PAVE.L vs. XLIS.L

Last updated Jun 10, 2026

PAVE.L (Global X U.S. Infrastructure Development UCITS ETF USD Accumulating) and XLIS.L (Invesco Industrials S&P US Select Sector UCITS ETF Acc) are both Industrials Equities funds - PAVE.L tracks the Indxx U.S. Infrastructure Development v2 Index while XLIS.L tracks the S&P® Select Sector Capped 20% Industrials Index. Both are passively managed. Over the past 3 years, PAVE.L returned 25.13%/yr vs 20.73%/yr for XLIS.L. Their correlation of 0.92 suggests significant overlap in exposure. PAVE.L charges 0.47%/yr vs 0.14%/yr for XLIS.L.

Performance

PAVE.L vs. XLIS.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 Invesco Industrials S&P US Select Sector UCITS ETF Acc (XLIS.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PAVE.L achieves a 16.31% return, which is significantly higher than XLIS.L's 10.96% return.

PAVE.L

• 1D: -0.68%
• 1M: -1.03%
• YTD: 16.31%
• 6M: 16.78%
• 1Y: 32.91%
• 3Y*: 25.13%
• 5Y*: —
• 10Y*: —

XLIS.L

• 1D: -0.60%
• 1M: -0.42%
• YTD: 10.96%
• 6M: 12.49%
• 1Y: 20.79%
• 3Y*: 20.73%
• 5Y*: 12.20%
• 10Y*: 13.06%

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

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

	2026 (YTD)	2025	2024	2023	2022	2021
PAVE.L Global X U.S. Infrastructure Development UCITS ETF USD Accumulating	16.31%	19.81%	17.96%	31.55%	-6.33%	2.03%
XLIS.L Invesco Industrials S&P US Select Sector UCITS ETF Acc	10.96%	19.35%	17.30%	17.93%	-5.18%	0.52%

Correlation

The correlation between PAVE.L and XLIS.L is 0.90, 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	0.90
Correlation (3Y) Calculated over the trailing 3-year period	0.90
Correlation (All Time) Calculated using the full available price history since Nov 2, 2021	0.92

The correlation between PAVE.L and XLIS.L has been stable across timeframes, ranging from 0.90 to 0.92 - a consistent structural relationship.

Return for Risk

PAVE.L vs. XLIS.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: 63
PAVE.L Sharpe Ratio Rank: 61
PAVE.L Sortino Ratio Rank: 68
PAVE.L Omega Ratio Rank: 56
PAVE.L Calmar Ratio Rank: 64
PAVE.L Martin Ratio Rank: 63

XLIS.L

XLIS.L Risk / Return Rank: 47
XLIS.L Sharpe Ratio Rank: 46
XLIS.L Sortino Ratio Rank: 51
XLIS.L Omega Ratio Rank: 44
XLIS.L Calmar Ratio Rank: 44
XLIS.L Martin Ratio Rank: 51

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. XLIS.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 Invesco Industrials S&P US Select Sector UCITS ETF Acc (XLIS.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.

	PAVE.L	XLIS.L	Difference
Sharpe ratio: Return per unit of total volatility	1.77	1.42	+0.36
Sortino ratio: Return per unit of downside risk	2.69	2.18	+0.51
Omega ratio: Gain probability vs. loss probability	1.30	1.25	+0.05
Calmar ratio: Return relative to maximum drawdown	2.78	1.94	+0.84
Martin ratio: Return relative to average drawdown	9.96	7.57	+2.39
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

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

The current PAVE.L Sharpe Ratio is 1.77, which is comparable to the XLIS.L Sharpe Ratio of 1.42. The chart below compares the historical Sharpe Ratios of PAVE.L and XLIS.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.

Sharpe Ratios by Period

	PAVE.L	XLIS.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.77	1.42	+0.36
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.70	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.68	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.79	0.68	+0.10

Drawdowns

PAVE.L vs. XLIS.L - Drawdown Comparison

The maximum PAVE.L drawdown since its inception was -27.10%, smaller than the maximum XLIS.L drawdown of -42.30%. Use the drawdown chart below to compare losses from any high point for PAVE.L and XLIS.L.

Drawdown Indicators

	PAVE.L	XLIS.L	Difference
Max Drawdown Largest peak-to-trough decline	-27.10%	-42.30%	+15.20%
Max Drawdown (1Y) Largest decline over 1 year	-11.77%	-10.65%	-1.12%
Max Drawdown (3Y) Largest decline over 3 years	-27.10%	-19.65%	-7.45%
Max Drawdown (5Y) Largest decline over 5 years	—	-21.21%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-42.30%	—
Current Drawdown Current decline from peak	-3.38%	-2.34%	-1.04%
Average Drawdown Average peak-to-trough decline	-5.91%	-4.77%	-1.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.30%	2.74%	+0.56%

Volatility

PAVE.L vs. XLIS.L - Volatility Comparison

Global X U.S. Infrastructure Development UCITS ETF USD Accumulating (PAVE.L) has a higher volatility of 6.32% compared to Invesco Industrials S&P US Select Sector UCITS ETF Acc (XLIS.L) at 4.23%. This indicates that PAVE.L's price experiences larger fluctuations and is considered to be riskier than XLIS.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PAVE.L	XLIS.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.32%	4.23%	+2.09%
Volatility (6M) Calculated over the trailing 6-month period	14.64%	11.76%	+2.88%
Volatility (1Y) Calculated over the trailing 1-year period	18.46%	14.63%	+3.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.72%	17.36%	+4.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.72%	19.13%	+2.59%

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

PAVE.L has a 0.47% expense ratio, which is higher than XLIS.L's 0.14% expense ratio.

Dividends

PAVE.L vs. XLIS.L - Dividend Comparison

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

Tickers have no history of dividend payments

Frequently Asked Questions

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

With a correlation of 0.90, PAVE.L and XLIS.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.

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

On fees, XLIS.L is cheaper at 0.14% per year. The better choice depends on whether you care most about return, fees, risk, or income.

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

XLIS.L is cheaper with a 0.14% expense ratio, compared with 0.47% for PAVE.L.

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

PAVE.L tracks Indxx U.S. Infrastructure Development v2 Index, while XLIS.L tracks S&P® Select Sector Capped 20% Industrials Index. They also come from different issuers: Global X and Invesco. Their fees differ too: 0.47% for PAVE.L and 0.14% for XLIS.L.