IPAV vs. TOLZ

Last updated Jun 25, 2026

IPAV (Global X Infrastructure Development ex-U.S. ETF) and TOLZ (ProShares DJ Brookfield Global Infrastructure ETF) are both Industrials Equities funds - IPAV tracks the Global X Infrastructure Development ex-U.S. Index while TOLZ tracks the Dow Jones Brookfield Global Infrastructure Composite Index. Both are passively managed. Over the past year, IPAV returned 23.53% vs 13.79% for TOLZ. At a 0.40 correlation, their price movements are largely independent. IPAV charges 0.55%/yr vs 0.46%/yr for TOLZ.

Performance

IPAV vs. TOLZ - 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 ProShares DJ Brookfield Global Infrastructure ETF (TOLZ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with IPAV having a 10.73% return and TOLZ slightly lower at 10.37%.

IPAV

• 1D: -0.73%
• 1M: -2.48%
• YTD: 10.73%
• 6M: 10.94%
• 1Y: 23.53%
• 3Y*: —
• 5Y*: —
• 10Y*: —

TOLZ

• 1D: -1.53%
• 1M: -3.83%
• YTD: 10.37%
• 6M: 10.49%
• 1Y: 13.79%
• 3Y*: 14.53%
• 5Y*: 8.32%
• 10Y*: 7.76%

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

IPAV vs. TOLZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024
IPAV Global X Infrastructure Development ex-U.S. ETF	10.73%	29.77%	-6.87%
TOLZ ProShares DJ Brookfield Global Infrastructure ETF	10.37%	14.76%	0.78%

Correlation

The correlation between IPAV and TOLZ is 0.25, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.25
Correlation (All Time) Calculated using the full available price history since Aug 28, 2024	0.40

The correlation between IPAV and TOLZ shifts across timeframes, from 0.25 (1 year) to 0.40 (all time), reflecting how their relationship changes across market environments.

IPAV vs. TOLZ - Sectors Allocation Comparison

Sectors	IPAV	TOLZ
Industrials	45.9%	5.1%
Basic Materials	30.5%	-
Communication Services	4.2%	-
Energy	1.0%	36.0%
Utilities	0.7%	22.2%
Real Estate	0.3%	7.9%
Consumer Cyclical	0.1%	0.8%
Technology	0.1%	0.4%
Consumer Defensive	-	4.4%
Financial Services	-	1.9%
Healthcare	-	-

Return for Risk

IPAV vs. TOLZ — Risk / Return Rank

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

IPAV

IPAV Risk / Return Rank: 41
IPAV Sharpe Ratio Rank: 42
IPAV Sortino Ratio Rank: 43
IPAV Omega Ratio Rank: 42
IPAV Calmar Ratio Rank: 36
IPAV Martin Ratio Rank: 40

TOLZ

TOLZ Risk / Return Rank: 46
TOLZ Sharpe Ratio Rank: 42
TOLZ Sortino Ratio Rank: 41
TOLZ Omega Ratio Rank: 38
TOLZ Calmar Ratio Rank: 61
TOLZ Martin Ratio Rank: 50

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. TOLZ - 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 ProShares DJ Brookfield Global Infrastructure ETF (TOLZ). 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	TOLZ	Difference
Sharpe ratio: Return per unit of total volatility	1.33	1.32	+0.01
Sortino ratio: Return per unit of downside risk	1.96	1.90	+0.05
Omega ratio: Gain probability vs. loss probability	1.24	1.23	+0.02
Calmar ratio: Return relative to maximum drawdown	1.62	2.68	-1.06
Martin ratio: Return relative to average drawdown	5.56	7.65	-2.09

IPAV vs. TOLZ - Sharpe Ratio Comparison

The current IPAV Sharpe Ratio is 1.33, which is comparable to the TOLZ Sharpe Ratio of 1.32. The chart below compares the historical Sharpe Ratios of IPAV and TOLZ, 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. TOLZ - Drawdown Comparison

The maximum IPAV drawdown since its inception was -14.59%, smaller than the maximum TOLZ drawdown of -39.33%. Use the drawdown chart below to compare losses from any high point for IPAV and TOLZ.

Drawdown Indicators

	IPAV	TOLZ	Difference
Max Drawdown Largest peak-to-trough decline	-14.59%	-39.33%	+24.74%
Max Drawdown (1Y) Largest decline over 1 year	-14.59%	-5.18%	-9.41%
Max Drawdown (3Y) Largest decline over 3 years	—	-11.94%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-21.85%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-39.33%	—
Current Drawdown Current decline from peak	-7.59%	-3.95%	-3.64%
Average Drawdown Average peak-to-trough decline	-3.61%	-6.61%	+3.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.24%	1.81%	+2.43%

Volatility

IPAV vs. TOLZ - Volatility Comparison

Global X Infrastructure Development ex-U.S. ETF (IPAV) has a higher volatility of 6.87% compared to ProShares DJ Brookfield Global Infrastructure ETF (TOLZ) at 3.54%. This indicates that IPAV's price experiences larger fluctuations and is considered to be riskier than TOLZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IPAV	TOLZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.87%	3.54%	+3.33%
Volatility (6M) Calculated over the trailing 6-month period	15.79%	8.46%	+7.33%
Volatility (1Y) Calculated over the trailing 1-year period	17.95%	10.51%	+7.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.01%	14.00%	+4.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.01%	16.23%	+1.78%

IPAV vs. TOLZ - Expense Ratio Comparison

IPAV has a 0.55% expense ratio, which is higher than TOLZ's 0.46% expense ratio.

Dividends

IPAV vs. TOLZ - Dividend Comparison

IPAV's dividend yield for the trailing twelve months is around 1.16%, less than TOLZ's 3.69% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IPAV Global X Infrastructure Development ex-U.S. ETF	1.16%	1.29%	0.31%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
TOLZ ProShares DJ Brookfield Global Infrastructure ETF	3.69%	3.99%	3.53%	3.34%	3.01%	3.28%	3.16%	2.96%	3.63%	3.30%	2.62%	3.67%

Frequently Asked Questions

Can I hold both IPAV and TOLZ in my portfolio?

IPAV and TOLZ have a correlation of 0.25, 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 TOLZ?

IPAV has higher volatility (6.87%) compared to TOLZ (3.54%). In terms of maximum drawdown, IPAV dropped -14.59% vs TOLZ's -39.33%.

Which ETF is better, IPAV or TOLZ?

On 1-year performance, IPAV leads with 23.53% vs 13.79% for TOLZ. On fees, TOLZ is cheaper at 0.46% per year. On volatility, TOLZ has been the lower-risk option at 3.54%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IPAV or TOLZ?

Over the 1-year period, IPAV has performed better with a 23.53% return vs 13.79%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IPAV or TOLZ?

TOLZ is cheaper with a 0.46% expense ratio, compared with 0.55% for IPAV.

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

TOLZ has the higher dividend yield at 3.69%, compared with 1.16% for IPAV.

What is the main difference between IPAV and TOLZ?

IPAV tracks Global X Infrastructure Development ex-U.S. Index, while TOLZ tracks Dow Jones Brookfield Global Infrastructure Composite Index. They also come from different issuers: Global X and ProShares. Their fees differ too: 0.55% for IPAV and 0.46% for TOLZ.

Which has better risk-adjusted returns?

IPAV currently has the higher Sharpe Ratio (1.33 vs 1.32), 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.