IPAV vs. BKGI

Last updated Aug 2, 2026

IPAV (Global X Infrastructure Development ex-U.S. ETF) and BKGI (Bny Mellon Global Infrastructure Income ETF) are both Infrastructure Equities funds. IPAV is passively managed, while BKGI is actively managed. Over the past year, IPAV returned 18.18% vs 20.08% for BKGI. Their 0.49 correlation means their historical movements had little consistent relationship. IPAV charges 0.55%/yr vs 0.65%/yr for BKGI.

Performance

IPAV vs. BKGI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Global X Infrastructure Development ex-U.S. ETF (IPAV) and Bny Mellon Global Infrastructure Income ETF (BKGI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IPAV achieves a 6.95% return, which is significantly lower than BKGI's 14.23% return.

IPAV

• 1D: -0.47%
• 1M: -1.47%
• 6M: 0.92%
• YTD: 6.95%
• 1Y: 18.18%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 14.28%

BKGI

• 1D: -0.29%
• 1M: 1.55%
• 6M: 8.99%
• YTD: 14.23%
• 1Y: 20.08%
• 3Y*: 21.24%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 21.98%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BKGI Bny Mellon Global Infrastructure Income ETF	$18.95M	$14.99M	$11.61M
IPAV Global X Infrastructure Development ex-U.S. ETF	$22.25K	$22.11K	$47.05K

IPAV vs. BKGI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
IPAV Global X Infrastructure Development ex-U.S. ETF	6.95%	29.77%	-6.87%
BKGI Bny Mellon Global Infrastructure Income ETF	14.23%	37.53%	-1.63%

Correlation

The correlation between IPAV and BKGI is 0.45, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.45
Correlation (All Time) Calculated using the full available price history since Aug 28, 2024	0.49

IPAV vs. BKGI - Sectors Allocation Comparison

Sectors	IPAV	BKGI
Industrials	48.8%	11.5%
Basic Materials	43.7%	-
Real Estate	3.0%	19.0%
Communication Services	2.3%	2.5%
Energy	1.2%	21.1%
Utilities	0.8%	46.0%
Consumer Cyclical	0.2%	-
Technology	0.1%	-
Consumer Defensive	-	-
Financial Services	-	-
Healthcare	-	-

Return for Risk

IPAV vs. BKGI — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

IPAV

IPAV Risk / Return Rank: 37
IPAV Sharpe Ratio Rank: 39
IPAV Sortino Ratio Rank: 40
IPAV Omega Ratio Rank: 39
IPAV Calmar Ratio Rank: 35
IPAV Martin Ratio Rank: 34

BKGI

BKGI Risk / Return Rank: 80
BKGI Sharpe Ratio Rank: 79
BKGI Sortino Ratio Rank: 78
BKGI Omega Ratio Rank: 78
BKGI Calmar Ratio Rank: 86
BKGI Martin Ratio Rank: 79

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

IPAV vs. BKGI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X Infrastructure Development ex-U.S. ETF (IPAV) and Bny Mellon Global Infrastructure Income ETF (BKGI). 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.

	IPAV	BKGI	Difference
Sharpe ratio: Return per unit of total volatility	0.97	1.80	-0.82
Sortino ratio: Return per unit of downside risk	1.50	2.51	-1.01
Omega ratio: Gain probability vs. loss probability	1.18	1.32	-0.14
Calmar ratio: Return relative to maximum drawdown	1.21	3.38	-2.17
Martin ratio: Return relative to average drawdown	3.32	10.08	-6.77

IPAV vs. BKGI - Sharpe Ratio Comparison

The current IPAV Sharpe Ratio is 0.97, which is lower than the BKGI Sharpe Ratio of 1.80. The chart below compares the historical Sharpe Ratios of IPAV and BKGI, 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

IPAV vs. BKGI - Drawdown Comparison

The maximum IPAV drawdown since its inception was -14.59%, roughly equal to the maximum BKGI drawdown of -14.79%. Use the drawdown chart below to compare losses from any high point for IPAV and BKGI.

Drawdown Indicators

	IPAV	BKGI	Difference
Max Drawdown Largest peak-to-trough decline	-14.59%	-14.79%	+0.20%
Max Drawdown (1Y) Largest decline over 1 year	-14.59%	-6.16%	-8.43%
Max Drawdown (3Y) Largest decline over 3 years	—	-11.37%	—
Current Drawdown Current decline from peak	-10.75%	-1.78%	-8.97%
Average Drawdown Average peak-to-trough decline	-3.97%	-2.54%	-1.43%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.32%	2.06%	+3.26%

Volatility

IPAV vs. BKGI - Volatility Comparison

Global X Infrastructure Development ex-U.S. ETF (IPAV) has a higher volatility of 5.18% compared to Bny Mellon Global Infrastructure Income ETF (BKGI) at 3.04%. This indicates that IPAV's price experiences larger fluctuations and is considered to be riskier than BKGI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IPAV	BKGI	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.18%	3.04%	+2.14%
Volatility (6M) Calculated over the trailing 6-month period	16.26%	9.55%	+6.71%
Volatility (1Y) Calculated over the trailing 1-year period	18.16%	11.58%	+6.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.95%	13.95%	+4.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.95%	13.95%	+4.00%

IPAV vs. BKGI - Expense Ratio Comparison

IPAV has a 0.55% expense ratio, which is lower than BKGI's 0.65% expense ratio.

Dividends

IPAV vs. BKGI - Dividend Comparison

IPAV's dividend yield for the trailing twelve months is around 1.52%, less than BKGI's 2.89% yield.

Position	TTM	2025	2024	2023	2022
BKGI Bny Mellon Global Infrastructure Income ETF	2.89%	2.65%	4.55%	4.55%	0.53%
IPAV Global X Infrastructure Development ex-U.S. ETF	1.52%	1.29%	0.31%	0.00%	0.00%

Frequently Asked Questions

Can I hold both IPAV and BKGI in my portfolio?

IPAV and BKGI have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IPAV or BKGI?

IPAV has higher volatility (5.18%) compared to BKGI (3.04%). In terms of maximum drawdown, IPAV dropped -14.59% vs BKGI's -14.79%.

Which ETF is better, IPAV or BKGI?

On 1-year performance, BKGI leads with 20.08% vs 18.18% for IPAV. On fees, IPAV is cheaper at 0.55% per year. On volatility, BKGI has been the lower-risk option at 3.04%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IPAV or BKGI?

Over the 1-year period, BKGI has performed better with a 20.08% return vs 18.18%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IPAV or BKGI?

IPAV is cheaper with a 0.55% expense ratio, compared with 0.65% for BKGI.

Which ETF pays a higher dividend yield, IPAV or BKGI?

BKGI has the higher dividend yield at 2.89%, compared with 1.52% for IPAV.

What is the main difference between IPAV and BKGI?

They also come from different issuers: Global X and BNY Mellon. Their fees differ too: 0.55% for IPAV and 0.65% for BKGI.

Which has better risk-adjusted returns?

BKGI currently has the higher Sharpe Ratio (1.80 vs 0.97), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.