PAVE.L vs. PAVG.L
PAVE.L (Global X U.S. Infrastructure Development UCITS ETF USD Accumulating) and PAVG.L (Global X U.S. Infrastructure Development UCITS ETF USD (Dist)) are both Industrials Equities funds from Global X tracking the Indxx U.S. Infrastructure Development v2 Index. Both are passively managed. Over the past 3 years, PAVE.L returned 21.31%/yr vs 21.43%/yr for PAVG.L. Their correlation of 0.93 suggests significant overlap in exposure. Both charge a 0.47% expense ratio.
Performance
PAVE.L vs. PAVG.L - Performance Comparison
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Different Trading Currencies
PAVE.L is traded in USD, while PAVG.L is traded in GBP. To make them comparable, the PAVG.L values have been converted to USD using the latest available exchange rates.
Returns By Period
The year-to-date returns for both stocks are quite close, with PAVE.L having a 16.80% return and PAVG.L slightly lower at 16.14%.
PAVE.L
- 1D
- -0.70%
- 1M
- -4.10%
- 6M
- 9.38%
- YTD
- 16.80%
- 1Y
- 26.14%
- 3Y*
- 21.31%
- 5Y*
- —
- 10Y*
- —
PAVG.L
- 1D
- -0.26%
- 1M
- -3.25%
- 6M
- 9.24%
- YTD
- 16.14%
- 1Y
- 25.75%
- 3Y*
- 21.43%
- 5Y*
- —
- 10Y*
- —
PAVE.L vs. PAVG.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
PAVE.L Global X U.S. Infrastructure Development UCITS ETF USD Accumulating | 16.80% | 19.81% | 17.96% | 31.55% | -6.33% | 2.03% |
PAVG.L Global X U.S. Infrastructure Development UCITS ETF USD (Dist) | 16.14% | 20.88% | 17.48% | 31.10% | -6.55% | -24.63% |
Correlation
The correlation between PAVE.L and PAVG.L is 0.93, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.93 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.93 |
Correlation (All Time) Calculated using the full available price history since Nov 2, 2021 | 0.93 |
The correlation between PAVE.L and PAVG.L has been stable across timeframes, ranging from 0.93 to 0.93 - a consistent structural relationship.
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Return for Risk
PAVE.L vs. PAVG.L — Risk / Return Rank
PAVE.L
PAVG.L
PAVE.L vs. PAVG.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 Global X U.S. Infrastructure Development UCITS ETF USD (Dist) (PAVG.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 | PAVG.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.01 | ||
| Sortino ratioReturn per unit of downside risk | +0.03 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 1.23 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 2.21 | 2.26 | -0.05 |
| Martin ratioReturn relative to average drawdown | 7.48 | 7.56 | -0.08 |
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Drawdowns
PAVE.L vs. PAVG.L - Drawdown Comparison
The maximum PAVE.L drawdown since its inception was -27.10%, smaller than the maximum PAVG.L drawdown of -41.40%. Use the drawdown chart below to compare losses from any high point for PAVE.L and PAVG.L.
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Drawdown Indicators
| PAVE.L | PAVG.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -27.10% | -41.40% | +14.30% |
Max Drawdown (1Y)Largest decline over 1 year | -11.77% | -11.36% | -0.41% |
Max Drawdown (3Y)Largest decline over 3 years | -27.10% | -27.97% | +0.87% |
Current DrawdownCurrent decline from peak | -5.39% | -4.93% | -0.46% |
Average DrawdownAverage peak-to-trough decline | -5.83% | -14.80% | +8.97% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.49% | 3.40% | +0.09% |
Volatility
PAVE.L vs. PAVG.L - Volatility Comparison
Global X U.S. Infrastructure Development UCITS ETF USD Accumulating (PAVE.L) and Global X U.S. Infrastructure Development UCITS ETF USD (Dist) (PAVG.L) have volatilities of 5.55% and 5.84%, 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.
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Volatility by Period
| PAVE.L | PAVG.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.55% | 5.84% | -0.29% |
Volatility (6M)Calculated over the trailing 6-month period | 15.30% | 14.61% | +0.69% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.88% | 18.46% | +0.42% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.67% | 24.72% | -3.05% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.67% | 24.72% | -3.05% |
PAVE.L vs. PAVG.L - Expense Ratio Comparison
Both PAVE.L and PAVG.L have an expense ratio of 0.47%.
Dividends
PAVE.L vs. PAVG.L - Dividend Comparison
PAVE.L has not paid dividends to shareholders, while PAVG.L's dividend yield for the trailing twelve months is around 0.21%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
PAVE.L Global X U.S. Infrastructure Development UCITS ETF USD Accumulating | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
PAVG.L Global X U.S. Infrastructure Development UCITS ETF USD (Dist) | 0.21% | 0.43% | 0.41% | 0.31% | 0.58% |
Frequently Asked Questions
With a correlation of 0.93, PAVE.L and PAVG.L move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
Both ETFs have the same 0.47% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.
PAVE.L and PAVG.L have the same expense ratio: 0.47% per year.
Both ETFs track Indxx U.S. Infrastructure Development v2 Index.
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