MLPA vs. PAVE

Last updated Jun 23, 2026

MLPA (Global X MLP ETF) and PAVE (Global X US Infrastructure Development ETF) are both exchange-traded funds - MLPA is a MLPs fund tracking the Solactive MLP Infrastructure Index, while PAVE is a Industrials Equities fund tracking the INDXX U.S. Infrastructure Development Index. Both are passively managed. Over the past 5 years, MLPA returned 14.32%/yr vs 19.28%/yr for PAVE. At a 0.49 correlation, their price movements are largely independent. MLPA charges 0.77%/yr vs 0.47%/yr for PAVE.

Performance

MLPA vs. PAVE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Global X MLP ETF (MLPA) 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, MLPA achieves a 12.27% return, which is significantly lower than PAVE's 23.96% return.

MLPA

• 1D: 0.58%
• 1M: -6.12%
• YTD: 12.27%
• 6M: 12.23%
• 1Y: 12.25%
• 3Y*: 16.25%
• 5Y*: 14.32%
• 10Y*: 5.85%

PAVE

• 1D: 1.16%
• 1M: 7.83%
• YTD: 23.96%
• 6M: 21.60%
• 1Y: 42.46%
• 3Y*: 26.32%
• 5Y*: 19.28%
• 10Y*: —

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

MLPA vs. PAVE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MLPA Global X MLP ETF	12.27%	5.73%	20.35%	15.93%	27.03%	39.64%	-33.97%	11.91%	-15.71%	-11.54%
PAVE Global X US Infrastructure Development ETF	23.96%	19.36%	17.92%	31.01%	-7.17%	36.42%	19.72%	33.26%	-19.15%	13.41%

Correlation

The correlation between MLPA and PAVE is 0.09, 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	0.09
Correlation (3Y) Calculated over the trailing 3-year period	0.33
Correlation (5Y) Calculated over the trailing 5-year period	0.45
Correlation (All Time) Calculated using the full available price history since Mar 8, 2017	0.49

Over the past year, the correlation between MLPA and PAVE has dropped to 0.09 - well below their long-term average of 0.49, suggesting their price drivers have been diverging.

MLPA vs. PAVE - Sectors Allocation Comparison

Sectors	MLPA	PAVE
Energy	96.8%	0.2%
Utilities	3.2%	3.1%
Basic Materials	-	19.5%
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	0.2%
Financial Services	-	-
Healthcare	-	-
Industrials	-	75.9%
Real Estate	-	-
Technology	-	1.0%

Return for Risk

MLPA vs. PAVE — Risk / Return Rank

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

MLPA

MLPA Risk / Return Rank: 29
MLPA Sharpe Ratio Rank: 29
MLPA Sortino Ratio Rank: 29
MLPA Omega Ratio Rank: 26
MLPA Calmar Ratio Rank: 30
MLPA Martin Ratio Rank: 30

PAVE

PAVE Risk / Return Rank: 69
PAVE Sharpe Ratio Rank: 70
PAVE Sortino Ratio Rank: 70
PAVE Omega Ratio Rank: 62
PAVE Calmar Ratio Rank: 73
PAVE Martin Ratio Rank: 72

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.

MLPA vs. PAVE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X MLP ETF (MLPA) 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.

	MLPA	PAVE	Difference
Sharpe ratio: Return per unit of total volatility	1.02	2.19	-1.17
Sortino ratio: Return per unit of downside risk	1.50	3.03	-1.53
Omega ratio: Gain probability vs. loss probability	1.17	1.36	-0.19
Calmar ratio: Return relative to maximum drawdown	1.48	3.58	-2.10
Martin ratio: Return relative to average drawdown	4.18	13.03	-8.85

MLPA vs. PAVE - Sharpe Ratio Comparison

The current MLPA Sharpe Ratio is 1.02, which is lower than the PAVE Sharpe Ratio of 2.19. The chart below compares the historical Sharpe Ratios of MLPA 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

MLPA vs. PAVE - Drawdown Comparison

The maximum MLPA drawdown since its inception was -78.75%, which is greater than PAVE's maximum drawdown of -44.08%. Use the drawdown chart below to compare losses from any high point for MLPA and PAVE.

Drawdown Indicators

	MLPA	PAVE	Difference
Max Drawdown Largest peak-to-trough decline	-78.75%	-44.08%	-34.67%
Max Drawdown (1Y) Largest decline over 1 year	-8.33%	-11.91%	+3.58%
Max Drawdown (3Y) Largest decline over 3 years	-14.20%	-26.23%	+12.03%
Max Drawdown (5Y) Largest decline over 5 years	-18.75%	-26.23%	+7.48%
Max Drawdown (10Y) Largest decline over 10 years	-74.05%	—	—
Current Drawdown Current decline from peak	-6.99%	0.00%	-6.99%
Average Drawdown Average peak-to-trough decline	-20.22%	-6.21%	-14.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.94%	3.27%	-0.33%

Volatility

MLPA vs. PAVE - Volatility Comparison

The current volatility for Global X MLP ETF (MLPA) is 4.18%, while Global X US Infrastructure Development ETF (PAVE) has a volatility of 6.41%. This indicates that MLPA 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

	MLPA	PAVE	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.18%	6.41%	-2.23%
Volatility (6M) Calculated over the trailing 6-month period	8.61%	15.70%	-7.09%
Volatility (1Y) Calculated over the trailing 1-year period	12.04%	19.50%	-7.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.06%	21.64%	-3.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.45%	24.39%	+3.06%

MLPA vs. PAVE - Expense Ratio Comparison

MLPA has a 0.77% expense ratio, which is higher than PAVE's 0.47% expense ratio.

Dividends

MLPA vs. PAVE - Dividend Comparison

MLPA's dividend yield for the trailing twelve months is around 7.52%, more than PAVE's 0.74% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MLPA Global X MLP ETF	7.52%	7.82%	7.25%	7.49%	7.30%	8.72%	13.84%	9.09%	10.00%	8.05%	7.15%	9.29%
PAVE Global X US Infrastructure Development ETF	0.74%	0.92%	0.54%	0.68%	0.84%	0.48%	0.44%	0.67%	0.78%	0.30%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MLPA and PAVE in my portfolio?

MLPA and PAVE have a correlation of 0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MLPA or PAVE?

PAVE has higher volatility (6.41%) compared to MLPA (4.18%). In terms of maximum drawdown, MLPA dropped -78.75% vs PAVE's -44.08%.

Which ETF is better, MLPA or PAVE?

On 5-year performance, PAVE leads with 19.28% vs 14.32% for MLPA. On fees, PAVE is cheaper at 0.47% per year. On volatility, MLPA has been the lower-risk option at 4.18%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MLPA or PAVE?

Over the 5-year period, PAVE has performed better with a 19.28% return vs 14.32%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MLPA or PAVE?

PAVE is cheaper with a 0.47% expense ratio, compared with 0.77% for MLPA.

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

MLPA has the higher dividend yield at 7.52%, compared with 0.74% for PAVE.

What is the main difference between MLPA and PAVE?

MLPA is categorized as MLPs, while PAVE is Industrials Equities. MLPA tracks Solactive MLP Infrastructure Index, while PAVE tracks INDXX U.S. Infrastructure Development Index. Their fees differ too: 0.77% for MLPA and 0.47% for PAVE.

Which has better risk-adjusted returns?

PAVE currently has the higher Sharpe Ratio (2.19 vs 1.02), 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.