IPAV vs. MLPX

Last updated Aug 2, 2026

IPAV (Global X Infrastructure Development ex-U.S. ETF) and MLPX (Global X MLP & Energy Infrastructure ETF) are both Infrastructure Equities funds from Global X - IPAV tracks the Global X Infrastructure Development ex-U.S. Index while MLPX tracks the Solactive MLP & Energy Infrastructure Index. Both are passively managed. Over the past year, IPAV returned 18.18% vs 26.87% for MLPX. Their 0.13 correlation means their historical movements had little consistent relationship. IPAV charges 0.55%/yr vs 0.45%/yr for MLPX.

Performance

IPAV vs. MLPX - 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 Global X MLP & Energy Infrastructure ETF (MLPX). 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 MLPX's 26.75% return.

IPAV

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

MLPX

• 1D: 0.31%
• 1M: 2.91%
• 6M: 17.40%
• YTD: 26.75%
• 1Y: 26.87%
• 3Y*: 26.63%
• 5Y*: 22.92%
• 10Y*: 12.35%
• ALL TIME*: 9.35%

*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)
IPAV Global X Infrastructure Development ex-U.S. ETF	$22.25K	$22.11K	$47.05K
MLPX Global X MLP & Energy Infrastructure ETF	$36.85M	$35.99M	$31.05M

IPAV vs. MLPX - Yearly Performance Comparison

	2026 (YTD)	2025	2024
IPAV Global X Infrastructure Development ex-U.S. ETF	6.95%	29.77%	-6.87%
MLPX Global X MLP & Energy Infrastructure ETF	26.75%	4.96%	14.86%

Correlation

The correlation between IPAV and MLPX is -0.06, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.06
Correlation (All Time) Calculated using the full available price history since Aug 28, 2024	0.13

The correlation between IPAV and MLPX shifts across timeframes, from -0.06 (1 year) to 0.13 (all time), reflecting how their relationship changes across market environments.

IPAV vs. MLPX - Sectors Allocation Comparison

Sectors	IPAV	MLPX
Industrials	48.8%	0.3%
Basic Materials	43.7%	-
Real Estate	3.0%	-
Communication Services	2.3%	-
Energy	1.2%	99.6%
Utilities	0.8%	0.4%
Consumer Cyclical	0.2%	-
Technology	0.1%	-
Consumer Defensive	-	-
Financial Services	-	-
Healthcare	-	-

Return for Risk

IPAV vs. MLPX — 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

MLPX

MLPX Risk / Return Rank: 74
MLPX Sharpe Ratio Rank: 75
MLPX Sortino Ratio Rank: 76
MLPX Omega Ratio Rank: 70
MLPX Calmar Ratio Rank: 85
MLPX Martin Ratio Rank: 64

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. MLPX - 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 Global X MLP & Energy Infrastructure ETF (MLPX). 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	MLPX	Difference
Sharpe ratio: Return per unit of total volatility	0.97	1.71	-0.73
Sortino ratio: Return per unit of downside risk	1.50	2.41	-0.92
Omega ratio: Gain probability vs. loss probability	1.18	1.29	-0.11
Calmar ratio: Return relative to maximum drawdown	1.21	3.27	-2.06
Martin ratio: Return relative to average drawdown	3.32	7.63	-4.32

IPAV vs. MLPX - Sharpe Ratio Comparison

The current IPAV Sharpe Ratio is 0.97, which is lower than the MLPX Sharpe Ratio of 1.71. The chart below compares the historical Sharpe Ratios of IPAV and MLPX, 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. MLPX - Drawdown Comparison

The maximum IPAV drawdown since its inception was -14.59%, smaller than the maximum MLPX drawdown of -70.67%. Use the drawdown chart below to compare losses from any high point for IPAV and MLPX.

Drawdown Indicators

	IPAV	MLPX	Difference
Max Drawdown Largest peak-to-trough decline	-14.59%	-70.67%	+56.08%
Max Drawdown (1Y) Largest decline over 1 year	-14.59%	-8.18%	-6.41%
Max Drawdown (3Y) Largest decline over 3 years	—	-16.77%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-19.72%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-64.70%	—
Current Drawdown Current decline from peak	-10.75%	-3.27%	-7.48%
Average Drawdown Average peak-to-trough decline	-3.97%	-16.47%	+12.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.32%	3.49%	+1.83%

Volatility

IPAV vs. MLPX - Volatility Comparison

The current volatility for Global X Infrastructure Development ex-U.S. ETF (IPAV) is 5.18%, while Global X MLP & Energy Infrastructure ETF (MLPX) has a volatility of 5.46%. This indicates that IPAV experiences smaller price fluctuations and is considered to be less risky than MLPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IPAV	MLPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.18%	5.46%	-0.28%
Volatility (6M) Calculated over the trailing 6-month period	16.26%	12.52%	+3.74%
Volatility (1Y) Calculated over the trailing 1-year period	18.16%	15.68%	+2.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.95%	19.90%	-1.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.95%	26.14%	-8.19%

IPAV vs. MLPX - Expense Ratio Comparison

IPAV has a 0.55% expense ratio, which is higher than MLPX's 0.45% expense ratio.

Dividends

IPAV vs. MLPX - Dividend Comparison

IPAV's dividend yield for the trailing twelve months is around 1.52%, less than MLPX's 4.05% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IPAV Global X Infrastructure Development ex-U.S. ETF	1.52%	1.29%	0.31%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
MLPX Global X MLP & Energy Infrastructure ETF	4.05%	4.88%	4.30%	5.22%	5.23%	5.98%	8.32%	5.78%	5.77%	4.36%	5.50%	4.81%

Frequently Asked Questions

Can I hold both IPAV and MLPX in my portfolio?

IPAV and MLPX have a correlation of -0.06, 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 MLPX?

MLPX has higher volatility (5.46%) compared to IPAV (5.18%). In terms of maximum drawdown, IPAV dropped -14.59% vs MLPX's -70.67%.

Which ETF is better, IPAV or MLPX?

On 1-year performance, MLPX leads with 26.87% vs 18.18% for IPAV. On fees, MLPX is cheaper at 0.45% per year. On volatility, IPAV has been the lower-risk option at 5.18%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IPAV or MLPX?

Over the 1-year period, MLPX has performed better with a 26.87% 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 MLPX?

MLPX is cheaper with a 0.45% expense ratio, compared with 0.55% for IPAV.

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

MLPX has the higher dividend yield at 4.05%, compared with 1.52% for IPAV.

What is the main difference between IPAV and MLPX?

IPAV tracks Global X Infrastructure Development ex-U.S. Index, while MLPX tracks Solactive MLP & Energy Infrastructure Index. Their fees differ too: 0.55% for IPAV and 0.45% for MLPX.

Which has better risk-adjusted returns?

MLPX currently has the higher Sharpe Ratio (1.71 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.