PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
XLEP.L vs. MLPP.L
Performance
Return for Risk
Drawdowns
Volatility
Dividends

XLEP.L vs. MLPP.L

Last updated Jun 5, 2026

XLEP.L (Invesco US Energy Sector UCITS ETF) and MLPP.L (Invesco Morningstar US Energy Infrastructure MLP UCITS ETF (Dist)) are both Energy Equities funds from Invesco tracking the MSCI World/Energy NR USD. Both are passively managed. Over the past 10 years, XLEP.L returned 10.15%/yr vs 3.95%/yr for MLPP.L. A 0.62 correlation means they provide meaningful diversification when combined. XLEP.L charges 0.14%/yr vs 0.50%/yr for MLPP.L.

Performance

XLEP.L vs. MLPP.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in Invesco US Energy Sector UCITS ETF (XLEP.L) and Invesco Morningstar US Energy Infrastructure MLP UCITS ETF (Dist) (MLPP.L). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

In the year-to-date period, XLEP.L achieves a 31.41% return, which is significantly higher than MLPP.L's 19.02% return. Over the past 10 years, XLEP.L has outperformed MLPP.L with an annualized return of 10.15%, while MLPP.L has yielded a comparatively lower 3.95% annualized return.

XLEP.L

1D
-0.21%
1M
-0.08%
YTD
31.41%
6M
28.36%
1Y
47.38%
3Y*
14.05%
5Y*
21.30%
10Y*
10.15%

MLPP.L

1D
-0.55%
1M
0.89%
YTD
19.02%
6M
13.93%
1Y
16.92%
3Y*
15.77%
5Y*
18.55%
10Y*
3.95%
*Multi-year figures are annualized to reflect compound growth (CAGR)

XLEP.L vs. MLPP.L - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
XLEP.L
Invesco US Energy Sector UCITS ETF		31.41%1.41%4.85%-5.07%81.43%53.83%-35.01%5.84%-13.66%-9.87%
MLPP.L
Invesco Morningstar US Energy Infrastructure MLP UCITS ETF (Dist)		19.02%-4.63%24.36%13.33%47.48%38.50%-38.75%-2.21%-17.19%-22.69%

Correlation

The correlation between XLEP.L and MLPP.L is 0.75, 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

0.75

Correlation (3Y)
Calculated over the trailing 3-year period

0.72

Correlation (5Y)
Calculated over the trailing 5-year period

0.69

Correlation (10Y)
Calculated over the trailing 10-year period

0.61

Correlation (All Time)
Calculated using the full available price history since Jul 1, 2014

0.62

The correlation between XLEP.L and MLPP.L shifts across timeframes, from 0.61 (10 years) to 0.75 (1 year), reflecting how their relationship changes across market environments.

XLEP.L vs. MLPP.L - Sectors Allocation Comparison

Sectors
XLEP.L
MLPP.L

Energy

100.0%
96.7%

Basic Materials

-

-

Communication Services

-

-

Consumer Cyclical

-

-

Consumer Defensive

-

-

Financial Services

-

-

Healthcare

-

-

Industrials

-

0.2%

Real Estate

-

-

Technology

-

-

Utilities

-

3.2%

Energy

XLEP.L
100.0%
MLPP.L
96.7%

Basic Materials

XLEP.L

-

MLPP.L

-

Communication Services

XLEP.L

-

MLPP.L

-

Consumer Cyclical

XLEP.L

-

MLPP.L

-

Consumer Defensive

XLEP.L

-

MLPP.L

-

Financial Services

XLEP.L

-

MLPP.L

-

Healthcare

XLEP.L

-

MLPP.L

-

Industrials

XLEP.L

-

MLPP.L
0.2%

Real Estate

XLEP.L

-

MLPP.L

-

Technology

XLEP.L

-

MLPP.L

-

Utilities

XLEP.L

-

MLPP.L
3.2%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Invesco US Energy Sector UCITS ETF

Invesco Morningstar US Energy Infrastructure MLP UCITS ETF (Dist)

Often compared with XLEP.L:
XLEP.L vs. XLEXLEP.L vs. TLTXLEP.L vs. WENS.LXLEP.L vs. SPMOXLEP.L vs. XLES.LXLEP.L vs. VUAA.LXLEP.L vs. VDE
Often compared with MLPP.L:
MLPP.L vs. CIF.TOMLPP.L vs. SMLD.DEMLPP.L vs. ZPDE.DEMLPP.L vs. MLPXMLPP.L vs. SPYMLPP.L vs. IWDMLPP.L vs. EIMI.L

Return for Risk

XLEP.L vs. MLPP.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
XLEP.L
XLEP.L Risk / Return Rank: 5757
Overall Rank
XLEP.L Sharpe Ratio Rank: 6161
Sharpe Ratio Rank
XLEP.L Sortino Ratio Rank: 5252
Sortino Ratio Rank
XLEP.L Omega Ratio Rank: 5858
Omega Ratio Rank
XLEP.L Calmar Ratio Rank: 6060
Calmar Ratio Rank
XLEP.L Martin Ratio Rank: 5454
Martin Ratio Rank
MLPP.L
MLPP.L Risk / Return Rank: 3131
Overall Rank
MLPP.L Sharpe Ratio Rank: 2929
Sharpe Ratio Rank
MLPP.L Sortino Ratio Rank: 2727
Sortino Ratio Rank
MLPP.L Omega Ratio Rank: 2828
Omega Ratio Rank
MLPP.L Calmar Ratio Rank: 3939
Calmar Ratio Rank
MLPP.L Martin Ratio Rank: 3030
Martin Ratio Rank
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.

XLEP.L vs. MLPP.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco US Energy Sector UCITS ETF (XLEP.L) and Invesco Morningstar US Energy Infrastructure MLP UCITS ETF (Dist) (MLPP.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.

XLEP.LMLPP.LDifference
Sharpe ratioReturn per unit of total volatility
2.02
1.04

+0.98

Sortino ratioReturn per unit of downside risk
2.49
1.45

+1.04

Omega ratioGain probability vs. loss probability

1.35

1.18

+0.17

Calmar ratioReturn relative to maximum drawdown

2.92

1.87

+1.04

Martin ratioReturn relative to average drawdown

9.27

4.35

+4.92

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XLEP.L vs. MLPP.L - Sharpe Ratio Comparison

The current XLEP.L Sharpe Ratio is 2.02, which is higher than the MLPP.L Sharpe Ratio of 1.04. The chart below compares the historical Sharpe Ratios of XLEP.L and MLPP.L, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Loading charts...

Sharpe Ratios by Period

XLEP.LMLPP.LDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.02

1.04

+0.98

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.81

1.00

-0.19

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.36

0.15

+0.21

Sharpe Ratio (All Time)

Calculated using the full available price history

0.25

-0.00

+0.25

Drawdowns

XLEP.L vs. MLPP.L - Drawdown Comparison

The maximum XLEP.L drawdown since its inception was -63.35%, smaller than the maximum MLPP.L drawdown of -84.51%. Use the drawdown chart below to compare losses from any high point for XLEP.L and MLPP.L.

Loading charts...

Drawdown Indicators

XLEP.LMLPP.LDifference

Max Drawdown

Largest peak-to-trough decline

-63.35%

-84.51%

+21.16%

Max Drawdown (1Y)

Largest decline over 1 year

-16.17%

-8.99%

-7.18%

Max Drawdown (3Y)

Largest decline over 3 years

-24.06%

-19.03%

-5.03%

Max Drawdown (5Y)

Largest decline over 5 years

-24.16%

-19.03%

-5.13%

Max Drawdown (10Y)

Largest decline over 10 years

-63.35%

-80.34%

+16.99%

Current Drawdown

Current decline from peak

-8.08%

-7.30%

-0.78%

Average Drawdown

Average peak-to-trough decline

-16.96%

-36.25%

+19.29%

Ulcer Index

Depth and duration of drawdowns from previous peaks

5.10%

3.88%

+1.22%

Volatility

XLEP.L vs. MLPP.L - Volatility Comparison

Invesco US Energy Sector UCITS ETF (XLEP.L) has a higher volatility of 8.92% compared to Invesco Morningstar US Energy Infrastructure MLP UCITS ETF (Dist) (MLPP.L) at 6.47%. This indicates that XLEP.L's price experiences larger fluctuations and is considered to be riskier than MLPP.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Loading charts...

Volatility by Period

XLEP.LMLPP.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

8.92%

6.47%

+2.45%

Volatility (6M)

Calculated over the trailing 6-month period

19.87%

12.89%

+6.98%

Volatility (1Y)

Calculated over the trailing 1-year period

23.44%

16.25%

+7.19%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

26.28%

20.82%

+5.46%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

28.14%

32.00%

-3.86%

XLEP.L vs. MLPP.L - Expense Ratio Comparison

XLEP.L has a 0.14% expense ratio, which is lower than MLPP.L's 0.50% expense ratio.

Dividends

XLEP.L vs. MLPP.L - Dividend Comparison

XLEP.L has not paid dividends to shareholders, while MLPP.L's dividend yield for the trailing twelve months is around 7.55%.

PositionTTM20252024202320222021202020192018201720162015
MLPP.L
Invesco Morningstar US Energy Infrastructure MLP UCITS ETF (Dist)		7.55%8.28%7.99%8.81%7.86%8.40%6.01%0.13%0.13%0.11%0.10%0.15%
XLEP.L
Invesco US Energy Sector UCITS ETF		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

XLEP.L and MLPP.L have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, XLEP.L is cheaper at 0.14% per year. The better choice depends on whether you care most about return, fees, risk, or income.

XLEP.L is cheaper with a 0.14% expense ratio, compared with 0.50% for MLPP.L.

Both ETFs track MSCI World/Energy NR USD. Their fees differ too: 0.14% for XLEP.L and 0.50% for MLPP.L.

Portfolio Optimizer

Find the right allocation for XLEP.L and MLPP.L

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

Open Portfolio Optimizer