IPAV vs. PIPE

Last updated Aug 2, 2026

IPAV (Global X Infrastructure Development ex-U.S. ETF) and PIPE (Invesco SteelPath MLP & Energy Infrastructure ETF) are both Infrastructure Equities funds. IPAV is passively managed, while PIPE is actively managed. Over the past year, IPAV returned 18.18% vs 32.12% for PIPE. Their 0.11 correlation means their historical movements had little consistent relationship. IPAV charges 0.55%/yr vs 0.75%/yr for PIPE.

Performance

IPAV vs. PIPE - 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 Invesco SteelPath MLP & Energy Infrastructure ETF (PIPE). 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 PIPE's 29.62% return.

IPAV

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

PIPE

• 1D: 0.42%
• 1M: 3.42%
• 6M: 20.35%
• YTD: 29.62%
• 1Y: 32.12%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 19.86%

*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
PIPE Invesco SteelPath MLP & Energy Infrastructure ETF	$120.83K	$81.36K	$87.35K

IPAV vs. PIPE - Yearly Performance Comparison

	2026 (YTD)	2025
IPAV Global X Infrastructure Development ex-U.S. ETF	6.95%	24.34%
PIPE Invesco SteelPath MLP & Energy Infrastructure ETF	29.62%	0.14%

Correlation

The correlation between IPAV and PIPE is -0.04, 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.	-0.04
Correlation (All Time) Calculated using the full available price history since Feb 20, 2025	0.11

The correlation between IPAV and PIPE shifts across timeframes, from -0.04 (1 year) to 0.11 (all time), reflecting how their relationship changes across market environments.

IPAV vs. PIPE - Sectors Allocation Comparison

Sectors	IPAV	PIPE
Industrials	48.8%	-
Basic Materials	43.7%	-
Real Estate	3.0%	-
Communication Services	2.3%	-
Energy	1.2%	97.0%
Utilities	0.8%	2.0%
Consumer Cyclical	0.2%	-
Technology	0.1%	-
Consumer Defensive	-	-
Financial Services	-	1.3%
Healthcare	-	-

Return for Risk

IPAV vs. PIPE — 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

PIPE

PIPE Risk / Return Rank: 86
PIPE Sharpe Ratio Rank: 88
PIPE Sortino Ratio Rank: 86
PIPE Omega Ratio Rank: 84
PIPE Calmar Ratio Rank: 92
PIPE 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. PIPE - 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 Invesco SteelPath MLP & Energy Infrastructure ETF (PIPE). 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	PIPE	Difference
Sharpe ratio: Return per unit of total volatility	0.97	2.12	-1.15
Sortino ratio: Return per unit of downside risk	1.50	2.88	-1.38
Omega ratio: Gain probability vs. loss probability	1.18	1.36	-0.18
Calmar ratio: Return relative to maximum drawdown	1.21	4.30	-3.09
Martin ratio: Return relative to average drawdown	3.32	10.31	-6.99

IPAV vs. PIPE - Sharpe Ratio Comparison

The current IPAV Sharpe Ratio is 0.97, which is lower than the PIPE Sharpe Ratio of 2.12. The chart below compares the historical Sharpe Ratios of IPAV and PIPE, 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. PIPE - Drawdown Comparison

The maximum IPAV drawdown since its inception was -14.59%, smaller than the maximum PIPE drawdown of -15.69%. Use the drawdown chart below to compare losses from any high point for IPAV and PIPE.

Drawdown Indicators

	IPAV	PIPE	Difference
Max Drawdown Largest peak-to-trough decline	-14.59%	-15.69%	+1.10%
Max Drawdown (1Y) Largest decline over 1 year	-14.59%	-7.33%	-7.26%
Current Drawdown Current decline from peak	-10.75%	-2.64%	-8.11%
Average Drawdown Average peak-to-trough decline	-3.97%	-3.94%	-0.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.32%	3.06%	+2.26%

Volatility

IPAV vs. PIPE - Volatility Comparison

Global X Infrastructure Development ex-U.S. ETF (IPAV) and Invesco SteelPath MLP & Energy Infrastructure ETF (PIPE) have volatilities of 5.18% and 5.41%, 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	PIPE	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.18%	5.41%	-0.23%
Volatility (6M) Calculated over the trailing 6-month period	16.26%	12.00%	+4.26%
Volatility (1Y) Calculated over the trailing 1-year period	18.16%	14.91%	+3.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.95%	18.62%	-0.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.95%	18.62%	-0.67%

IPAV vs. PIPE - Expense Ratio Comparison

IPAV has a 0.55% expense ratio, which is lower than PIPE's 0.75% expense ratio.

Dividends

IPAV vs. PIPE - Dividend Comparison

IPAV's dividend yield for the trailing twelve months is around 1.52%, less than PIPE's 3.71% yield.

Position	TTM	2025	2024
IPAV Global X Infrastructure Development ex-U.S. ETF	1.52%	1.29%	0.31%
PIPE Invesco SteelPath MLP & Energy Infrastructure ETF	3.71%	3.74%	0.00%

Frequently Asked Questions

Can I hold both IPAV and PIPE in my portfolio?

IPAV and PIPE have a correlation of -0.04, 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 PIPE?

PIPE has higher volatility (5.41%) compared to IPAV (5.18%). In terms of maximum drawdown, IPAV dropped -14.59% vs PIPE's -15.69%.

Which ETF is better, IPAV or PIPE?

On 1-year performance, PIPE leads with 32.12% vs 18.18% for IPAV. On fees, IPAV is cheaper at 0.55% 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 PIPE?

Over the 1-year period, PIPE has performed better with a 32.12% 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 PIPE?

IPAV is cheaper with a 0.55% expense ratio, compared with 0.75% for PIPE.

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

PIPE has the higher dividend yield at 3.71%, compared with 1.52% for IPAV.

What is the main difference between IPAV and PIPE?

They also come from different issuers: Global X and Invesco. Their fees differ too: 0.55% for IPAV and 0.75% for PIPE.

Which has better risk-adjusted returns?

PIPE currently has the higher Sharpe Ratio (2.12 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.