MLPX vs. PAVE

Last updated Jun 4, 2026

MLPX (Global X MLP & Energy Infrastructure ETF) and PAVE (Global X US Infrastructure Development ETF) are both exchange-traded funds - MLPX is a MLPs fund tracking the Solactive MLP & Energy Infrastructure 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, MLPX returned 20.92%/yr vs 17.39%/yr for PAVE. A 0.56 correlation means they provide meaningful diversification when combined. MLPX charges 0.45%/yr vs 0.47%/yr for PAVE.

Performance

MLPX vs. PAVE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Global X MLP & Energy Infrastructure ETF (MLPX) 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, MLPX achieves a 23.59% return, which is significantly higher than PAVE's 19.88% return.

MLPX

• 1D: -0.39%
• 1M: -2.15%
• YTD: 23.59%
• 6M: 23.51%
• 1Y: 22.94%
• 3Y*: 28.13%
• 5Y*: 20.92%
• 10Y*: 12.41%

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)

MLPX vs. PAVE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MLPX Global X MLP & Energy Infrastructure ETF	23.59%	4.96%	42.90%	15.77%	21.54%	39.63%	-20.32%	19.04%	-15.64%	-2.92%
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 MLPX and PAVE is 0.06, 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	0.06
Correlation (3Y) Calculated over the trailing 3-year period	0.38
Correlation (5Y) Calculated over the trailing 5-year period	0.51
Correlation (All Time) Calculated using the full available price history since Mar 9, 2017	0.56

Over the past year, the correlation between MLPX and PAVE has dropped to 0.06 - well below their long-term average of 0.56, suggesting their price drivers have been diverging.

MLPX vs. PAVE - Sectors Allocation Comparison

Sectors	MLPX	PAVE
Energy	99.5%	0.2%
Utilities	0.3%	3.2%
Basic Materials	-	20.3%
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	0.3%
Financial Services	-	-
Healthcare	-	-
Industrials	-	74.8%
Real Estate	-	-
Technology	-	1.1%

Return for Risk

MLPX vs. PAVE — Risk / Return Rank

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

MLPX

MLPX Risk / Return Rank: 44
MLPX Sharpe Ratio Rank: 42
MLPX Sortino Ratio Rank: 40
MLPX Omega Ratio Rank: 39
MLPX Calmar Ratio Rank: 56
MLPX Martin Ratio Rank: 44

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.

MLPX vs. PAVE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X MLP & Energy Infrastructure ETF (MLPX) 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.

	MLPX	PAVE	Difference
Sharpe ratio: Return per unit of total volatility	1.50	1.99	-0.48
Sortino ratio: Return per unit of downside risk	2.09	2.82	-0.72
Omega ratio: Gain probability vs. loss probability	1.26	1.34	-0.08
Calmar ratio: Return relative to maximum drawdown	2.82	3.13	-0.32
Martin ratio: Return relative to average drawdown	7.27	11.50	-4.23
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MLPX vs. PAVE - Sharpe Ratio Comparison

The current MLPX Sharpe Ratio is 1.50, which is comparable to the PAVE Sharpe Ratio of 1.99. The chart below compares the historical Sharpe Ratios of MLPX 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

	MLPX	PAVE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.50	1.99	-0.48
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.05	0.81	+0.24
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.47	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.35	0.68	-0.33

Drawdowns

MLPX vs. PAVE - Drawdown Comparison

The maximum MLPX drawdown since its inception was -70.67%, which is greater than PAVE's maximum drawdown of -44.08%. Use the drawdown chart below to compare losses from any high point for MLPX and PAVE.

Drawdown Indicators

	MLPX	PAVE	Difference
Max Drawdown Largest peak-to-trough decline	-70.67%	-44.08%	-26.59%
Max Drawdown (1Y) Largest decline over 1 year	-8.18%	-11.91%	+3.73%
Max Drawdown (3Y) Largest decline over 3 years	-16.77%	-26.23%	+9.46%
Max Drawdown (5Y) Largest decline over 5 years	-19.72%	-26.23%	+6.51%
Max Drawdown (10Y) Largest decline over 10 years	-64.70%	—	—
Current Drawdown Current decline from peak	-5.68%	-1.82%	-3.86%
Average Drawdown Average peak-to-trough decline	-16.63%	-6.24%	-10.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.17%	3.24%	-0.07%

Volatility

MLPX vs. PAVE - Volatility Comparison

Global X MLP & Energy Infrastructure ETF (MLPX) and Global X US Infrastructure Development ETF (PAVE) have volatilities of 6.41% and 6.42%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MLPX	PAVE	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.41%	6.42%	-0.01%
Volatility (6M) Calculated over the trailing 6-month period	11.84%	15.17%	-3.33%
Volatility (1Y) Calculated over the trailing 1-year period	15.38%	18.84%	-3.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.08%	21.60%	-1.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.50%	24.38%	+2.12%

MLPX vs. PAVE - Expense Ratio Comparison

MLPX has a 0.45% expense ratio, which is lower than PAVE's 0.47% expense ratio.

Dividends

MLPX vs. PAVE - Dividend Comparison

MLPX's dividend yield for the trailing twelve months is around 4.15%, more than PAVE's 0.77% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MLPX Global X MLP & Energy Infrastructure ETF	4.15%	4.88%	4.30%	5.22%	5.23%	5.98%	8.32%	5.78%	5.77%	4.36%	5.50%	4.81%
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%	0.00%

Frequently Asked Questions

Can I hold both MLPX and PAVE in my portfolio?

MLPX and PAVE have a correlation of 0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MLPX or PAVE?

PAVE has higher volatility (6.42%) compared to MLPX (6.41%). In terms of maximum drawdown, MLPX dropped -70.67% vs PAVE's -44.08%.

Which ETF is better, MLPX or PAVE?

On 5-year performance, MLPX leads with 20.92% vs 17.39% for PAVE. On fees, MLPX is cheaper at 0.45% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MLPX or PAVE?

Over the 5-year period, MLPX has performed better with a 20.92% return vs 17.39%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MLPX or PAVE?

MLPX is cheaper with a 0.45% expense ratio, compared with 0.47% for PAVE.

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

MLPX has the higher dividend yield at 4.15%, compared with 0.77% for PAVE.

What is the main difference between MLPX and PAVE?

MLPX is categorized as MLPs, while PAVE is Utilities Equities. MLPX tracks Solactive MLP & Energy Infrastructure Index, while PAVE tracks INDXX U.S. Infrastructure Development Index. Their fees differ too: 0.45% for MLPX and 0.47% for PAVE.

Which has better risk-adjusted returns?

PAVE currently has the higher Sharpe Ratio (1.99 vs 1.50), 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.