MLPA vs. PAVE

Last updated Aug 2, 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 Infrastructure Equities fund tracking the INDXX U.S. Infrastructure Development Index. Both are passively managed. Over the past 5 years, MLPA returned 18.11%/yr vs 17.15%/yr for PAVE. Their 0.48 correlation means their historical movements had little consistent relationship. 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 21.83% return, which is significantly higher than PAVE's 18.14% return.

MLPA

• 1D: 0.87%
• 1M: 6.27%
• 6M: 14.54%
• YTD: 21.83%
• 1Y: 20.93%
• 3Y*: 16.99%
• 5Y*: 18.11%
• 10Y*: 6.71%
• ALL TIME*: 4.63%

PAVE

• 1D: 0.46%
• 1M: -1.38%
• 6M: 11.25%
• YTD: 18.14%
• 1Y: 26.28%
• 3Y*: 20.94%
• 5Y*: 17.15%
• 10Y*: —
• ALL TIME*: 16.01%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
MLPA Global X MLP ETF	$8.12M	$8.66M	$10.73M
PAVE Global X US Infrastructure Development ETF	$109.69M	$125.02M	$111.27M

MLPA vs. PAVE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MLPA Global X MLP ETF	21.83%	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	18.14%	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 0.05, 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.	0.05
Correlation (3Y) Balances recent behavior with more history.	0.30
Correlation (5Y) Shows whether the relationship held over a longer period.	0.43
Correlation (All Time) Calculated using the full available price history since Mar 8, 2017	0.48

Over the past year, the correlation between MLPA and PAVE has dropped to 0.05 - well below their long-term average of 0.48, suggesting their price drivers have been diverging.

MLPA vs. PAVE - Sectors Allocation Comparison

Sectors	MLPA	PAVE
Energy	97.2%	0.2%
Industrials	3.8%	72.3%
Utilities	2.8%	3.5%
Basic Materials	-	22.1%
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	0.3%
Financial Services	-	-
Healthcare	-	-
Real Estate	-	-
Technology	-	1.9%

Return for Risk

MLPA vs. PAVE — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

MLPA

MLPA Risk / Return Rank: 64
MLPA Sharpe Ratio Rank: 67
MLPA Sortino Ratio Rank: 66
MLPA Omega Ratio Rank: 61
MLPA Calmar Ratio Rank: 71
MLPA Martin Ratio Rank: 56

PAVE

PAVE Risk / Return Rank: 52
PAVE Sharpe Ratio Rank: 49
PAVE Sortino Ratio Rank: 50
PAVE Omega Ratio Rank: 46
PAVE Calmar Ratio Rank: 59
PAVE Martin Ratio Rank: 57

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

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	1.53	1.20	+0.32
Sortino ratio: Return per unit of downside risk	2.17	1.76	+0.41
Omega ratio: Gain probability vs. loss probability	1.26	1.21	+0.05
Calmar ratio: Return relative to maximum drawdown	2.46	2.06	+0.40
Martin ratio: Return relative to average drawdown	6.61	6.77	-0.16

MLPA vs. PAVE - Sharpe Ratio Comparison

The current MLPA Sharpe Ratio is 1.53, which is comparable to the PAVE Sharpe Ratio of 1.20. 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	-7.73%	-11.91%	+4.18%
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	0.00%	-5.89%	+5.89%
Average Drawdown Average peak-to-trough decline	-20.08%	-6.19%	-13.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.18%	3.62%	-0.44%

Volatility

MLPA vs. PAVE - Volatility Comparison

The current volatility for Global X MLP ETF (MLPA) is 4.14%, while Global X US Infrastructure Development ETF (PAVE) has a volatility of 6.09%. 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	4.14%	6.09%	-1.95%
Volatility (6M) Calculated over the trailing 6-month period	9.72%	16.61%	-6.89%
Volatility (1Y) Calculated over the trailing 1-year period	12.47%	20.42%	-7.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.73%	21.71%	-3.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.39%	24.37%	+3.02%

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 6.93%, more than PAVE's 0.76% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MLPA Global X MLP ETF	6.93%	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	0.76%	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 0.05, 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 (6.09%) compared to MLPA (4.14%). 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, MLPA leads with 18.11% vs 17.15% for PAVE. On fees, PAVE is cheaper at 0.47% per year. On volatility, MLPA has been the lower-risk option at 4.14%. 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, MLPA has performed better with a 18.11% return vs 17.15%. 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 6.93%, compared with 0.76% for PAVE.

What is the main difference between MLPA and PAVE?

MLPA is categorized as MLPs, while PAVE is Infrastructure 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?

MLPA currently has the higher Sharpe Ratio (1.53 vs 1.20), 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.