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Relative Intelligence · Oil & Gas Midstream

How MPLX compares with the whole market and its popular alternatives

Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on MPLX alone. It places MPLX (MPLX Lp) against 19 popular alternatives, its neighboring categories and the entire market of over 10,000 U.S.-listed stocks and ETFs, and surfaces what has done better on consistent outperformance, return for the risk taken, behavior in real market crashes and diversification. The result is a clearer view of where MPLX stands in the market, and of the alternatives worth a closer look.

Period covered: MPLX's full trading record, from October 2012 through September 2026. The crash tests reach back to 2000 using older funds and the S&P 500. All returns include reinvested dividends. Data as of October 20, 2026.

Data as of October 20, 2026. Full tables and charts read best on a larger screen.

Rank the market against MPLX →Chart MPLX vs. 19 alternatives →
On this page12 sections

Key findings

How much would $10,000 in MPLX have grown?

This chart tracks a hypothetical $10,000 investment in MPLX over the past 13 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of MPLX over the same span and MPLX's popular alternatives, among those that traded for the entire period. A second view covers the past 5 years, the period the better options further down the page are judged on. It shows not only where each investment ended up but also how smooth or uneven the path was.

Note: MPLX began trading on October 26, 2012, so the chart cannot reach back to the dot-com bust, the 2008 financial crisis or two other sell-offs. It covers the most recent 13 years of MPLX's record, starting at the end of September 2013.

Choose a period

From the end of September 2013 to the end of September 2026. The scale is logarithmic, so equal steps up the chart are equal percentage gains. Hover over a fund in the key to pick out its line. 717 of the 2,311 stocks and funds worth at least $500 million that traded the whole period ended ahead of MPLX; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$2,000$5,000$10,000$20,000$50,000$100,0002013201520172019202120232025$10,000$100,00020132016201920222025
  • VLO$181,289+1,713% total · +25.0% a year
  • MPC$178,765+1,688% total · +24.8% a year
  • LNG$82,830+728% total · +17.7% a year
  • PSX$69,438+594% total · +16.1% a year
  • TRGP$66,007+560% total · +15.6% a year
  • SPY (S&P 500)$56,474+465% total · +14.2% a year
  • MPLX$42,188+322% total · +11.7% a year
  • DMLP$40,288+303% total · +11.3% a year
  • WMB$37,470+275% total · +10.7% a year
  • PAA$11,720+17.2% total · +1.2% a year
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From the end of September 2021 to the end of September 2026. Hover over a fund in the key to pick out its line. 338 of the 3,628 stocks and funds worth at least $500 million that traded the whole period ended ahead of MPLX; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$0$20,000$40,000$60,000$80,000202120222023202420252026$0$20,000$40,000$60,000$80,000202120222023202420252026
  • MPC$71,516+615% total · +48.2% a year
  • VLO$64,131+541% total · +45.0% a year
  • TRGP$61,030+510% total · +43.6% a year
  • PSX$43,718+337% total · +34.3% a year
  • PAGP$34,579+246% total · +28.2% a year
  • WMB$32,631+226% total · +26.7% a year
  • DTM$31,724+217% total · +26.0% a year
  • MPLX$30,642+206% total · +25.1% a year
  • LNG$28,953+190% total · +23.7% a year
  • SPY (S&P 500)$19,000+90.0% total · +13.7% a year
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MPLX at a glance

This section summarizes the key facts about the stock, its returns over periods from one to ten years and the risk it has carried, with dividends reinvested throughout. These figures serve as the baseline for every comparison that follows.

Note: MPLX began trading on October 26, 2012, so every figure here, including its worst decline, covers only the time since then. None of them reflect the dot-com bust, the 2008 financial crisis or two other sell-offs.

The company

Market value
$59B
Industry
Oil & Gas Midstream
Price history from
October 2012

Returns

Past 1 year
+27.2%total return
Past 3 years
+105%+27.1% a year
Past 5 years
+187%+23.5% a year
Past 10 years
+350%+16.2% a year
Best calendar year
+69.0%2014
Worst calendar year
−44.8%2015
Losing years
5 of 13full calendar years

Risk

Volatility
18.8%typical yearly swing, 5 years
Sharpe ratio
1.22return per unit of risk, 5 years
Worst decline ever
−85.7%Mar 2015 to Mar 2020
From its all-time high
−3.0%below the peak

MPLX against the whole market

Where MPLX ranks among every stock and fund, and what across the market has done better.

How does MPLX rank among all stocks?

This section ranks MPLX on return, volatility, risk-adjusted return and worst decline against every stock worth at least $300 million with enough history. Where the comparisons with its popular alternatives show how MPLX stacks up against its peers, these rankings show where it stands in the market as a whole.

Ranked against U.S.-listed stocks worth at least $300M that have enough history for each measure, so the count changes from row to row; smaller stocks are left out. Lower volatility and smaller declines rank higher.

MeasureMPLXRankStanding
1-year return+27.2%1,055 of 3,287top 32%
3-year return+105%876 of 3,017top 29%
5-year return+187%348 of 2,893top 12%
10-year return+350%481 of 2,202top 22%
Volatility, 5 years18.8%57 of 2,893top 2%
Sharpe ratio, 5 years1.2219 of 2,893top 1%
Worst decline, past 10 years−75.2%1,466 of 2,187bottom 34%

What has beaten MPLX on both return and risk?

Each dot is an investment, placed by how much it earned a year over the past 5 years (higher is better) and how much its price swung, its volatility (further left is calmer). MPLX sits where the dashed lines cross. Anything in the green box above and to the left earned more than MPLX with smaller swings, a better trade-off over this period on both counts. Past results are no promise, but a name in the box is worth a closer look.

Annual return is the annualized total return with dividends reinvested, and volatility the annualized swing in daily prices, both over 5 years. Labeled dots are the strongest picks from the table below and the names called out above, colored by how close they sit to MPLX. 3,633 stocks and funds worth at least $500 million were screened. Hover over a dot for its figures.

16.0%18.0%20.0%22.0%24.0%26.0%28.0%10.0%15.0%20.0%25.0%30.0%35.0%40.0%45.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than MPLXMPLX: +23.5% a year, volatility 18.8%SPY (S&P 500): +12.7% a year, volatility 17.1%PAGP: +26.8% a year, volatility 26.1%DXJ: +26.6% a year, volatility 19.1%CAH: +42.1% a year, volatility 24.7%MCK: +38.7% a year, volatility 25.0%ABBV: +26.1% a year, volatility 23.4%CSCO: +16.8% a year, volatility 26.1%WELL: +26.0% a year, volatility 23.8%VGT: +18.4% a year, volatility 26.0%RSG: +13.9% a year, volatility 18.5%MPLXSPY (S&P 500)PAGPDXJCAHMCKABBVCSCOVGT16.0%18.0%20.0%22.0%24.0%26.0%28.0%10.0%20.0%30.0%40.0%50.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than MPLXMPLX: +23.5% a year, volatility 18.8%SPY (S&P 500): +12.7% a year, volatility 17.1%PAGP: +26.8% a year, volatility 26.1%DXJ: +26.6% a year, volatility 19.1%CAH: +42.1% a year, volatility 24.7%MCK: +38.7% a year, volatility 25.0%ABBV: +26.1% a year, volatility 23.4%CSCO: +16.8% a year, volatility 26.1%WELL: +26.0% a year, volatility 23.8%VGT: +18.4% a year, volatility 26.0%RSG: +13.9% a year, volatility 18.5%MPLXSPY (S&P 500)PAGPDXJCAHMCKABBVCSCOWELLVGT
  • Popular alternatives
  • Same and neighboring categories, and shared themes
  • The whole market
  • 4 with more than 1.6× MPLX's volatility are in the table only

Is there a better investment than MPLX?

Investments that beat MPLX over the past 5 years on return, volatility, drawdowns, consistency, crash losses or fees, from its popular alternatives out to the whole market.

How this works

The table below lists investments that beat MPLX over the past 5 years on at least one of these measures: a higher annual return with lower volatility, a higher annual return at similar volatility, a similar return with lower volatility, a higher Sharpe ratio with a smaller worst decline, a higher total return in most periods from 3 months to 10 years, or smaller losses in recent market crashes. It checks MPLX's popular alternatives first, then the rest of its own and neighboring categories, then every stock and fund worth at least $500 million, and shows the strongest few in each group.

Annual return is the annualized total return with dividends reinvested. Annual return, volatility and the Sharpe ratio cover 5 years; the worst decline covers the past 10 years. Green marks a better figure than MPLX's. "On the frontier" means no other option shown or tested earned more with less volatility. Funds that hold the same thing are shown once. Beyond the popular alternatives, nothing with more than 1.5× MPLX's volatility counts as better.

These figures cover the past 5 years. Green marks a better figure than MPLX's.

Screen the whole market against MPLX for any period in BetterThanSPYOpen these 14 in EasyCompare
InvestmentWhy it is betterPast 5 yearsDownsideLong runFit
Annual return?higher is betterVolatility?lower is calmerSharpe?return per unit of riskWorst decline?past 10 years10Y returntotalCorr. with MPLX?lower diversifies moreExpenseper year
MPLXMPLX Lp · this page
+23.5%18.8%1.22−75.2%+350%1.00—
SPYState Street SPDR S&P 500 ETF · S&P 500
+12.7%17.1%0.79−33.7%+321%0.450.09%
Popular alternativesbest 4 shownThe investments people most often weigh against MPLX. 4 of 19 passed at least one test.
MPCMarathon Petroleum Corporation · Oil & Gas
On the frontierHigher return in most periods+51.2%33.4%1.41−79.7%+1,387%0.48—
VLOValero Energy Corporation · Oil & Gas
Higher return in most periods+44.2%36.9%1.18−71.9%+1,061%0.45—
TRGPTarga Resources Corp. · Oil & Gas Midstream
Higher return in most periods+41.8%31.7%1.27−90.8%+829%0.74—
PSXPhillips 66 · Oil & Gas
Higher return in most periods+33.2%32.9%1.04−64.2%+430%0.61—
Same and neighboring categories, and shared themesbest 1 shownEverything else in Oil & Gas Midstream and Oil & Gas and the categories next to it (Exploration & Production, Integrated Oil & Gas, Oilfield Services), plus MPLX's specific themes. 1 of 70 passed at least one test.
PAGPPlains GP Holdings LP · Oil & Gas Midstream
Higher return in most periods+26.8%26.1%1.05−88.0%+56.3%0.79—
The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 28 of 3,544 passed at least one test.
DXJWisdomTree Japan Hedged Equity Fund · International Equity
On the frontierHigher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periods+26.6%19.1%1.34−39.1%+428%0.310.48%
CAHCardinal Health, Inc. · Health Care Distribution
On the frontierHigher Sharpe, smaller worst declineHigher return in most periods+42.1%24.7%1.55−46.1%+349%0.43—
MCKMcKesson Corporation · Health Care Distribution
Higher Sharpe, smaller worst declineHigher return in most periods+38.7%25.0%1.44−38.1%+586%0.51—
ABBVAbbVie Inc. · Pharmaceuticals
Higher return in most periods+26.1%23.4%1.11−45.1%+603%0.07—
CSCOCisco Systems, Inc. · Communications Equipment
Higher return in most periods+16.8%26.1%0.73−42.0%+374%0.21—
WELLWelltower Inc. · Healthcare REITs
Higher return in most periods+26.0%23.8%1.09−63.3%+379%0.41—
VGTVanguard Information Technology ETF · Technology Equity
Higher return in most periods+18.4%26.0%0.78−35.1%+779%0.210.09%
RSGRepublic Services, Inc. · Environmental Services
On the frontierSmaller losses in recent crashes+13.9%18.5%0.80−34.0%+446%0.40—
What these numbers mean for MPLX
Annual return
MPLX returned 23.5% a year over the past 5 years with dividends reinvested, against 12.7% a year for the S&P 500. At that pace, $10,000 became about $28,700. Annual return is the steady yearly rate that would produce the same total result, so investments held over the same span compare fairly. Guide: What is performance and return? →
Volatility
MPLX's volatility over the past 5 years was 18.8%, 1.1 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, MPLX's return lands within 18.8% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump. Guide: Understanding and measuring risk (volatility) →
Sharpe ratio
MPLX's Sharpe ratio over the past 5 years was 1.22, against 0.79 for the S&P 500, so MPLX earned more for each unit of risk than an index fund did. The Sharpe ratio is the return earned above cash for each unit of volatility: two investments with the same return are not equal if one got there with far bigger swings. Guide: Balancing reward with risk (Sharpe ratio) →
Worst decline
MPLX's worst fall from a peak to a low over the past 10 years was 75.2%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 75.2% fall takes a 303% gain. Guide: Market crash risk and tail risk →
Correlation
Over the past 5 years, MPLX's monthly returns had a correlation of 0.45 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They often move together: some diversification next to an index fund, but not a cushion. In the table, the correlation column measures each option against MPLX instead: the lower it is, the more that option would diversify a MPLX holding. Guide: Correlation and diversification →

MPLX against its popular alternatives

The investments people most often weigh against MPLX, compared period by period and year by year.

How do MPLX's risk and return compare with its alternatives?

This map plots each investment's annual return over the past 5 years against its volatility, the size of its typical price swings. Investments toward the upper left earned more for a smoother ride, and those toward the lower right earned less for a rougher one. The dashed lines cross at MPLX, which divides the map into what did better or worse on each measure.

Green points earned more than MPLX with less volatility; red points earned less with more. Hover over a point for its figures. Total returns with dividends reinvested, annualized.

15.0%20.0%25.0%30.0%35.0%40.0%45.0%0.0%10.0%20.0%30.0%40.0%50.0%60.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityMPLX: 23.5% a year, volatility 18.8%SPY (S&P 500): 12.7% a year, volatility 17.1%LNG: 23.4% a year, volatility 30.2%DMLP: 21.1% a year, volatility 29.1%KMI: 18.7% a year, volatility 22.5%WES: 23.5% a year, volatility 27.6%TRP: 10.8% a year, volatility 21.9%OKE: 13.3% a year, volatility 28.0%EQT: 22.4% a year, volatility 40.9%ENB: 9.1% a year, volatility 18.9%AM: 20.1% a year, volatility 25.9%GEL: 10.6% a year, volatility 39.4%HESM: 10.9% a year, volatility 27.0%MPC: 51.2% a year, volatility 33.4%VLO: 44.2% a year, volatility 36.9%PSX: 33.2% a year, volatility 32.9%TRGP: 41.8% a year, volatility 31.7%WMB: 24.6% a year, volatility 24.0%DTM: 24.5% a year, volatility 25.2%PAA: 27.0% a year, volatility 25.6%EPD: 16.4% a year, volatility 17.1%MPLXSPY (S&P 500)LNGDMLPKMIWESTRPOKEEQTENBAMGELHESMMPCVLOPSXTRGPWMBDTMPAAEPD15.0%20.0%25.0%30.0%35.0%40.0%45.0%0.0%10.0%20.0%30.0%40.0%50.0%60.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityMPLX: 23.5% a year, volatility 18.8%SPY (S&P 500): 12.7% a year, volatility 17.1%LNG: 23.4% a year, volatility 30.2%DMLP: 21.1% a year, volatility 29.1%KMI: 18.7% a year, volatility 22.5%WES: 23.5% a year, volatility 27.6%TRP: 10.8% a year, volatility 21.9%OKE: 13.3% a year, volatility 28.0%EQT: 22.4% a year, volatility 40.9%ENB: 9.1% a year, volatility 18.9%AM: 20.1% a year, volatility 25.9%GEL: 10.6% a year, volatility 39.4%HESM: 10.9% a year, volatility 27.0%MPC: 51.2% a year, volatility 33.4%VLO: 44.2% a year, volatility 36.9%PSX: 33.2% a year, volatility 32.9%TRGP: 41.8% a year, volatility 31.7%WMB: 24.6% a year, volatility 24.0%DTM: 24.5% a year, volatility 25.2%PAA: 27.0% a year, volatility 25.6%EPD: 16.4% a year, volatility 17.1%MPLXSPY (S&P 500)LNGDMLPKMIOKEEQTENBGELMPCVLOPSXTRGPWMBEPD
All figures
InvestmentAnnual returnVolatility
MPC Marathon Petroleum Corporation+51.2%33.4%
VLO Valero Energy Corporation+44.2%36.9%
TRGP Targa Resources Corp.+41.8%31.7%
PSX Phillips 66+33.2%32.9%
PAA Plains All American Pipeline, L.P.+27.0%25.6%
WMB The Williams Companies, Inc.+24.6%24.0%
DTM DT Midstream, Inc.+24.5%25.2%
MPLX This pageMPLX Lp+23.5%18.8%
WES Western Midstream Partners, LP+23.5%27.6%
LNG Cheniere Energy, Inc.+23.4%30.2%
EQT EQT Corporation+22.4%40.9%
DMLP Dorchester Minerals, L.P.+21.1%29.1%
AM Antero Midstream Corporation+20.1%25.9%
KMI Kinder Morgan, Inc.+18.7%22.5%
EPD Enterprise Products Partners L.P.+16.4%17.1%
OKE ONEOK, Inc.+13.3%28.0%
SPY S&P 500State Street SPDR S&P 500 ETF+12.7%17.1%
HESM Hess Midstream LP+10.9%27.0%
TRP TC Energy Corporation+10.8%21.9%
GEL Genesis Energy, L.P.+10.6%39.4%
ENB Enbridge Inc.+9.1%18.9%
Open these 21 in EasyCompare

Has MPLX consistently beaten its popular alternatives?

This section compares MPLX with the investments people most often weigh against it, checking each one over eight periods from one month to ten years. Counting how often an alternative earned more than MPLX helps separate lasting outperformance from a single strong stretch.

A green cell means the alternative earned more than MPLX over that period. "Qualified" marks those that did so in at least 3 of 5 short-term periods and 2 of 3 long-term periods.

InvestmentPeriods outperformed Short termLong termRisk · 5 yearsFund
1M3M6MYTD1Y3Y5Y10YVolatilitylower is calmerSharpehigher is betterWorst declinepast 10 yearsExpenseAssetsOverlapsame sectors
MPLX MPLX Lp (this page)—−1.2%+4.1%+8.8%+14.7%+27.2%+105%+187%+350%18.8%1.22−75.2%—$59B—
MPC QualifiedMarathon Petroleum Corporation5/5 short3/3 longAll-weather+18.1%+51.1%+123%+191%+159%+234%+690%+1,387%33.4%1.41−79.7%—$133B—
VLO QualifiedValero Energy Corporation5/5 short3/3 longAll-weather+10.2%+38.9%+93.2%+166%+176%+259%+524%+1,061%36.9%1.18−71.9%—$125B—
PSX QualifiedPhillips 665/5 short3/3 longAll-weather+11.2%+40.1%+89.2%+128%+130%+183%+319%+430%32.9%1.04−64.2%—$117B—
TRGP QualifiedTarga Resources Corp.4/5 short3/3 longAll-weather+1.1%+4.1%+27.6%+59.0%+98.1%+260%+473%+829%31.7%1.27−90.8%—$63B—
WMB Oil & Gas MidstreamThe Williams Companies, Inc.1/5 short2/3 long−1.8%−4.5%+0.6%+18.1%+14.9%+125%+200%+288%24.0%1.04−68.1%—$86B—
DTM Oil & Gas MidstreamDT Midstream, Inc.0/5 short2/3 long−2.1%−14.2%−6.1%+3.2%+14.4%+147%+199%—25.2%1.00−23.6%—$12B—
LNG Oil & Gas MidstreamCheniere Energy, Inc.5/5 short1/3 long+3.0%+7.2%+12.8%+44.3%+29.3%+69.8%+186%+616%30.2%0.85−57.5%—$59B—
DMLP Oil & Gas Exploration & ProductionDorchester Minerals, L.P.5/5 short1/3 long+2.5%+15.9%+15.2%+42.6%+40.9%+45.3%+160%+435%29.1%0.81−56.8%—$1.5B—
PAA Oil & Gas MidstreamPlains All American Pipeline, L.P.5/5 short1/3 long+2.0%+6.7%+26.0%+48.2%+70.2%+105%+230%+64.0%25.6%1.06−87.9%—$18B—
KMI Oil & Gas MidstreamKinder Morgan, Inc.2/5 short1/3 long+5.8%+4.0%+7.1%+24.6%+26.9%+129%+136%+163%22.5%0.88−55.1%—$75B—
WES Oil & Gas MidstreamWestern Midstream Partners, LP2/5 short1/3 long−4.4%−2.6%+14.1%+19.4%+27.6%+110%+187%+128%27.6%0.91−91.9%—$18B—
TRP Oil & Gas MidstreamTC Energy Corporation1/5 short1/3 long+3.3%−8.8%+3.6%+13.8%+24.9%+136%+66.7%+160%21.9%0.58−41.6%—$64B—
OKE Oil & Gas MidstreamONEOK, Inc.4/5 short0/3 long+1.1%+0.4%+13.5%+29.6%+42.8%+59.9%+86.8%+233%28.0%0.59−80.2%—$59B—
EPD Oil & Gas MidstreamEnterprise Products Partners L.P.2/5 short0/3 long−3.9%−3.2%+3.2%+20.3%+28.4%+65.2%+113%+178%17.1%0.98−58.1%—$80B—
EQT Oil & Gas Exploration & ProductionEQT Corporation2/5 short0/3 long+9.4%+12.1%−3.3%+3.4%−1.8%+35.0%+175%+69.1%40.9%0.70−87.5%—$34B—
ENB Oil & Gas MidstreamEnbridge Inc.1/5 short0/3 long−0.6%−12.9%−4.6%+5.0%+8.5%+84.0%+54.3%+103%18.9%0.56−44.1%—$107B—
AM Oil & Gas MidstreamAntero Midstream Corporation1/5 short0/3 long−2.2%−8.0%+0.5%+18.4%+17.2%+95.0%+149%—25.9%0.84−92.9%—$9.8B—
GEL Oil & Gas MidstreamGenesis Energy, L.P.0/5 short0/3 long−6.2%−2.8%−13.4%−8.1%−4.9%+44.2%+65.5%−21.8%39.4%0.45−89.3%—$1.7B—
HESM Oil & Gas MidstreamHess Midstream LP0/5 short0/3 long−22.5%−22.2%−13.6%−5.8%+0.8%+27.1%+67.9%—27.0%0.52−75.2%—$6.3B—
Open these 20 in EasyCompare

How did MPLX do year by year?

This table shows each investment's total return in every full calendar year since 2013, along with where MPLX ranked among its popular alternatives each year. Annual results reveal how consistently each one kept pace with MPLX and how far its good and bad years diverged, detail that multiyear averages tend to smooth over.

Note: MPLX began trading on October 26, 2012, so the table starts with 2013, its first full calendar year, and cannot show how it fared during the dot-com bust, the 2008 financial crisis or two other sell-offs.

Newest year first. Green marks a year in which the fund came out ahead of MPLX; gray means the two finished within a fraction of a point. The rank row places MPLX among the alternatives that traded the full year; dark green is the top quarter and red the bottom quarter.

InvestmentYears ahead of MPLX2025202420232022202120202019201820172016201520142013
MPLX This pageMPLX Lp—+20.6%+41.7%+22.5%+21.1%+54.0%−1.8%−8.2%−8.4%+8.9%−6.3%−44.8%+69.0%+46.9%
Rank among alternativesTop quarter in 3 of 136 of 207 of 205 of 2013 of 209 of 194 of 1916 of 197 of 196 of 1717 of 1711 of 171 of 179 of 17
SPY S&P 500State Street SPDR S&P 500 ETF7 of 13+17.7%+24.9%+26.2%−18.2%+28.7%+18.3%+31.2%−4.6%+21.7%+12.0%+1.2%+13.5%+32.3%
MPC Marathon Petroleum Corporation8 of 13+19.2%−4.0%+30.4%+86.6%+61.0%−27.4%+6.0%−8.2%+34.8%+0.7%+17.4%+0.4%+48.6%
VLO Valero Energy Corporation7 of 13+37.0%−2.9%+5.9%+75.0%+40.3%−35.7%+30.3%−15.7%+40.0%+0.7%+46.8%+0.3%+65.0%
PSX Phillips 667 of 13+17.5%−11.6%+33.1%+49.6%+8.4%−33.9%+34.0%−12.3%+20.9%+9.0%+17.1%−4.7%+48.3%
TRGP Targa Resources Corp.6 of 13+5.7%+110%+21.0%+43.7%+100%−32.5%+24.0%−19.9%−7.1%+131%−73.4%+23.2%+72.0%
WMB The Williams Companies, Inc.5 of 13+14.9%+62.4%+11.8%+32.9%+38.4%−8.2%+14.2%−23.9%+2.0%+31.2%−39.2%+21.3%+22.8%
DTM DT Midstream, Inc.2 of 4+24.1%+89.0%+4.7%+20.7%—————————
LNG Cheniere Energy, Inc.7 of 13−8.7%+27.2%+15.0%+49.3%+69.5%−1.7%+3.2%+9.9%+29.9%+11.2%−47.1%+63.3%+130%
DMLP Dorchester Minerals, L.P.5 of 13−25.9%+16.6%+19.0%+71.6%+99.0%−37.3%+48.5%+6.1%−6.8%+89.8%−59.2%+5.5%+37.4%
PAA Plains All American Pipeline, L.P.5 of 13+14.3%+21.4%+39.2%+35.9%+22.4%−50.8%−2.4%+2.3%−31.3%+55.6%−51.9%+3.9%+19.5%
KMI Kinder Morgan, Inc.3 of 13+4.7%+64.4%+4.2%+21.2%+23.8%−30.8%+44.4%−11.1%−11.1%+42.7%−62.8%+23.2%+6.3%
WES Western Midstream Partners, LP5 of 13+12.8%+43.6%+19.5%+29.2%+72.2%−19.2%−22.7%−20.3%−8.0%+22.3%−38.1%+55.5%+34.2%
TRP TC Energy Corporation5 of 13+24.0%+39.9%+6.1%−8.8%+21.7%−18.7%+57.0%−22.2%+12.9%+46.1%−29.0%+12.3%+1.0%
OKE ONEOK, Inc.6 of 13−22.9%+50.1%+13.2%+18.9%+64.7%−43.5%+47.8%+6.3%−2.1%+150%−47.4%−5.3%+49.6%
EPD Enterprise Products Partners L.P.4 of 13+9.4%+28.0%+17.7%+18.3%+21.4%−23.6%+21.9%−1.4%+4.3%+12.5%−25.5%+13.3%+38.5%
EQT EQT Corporation6 of 13+17.6%+21.4%+16.2%+57.6%+71.6%+17.3%−41.9%−38.7%−12.8%+25.7%−31.1%−15.6%+52.5%
ENB Enbridge Inc.3 of 13+19.5%+26.3%−1.1%+6.5%+30.9%−13.6%+36.0%−15.5%−3.7%+32.4%−33.3%+21.0%+3.7%
AM Antero Midstream Corporation4 of 8+24.4%+28.4%+25.8%+21.9%+39.5%+27.6%−24.5%−41.8%—————
GEL Genesis Energy, L.P.6 of 13+61.8%−8.4%+19.9%+1.1%+85.2%−66.2%+22.6%−9.2%−32.3%+6.3%−8.4%−15.8%+53.7%
HESM Hess Midstream LP1 of 8+0.5%+26.4%+14.3%+16.6%+53.0%−5.2%+43.9%−8.6%—————
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Risk and diversification

How MPLX has fallen, how it held up in crashes beside the S&P 500 and its popular alternatives, and what moves independently of it.

What were MPLX's worst declines?

A drawdown is the decline from a peak to the lowest point before a new high. This section presents MPLX's five deepest drawdowns since it began trading in 2012, alongside the S&P 500's return over the same dates, and how long each took to recover. Together, these figures show how much an investor could have lost and how long it took to get back to even.

Note: MPLX began trading on October 26, 2012, so this list cannot include the dot-com bust, the 2008 financial crisis or two other sell-offs. The crash tests on this page show how older funds and the S&P 500 fared through those years.

Green means MPLX fell less than the S&P 500 over the same dates. Based on daily closing prices with dividends reinvested.

DuringMPLX fellS&P 500, same datesPeakLowTime to the lowBack at the peakTime to recover
2015 China and oil sell-off−85.7%+24.9%Mar 2015Mar 20205 yearsFeb 20243.9 years
No named crash−24.1%−5.4%Sep 2014Oct 20141 monthOct 2014Under a month
No named crash−14.6%−12.2%Mar 2025Apr 20251 monthNov 20257 months
No named crash−14.5%−4.7%Nov 2014Dec 20141 monthDec 2014Under a month
No named crash−14.0%−2.1%Jul 2014Jul 2014Under a monthSep 20142 months

How did MPLX do in stock market crashes?

This section measures how far MPLX, the S&P 500 and each alternative fell from peak to trough during every major market crash since 2000. A smaller decline means an investment held up better, and comparing results across crashes shows whether that resilience was consistent or a one-off.

Note: MPLX began trading on October 26, 2012, so its row reads "Not yet trading" for the dot-com bust, the 2008 financial crisis or two other sell-offs. The older alternatives and the S&P 500 show how those crashes played out.

Newest crash first. Each figure is the fund's deepest fall within the crash window; green means a smaller fall than MPLX.

InvestmentHeld up better2023 regional bank crisisMar 20232022 bear marketJan 2022Covid crashFeb 2020Late-2018 sell-offSep 2018February 2018 volatility shockFeb 20182015 China and oil sell-offAug 20152011 euro debt crisisJul 20112010 flash crashMay 20102008 financial crisisOct 2007Dot-com bustMar 2000
MPLX This pageMPLX Lp—−1.2%−18.4%−64.6%−17.9%−4.5%−66.8%Not yet tradingNot yet tradingNot yet tradingNot yet trading
SPY S&P 500State Street SPDR S&P 500 ETF2 of 6−3.4%−24.5%−33.7%−19.3%−6.5%−12.8%−17.9%−1.5%−55.2%−47.5%
MPC Marathon Petroleum Corporation1 of 6−3.7%−30.2%−72.4%−36.7%−6.9%−48.2%−39.5%———
VLO Valero Energy Corporation2 of 6−3.5%−31.9%−61.3%−42.0%−6.9%−24.2%−35.6%−4.3%−80.7%−54.1%
PSX Phillips 662 of 6−5.6%−32.0%−53.3%−33.2%−4.7%−21.1%————
TRGP Targa Resources Corp.0 of 6−5.6%−30.0%−88.0%−40.6%−5.1%−79.1%−22.8%———
WMB The Williams Companies, Inc.1 of 6−3.4%−23.0%−57.0%−25.4%−7.0%−78.9%−26.7%−3.4%−75.3%−98.0%
DTM DT Midstream, Inc.0 of 2−3.7%−19.9%————————
LNG Cheniere Energy, Inc.2 of 6−1.3%−17.8%−46.1%−21.3%−5.1%−66.5%−62.4%0.0%−97.7%−84.4%
DMLP Dorchester Minerals, L.P.3 of 6−3.6%−27.2%−43.8%−29.3%−2.9%−49.1%−17.2%−5.1%−54.7%−31.3%
PAA Plains All American Pipeline, L.P.2 of 6−6.4%−19.9%−79.8%−22.3%−2.0%−55.5%−10.1%0.0%−49.3%−23.1%
KMI Kinder Morgan, Inc.2 of 6−3.2%−20.3%−55.1%−19.8%−4.0%−64.4%−16.2%———
WES Western Midstream Partners, LP1 of 6−2.5%−23.5%−77.4%−17.6%−6.5%−63.0%————
TRP TC Energy Corporation3 of 6−4.0%−30.7%−41.6%−15.3%−5.2%−18.5%−12.8%−0.6%−45.4%−13.7%
OKE ONEOK, Inc.1 of 6−5.1%−29.2%−80.2%−25.5%−5.9%−51.3%−21.0%−0.8%−63.1%−42.0%
EPD Enterprise Products Partners L.P.2 of 6−2.4%−18.0%−53.2%−18.6%−4.1%−31.3%−13.0%0.0%−44.4%−34.6%
EQT EQT Corporation2 of 6−5.9%−36.4%−36.4%−36.6%−11.9%−39.3%−24.4%−2.1%−69.3%−31.6%
ENB Enbridge Inc.4 of 6−1.5%−23.9%−43.4%−13.8%−3.2%−34.6%−13.2%0.0%−40.9%−21.0%
AM Antero Midstream Corporation1 of 5−2.7%−21.9%−60.8%−43.1%−7.0%—————
GEL Genesis Energy, L.P.1 of 6−2.3%−38.8%−80.1%−27.5%−9.0%−52.3%−18.0%0.0%−70.1%−72.7%
HESM Hess Midstream LP0 of 5−3.9%−28.7%−70.8%−28.9%−8.0%—————
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How closely does MPLX move with the S&P 500?

Upside capture measures how much of the S&P 500's gains an investment kept in the months the market rose, and downside capture how much of its losses it took in the months the market fell. An investment that captures more of the gains than the losses has compounded ahead of the market over time. This section compares MPLX with its popular alternatives on both measures, and on beta (how strongly each has moved with the market), over the past 10 years.

Monthly total returns over the past 10 years, measured against SPY. 100% capture or a beta of 1.00 means moving in line with the S&P 500. Green marks a better figure than MPLX's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.

InvestmentUpside captureDownside captureCapture ratioBeta
MPLX This pageMPLX Lp87%76%1.141.16
LNG Cheniere Energy, Inc.79%30%2.650.77
MPC Marathon Petroleum Corporation138%95%1.451.29
VLO Valero Energy Corporation142%114%1.241.31
DMLP Dorchester Minerals, L.P.97%79%1.220.98
WMB The Williams Companies, Inc.85%78%1.081.02
TRGP Targa Resources Corp.156%157%0.991.85
PSX Phillips 66116%122%0.951.16
TRP TC Energy Corporation67%73%0.920.72
EPD Enterprise Products Partners L.P.81%94%0.860.93
KMI Kinder Morgan, Inc.68%82%0.830.82
OKE ONEOK, Inc.103%126%0.821.38
ENB Enbridge Inc.60%74%0.820.73
WES Western Midstream Partners, LP121%175%0.692.23
PAA Plains All American Pipeline, L.P.81%127%0.641.36
EQT EQT Corporation62%101%0.610.90
GEL Genesis Energy, L.P.81%176%0.461.65
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What diversifies MPLX?

Correlation measures how closely two investments move together, on a scale from 1 (in lockstep) through 0 (unrelated) to -1 (in opposite directions). This section lists large ETFs and stocks whose returns have had a low correlation with MPLX's. Because such investments tend not to fall at the same time, pairing MPLX with them can reduce a portfolio's overall swings.

Only ETFs with at least $1.0B in assets and stocks worth at least $10B, with a correlation below 0.5 over the past 5 years and a positive return, are included, ranked by Sharpe ratio; funds that hold the same thing are shown once. The year columns are the years in which MPLX lost money. The last two columns show a portfolio that is 80% MPLX and 20% the other investment, rebalanced monthly.

ETFs

InvestmentCorrelation5Y returnSharpe2020201920182016201580/20 mix volatility80/20 mix annual return
MPLX MPLX Lp (this page)1.00+187%1.22−1.8%−8.2%−8.4%−6.3%−44.8%17.2%+25.1%
DXJ InternationalWisdomTree Japan Hedged Equity Fund0.31+225%1.34+3.9%+18.9%−19.8%+1.1%+7.7%14.8%+25.8%
SMH TechnologyVanEck Semiconductor ETF0.14+323%0.97+55.5%+64.5%−9.1%+35.6%−0.3%16.3%+28.7%
DBEF InternationalXtrackers MSCI EAFE Hedged Equity ETF0.49+85.0%0.96+2.1%+24.9%−9.5%+6.3%+4.1%15.0%+22.9%
GLD CommoditiesSPDR Gold Shares0.11+126%0.96+24.8%+17.9%−1.9%+8.0%−10.7%14.6%+24.2%
SPMO Broad MarketInvesco S&P 500 Momentum ETF0.30+136%0.93+28.2%+25.9%−0.9%+7.4%—15.5%+24.9%
VLUE Broad MarketiShares MSCI USA Value Factor ETF0.44+109%0.90−0.2%+27.2%−11.1%+15.3%−4.1%16.0%+23.9%
EWT TechnologyiShares MSCI Taiwan ETF0.14+153%0.89+31.5%+33.4%−9.9%+17.7%−12.9%15.3%+25.2%
EUFN InternationaliShares MSCI Europe Financials ETF0.38+133%0.89−8.5%+20.7%−23.1%−2.7%−4.7%15.8%+24.6%

Stocks

InvestmentCorrelation5Y returnSharpe2020201920182016201580/20 mix volatility80/20 mix annual return
MPLX MPLX Lp (this page)1.00+187%1.22−1.8%−8.2%−8.4%−6.3%−44.8%17.2%+25.1%
CAH Medical - DistributionCardinal Health, Inc.0.43+479%1.55+10.1%+18.0%−24.5%−17.5%+12.6%16.8%+28.1%
CLS Hardware, Equipment & PartsCelestica Inc.0.22+3,143%1.47−2.4%−5.7%−16.3%+7.4%−6.0%19.9%+42.1%
FIX Engineering & ConstructionComfort Systems USA, Inc.0.30+1,636%1.46+6.7%+15.1%+0.8%+18.3%+67.7%18.6%+37.6%
MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation0.48+690%1.41−27.4%+6.0%−8.2%+0.7%+17.4%17.8%+30.2%
HWM Aerospace & DefenseHowmet Aerospace Inc.0.41+594%1.36−7.2%+83.6%−37.5%−11.5%−36.3%17.8%+30.5%
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Common questions

What was MPLX's worst drawdown?

MPLX's deepest decline since it began trading in 2012 was 85.7%, from March 2015 to March 2020. It took about four years from the low to climb back to its old high. Because MPLX launched in October 2012, that record does not include the dot-com bust, the 2008 financial crisis or two other sell-offs.

What were MPLX's best and worst years?

Over 13 full calendar years, MPLX's best year was 2014, when it returned 69.0%. Its worst was 2015, with a return of -44.8%.

Is there a better investment than MPLX?

Among MPLX's popular alternatives, MPC, VLO and TRGP were ahead of MPLX in most short and long periods, though with much bigger swings (33.4%, 36.9% and 31.7% volatility against 18.8%). Looking beyond its popular alternatives, PAGP (oil & gas midstream) was ahead of MPLX in most short and long periods, though with much bigger swings (26.1% volatility against 18.8%).

Is MPLX more volatile than the S&P 500?

Yes. MPLX's volatility over the past 5 years was 18.8%, 1.1 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, MPLX's return lands within 18.8% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump.

What is MPLX's Sharpe ratio?

MPLX's Sharpe ratio over the past 5 years was 1.22, against 0.79 for the S&P 500, so MPLX earned more for each unit of risk than an index fund did. The Sharpe ratio is the return earned above cash for each unit of volatility: two investments with the same return are not equal if one got there with far bigger swings.

How correlated is MPLX with the S&P 500?

Over the past 5 years, MPLX's monthly returns had a correlation of 0.45 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They often move together: some diversification next to an index fund, but not a cushion. In the table, the correlation column measures each option against MPLX instead: the lower it is, the more that option would diversify a MPLX holding.

What are the best alternatives to MPLX?

Of the 19 popular alternatives we compared, four outperformed MPLX in at least 3 of 5 short-term and 2 of 3 long-term timeframes, with dividends reinvested: MPC, VLO and PSX.

Did MPLX outperform the S&P 500?

MPLX finished ahead of the S&P 500 (SPY) in six of 13 full calendar years. In 2025, it returned +20.6%, against +17.7% for the index.

How did MPLX do in stock market crashes?

MPLX fell less than the S&P 500 (SPY) in four of the six major crashes it has traded through, and further in two. The clearest case was the 2022 bear market, when MPLX fell 18.4% and the S&P 500 fell 24.5%.

What diversifies MPLX?

These had a low correlation with MPLX over the past 5 years and still earned a positive 5-year return: among large ETFs, DXJ (correlation 0.31), SMH (correlation 0.14) and DBEF (correlation 0.49); among large stocks, CAH (correlation 0.43), CLS (correlation 0.22) and FIX (correlation 0.30). A correlation near zero means the two have moved largely independently.

How we measure

More research

Popular alternatives to MPLX

Other stocks and ETFs