MEGI vs. PAVE

Last updated Apr 2, 2026

Compare and contrast key facts about NYLI CBRE Global Infrastructure Megatrends Term Fund (MEGI) and Global X US Infrastructure Development ETF (PAVE).

MEGI is managed by CBRE. It was launched on Jan 1, 2021. PAVE is a passively managed fund by Global X that tracks the performance of the INDXX U.S. Infrastructure Development Index. It was launched on Mar 6, 2017.

Performance

MEGI vs. PAVE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in NYLI CBRE Global Infrastructure Megatrends Term Fund (MEGI) and Global X US Infrastructure Development ETF (PAVE). The values are adjusted to include any dividend payments, if applicable.

MEGI vs. PAVE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
MEGI NYLI CBRE Global Infrastructure Megatrends Term Fund	9.25%	26.19%	5.19%	5.52%	-23.32%	-3.50%
PAVE Global X US Infrastructure Development ETF	8.16%	19.36%	17.92%	31.01%	-7.17%	6.64%

Returns By Period

In the year-to-date period, MEGI achieves a 9.25% return, which is significantly higher than PAVE's 8.16% return.

MEGI

• 1D: -0.27%
• 1M: -6.42%
• YTD: 9.25%
• 6M: 4.12%
• 1Y: 21.41%
• 3Y*: 12.87%
• 5Y*: —
• 10Y*: —

PAVE

• 1D: 1.73%
• 1M: -6.65%
• YTD: 8.16%
• 6M: 9.30%
• 1Y: 37.33%
• 3Y*: 23.06%
• 5Y*: 16.25%
• 10Y*: —

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

MEGI vs. PAVE - Expense Ratio Comparison

MEGI has a 0.02% expense ratio, which is lower than PAVE's 0.47% expense ratio.

PAVE

Global X US Infrastructure Development ETF

MEGI

NYLI CBRE Global Infrastructure Megatrends Term Fund

Return for Risk

MEGI vs. PAVE — Risk / Return Rank

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

MEGI

MEGI Risk / Return Rank: 57
MEGI Sharpe Ratio Rank: 62
MEGI Sortino Ratio Rank: 59
MEGI Omega Ratio Rank: 54
MEGI Calmar Ratio Rank: 62
MEGI Martin Ratio Rank: 49

PAVE

PAVE Risk / Return Rank: 85
PAVE Sharpe Ratio Rank: 83
PAVE Sortino Ratio Rank: 86
PAVE Omega Ratio Rank: 80
PAVE Calmar Ratio Rank: 89
PAVE Martin Ratio Rank: 88

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.

MEGI vs. PAVE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for NYLI CBRE Global Infrastructure Megatrends Term Fund (MEGI) 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.

	MEGI	PAVE	Difference
Sharpe ratio Return per unit of total volatility	1.22	1.67	-0.45
Sortino ratio Return per unit of downside risk	1.68	2.37	-0.69
Omega ratio Gain probability vs. loss probability	1.24	1.32	-0.08
Calmar ratio Return relative to maximum drawdown	1.66	3.05	-1.39
Martin ratio Return relative to average drawdown	5.63	11.19	-5.57
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MEGI vs. PAVE - Sharpe Ratio Comparison

The current MEGI Sharpe Ratio is 1.22, which is comparable to the PAVE Sharpe Ratio of 1.67. The chart below compares the historical Sharpe Ratios of MEGI and PAVE, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	MEGI	PAVE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.22	1.67	-0.45
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.76	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.14	0.64	-0.50

Correlation

The correlation between MEGI and PAVE is 0.46, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

MEGI vs. PAVE - Dividend Comparison

MEGI's dividend yield for the trailing twelve months is around 10.24%, more than PAVE's 0.85% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
MEGI NYLI CBRE Global Infrastructure Megatrends Term Fund	10.24%	10.90%	12.33%	10.66%	9.52%	0.00%	0.00%	0.00%	0.00%	0.00%
PAVE Global X US Infrastructure Development ETF	0.85%	0.92%	0.54%	0.68%	0.84%	0.48%	0.44%	0.67%	0.78%	0.30%

Drawdowns

MEGI vs. PAVE - Drawdown Comparison

The maximum MEGI drawdown since its inception was -39.48%, smaller than the maximum PAVE drawdown of -44.08%. Use the drawdown chart below to compare losses from any high point for MEGI and PAVE.

Drawdown Indicators

	MEGI	PAVE	Difference
Max Drawdown Largest peak-to-trough decline	-39.48%	-44.08%	+4.60%
Max Drawdown (1Y) Largest decline over 1 year	-13.53%	-12.56%	-0.97%
Max Drawdown (5Y) Largest decline over 5 years	—	-26.23%	—
Current Drawdown Current decline from peak	-6.65%	-7.12%	+0.47%
Average Drawdown Average peak-to-trough decline	-15.12%	-6.30%	-8.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.98%	3.42%	+0.56%

Volatility

MEGI vs. PAVE - Volatility Comparison

The current volatility for NYLI CBRE Global Infrastructure Megatrends Term Fund (MEGI) is 5.54%, while Global X US Infrastructure Development ETF (PAVE) has a volatility of 7.82%. This indicates that MEGI 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

	MEGI	PAVE	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.54%	7.82%	-2.28%
Volatility (6M) Calculated over the trailing 6-month period	10.80%	14.05%	-3.25%
Volatility (1Y) Calculated over the trailing 1-year period	17.67%	22.45%	-4.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.08%	21.43%	-1.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.08%	24.41%	-4.33%