield for the trailing twelve months is around 4.77%, less than VGELX's 7.20% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPMPX Invesco SteelPath MLP Alpha Plus Fund Class R5	4.77%	5.55%	4.32%	5.81%	6.70%	9.04%	22.32%	8.34%	0.00%	0.00%	0.00%	0.00%
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 SPMPX and VGELX in my portfolio?

SPMPX and VGELX 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.

Which is riskier, SPMPX or VGELX?

SPMPX has higher volatility (6.81%) compared to VGELX (4.91%). In terms of maximum drawdown, SPMPX dropped -81.60% vs VGELX's -65.22%.

Which has better risk-adjusted returns?

VGELX currently has the higher Sharpe Ratio (2.76 vs 1.81), 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.