IPAV vs. PAVE

Last updated Jun 4, 2026

IPAV (Global X Infrastructure Development ex-U.S. ETF) and PAVE (Global X US Infrastructure Development ETF) are both exchange-traded funds - IPAV is a Industrials Equities fund tracking the Global X Infrastructure Development ex-U.S. Index, while PAVE is a Utilities Equities fund tracking the INDXX U.S. Infrastructure Development Index. Both are passively managed. Over the past year, IPAV returned 29.12% vs 37.15% for PAVE. A 0.63 correlation means they provide meaningful diversification when combined. IPAV charges 0.55%/yr vs 0.47%/yr for PAVE.

Performance

IPAV vs. PAVE - 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 US Infrastructure Development ETF (PAVE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IPAV achieves a 13.76% return, which is significantly lower than PAVE's 19.88% return.

IPAV

• 1D: -0.76%
• 1M: -0.53%
• YTD: 13.76%
• 6M: 16.75%
• 1Y: 29.12%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PAVE

• 1D: 0.70%
• 1M: 1.96%
• YTD: 19.88%
• 6M: 18.87%
• 1Y: 37.15%
• 3Y*: 26.78%
• 5Y*: 17.39%
• 10Y*: —

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

IPAV vs. PAVE - Yearly Performance Comparison

	2026 (YTD)	2025	2024
IPAV Global X Infrastructure Development ex-U.S. ETF	13.76%	29.77%	-6.87%
PAVE Global X US Infrastructure Development ETF	19.88%	19.36%	4.97%

Correlation

The correlation between IPAV and PAVE 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 (All Time) Calculated using the full available price history since Aug 29, 2024	0.63

The correlation between IPAV and PAVE has been stable across timeframes, ranging from 0.63 to 0.63 - a consistent structural relationship.

IPAV vs. PAVE - Sectors Allocation Comparison

Sectors	IPAV	PAVE
Industrials	47.4%	74.8%
Basic Materials	45.5%	20.3%
Real Estate	3.3%	-
Communication Services	2.6%	-
Energy	1.2%	0.2%
Consumer Cyclical	-	-
Consumer Defensive	-	0.3%
Financial Services	-	-
Healthcare	-	-
Technology	-	1.1%
Utilities	-	3.2%

Return for Risk

IPAV vs. PAVE — Risk / Return Rank

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

IPAV

IPAV Risk / Return Rank: 48
IPAV Sharpe Ratio Rank: 51
IPAV Sortino Ratio Rank: 52
IPAV Omega Ratio Rank: 50
IPAV Calmar Ratio Rank: 41
IPAV Martin Ratio Rank: 46

PAVE

PAVE Risk / Return Rank: 59
PAVE Sharpe Ratio Rank: 57
PAVE Sortino Ratio Rank: 58
PAVE Omega Ratio Rank: 53
PAVE Calmar Ratio Rank: 62
PAVE Martin Ratio Rank: 63

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.

IPAV vs. PAVE - 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 US Infrastructure Development ETF (PAVE). 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.

	IPAV	PAVE	Difference
Sharpe ratio: Return per unit of total volatility	1.71	1.99	-0.27
Sortino ratio: Return per unit of downside risk	2.49	2.82	-0.33
Omega ratio: Gain probability vs. loss probability	1.31	1.34	-0.03
Calmar ratio: Return relative to maximum drawdown	2.00	3.13	-1.13
Martin ratio: Return relative to average drawdown	7.38	11.50	-4.11
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IPAV vs. PAVE - Sharpe Ratio Comparison

The current IPAV Sharpe Ratio is 1.71, which is comparable to the PAVE Sharpe Ratio of 1.99. The chart below compares the historical Sharpe Ratios of IPAV and PAVE, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	IPAV	PAVE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.71	1.99	-0.27
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.81	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.13	0.68	+0.45

Drawdowns

IPAV vs. PAVE - Drawdown Comparison

The maximum IPAV drawdown since its inception was -14.59%, smaller than the maximum PAVE drawdown of -44.08%. Use the drawdown chart below to compare losses from any high point for IPAV and PAVE.

Drawdown Indicators

	IPAV	PAVE	Difference
Max Drawdown Largest peak-to-trough decline	-14.59%	-44.08%	+29.49%
Max Drawdown (1Y) Largest decline over 1 year	-14.59%	-11.91%	-2.68%
Max Drawdown (3Y) Largest decline over 3 years	—	-26.23%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-26.23%	—
Current Drawdown Current decline from peak	-5.07%	-1.82%	-3.25%
Average Drawdown Average peak-to-trough decline	-3.53%	-6.24%	+2.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.95%	3.24%	+0.71%

Volatility

IPAV vs. PAVE - Volatility Comparison

Global X Infrastructure Development ex-U.S. ETF (IPAV) and Global X US Infrastructure Development ETF (PAVE) have volatilities of 6.49% and 6.42%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IPAV	PAVE	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.49%	6.42%	+0.07%
Volatility (6M) Calculated over the trailing 6-month period	14.59%	15.17%	-0.58%
Volatility (1Y) Calculated over the trailing 1-year period	17.08%	18.84%	-1.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.69%	21.60%	-3.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.69%	24.38%	-6.69%

IPAV vs. PAVE - Expense Ratio Comparison

IPAV has a 0.55% expense ratio, which is higher than PAVE's 0.47% expense ratio.

Dividends

IPAV vs. PAVE - Dividend Comparison

IPAV's dividend yield for the trailing twelve months is around 1.13%, more than PAVE's 0.77% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
IPAV Global X Infrastructure Development ex-U.S. ETF	1.13%	1.29%	0.31%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
PAVE Global X US Infrastructure Development ETF	0.77%	0.92%	0.54%	0.68%	0.84%	0.48%	0.44%	0.67%	0.78%	0.30%

Frequently Asked Questions

Can I hold both IPAV and PAVE in my portfolio?

IPAV and PAVE 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 is riskier, IPAV or PAVE?

IPAV has higher volatility (6.49%) compared to PAVE (6.42%). In terms of maximum drawdown, IPAV dropped -14.59% vs PAVE's -44.08%.

Which ETF is better, IPAV or PAVE?

On 1-year performance, PAVE leads with 37.15% vs 29.12% for IPAV. On fees, PAVE is cheaper at 0.47% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IPAV or PAVE?

Over the 1-year period, PAVE has performed better with a 37.15% return vs 29.12%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IPAV or PAVE?

PAVE is cheaper with a 0.47% expense ratio, compared with 0.55% for IPAV.

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

IPAV has the higher dividend yield at 1.13%, compared with 0.77% for PAVE.

What is the main difference between IPAV and PAVE?

IPAV is categorized as Industrials Equities, while PAVE is Utilities Equities. IPAV tracks Global X Infrastructure Development ex-U.S. Index, while PAVE tracks INDXX U.S. Infrastructure Development Index. Their fees differ too: 0.55% for IPAV and 0.47% for PAVE.

Which has better risk-adjusted returns?

PAVE currently has the higher Sharpe Ratio (1.99 vs 1.71), 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.