VMO vs. MLPA
VMO (Invesco Municipal Opportunity Trust) is a stock, while MLPA (Global X MLP ETF) is MLPs fund tracking the Solactive MLP Infrastructure Index. Over the past 10 years, VMO returned 1.96%/yr vs 6.12%/yr for MLPA. At a 0.11 correlation, their price movements are largely independent.
Performance
VMO vs. MLPA - Performance Comparison
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Returns By Period
In the year-to-date period, VMO achieves a 7.64% return, which is significantly lower than MLPA's 18.84% return. Over the past 10 years, VMO has underperformed MLPA with an annualized return of 1.96%, while MLPA has yielded a comparatively higher 6.12% annualized return.
VMO
- 1D
- 0.00%
- 1M
- 1.77%
- 6M
- 5.19%
- YTD
- 7.64%
- 1Y
- 17.87%
- 3Y*
- 8.46%
- 5Y*
- -0.24%
- 10Y*
- 1.96%
MLPA
- 1D
- 1.35%
- 1M
- 5.69%
- 6M
- 13.90%
- YTD
- 18.84%
- 1Y
- 19.55%
- 3Y*
- 16.97%
- 5Y*
- 17.70%
- 10Y*
- 6.12%
VMO vs. MLPA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VMO Invesco Municipal Opportunity Trust | 7.64% | 6.57% | 7.73% | 1.54% | -24.29% | 12.95% | 8.89% | 16.23% | -4.54% | 3.05% |
MLPA Global X MLP ETF | 18.84% | 5.73% | 20.35% | 15.93% | 27.03% | 39.64% | -33.97% | 11.91% | -15.71% | -8.31% |
Correlation
The correlation between VMO and MLPA is -0.11, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.11 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.10 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.14 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.12 |
Correlation (All Time) Calculated using the full available price history since Apr 19, 2012 | 0.11 |
The correlation between VMO and MLPA shifts across timeframes, from -0.11 (1 year) to 0.14 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
VMO vs. MLPA — Risk / Return Rank
VMO
MLPA
VMO vs. MLPA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Municipal Opportunity Trust (VMO) and Global X MLP ETF (MLPA). 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.
| VMO | MLPA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.48 | ||
| Sortino ratioReturn per unit of downside risk | +0.91 | ||
| Omega ratioGain probability vs. loss probability | 1.39 | 1.27 | +0.12 |
| Calmar ratioReturn relative to maximum drawdown | 2.72 | 2.36 | +0.37 |
| Martin ratioReturn relative to average drawdown | 11.47 | 6.17 | +5.31 |
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Drawdowns
VMO vs. MLPA - Drawdown Comparison
The maximum VMO drawdown since its inception was -50.11%, smaller than the maximum MLPA drawdown of -78.75%. Use the drawdown chart below to compare losses from any high point for VMO and MLPA.
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Drawdown Indicators
| VMO | MLPA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -50.11% | -78.75% | +28.64% |
Max Drawdown (1Y)Largest decline over 1 year | -6.59% | -8.33% | +1.74% |
Max Drawdown (3Y)Largest decline over 3 years | -16.51% | -14.20% | -2.31% |
Max Drawdown (5Y)Largest decline over 5 years | -37.70% | -18.75% | -18.95% |
Max Drawdown (10Y)Largest decline over 10 years | -37.70% | -74.05% | +36.35% |
Current DrawdownCurrent decline from peak | -5.40% | -1.55% | -3.85% |
Average DrawdownAverage peak-to-trough decline | -9.86% | -20.14% | +10.28% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.57% | 3.18% | -1.61% |
Volatility
VMO vs. MLPA - Volatility Comparison
The current volatility for Invesco Municipal Opportunity Trust (VMO) is 2.36%, while Global X MLP ETF (MLPA) has a volatility of 5.09%. This indicates that VMO experiences smaller price fluctuations and is considered to be less risky than MLPA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VMO | MLPA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.36% | 5.09% | -2.73% |
Volatility (6M)Calculated over the trailing 6-month period | 7.01% | 9.52% | -2.51% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.81% | 12.54% | -3.73% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.55% | 17.99% | -6.44% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.63% | 27.40% | -14.77% |
Dividends
VMO vs. MLPA - Dividend Comparison
VMO's dividend yield for the trailing twelve months is around 7.62%, more than MLPA's 7.11% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MLPA Global X MLP ETF | 7.11% | 7.82% | 7.25% | 7.49% | 7.30% | 8.72% | 13.84% | 9.09% | 10.00% | 8.05% | 7.15% | 9.29% |
VMO Invesco Municipal Opportunity Trust | 7.62% | 7.84% | 6.44% | 4.47% | 5.69% | 4.64% | 4.66% | 4.94% | 5.95% | 5.98% | 6.73% | 6.33% |
Frequently Asked Questions
VMO and MLPA have a correlation of -0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MLPA has higher volatility (5.09%) compared to VMO (2.36%). In terms of maximum drawdown, VMO dropped -50.11% vs MLPA's -78.75%.
VMO currently has the higher Sharpe Ratio (2.04 vs 1.57), 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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