PAVE.L vs. ESIN.L

Last updated Jun 26, 2026

PAVE.L (Global X U.S. Infrastructure Development UCITS ETF USD Accumulating) and ESIN.L (iShares MSCI Europe Industrials Sector UCITS ETF EUR Acc) are both Industrials Equities funds - PAVE.L tracks the Indxx U.S. Infrastructure Development v2 Index while ESIN.L tracks the MSCI World/Materials NR USD. Both are passively managed. Over the past 3 years, PAVE.L returned 26.21%/yr vs 22.58%/yr for ESIN.L. A 0.70 correlation means they provide meaningful diversification when combined. PAVE.L charges 0.47%/yr vs 0.18%/yr for ESIN.L.

Performance

PAVE.L vs. ESIN.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Global X U.S. Infrastructure Development UCITS ETF USD Accumulating (PAVE.L) and iShares MSCI Europe Industrials Sector UCITS ETF EUR Acc (ESIN.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

PAVE.L is traded in USD, while ESIN.L is traded in GBP. To make them comparable, the ESIN.L values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, PAVE.L achieves a 23.45% return, which is significantly higher than ESIN.L's 7.46% return.

PAVE.L

• 1D: 1.51%
• 1M: 6.95%
• YTD: 23.45%
• 6M: 22.32%
• 1Y: 40.89%
• 3Y*: 26.21%
• 5Y*: —
• 10Y*: —

ESIN.L

• 1D: 0.69%
• 1M: -0.81%
• YTD: 7.46%
• 6M: 7.52%
• 1Y: 17.41%
• 3Y*: 22.58%
• 5Y*: 11.87%
• 10Y*: —

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

PAVE.L vs. ESIN.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
PAVE.L Global X U.S. Infrastructure Development UCITS ETF USD Accumulating	23.45%	19.81%	17.96%	31.55%	-6.33%	2.03%
ESIN.L iShares MSCI Europe Industrials Sector UCITS ETF EUR Acc	7.46%	40.86%	8.00%	30.88%	-20.82%	2.14%

Correlation

The correlation between PAVE.L and ESIN.L is 0.67, 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	0.67
Correlation (3Y) Calculated over the trailing 3-year period	0.66
Correlation (All Time) Calculated using the full available price history since Nov 2, 2021	0.70

The correlation between PAVE.L and ESIN.L has been stable across timeframes, ranging from 0.66 to 0.70 - a consistent structural relationship.

PAVE.L vs. ESIN.L - Sectors Allocation Comparison

Sectors	PAVE.L	ESIN.L
Industrials	75.1%	96.1%
Basic Materials	20.1%	0.3%
Utilities	3.2%	-
Technology	1.0%	0.4%
Consumer Defensive	0.3%	0.4%
Energy	0.3%	-
Communication Services	-	2.2%
Consumer Cyclical	-	1.1%
Financial Services	-	1.4%
Healthcare	-	-
Real Estate	-	-

Return for Risk

PAVE.L vs. ESIN.L — Risk / Return Rank

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

PAVE.L

PAVE.L Risk / Return Rank: 76
PAVE.L Sharpe Ratio Rank: 78
PAVE.L Sortino Ratio Rank: 83
PAVE.L Omega Ratio Rank: 70
PAVE.L Calmar Ratio Rank: 76
PAVE.L Martin Ratio Rank: 74

ESIN.L

ESIN.L Risk / Return Rank: 35
ESIN.L Sharpe Ratio Rank: 34
ESIN.L Sortino Ratio Rank: 36
ESIN.L Omega Ratio Rank: 35
ESIN.L Calmar Ratio Rank: 33
ESIN.L Martin Ratio Rank: 37

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.

PAVE.L vs. ESIN.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X U.S. Infrastructure Development UCITS ETF USD Accumulating (PAVE.L) and iShares MSCI Europe Industrials Sector UCITS ETF EUR Acc (ESIN.L). 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.

	PAVE.L	ESIN.L	Difference
Sharpe ratio: Return per unit of total volatility	2.19	0.82	+1.37
Sortino ratio: Return per unit of downside risk	3.24	1.34	+1.90
Omega ratio: Gain probability vs. loss probability	1.37	1.16	+0.21
Calmar ratio: Return relative to maximum drawdown	3.46	1.09	+2.36
Martin ratio: Return relative to average drawdown	12.34	3.83	+8.50

PAVE.L vs. ESIN.L - Sharpe Ratio Comparison

The current PAVE.L Sharpe Ratio is 2.19, which is higher than the ESIN.L Sharpe Ratio of 0.82. The chart below compares the historical Sharpe Ratios of PAVE.L and ESIN.L, 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

PAVE.L vs. ESIN.L - Drawdown Comparison

The maximum PAVE.L drawdown since its inception was -27.10%, smaller than the maximum ESIN.L drawdown of -44.56%. Use the drawdown chart below to compare losses from any high point for PAVE.L and ESIN.L.

Drawdown Indicators

	PAVE.L	ESIN.L	Difference
Max Drawdown Largest peak-to-trough decline	-27.10%	-44.56%	+17.46%
Max Drawdown (1Y) Largest decline over 1 year	-11.77%	-15.84%	+4.07%
Max Drawdown (3Y) Largest decline over 3 years	-27.10%	-18.32%	-8.78%
Max Drawdown (5Y) Largest decline over 5 years	—	-39.89%	—
Current Drawdown Current decline from peak	0.00%	-4.20%	+4.20%
Average Drawdown Average peak-to-trough decline	-5.86%	-12.33%	+6.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.31%	4.53%	-1.22%

Volatility

PAVE.L vs. ESIN.L - Volatility Comparison

Global X U.S. Infrastructure Development UCITS ETF USD Accumulating (PAVE.L) and iShares MSCI Europe Industrials Sector UCITS ETF EUR Acc (ESIN.L) have volatilities of 5.43% and 5.39%, 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

	PAVE.L	ESIN.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.43%	5.39%	+0.04%
Volatility (6M) Calculated over the trailing 6-month period	14.77%	17.82%	-3.05%
Volatility (1Y) Calculated over the trailing 1-year period	18.58%	21.06%	-2.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.69%	23.21%	-1.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.69%	23.79%	-2.10%

PAVE.L vs. ESIN.L - Expense Ratio Comparison

PAVE.L has a 0.47% expense ratio, which is higher than ESIN.L's 0.18% expense ratio.

Dividends

PAVE.L vs. ESIN.L - Dividend Comparison

Neither PAVE.L nor ESIN.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both PAVE.L and ESIN.L in my portfolio?

PAVE.L and ESIN.L have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, PAVE.L or ESIN.L?

On fees, ESIN.L is cheaper at 0.18% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, PAVE.L or ESIN.L?

ESIN.L is cheaper with a 0.18% expense ratio, compared with 0.47% for PAVE.L.

What is the main difference between PAVE.L and ESIN.L?

PAVE.L tracks Indxx U.S. Infrastructure Development v2 Index, while ESIN.L tracks MSCI World/Materials NR USD. They also come from different issuers: Global X and iShares. Their fees differ too: 0.47% for PAVE.L and 0.18% for ESIN.L.