# How MPLX compares with the whole market and its popular alternatives

> Source: EasyCompare research, https://easycompare.io/research/mplx
> Data as of October 20, 2026. Total returns include reinvested dividends. Past performance does not predict future results; nothing here is investment advice.

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.

## Key findings

- **Right now:** Not every peer went the same way. Over the past 6 months, TRGP (Targa Resources) rose 27.6% and ENB (Enbridge) fell 4.6%. MPLX sits 3.0% below its record high, and the S&P 500 is similarly close to its own.
- **Stock or market?:** MPLX rose 4.1% over the past 3 months, 5.7 points ahead of the oil & gas midstream ETF AMLP (Alerian MLP ETF), which fell 1.6%. The S&P 500 rose 3.9%. Its oil & gas midstream peers did not move as one over the past 3 months: DMLP (Dorchester Minerals) rose 15.9%, while ENB (Enbridge) fell 12.9%.
- **Past 1 to 3 years:** MPLX has outpaced the market, rising 27.2% over the past year against 15.8% for the S&P 500 and 17.9% for the Nasdaq 100. The same gap shows up over 3 years (105% against 89.3%). The last two calendar years both went the same way: MPLX rose 20.6% in 2025, against 15.8% for the S&P 500 and 17.9% for the Nasdaq 100.
- **Long term:** Over the past decade, MPLX returned 16.2% a year against 15.5% a year for the S&P 500 (350% in total against 321%). MPLX's 10-year return of 350% puts it ahead of 78% of the stocks worth at least $300 million with that much history. The S&P 500 returned 321%.
- **In a crash:** Across four sell-offs, MPLX has typically fallen 2.2 times as far as the S&P 500. Even so, in the 2022 bear market, MPLX held up better than its oil & gas midstream peers, including ENB (Enbridge), WMB and KMI.
- **Diversification:** Against the S&P 500, MPLX has a correlation of 0.45 over 5 years, more closely than 62% of stocks worth at least $300 million. Next to an index fund it is some diversification, but not a hedge. Over 10 years, MPLX's beta versus the S&P 500 was 1.16: 87% of the S&P 500's gains in rising months and 76% of its losses in falling ones.
- **Better options**
  - **Popular alternatives:** MPC (Marathon Petroleum), VLO (Valero Energy) and TRGP (Targa Resources) 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%).
  - **Nearby categories and themes:** PAGP (Plains GP, oil & gas midstream) was ahead of MPLX in most short and long periods, though with much bigger swings (26.1% volatility against 18.8%).
  - **Whole market:** Nothing in the whole market did better on both counts: none of the 3,633 stocks and funds worth at least $500 million earned more than MPLX with less volatility over the past 5 years.

## 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.

- $10,000 invested in MPLX at the end of September 2013 would have grown to $42,188 by September 2026, less than the $56,474 it would have become in SPY, an S&P 500 fund.
- Five of the eight other investments on the chart ended ahead of MPLX, and VLO finished highest, at $181,289.

## 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.

- 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.
- Over 13 full calendar years, MPLX's best was 2014, when it returned 69.0%, and its worst was 2015, when it lost 44.8%. It lost money in five of those years.
- MPLX is 3.0% below its all-time high.

- Type: Stock, Energy (Oil & Gas Midstream)
- Trading since: October 26, 2012
- Market value: $59B
- Volatility (5 years): 18.8%; Sharpe ratio: 1.22
- Worst decline ever: −85.7%, from March 2, 2015 to March 18, 2020; back at its high by February 12, 2024

| Period | MPLX total return |
| --- | --- |
| 1 month | −1.2% |
| 3 months | +4.1% |
| 6 months | +8.8% |
| year to date | +14.7% |
| 1 year | +27.2% |
| 3 years | +105% |
| 5 years | +187% |
| 10 years | +350% |

## 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.

- On return for the risk taken (the Sharpe ratio), MPLX ranks in the top 1% of the 2,893 stocks worth at least $300 million.

| Measure | MPLX | Rank |
| --- | --- | --- |
| 1-year return | +27.2% | 1,055 of 3,287 (top 33%) |
| 3-year return | +105% | 876 of 3,017 (top 30%) |
| 5-year return | +187% | 348 of 2,893 (top 13%) |
| 10-year return | +350% | 481 of 2,202 (top 22%) |
| Volatility, 5 years | 18.8% | 57 of 2,893 (top 2%) |
| Sharpe ratio, 5 years | 1.22 | 19 of 2,893 (top 1%) |
| Worst decline, past 10 years | −75.2% | 1,466 of 2,187 (top 68%) |

### 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).

- None of the 3,633 stocks and funds worth at least $500 million earned more than MPLX over the past 5 years with less volatility: nothing sits in the green region.

### Is there a better investment than MPLX?

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.

- 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%).
- Nothing in the whole market did better on both counts: none of the 3,633 stocks and funds worth at least $500 million earned more than MPLX with less volatility over the past 5 years.

## 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.

- None of the 19 popular alternatives earned more than MPLX over the past 5 years with smaller price swings, so every higher return on the map came with a bumpier ride.
- 11 of the 19 popular alternatives earned less than MPLX over the past 5 years while swinging more, the weaker corner of the map.
- Over the past 5 years, MPLX returned 23.5% a year, more than the S&P 500's 12.7%, with higher volatility (18.8% against 17.1%).

### 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.

- Four of the 19 popular alternatives, led by MPC, VLO and PSX, outperformed MPLX in at least 3 of 5 short-term and 2 of 3 long-term timeframes.
- MPC, VLO and PSX outperformed MPLX in every long-term period and in all but one short-term period, the most consistent record in the group.

| Investment | 1Y return | 3Y return | 5Y return | 10Y return | Periods ahead of MPLX | Verdict | Sharpe |
| --- | --- | --- | --- | --- | --- | --- | --- |
| MPLX: MPLX Lp (this page) | +27.2% | +105% | +187% | +350% |  |  | 1.22 |
| [MPC](https://easycompare.io/research/mpc): Marathon Petroleum Corporation | +159% | +234% | +690% | +1,387% | 5/5 short-term, 3/3 long-term | all-weather | 1.41 |
| [VLO](https://easycompare.io/research/vlo): Valero Energy Corporation | +176% | +259% | +524% | +1,061% | 5/5 short-term, 3/3 long-term | all-weather | 1.18 |
| [PSX](https://easycompare.io/research/psx): Phillips 66 | +130% | +183% | +319% | +430% | 5/5 short-term, 3/3 long-term | all-weather | 1.04 |
| [TRGP](https://easycompare.io/research/trgp): Targa Resources Corp. | +98.1% | +260% | +473% | +829% | 4/5 short-term, 3/3 long-term | all-weather | 1.27 |
| [WMB](https://easycompare.io/research/wmb): The Williams Companies, Inc. | +14.9% | +125% | +200% | +288% | 1/5 short-term, 2/3 long-term |  | 1.04 |
| DTM: DT Midstream, Inc. | +14.4% | +147% | +199% | — | 0/5 short-term, 2/3 long-term |  | 1.00 |
| [LNG](https://easycompare.io/research/lng): Cheniere Energy, Inc. | +29.3% | +69.8% | +186% | +616% | 5/5 short-term, 1/3 long-term |  | 0.85 |
| DMLP: Dorchester Minerals, L.P. | +40.9% | +45.3% | +160% | +435% | 5/5 short-term, 1/3 long-term |  | 0.81 |
| PAA: Plains All American Pipeline, L.P. | +70.2% | +105% | +230% | +64.0% | 5/5 short-term, 1/3 long-term |  | 1.06 |
| [KMI](https://easycompare.io/research/kmi): Kinder Morgan, Inc. | +26.9% | +129% | +136% | +163% | 2/5 short-term, 1/3 long-term |  | 0.88 |
| WES: Western Midstream Partners, LP | +27.6% | +110% | +187% | +128% | 2/5 short-term, 1/3 long-term |  | 0.91 |
| [TRP](https://easycompare.io/research/trp): TC Energy Corporation | +24.9% | +136% | +66.7% | +160% | 1/5 short-term, 1/3 long-term |  | 0.58 |
| [OKE](https://easycompare.io/research/oke): ONEOK, Inc. | +42.8% | +59.9% | +86.8% | +233% | 4/5 short-term, 0/3 long-term |  | 0.59 |
| [EPD](https://easycompare.io/research/epd): Enterprise Products Partners L.P. | +28.4% | +65.2% | +113% | +178% | 2/5 short-term, 0/3 long-term |  | 0.98 |
| EQT: EQT Corporation | −1.8% | +35.0% | +175% | +69.1% | 2/5 short-term, 0/3 long-term |  | 0.70 |
| [ENB](https://easycompare.io/research/enb): Enbridge Inc. | +8.5% | +84.0% | +54.3% | +103% | 1/5 short-term, 0/3 long-term |  | 0.56 |
| AM: Antero Midstream Corporation | +17.2% | +95.0% | +149% | — | 1/5 short-term, 0/3 long-term |  | 0.84 |
| GEL: Genesis Energy, L.P. | −4.9% | +44.2% | +65.5% | −21.8% | 0/5 short-term, 0/3 long-term |  | 0.45 |
| HESM: Hess Midstream LP | +0.8% | +27.1% | +67.9% | — | 0/5 short-term, 0/3 long-term |  | 0.52 |

### 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.

- MPLX finished ahead of the S&P 500 in six of its 13 full calendar years, and ahead of it in each of the last two.
- Among its popular alternatives, MPC came out ahead of MPLX most often, in eight of the 13 years both traded.
- Ranked against its popular alternatives each year, MPLX finished in the top quarter in three of 13 years and in the bottom quarter in two. In 2025, it ranked 6 of 20.

| Year | MPLX | SPY |
| --- | --- | --- |
| 2025 | +20.6% | +17.7% |
| 2024 | +41.7% | +24.9% |
| 2023 | +22.5% | +26.2% |
| 2022 | +21.1% | −18.2% |
| 2021 | +54.0% | +28.7% |
| 2020 | −1.8% | +18.3% |
| 2019 | −8.2% | +31.2% |
| 2018 | −8.4% | −4.6% |
| 2017 | +8.9% | +21.7% |
| 2016 | −6.3% | +12.0% |

## 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.

- In all five of MPLX's worst declines, the S&P 500 held up better over the same dates.
- Not every decline was the market's doing: MPLX fell 85.7% from March 2015 to March 2020, while the S&P 500 rose 24.9%.
- The slowest recovery came after MPLX fell 85.7% from March 2015 to March 2020; it did not regain that peak until February 2024, four years later.

| Decline | Peak | Low | Back at the high | SPY over the same dates | Market event |
| --- | --- | --- | --- | --- | --- |
| −85.7% | March 2, 2015 | March 18, 2020 | February 12, 2024 | +24.9% | 2015 China and oil sell-off |
| −24.1% | September 9, 2014 | October 14, 2014 | October 31, 2014 | −5.4% |  |
| −14.6% | March 17, 2025 | April 8, 2025 | November 10, 2025 | −12.2% |  |
| −14.5% | November 26, 2014 | December 16, 2014 | December 30, 2014 | −4.7% |  |
| −14.0% | July 2, 2014 | July 31, 2014 | September 9, 2014 | −2.1% |  |

### 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.

- MPLX fell less than the S&P 500 in four of the six crashes it has traded through. The clearest case was the 2022 bear market, when MPLX fell 18.4% and the S&P 500 fell 24.5%.
- Among its popular alternatives, ENB held up best, falling less than MPLX in four of the six crashes they both traded through.
- MPLX began trading after the 2008 financial crisis, but 11 of its popular alternatives lived through it. The mildest fall among them was ENB's 40.9%, against 55.2% for the S&P 500.

| Crash | Dates | MPLX fall | SPY fall |
| --- | --- | --- | --- |
| Dot-com bust | March 10, 2000 to October 9, 2002 | not trading | −47.5% |
| Global financial crisis | October 9, 2007 to March 9, 2009 | not trading | −55.2% |
| Flash crash | May 6, 2010 to May 7, 2010 | not trading | −1.5% |
| Euro debt crisis | July 22, 2011 to October 3, 2011 | not trading | −17.9% |
| China devaluation & oil rout | August 10, 2015 to February 11, 2016 | −66.8% | −12.8% |
| Volmageddon | February 2, 2018 to February 9, 2018 | −4.5% | −6.5% |
| Q4 2018 selloff | September 21, 2018 to December 24, 2018 | −17.9% | −19.3% |
| COVID crash | February 19, 2020 to March 23, 2020 | −64.6% | −33.7% |
| 2022 bear market | January 4, 2022 to October 12, 2022 | −18.4% | −24.5% |
| SVB / regional bank stress | March 8, 2023 to March 13, 2023 | −1.2% | −3.4% |

### 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.

- Over the past 10 years, MPLX captured 87% of the S&P 500's gains in rising months and 76% of its losses in falling months, with a beta of 1.16. That is a defensive profile: it gave up some of the market's upside in exchange for smaller losses.
- LNG took just 30% of the S&P 500's losses, against 76% for MPLX, while still keeping 79% of its gains.
- Four of the 16 popular alternatives had a higher capture ratio (upside capture divided by downside capture) than MPLX's 1.14, led by LNG, MPC and VLO.

Measured over the past 10 years of monthly returns against SPY.

| Investment | Upside capture | Downside capture | Beta |
| --- | --- | --- | --- |
| MPLX: MPLX Lp (this page) | 87.0% | 76.0% | 1.16 |
| [MPC](https://easycompare.io/research/mpc): Marathon Petroleum Corporation | 138% | 95.0% | 1.29 |
| [VLO](https://easycompare.io/research/vlo): Valero Energy Corporation | 142% | 114% | 1.31 |
| [PSX](https://easycompare.io/research/psx): Phillips 66 | 116% | 122% | 1.16 |
| [TRGP](https://easycompare.io/research/trgp): Targa Resources Corp. | 156% | 157% | 1.85 |
| [WMB](https://easycompare.io/research/wmb): The Williams Companies, Inc. | 85.0% | 78.0% | 1.02 |
| [LNG](https://easycompare.io/research/lng): Cheniere Energy, Inc. | 79.0% | 30.0% | 0.77 |
| DMLP: Dorchester Minerals, L.P. | 97.0% | 79.0% | 0.98 |
| PAA: Plains All American Pipeline, L.P. | 81.0% | 127% | 1.36 |
| [KMI](https://easycompare.io/research/kmi): Kinder Morgan, Inc. | 68.0% | 82.0% | 0.82 |
| WES: Western Midstream Partners, LP | 121% | 175% | 2.23 |
| [TRP](https://easycompare.io/research/trp): TC Energy Corporation | 67.0% | 73.0% | 0.72 |
| [OKE](https://easycompare.io/research/oke): ONEOK, Inc. | 103% | 126% | 1.38 |
| [EPD](https://easycompare.io/research/epd): Enterprise Products Partners L.P. | 81.0% | 94.0% | 0.93 |
| EQT: EQT Corporation | 62.0% | 101% | 0.90 |
| [ENB](https://easycompare.io/research/enb): Enbridge Inc. | 60.0% | 74.0% | 0.73 |
| GEL: Genesis Energy, L.P. | 81.0% | 176% | 1.65 |

### 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).

- Moving a fifth of the money in MPLX into GLD would have cut the portfolio's volatility by 15% over the past 5 years for a small cut in its annual return (+25.1% for MPLX alone, +24.2% for the mix).
- FIX made money in five of the five calendar years in which MPLX lost money.
- Among large ETFs, DXJ, SMH and DBEF have moved largely independently of MPLX over the past 5 years, with correlations of 0.49 or lower, and each still earned a positive 5-year return.

| Investment | Correlation with MPLX | 5Y return | Volatility | Sharpe | Rose in MPLX's 5 down years |
| --- | --- | --- | --- | --- | --- |
| DXJ: WisdomTree Japan Hedged Equity Fund | 0.31 | +225% | 19.1% | 1.34 | 4 of 5 |
| [SMH](https://easycompare.io/research/smh): VanEck Semiconductor ETF | 0.14 | +323% | 36.9% | 0.97 | 3 of 5 |
| DBEF: Xtrackers MSCI EAFE Hedged Equity ETF | 0.49 | +85.0% | 13.8% | 0.96 | 4 of 5 |
| [GLD](https://easycompare.io/research/gld): SPDR Gold Shares | 0.11 | +126% | 18.9% | 0.96 | 3 of 5 |
| SPMO: Invesco S&P 500 Momentum ETF | 0.30 | +136% | 20.8% | 0.93 | 3 of 5 |
| VLUE: iShares MSCI USA Value Factor ETF | 0.44 | +109% | 18.4% | 0.90 | 2 of 5 |
| EWT: iShares MSCI Taiwan ETF | 0.14 | +153% | 24.2% | 0.89 | 3 of 5 |
| EUFN: iShares MSCI Europe Financials ETF | 0.38 | +133% | 21.8% | 0.89 | 1 of 5 |

## 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.

## More research

- [Marathon Petroleum (MPC) Performance, Alternatives and Market Rank](https://easycompare.io/research/mpc)
- [Valero Energy (VLO) Performance, Alternatives and Market Rank](https://easycompare.io/research/vlo)
- [Phillips 66 (PSX) Performance, Alternatives and Market Rank](https://easycompare.io/research/psx)
- [Targa Resources (TRGP) Performance, Alternatives and Market Rank](https://easycompare.io/research/trgp)
- [Williams Companies (WMB) Performance, Alternatives and Market Rank](https://easycompare.io/research/wmb)
- [Cheniere Energy (LNG) Performance, Alternatives and Market Rank](https://easycompare.io/research/lng)
- [Kinder Morgan (KMI) Performance, Alternatives and Market Rank](https://easycompare.io/research/kmi)
- [TC Energy (TRP) Performance, Alternatives and Market Rank](https://easycompare.io/research/trp)
- [ONEOK (OKE) Performance, Alternatives and Market Rank](https://easycompare.io/research/oke)
- [Enterprise Products Partners (EPD) Performance, Alternatives and Market Rank](https://easycompare.io/research/epd)
- [Enbridge (ENB) Performance, Alternatives and Market Rank](https://easycompare.io/research/enb)
- [Schwab U.S. Dividend Equity ETF (SCHD) Performance, Alternatives and Market Rank](https://easycompare.io/research/schd)

## Explore further

- Full page with charts: https://easycompare.io/research/mplx
- All research pages: https://easycompare.io/llms.txt
- Compare the entire market against MPLX live: https://betterthanspy.com/?b=MPLX&utm_source=easycompare&utm_medium=research