IUES.L vs. PAVE

Last updated Jun 13, 2026

IUES.L (iShares S&P 500 Energy Sector UCITS ETF USD (Acc)) and PAVE (Global X US Infrastructure Development ETF) are both exchange-traded funds - IUES.L is a Energy Equities fund tracking the MSCI World/Energy NR USD, while PAVE is a Industrials Equities fund tracking the INDXX U.S. Infrastructure Development Index. Both are passively managed. Over the past 5 years, IUES.L returned 19.69%/yr vs 17.84%/yr for PAVE. At a 0.33 correlation, their price movements are largely independent. IUES.L charges 0.15%/yr vs 0.47%/yr for PAVE.

Performance

IUES.L vs. PAVE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares S&P 500 Energy Sector UCITS ETF USD (Acc) (IUES.L) 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, IUES.L achieves a 28.42% return, which is significantly higher than PAVE's 20.86% return.

IUES.L

• 1D: -0.66%
• 1M: 1.42%
• YTD: 28.42%
• 6M: 28.69%
• 1Y: 37.46%
• 3Y*: 15.16%
• 5Y*: 19.69%
• 10Y*: 9.22%

PAVE

• 1D: 1.01%
• 1M: 2.28%
• YTD: 20.86%
• 6M: 18.50%
• 1Y: 36.91%
• 3Y*: 25.14%
• 5Y*: 17.84%
• 10Y*: —

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

IUES.L vs. PAVE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IUES.L iShares S&P 500 Energy Sector UCITS ETF USD (Acc)	28.42%	9.91%	3.87%	-0.66%	63.84%	51.95%	-33.35%	8.70%	-18.12%	5.23%
PAVE Global X US Infrastructure Development ETF	20.86%	19.36%	17.92%	31.01%	-7.17%	36.42%	19.72%	33.26%	-19.15%	13.41%

Correlation

The correlation between IUES.L and PAVE is -0.02, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.02
Correlation (3Y) Calculated over the trailing 3-year period	0.15
Correlation (5Y) Calculated over the trailing 5-year period	0.23
Correlation (All Time) Calculated using the full available price history since Mar 8, 2017	0.33

The correlation between IUES.L and PAVE shifts across timeframes, from -0.02 (1 year) to 0.33 (all time), reflecting how their relationship changes across market environments.

IUES.L vs. PAVE - Sectors Allocation Comparison

Sectors	IUES.L	PAVE
Energy	100.0%	0.2%
Basic Materials	-	20.3%
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	0.3%
Financial Services	-	-
Healthcare	-	-
Industrials	-	74.8%
Real Estate	-	-
Technology	-	1.1%
Utilities	-	3.2%

Return for Risk

IUES.L vs. PAVE — Risk / Return Rank

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

IUES.L

IUES.L Risk / Return Rank: 54
IUES.L Sharpe Ratio Rank: 58
IUES.L Sortino Ratio Rank: 52
IUES.L Omega Ratio Rank: 53
IUES.L Calmar Ratio Rank: 58
IUES.L Martin Ratio Rank: 52

PAVE

PAVE Risk / Return Rank: 67
PAVE Sharpe Ratio Rank: 67
PAVE Sortino Ratio Rank: 69
PAVE Omega Ratio Rank: 60
PAVE Calmar Ratio Rank: 71
PAVE Martin Ratio Rank: 70

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.

IUES.L vs. PAVE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares S&P 500 Energy Sector UCITS ETF USD (Acc) (IUES.L) 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.

	IUES.L	PAVE	Difference
Sharpe ratio: Return per unit of total volatility	1.71	1.90	-0.19
Sortino ratio: Return per unit of downside risk	2.22	2.69	-0.47
Omega ratio: Gain probability vs. loss probability	1.29	1.32	-0.03
Calmar ratio: Return relative to maximum drawdown	2.57	3.11	-0.55
Martin ratio: Return relative to average drawdown	7.76	11.32	-3.57

IUES.L vs. PAVE - Sharpe Ratio Comparison

The current IUES.L Sharpe Ratio is 1.71, which is comparable to the PAVE Sharpe Ratio of 1.90. The chart below compares the historical Sharpe Ratios of IUES.L 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.

Drawdowns

IUES.L vs. PAVE - Drawdown Comparison

The maximum IUES.L drawdown since its inception was -66.79%, which is greater than PAVE's maximum drawdown of -44.08%. Use the drawdown chart below to compare losses from any high point for IUES.L and PAVE.

Drawdown Indicators

	IUES.L	PAVE	Difference
Max Drawdown Largest peak-to-trough decline	-66.79%	-44.08%	-22.71%
Max Drawdown (1Y) Largest decline over 1 year	-14.52%	-11.91%	-2.61%
Max Drawdown (3Y) Largest decline over 3 years	-20.90%	-26.23%	+5.33%
Max Drawdown (5Y) Largest decline over 5 years	-27.98%	-26.23%	-1.75%
Max Drawdown (10Y) Largest decline over 10 years	-66.79%	—	—
Current Drawdown Current decline from peak	-8.88%	-1.01%	-7.87%
Average Drawdown Average peak-to-trough decline	-14.19%	-6.23%	-7.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.82%	3.27%	+1.55%

Volatility

IUES.L vs. PAVE - Volatility Comparison

The current volatility for iShares S&P 500 Energy Sector UCITS ETF USD (Acc) (IUES.L) is 6.75%, while Global X US Infrastructure Development ETF (PAVE) has a volatility of 7.35%. This indicates that IUES.L 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.

Volatility by Period

	IUES.L	PAVE	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.75%	7.35%	-0.60%
Volatility (6M) Calculated over the trailing 6-month period	18.55%	15.87%	+2.68%
Volatility (1Y) Calculated over the trailing 1-year period	21.81%	19.49%	+2.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.73%	21.70%	+5.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.49%	24.40%	+4.09%

IUES.L vs. PAVE - Expense Ratio Comparison

IUES.L has a 0.15% expense ratio, which is lower than PAVE's 0.47% expense ratio.

Dividends

IUES.L vs. PAVE - Dividend Comparison

IUES.L has not paid dividends to shareholders, while PAVE's dividend yield for the trailing twelve months is around 0.76%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
IUES.L iShares S&P 500 Energy Sector UCITS ETF USD (Acc)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
PAVE Global X US Infrastructure Development ETF	0.76%	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 IUES.L and PAVE in my portfolio?

IUES.L and PAVE have a correlation of -0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, IUES.L or PAVE?

On fees, IUES.L is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, IUES.L or PAVE?

IUES.L is cheaper with a 0.15% expense ratio, compared with 0.47% for PAVE.

What is the main difference between IUES.L and PAVE?

IUES.L is categorized as Energy Equities, while PAVE is Industrials Equities. IUES.L tracks MSCI World/Energy NR USD, while PAVE tracks INDXX U.S. Infrastructure Development Index. They also come from different issuers: iShares and Global X. Their fees differ too: 0.15% for IUES.L and 0.47% for PAVE.