IRVH vs. PAVE
IRVH (Global X Interest Rate Volatility & Inflation Hedge ETF) and PAVE (Global X US Infrastructure Development ETF) are both exchange-traded funds - IRVH is a Inflation-Protected Bonds fund actively managed by Global X, while PAVE is a Infrastructure Equities fund tracking the INDXX U.S. Infrastructure Development Index. IRVH is actively managed, while PAVE is passively managed. Over the past 3 years, IRVH returned -0.42%/yr vs 22.43%/yr for PAVE. Their 0.07 correlation means their historical movements had little consistent relationship. IRVH charges 0.50%/yr vs 0.47%/yr for PAVE.
Performance
IRVH vs. PAVE - Performance Comparison
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Returns By Period
In the year-to-date period, IRVH achieves a -4.64% return, which is significantly lower than PAVE's 20.61% return.
IRVH
- 1D
- -0.06%
- 1M
- -0.73%
- 6M
- -4.05%
- YTD
- -4.64%
- 1Y
- -3.63%
- 3Y*
- -0.42%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -2.20%
PAVE
- 1D
- 2.09%
- 1M
- 0.68%
- 6M
- 12.05%
- YTD
- 20.61%
- 1Y
- 28.93%
- 3Y*
- 22.43%
- 5Y*
- 17.87%
- 10Y*
- —
- ALL TIME*
- 16.25%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $459.76 | $1.90K | $4.28K | |
| $108.51M | $123.53M | $109.57M |
IRVH vs. PAVE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
IRVH Global X Interest Rate Volatility & Inflation Hedge ETF | -4.64% | 7.71% | -5.49% | 0.83% | -6.69% |
PAVE Global X US Infrastructure Development ETF | 20.61% | 19.36% | 17.92% | 31.01% | 17.37% |
Correlation
The correlation between IRVH and PAVE 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 (3Y) Balances recent behavior with more history. | 0.05 |
Correlation (All Time) Calculated using the full available price history since Jul 6, 2022 | 0.07 |
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Return for Risk
IRVH vs. PAVE — Risk / Return Rank
IRVH
PAVE
IRVH vs. PAVE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Global X Interest Rate Volatility & Inflation Hedge ETF (IRVH) 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.
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.
| IRVH | PAVE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.21 | ||
| Sortino ratioReturn per unit of downside risk | -3.10 | ||
| Omega ratioGain probability vs. loss probability | 0.88 | 1.24 | -0.36 |
| Calmar ratioReturn relative to maximum drawdown | -0.56 | 2.44 | -3.00 |
| Martin ratioReturn relative to average drawdown | -1.11 | 8.00 | -9.11 |
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Drawdowns
IRVH vs. PAVE - Drawdown Comparison
The maximum IRVH drawdown since its inception was -14.98%, smaller than the maximum PAVE drawdown of -44.08%. Use the drawdown chart below to compare losses from any high point for IRVH and PAVE.
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Drawdown Indicators
| IRVH | PAVE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.98% | -44.08% | +29.10% |
Max Drawdown (1Y)Largest decline over 1 year | -6.48% | -11.91% | +5.43% |
Max Drawdown (3Y)Largest decline over 3 years | -8.03% | -26.23% | +18.20% |
Max Drawdown (5Y)Largest decline over 5 years | — | -26.23% | — |
Current DrawdownCurrent decline from peak | -11.54% | -3.92% | -7.62% |
Average DrawdownAverage peak-to-trough decline | -9.76% | -6.19% | -3.57% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.28% | 3.62% | -0.34% |
Volatility
IRVH vs. PAVE - Volatility Comparison
The current volatility for Global X Interest Rate Volatility & Inflation Hedge ETF (IRVH) is 0.82%, while Global X US Infrastructure Development ETF (PAVE) has a volatility of 6.40%. This indicates that IRVH experiences smaller price fluctuations and is considered to be less risky than PAVE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IRVH | PAVE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.82% | 6.40% | -5.58% |
Volatility (6M)Calculated over the trailing 6-month period | 3.18% | 16.70% | -13.52% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.63% | 20.47% | -15.84% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.69% | 21.72% | -13.03% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.69% | 24.37% | -15.68% |
IRVH vs. PAVE - Expense Ratio Comparison
IRVH has a 0.50% expense ratio, which is higher than PAVE's 0.47% expense ratio.
Dividends
IRVH vs. PAVE - Dividend Comparison
IRVH's dividend yield for the trailing twelve months is around 5.72%, more than PAVE's 0.75% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
IRVH Global X Interest Rate Volatility & Inflation Hedge ETF | 5.72% | 4.89% | 3.34% | 3.69% | 2.73% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
PAVE Global X US Infrastructure Development ETF | 0.75% | 0.92% | 0.54% | 0.68% | 0.84% | 0.48% | 0.44% | 0.67% | 0.78% | 0.30% |
Frequently Asked Questions
IRVH and PAVE 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.
PAVE has higher volatility (6.40%) compared to IRVH (0.82%). In terms of maximum drawdown, IRVH dropped -14.98% vs PAVE's -44.08%.
On 3-year performance, PAVE leads with 22.43% vs -0.42% for IRVH. On fees, PAVE is cheaper at 0.47% per year. On volatility, IRVH has been the lower-risk option at 0.82%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, PAVE has performed better with a 22.43% return vs -0.42%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PAVE is cheaper with a 0.47% expense ratio, compared with 0.50% for IRVH.
IRVH has the higher dividend yield at 5.72%, compared with 0.75% for PAVE.
IRVH is categorized as Inflation-Protected Bonds, while PAVE is Infrastructure Equities. Their fees differ too: 0.50% for IRVH and 0.47% for PAVE.
PAVE currently has the higher Sharpe Ratio (1.42 vs -0.79), 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.
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