MILN vs. PAVE

Last updated Jun 4, 2026

MILN (Global X Millennial Consumer ETF) and PAVE (Global X US Infrastructure Development ETF) are both exchange-traded funds - MILN is a Large Cap Growth Equities fund tracking the Indxx Millennials Thematic Index, while PAVE is a Utilities Equities fund tracking the INDXX U.S. Infrastructure Development Index. Both are passively managed. Over the past 5 years, MILN returned 0.79%/yr vs 17.39%/yr for PAVE. A 0.67 correlation means they provide meaningful diversification when combined. MILN charges 0.50%/yr vs 0.47%/yr for PAVE.

Performance

MILN vs. PAVE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Global X Millennial Consumer ETF (MILN) 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, MILN achieves a -9.79% return, which is significantly lower than PAVE's 19.88% return.

MILN

• 1D: -1.10%
• 1M: -3.21%
• YTD: -9.79%
• 6M: -9.62%
• 1Y: -10.13%
• 3Y*: 11.98%
• 5Y*: 0.79%
• 10Y*: 11.28%

PAVE

• 1D: 0.70%
• 1M: 1.96%
• YTD: 19.88%
• 6M: 18.87%
• 1Y: 37.15%
• 3Y*: 26.78%
• 5Y*: 17.39%
• 10Y*: —

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

MILN vs. PAVE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MILN Global X Millennial Consumer ETF	-9.79%	4.63%	27.11%	36.27%	-38.55%	13.99%	44.77%	32.24%	2.57%	18.27%
PAVE Global X US Infrastructure Development ETF	19.88%	19.36%	17.92%	31.01%	-7.17%	36.42%	19.72%	33.26%	-19.15%	14.11%

Correlation

The correlation between MILN and PAVE is 0.52, 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	0.52
Correlation (3Y) Calculated over the trailing 3-year period	0.67
Correlation (5Y) Calculated over the trailing 5-year period	0.70
Correlation (All Time) Calculated using the full available price history since Mar 9, 2017	0.67

The correlation between MILN and PAVE shifts across timeframes, from 0.52 (1 year) to 0.70 (5 years), reflecting how their relationship changes across market environments.

MILN vs. PAVE - Sectors Allocation Comparison

Sectors	MILN	PAVE
Consumer Cyclical	51.5%	-
Communication Services	16.2%	-
Technology	14.0%	1.1%
Consumer Defensive	6.5%	0.3%
Real Estate	5.9%	-
Financial Services	4.8%	-
Healthcare	0.8%	-
Industrials	0.4%	74.8%
Basic Materials	-	20.3%
Energy	-	0.2%
Utilities	-	3.2%

Return for Risk

MILN vs. PAVE — Risk / Return Rank

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

MILN

MILN Risk / Return Rank: 4
MILN Sharpe Ratio Rank: 4
MILN Sortino Ratio Rank: 4
MILN Omega Ratio Rank: 4
MILN Calmar Ratio Rank: 5
MILN Martin Ratio Rank: 4

PAVE

PAVE Risk / Return Rank: 59
PAVE Sharpe Ratio Rank: 57
PAVE Sortino Ratio Rank: 58
PAVE Omega Ratio Rank: 53
PAVE Calmar Ratio Rank: 62
PAVE Martin Ratio Rank: 63

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.

MILN vs. PAVE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X Millennial Consumer ETF (MILN) 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.

	MILN	PAVE	Difference
Sharpe ratio Return per unit of total volatility	-0.60	1.99	-2.58
Sortino ratio Return per unit of downside risk	-0.73	2.82	-3.54
Omega ratio Gain probability vs. loss probability	0.91	1.34	-0.42
Calmar ratio Return relative to maximum drawdown	-0.46	3.13	-3.59
Martin ratio Return relative to average drawdown	-1.03	11.50	-12.53
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MILN vs. PAVE - Sharpe Ratio Comparison

The current MILN Sharpe Ratio is -0.60, which is lower than the PAVE Sharpe Ratio of 1.99. The chart below compares the historical Sharpe Ratios of MILN 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.

Sharpe Ratios by Period

	MILN	PAVE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.60	1.99	-2.58
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.04	0.81	-0.77
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.51	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.52	0.68	-0.16

Drawdowns

MILN vs. PAVE - Drawdown Comparison

The maximum MILN drawdown since its inception was -44.40%, roughly equal to the maximum PAVE drawdown of -44.08%. Use the drawdown chart below to compare losses from any high point for MILN and PAVE.

Drawdown Indicators

	MILN	PAVE	Difference
Max Drawdown Largest peak-to-trough decline	-44.40%	-44.08%	-0.32%
Max Drawdown (1Y) Largest decline over 1 year	-22.32%	-11.91%	-10.41%
Max Drawdown (3Y) Largest decline over 3 years	-23.48%	-26.23%	+2.75%
Max Drawdown (5Y) Largest decline over 5 years	-44.40%	-26.23%	-18.17%
Max Drawdown (10Y) Largest decline over 10 years	-44.40%	—	—
Current Drawdown Current decline from peak	-16.36%	-1.82%	-14.54%
Average Drawdown Average peak-to-trough decline	-10.67%	-6.24%	-4.43%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.87%	3.24%	+6.63%

Volatility

MILN vs. PAVE - Volatility Comparison

The current volatility for Global X Millennial Consumer ETF (MILN) is 4.43%, while Global X US Infrastructure Development ETF (PAVE) has a volatility of 6.42%. This indicates that MILN 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

	MILN	PAVE	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.43%	6.42%	-1.99%
Volatility (6M) Calculated over the trailing 6-month period	12.93%	15.17%	-2.24%
Volatility (1Y) Calculated over the trailing 1-year period	17.06%	18.84%	-1.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.63%	21.60%	+1.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.02%	24.38%	-2.36%

MILN vs. PAVE - Expense Ratio Comparison

MILN has a 0.50% expense ratio, which is higher than PAVE's 0.47% expense ratio.

Dividends

MILN vs. PAVE - Dividend Comparison

MILN's dividend yield for the trailing twelve months is around 0.28%, less than PAVE's 0.77% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
MILN Global X Millennial Consumer ETF	0.28%	0.25%	0.22%	0.33%	0.24%	0.15%	0.21%	0.43%	0.43%	0.89%	0.32%
PAVE Global X US Infrastructure Development ETF	0.77%	0.92%	0.54%	0.68%	0.84%	0.48%	0.44%	0.67%	0.78%	0.30%	0.00%

Frequently Asked Questions

Can I hold both MILN and PAVE in my portfolio?

MILN and PAVE have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MILN or PAVE?

PAVE has higher volatility (6.42%) compared to MILN (4.43%). In terms of maximum drawdown, MILN dropped -44.40% vs PAVE's -44.08%.

Which ETF is better, MILN or PAVE?

On 5-year performance, PAVE leads with 17.39% vs 0.79% for MILN. On fees, PAVE is cheaper at 0.47% per year. On volatility, MILN has been the lower-risk option at 4.43%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MILN or PAVE?

Over the 5-year period, PAVE has performed better with a 17.39% return vs 0.79%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MILN or PAVE?

PAVE is cheaper with a 0.47% expense ratio, compared with 0.50% for MILN.

Which ETF pays a higher dividend yield, MILN or PAVE?

PAVE has the higher dividend yield at 0.77%, compared with 0.28% for MILN.

What is the main difference between MILN and PAVE?

MILN is categorized as Large Cap Growth Equities, while PAVE is Utilities Equities. MILN tracks Indxx Millennials Thematic Index, while PAVE tracks INDXX U.S. Infrastructure Development Index. Their fees differ too: 0.50% for MILN and 0.47% for PAVE.

Which has better risk-adjusted returns?

PAVE currently has the higher Sharpe Ratio (1.99 vs -0.60), 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.