The year-to-date rise of Phillips 66 Partners (NYSE:PSXP) and Valero Energy Partners (NYSE:VLP) has been impressive to say the least. While the S&P Index is up less than 7%, and the Alerian Index is up less than 13%, the aforementioned master limited partnerships have climbed 106% and 54%, respectively.

Is all that glitters gold? Maybe not. For one thing, these MLPs both hit the market with very low yields, and despite a hefty distribution increase at Phillips 66 Partners, the unit price appreciation has driven its yield to a level that is not at all common for MLPs. Given the respective corporate sponsorship of Phillips 66 (NYSE:PSX) and Valero (NYSE:VLO), could a compelling growth story entice investors anyway? The slideshow below pits these two MLPs head-to-head to find out.