ESIN.L vs. PAVE.L

Last updated Jun 26, 2026

ESIN.L (iShares MSCI Europe Industrials Sector UCITS ETF EUR Acc) and PAVE.L (Global X U.S. Infrastructure Development UCITS ETF USD Accumulating) are both Industrials Equities funds - ESIN.L tracks the MSCI World/Materials NR USD while PAVE.L tracks the Indxx U.S. Infrastructure Development v2 Index. Both are passively managed. Over the past 3 years, ESIN.L returned 21.07%/yr vs 24.64%/yr for PAVE.L. A 0.64 correlation means they provide meaningful diversification when combined. ESIN.L charges 0.18%/yr vs 0.47%/yr for PAVE.L.

Performance

ESIN.L vs. PAVE.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in iShares MSCI Europe Industrials Sector UCITS ETF EUR Acc (ESIN.L) and Global X U.S. Infrastructure Development UCITS ETF USD Accumulating (PAVE.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

ESIN.L is traded in GBP, while PAVE.L is traded in USD. To make them comparable, the PAVE.L values have been converted to GBP using the latest available exchange rates.

Returns By Period

In the year-to-date period, ESIN.L achieves a 9.59% return, which is significantly lower than PAVE.L's 26.03% return.

ESIN.L

• 1D: 0.48%
• 1M: 1.09%
• YTD: 9.59%
• 6M: 10.03%
• 1Y: 21.57%
• 3Y*: 21.07%
• 5Y*: 13.00%
• 10Y*: —

PAVE.L

• 1D: 1.29%
• 1M: 8.98%
• YTD: 26.03%
• 6M: 25.18%
• 1Y: 45.84%
• 3Y*: 24.64%
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

ESIN.L vs. PAVE.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
ESIN.L iShares MSCI Europe Industrials Sector UCITS ETF EUR Acc	9.59%	30.98%	9.83%	24.32%	-11.34%	3.07%
PAVE.L Global X U.S. Infrastructure Development UCITS ETF USD Accumulating	26.03%	11.27%	20.02%	24.98%	4.80%	2.64%

Correlation

The correlation between ESIN.L and PAVE.L is 0.63, 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	0.63
Correlation (3Y) Calculated over the trailing 3-year period	0.62
Correlation (All Time) Calculated using the full available price history since Nov 2, 2021	0.64

The correlation between ESIN.L and PAVE.L has been stable across timeframes, ranging from 0.62 to 0.64 - a consistent structural relationship.

ESIN.L vs. PAVE.L - Sectors Allocation Comparison

Sectors	ESIN.L	PAVE.L
Industrials	96.1%	75.1%
Communication Services	2.2%	-
Financial Services	1.4%	-
Consumer Cyclical	1.1%	-
Consumer Defensive	0.4%	0.3%
Technology	0.4%	1.0%
Basic Materials	0.3%	20.1%
Energy	-	0.3%
Healthcare	-	-
Real Estate	-	-
Utilities	-	3.2%

Return for Risk

ESIN.L vs. PAVE.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

ESIN.L

ESIN.L Risk / Return Rank: 35
ESIN.L Sharpe Ratio Rank: 34
ESIN.L Sortino Ratio Rank: 36
ESIN.L Omega Ratio Rank: 35
ESIN.L Calmar Ratio Rank: 33
ESIN.L Martin Ratio Rank: 37

PAVE.L

PAVE.L Risk / Return Rank: 76
PAVE.L Sharpe Ratio Rank: 78
PAVE.L Sortino Ratio Rank: 83
PAVE.L Omega Ratio Rank: 70
PAVE.L Calmar Ratio Rank: 76
PAVE.L Martin Ratio Rank: 74

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.

ESIN.L vs. PAVE.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Europe Industrials Sector UCITS ETF EUR Acc (ESIN.L) and Global X U.S. Infrastructure Development UCITS ETF USD Accumulating (PAVE.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.

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.

	ESIN.L	PAVE.L	Difference
Sharpe ratio: Return per unit of total volatility	1.13	2.53	-1.40
Sortino ratio: Return per unit of downside risk	1.73	3.49	-1.76
Omega ratio: Gain probability vs. loss probability	1.22	1.42	-0.20
Calmar ratio: Return relative to maximum drawdown	1.53	4.56	-3.04
Martin ratio: Return relative to average drawdown	5.25	16.30	-11.04

ESIN.L vs. PAVE.L - Sharpe Ratio Comparison

The current ESIN.L Sharpe Ratio is 1.13, which is lower than the PAVE.L Sharpe Ratio of 2.53. The chart below compares the historical Sharpe Ratios of ESIN.L and PAVE.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.

Drawdowns

ESIN.L vs. PAVE.L - Drawdown Comparison

The maximum ESIN.L drawdown since its inception was -28.10%, roughly equal to the maximum PAVE.L drawdown of -28.27%. Use the drawdown chart below to compare losses from any high point for ESIN.L and PAVE.L.

Drawdown Indicators

	ESIN.L	PAVE.L	Difference
Max Drawdown Largest peak-to-trough decline	-28.10%	-28.27%	+0.17%
Max Drawdown (1Y) Largest decline over 1 year	-14.08%	-10.00%	-4.08%
Max Drawdown (3Y) Largest decline over 3 years	-16.47%	-28.27%	+11.80%
Max Drawdown (5Y) Largest decline over 5 years	-24.82%	—	—
Current Drawdown Current decline from peak	-2.11%	0.00%	-2.11%
Average Drawdown Average peak-to-trough decline	-7.95%	-5.43%	-2.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.10%	2.81%	+1.29%

Volatility

ESIN.L vs. PAVE.L - Volatility Comparison

The current volatility for iShares MSCI Europe Industrials Sector UCITS ETF EUR Acc (ESIN.L) is 5.10%, while Global X U.S. Infrastructure Development UCITS ETF USD Accumulating (PAVE.L) has a volatility of 5.50%. This indicates that ESIN.L experiences smaller price fluctuations and is considered to be less risky than PAVE.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ESIN.L	PAVE.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.10%	5.50%	-0.40%
Volatility (6M) Calculated over the trailing 6-month period	16.05%	14.44%	+1.61%
Volatility (1Y) Calculated over the trailing 1-year period	19.03%	18.06%	+0.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.23%	20.86%	-0.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.90%	20.86%	+0.04%

ESIN.L vs. PAVE.L - Expense Ratio Comparison

ESIN.L has a 0.18% expense ratio, which is lower than PAVE.L's 0.47% expense ratio.

Dividends

ESIN.L vs. PAVE.L - Dividend Comparison

Neither ESIN.L nor PAVE.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both ESIN.L and PAVE.L in my portfolio?

ESIN.L and PAVE.L have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ESIN.L or PAVE.L?

On fees, ESIN.L is cheaper at 0.18% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ESIN.L or PAVE.L?

ESIN.L is cheaper with a 0.18% expense ratio, compared with 0.47% for PAVE.L.

What is the main difference between ESIN.L and PAVE.L?

ESIN.L tracks MSCI World/Materials NR USD, while PAVE.L tracks Indxx U.S. Infrastructure Development v2 Index. They also come from different issuers: iShares and Global X. Their fees differ too: 0.18% for ESIN.L and 0.47% for PAVE.L.