IPAV vs. SEA

Last updated Jun 23, 2026

IPAV (Global X Infrastructure Development ex-U.S. ETF) and SEA (U.S. Global Sea to Sky Cargo ETF) are both Industrials Equities funds - IPAV tracks the Global X Infrastructure Development ex-U.S. Index while SEA tracks the U.S. Global Sea to Sky Cargo Index - Benchmark TR Gross. Both are passively managed. Over the past year, IPAV returned 31.70% vs 30.14% for SEA. A 0.56 correlation means they provide meaningful diversification when combined. IPAV charges 0.55%/yr vs 0.60%/yr for SEA.

Performance

IPAV vs. SEA - 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 U.S. Global Sea to Sky Cargo ETF (SEA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IPAV achieves a 14.68% return, which is significantly lower than SEA's 20.42% return.

IPAV

• 1D: 1.05%
• 1M: 0.99%
• YTD: 14.68%
• 6M: 15.91%
• 1Y: 31.70%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SEA

• 1D: 2.29%
• 1M: -1.41%
• YTD: 20.42%
• 6M: 20.07%
• 1Y: 30.14%
• 3Y*: 19.15%
• 5Y*: —
• 10Y*: —

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

IPAV vs. SEA - Yearly Performance Comparison

	2026 (YTD)	2025	2024
IPAV Global X Infrastructure Development ex-U.S. ETF	14.68%	29.77%	-6.87%
SEA U.S. Global Sea to Sky Cargo ETF	20.42%	16.78%	-10.87%

Correlation

The correlation between IPAV and SEA is 0.60, 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	0.60
Correlation (All Time) Calculated using the full available price history since Aug 28, 2024	0.56

The correlation between IPAV and SEA has been stable across timeframes, ranging from 0.56 to 0.60 - a consistent structural relationship.

IPAV vs. SEA - Sectors Allocation Comparison

Sectors	IPAV	SEA
Industrials	45.9%	83.8%
Basic Materials	30.5%	-
Communication Services	4.2%	0.0%
Energy	1.0%	16.2%
Utilities	0.7%	-
Real Estate	0.3%	-
Consumer Cyclical	0.1%	-
Technology	0.1%	-1.6%
Consumer Defensive	-	-
Financial Services	-	-
Healthcare	-	-

Return for Risk

IPAV vs. SEA — Risk / Return Rank

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

IPAV

IPAV Risk / Return Rank: 51
IPAV Sharpe Ratio Rank: 54
IPAV Sortino Ratio Rank: 56
IPAV Omega Ratio Rank: 53
IPAV Calmar Ratio Rank: 45
IPAV Martin Ratio Rank: 47

SEA

SEA Risk / Return Rank: 57
SEA Sharpe Ratio Rank: 56
SEA Sortino Ratio Rank: 56
SEA Omega Ratio Rank: 52
SEA Calmar Ratio Rank: 59
SEA Martin Ratio Rank: 65

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. SEA - 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 U.S. Global Sea to Sky Cargo ETF (SEA). 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	SEA	Difference
Sharpe ratio: Return per unit of total volatility	1.80	1.83	-0.03
Sortino ratio: Return per unit of downside risk	2.59	2.60	-0.01
Omega ratio: Gain probability vs. loss probability	1.32	1.32	+0.01
Calmar ratio: Return relative to maximum drawdown	2.18	2.84	-0.66
Martin ratio: Return relative to average drawdown	7.58	11.45	-3.87

IPAV vs. SEA - Sharpe Ratio Comparison

The current IPAV Sharpe Ratio is 1.80, which is comparable to the SEA Sharpe Ratio of 1.83. The chart below compares the historical Sharpe Ratios of IPAV and SEA, 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. SEA - Drawdown Comparison

The maximum IPAV drawdown since its inception was -14.59%, smaller than the maximum SEA drawdown of -39.53%. Use the drawdown chart below to compare losses from any high point for IPAV and SEA.

Drawdown Indicators

	IPAV	SEA	Difference
Max Drawdown Largest peak-to-trough decline	-14.59%	-39.53%	+24.94%
Max Drawdown (1Y) Largest decline over 1 year	-14.59%	-10.67%	-3.92%
Max Drawdown (3Y) Largest decline over 3 years	—	-32.42%	—
Current Drawdown Current decline from peak	-4.30%	-3.36%	-0.94%
Average Drawdown Average peak-to-trough decline	-3.59%	-14.18%	+10.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.19%	2.64%	+1.55%

Volatility

IPAV vs. SEA - Volatility Comparison

Global X Infrastructure Development ex-U.S. ETF (IPAV) has a higher volatility of 6.26% compared to U.S. Global Sea to Sky Cargo ETF (SEA) at 5.27%. This indicates that IPAV's price experiences larger fluctuations and is considered to be riskier than SEA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IPAV	SEA	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.26%	5.27%	+0.99%
Volatility (6M) Calculated over the trailing 6-month period	15.51%	12.56%	+2.95%
Volatility (1Y) Calculated over the trailing 1-year period	17.75%	16.56%	+1.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.92%	21.65%	-3.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.92%	21.65%	-3.73%

IPAV vs. SEA - Expense Ratio Comparison

IPAV has a 0.55% expense ratio, which is lower than SEA's 0.60% expense ratio.

Dividends

IPAV vs. SEA - Dividend Comparison

IPAV's dividend yield for the trailing twelve months is around 1.12%, less than SEA's 5.61% yield.

Position	TTM	2025	2024	2023	2022
IPAV Global X Infrastructure Development ex-U.S. ETF	1.12%	1.29%	0.31%	0.00%	0.00%
SEA U.S. Global Sea to Sky Cargo ETF	5.61%	6.76%	18.47%	9.85%	18.73%

Frequently Asked Questions

Can I hold both IPAV and SEA in my portfolio?

IPAV and SEA have a correlation of 0.60, 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 SEA?

IPAV has higher volatility (6.26%) compared to SEA (5.27%). In terms of maximum drawdown, IPAV dropped -14.59% vs SEA's -39.53%.

Which ETF is better, IPAV or SEA?

On 1-year performance, IPAV leads with 31.70% vs 30.14% for SEA. On fees, IPAV is cheaper at 0.55% per year. On volatility, SEA has been the lower-risk option at 5.27%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IPAV or SEA?

Over the 1-year period, IPAV has performed better with a 31.70% return vs 30.14%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IPAV or SEA?

IPAV is cheaper with a 0.55% expense ratio, compared with 0.60% for SEA.

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

SEA has the higher dividend yield at 5.61%, compared with 1.12% for IPAV.

What is the main difference between IPAV and SEA?

IPAV tracks Global X Infrastructure Development ex-U.S. Index, while SEA tracks U.S. Global Sea to Sky Cargo Index - Benchmark TR Gross. They also come from different issuers: Global X and US Global. Their fees differ too: 0.55% for IPAV and 0.60% for SEA.

Which has better risk-adjusted returns?

SEA currently has the higher Sharpe Ratio (1.83 vs 1.80), 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.