PAVE vs. IUES.L

Last updated Jun 13, 2026

PAVE (Global X US Infrastructure Development ETF) and IUES.L (iShares S&P 500 Energy Sector UCITS ETF USD (Acc)) are both exchange-traded funds - PAVE is a Industrials Equities fund tracking the INDXX U.S. Infrastructure Development Index, while IUES.L is a Energy Equities fund tracking the MSCI World/Energy NR USD. Both are passively managed. Over the past 5 years, PAVE returned 17.84%/yr vs 19.69%/yr for IUES.L. At a 0.33 correlation, their price movements are largely independent. PAVE charges 0.47%/yr vs 0.15%/yr for IUES.L.

Performance

PAVE vs. IUES.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Global X US Infrastructure Development ETF (PAVE) and iShares S&P 500 Energy Sector UCITS ETF USD (Acc) (IUES.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PAVE achieves a 20.86% return, which is significantly lower than IUES.L's 28.42% return.

PAVE

• 1D: 1.01%
• 1M: 2.28%
• YTD: 20.86%
• 6M: 18.50%
• 1Y: 36.91%
• 3Y*: 25.14%
• 5Y*: 17.84%
• 10Y*: —

IUES.L

• 1D: -0.66%
• 1M: 1.42%
• YTD: 28.42%
• 6M: 28.69%
• 1Y: 37.46%
• 3Y*: 15.16%
• 5Y*: 19.69%
• 10Y*: 9.22%

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

PAVE vs. IUES.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PAVE Global X US Infrastructure Development ETF	20.86%	19.36%	17.92%	31.01%	-7.17%	36.42%	19.72%	33.26%	-19.15%	13.41%
IUES.L iShares S&P 500 Energy Sector UCITS ETF USD (Acc)	28.42%	9.91%	3.87%	-0.66%	63.84%	51.95%	-33.35%	8.70%	-18.12%	5.23%

Correlation

The correlation between PAVE and IUES.L is -0.02, 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	-0.02
Correlation (3Y) Calculated over the trailing 3-year period	0.15
Correlation (5Y) Calculated over the trailing 5-year period	0.23
Correlation (All Time) Calculated using the full available price history since Mar 8, 2017	0.33

The correlation between PAVE and IUES.L shifts across timeframes, from -0.02 (1 year) to 0.33 (all time), reflecting how their relationship changes across market environments.

PAVE vs. IUES.L - Sectors Allocation Comparison

Sectors	PAVE	IUES.L
Industrials	74.8%	-
Basic Materials	20.3%	-
Utilities	3.2%	-
Technology	1.1%	-
Consumer Defensive	0.3%	-
Energy	0.2%	100.0%
Communication Services	-	-
Consumer Cyclical	-	-
Financial Services	-	-
Healthcare	-	-
Real Estate	-	-

Return for Risk

PAVE vs. IUES.L — Risk / Return Rank

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

PAVE

PAVE Risk / Return Rank: 67
PAVE Sharpe Ratio Rank: 67
PAVE Sortino Ratio Rank: 69
PAVE Omega Ratio Rank: 60
PAVE Calmar Ratio Rank: 71
PAVE Martin Ratio Rank: 70

IUES.L

IUES.L Risk / Return Rank: 54
IUES.L Sharpe Ratio Rank: 58
IUES.L Sortino Ratio Rank: 52
IUES.L Omega Ratio Rank: 53
IUES.L Calmar Ratio Rank: 58
IUES.L Martin Ratio Rank: 52

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 vs. IUES.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X US Infrastructure Development ETF (PAVE) and iShares S&P 500 Energy Sector UCITS ETF USD (Acc) (IUES.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	IUES.L	Difference
Sharpe ratio: Return per unit of total volatility	1.90	1.71	+0.19
Sortino ratio: Return per unit of downside risk	2.69	2.22	+0.47
Omega ratio: Gain probability vs. loss probability	1.32	1.29	+0.03
Calmar ratio: Return relative to maximum drawdown	3.11	2.57	+0.55
Martin ratio: Return relative to average drawdown	11.32	7.76	+3.57

PAVE vs. IUES.L - Sharpe Ratio Comparison

The current PAVE Sharpe Ratio is 1.90, which is comparable to the IUES.L Sharpe Ratio of 1.71. The chart below compares the historical Sharpe Ratios of PAVE and IUES.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 vs. IUES.L - Drawdown Comparison

The maximum PAVE drawdown since its inception was -44.08%, smaller than the maximum IUES.L drawdown of -66.79%. Use the drawdown chart below to compare losses from any high point for PAVE and IUES.L.

Drawdown Indicators

	PAVE	IUES.L	Difference
Max Drawdown Largest peak-to-trough decline	-44.08%	-66.79%	+22.71%
Max Drawdown (1Y) Largest decline over 1 year	-11.91%	-14.52%	+2.61%
Max Drawdown (3Y) Largest decline over 3 years	-26.23%	-20.90%	-5.33%
Max Drawdown (5Y) Largest decline over 5 years	-26.23%	-27.98%	+1.75%
Max Drawdown (10Y) Largest decline over 10 years	—	-66.79%	—
Current Drawdown Current decline from peak	-1.01%	-8.88%	+7.87%
Average Drawdown Average peak-to-trough decline	-6.23%	-14.19%	+7.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.27%	4.82%	-1.55%

Volatility

PAVE vs. IUES.L - Volatility Comparison

Global X US Infrastructure Development ETF (PAVE) has a higher volatility of 7.35% compared to iShares S&P 500 Energy Sector UCITS ETF USD (Acc) (IUES.L) at 6.75%. This indicates that PAVE's price experiences larger fluctuations and is considered to be riskier than IUES.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PAVE	IUES.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.35%	6.75%	+0.60%
Volatility (6M) Calculated over the trailing 6-month period	15.87%	18.55%	-2.68%
Volatility (1Y) Calculated over the trailing 1-year period	19.49%	21.81%	-2.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.70%	26.73%	-5.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.40%	28.49%	-4.09%

PAVE vs. IUES.L - Expense Ratio Comparison

PAVE has a 0.47% expense ratio, which is higher than IUES.L's 0.15% expense ratio.

Dividends

PAVE vs. IUES.L - Dividend Comparison

PAVE's dividend yield for the trailing twelve months is around 0.76%, while IUES.L has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
IUES.L iShares S&P 500 Energy Sector UCITS ETF USD (Acc)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
PAVE Global X US Infrastructure Development ETF	0.76%	0.92%	0.54%	0.68%	0.84%	0.48%	0.44%	0.67%	0.78%	0.30%

Frequently Asked Questions

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

PAVE and IUES.L have a correlation of -0.02, 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 or IUES.L?

On fees, IUES.L is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, PAVE or IUES.L?

IUES.L is cheaper with a 0.15% expense ratio, compared with 0.47% for PAVE.

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

PAVE is categorized as Industrials Equities, while IUES.L is Energy Equities. PAVE tracks INDXX U.S. Infrastructure Development Index, while IUES.L tracks MSCI World/Energy NR USD. They also come from different issuers: Global X and iShares. Their fees differ too: 0.47% for PAVE and 0.15% for IUES.L.