PAVE vs. EMLP

Last updated Aug 5, 2026

PAVE (Global X US Infrastructure Development ETF) and EMLP (First Trust North American Energy Infrastructure Fund) are both Infrastructure Equities funds. PAVE is passively managed, while EMLP is actively managed. Over the past 5 years, PAVE returned 18.19%/yr vs 16.38%/yr for EMLP. Their 0.58 correlation means they have sometimes moved together and sometimes differently. PAVE charges 0.47%/yr vs 0.96%/yr for EMLP.

Performance

PAVE vs. EMLP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Global X US Infrastructure Development ETF (PAVE) and First Trust North American Energy Infrastructure Fund (EMLP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PAVE achieves a 22.79% return, which is significantly higher than EMLP's 17.51% return.

PAVE

• 1D: 1.81%
• 1M: 2.50%
• 6M: 12.01%
• YTD: 22.79%
• 1Y: 30.13%
• 3Y*: 23.17%
• 5Y*: 18.19%
• 10Y*: —
• ALL TIME*: 16.46%

EMLP

• 1D: -0.11%
• 1M: 0.41%
• 6M: 9.77%
• YTD: 17.51%
• 1Y: 17.91%
• 3Y*: 21.05%
• 5Y*: 16.38%
• 10Y*: 10.01%
• ALL TIME*: 9.65%

*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)
EMLP First Trust North American Energy Infrastructure Fund	$16.05M	$11.73M	$12.72M
PAVE Global X US Infrastructure Development ETF	$108.37M	$122.49M	$109.59M

PAVE vs. EMLP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PAVE Global X US Infrastructure Development ETF	22.79%	19.36%	17.92%	31.01%	-7.17%	36.42%	19.72%	33.26%	-19.15%	13.41%
EMLP First Trust North American Energy Infrastructure Fund	17.51%	9.67%	33.39%	8.05%	10.39%	23.20%	-13.36%	23.40%	-8.70%	0.60%

Correlation

The correlation between PAVE and EMLP is 0.24, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.24
Correlation (3Y) Balances recent behavior with more history.	0.45
Correlation (5Y) Shows whether the relationship held over a longer period.	0.57
Correlation (All Time) Calculated using the full available price history since Mar 8, 2017	0.58

Over the past year, the correlation between PAVE and EMLP has dropped to 0.24 - well below their long-term average of 0.58, suggesting their price drivers have been diverging.

PAVE vs. EMLP - Sectors Allocation Comparison

Sectors	PAVE	EMLP
Industrials	72.3%	8.6%
Basic Materials	22.1%	1.7%
Utilities	3.5%	55.2%
Technology	1.9%	-
Consumer Defensive	0.3%	-
Energy	0.2%	25.9%
Communication Services	-	-
Consumer Cyclical	-	-
Financial Services	-	-
Healthcare	-	-
Real Estate	-	-

Return for Risk

PAVE vs. EMLP — Risk / Return Rank

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

PAVE

PAVE Risk / Return Rank: 57
PAVE Sharpe Ratio Rank: 53
PAVE Sortino Ratio Rank: 53
PAVE Omega Ratio Rank: 49
PAVE Calmar Ratio Rank: 65
PAVE Martin Ratio Rank: 62

EMLP

EMLP Risk / Return Rank: 72
EMLP Sharpe Ratio Rank: 67
EMLP Sortino Ratio Rank: 70
EMLP Omega Ratio Rank: 61
EMLP Calmar Ratio Rank: 86
EMLP Martin Ratio Rank: 75

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.

PAVE vs. EMLP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X US Infrastructure Development ETF (PAVE) and First Trust North American Energy Infrastructure Fund (EMLP). 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	EMLP	Difference
Sharpe ratio: Return per unit of total volatility	1.48	1.75	-0.27
Sortino ratio: Return per unit of downside risk	2.11	2.57	-0.46
Omega ratio: Gain probability vs. loss probability	1.25	1.30	-0.05
Calmar ratio: Return relative to maximum drawdown	2.54	3.64	-1.10
Martin ratio: Return relative to average drawdown	8.33	10.56	-2.23

PAVE vs. EMLP - Sharpe Ratio Comparison

The current PAVE Sharpe Ratio is 1.48, which is comparable to the EMLP Sharpe Ratio of 1.75. The chart below compares the historical Sharpe Ratios of PAVE and EMLP, 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 vs. EMLP - Drawdown Comparison

The maximum PAVE drawdown since its inception was -44.08%, roughly equal to the maximum EMLP drawdown of -43.61%. Use the drawdown chart below to compare losses from any high point for PAVE and EMLP.

Drawdown Indicators

	PAVE	EMLP	Difference
Max Drawdown Largest peak-to-trough decline	-44.08%	-43.61%	-0.47%
Max Drawdown (1Y) Largest decline over 1 year	-11.91%	-4.94%	-6.97%
Max Drawdown (3Y) Largest decline over 3 years	-26.23%	-11.47%	-14.76%
Max Drawdown (5Y) Largest decline over 5 years	-26.23%	-14.59%	-11.64%
Max Drawdown (10Y) Largest decline over 10 years	—	-43.61%	—
Current Drawdown Current decline from peak	-2.18%	-2.14%	-0.04%
Average Drawdown Average peak-to-trough decline	-6.19%	-5.71%	-0.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.63%	1.75%	+1.88%

Volatility

PAVE vs. EMLP - Volatility Comparison

Global X US Infrastructure Development ETF (PAVE) has a higher volatility of 6.54% compared to First Trust North American Energy Infrastructure Fund (EMLP) at 3.56%. This indicates that PAVE's price experiences larger fluctuations and is considered to be riskier than EMLP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PAVE	EMLP	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.54%	3.56%	+2.98%
Volatility (6M) Calculated over the trailing 6-month period	16.73%	8.44%	+8.29%
Volatility (1Y) Calculated over the trailing 1-year period	20.50%	10.33%	+10.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.72%	14.49%	+7.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.38%	17.68%	+6.70%

PAVE vs. EMLP - Expense Ratio Comparison

PAVE has a 0.47% expense ratio, which is lower than EMLP's 0.96% expense ratio.

Dividends

PAVE vs. EMLP - Dividend Comparison

PAVE's dividend yield for the trailing twelve months is around 0.74%, less than EMLP's 2.77% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EMLP First Trust North American Energy Infrastructure Fund	2.77%	3.18%	3.19%	3.92%	3.15%	3.29%	4.70%	3.71%	4.71%	3.80%	3.62%	4.63%
PAVE Global X US Infrastructure Development ETF	0.74%	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 PAVE and EMLP in my portfolio?

PAVE and EMLP have a correlation of 0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PAVE or EMLP?

PAVE has higher volatility (6.54%) compared to EMLP (3.56%). In terms of maximum drawdown, PAVE dropped -44.08% vs EMLP's -43.61%.

Which ETF is better, PAVE or EMLP?

On 5-year performance, PAVE leads with 18.19% vs 16.38% for EMLP. On fees, PAVE is cheaper at 0.47% per year. On volatility, EMLP has been the lower-risk option at 3.56%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PAVE or EMLP?

Over the 5-year period, PAVE has performed better with a 18.19% return vs 16.38%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PAVE or EMLP?

PAVE is cheaper with a 0.47% expense ratio, compared with 0.96% for EMLP.

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

EMLP has the higher dividend yield at 2.77%, compared with 0.74% for PAVE.

What is the main difference between PAVE and EMLP?

They also come from different issuers: Global X and First Trust. Their fees differ too: 0.47% for PAVE and 0.96% for EMLP.

Which has better risk-adjusted returns?

EMLP currently has the higher Sharpe Ratio (1.75 vs 1.48), 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.