PAVE vs. MLPB
PAVE (Global X US Infrastructure Development ETF) and MLPB (ETRACS Alerian MLP Infrastructure Index ETN Series B) are both Infrastructure Equities funds - PAVE tracks the INDXX U.S. Infrastructure Development Index while MLPB tracks the Alerian MLP Infrastructure Index. Both are passively managed. Over the past 5 years, PAVE returned 18.19%/yr vs 23.19%/yr for MLPB. Their 0.44 correlation means their historical movements had little consistent relationship. PAVE charges 0.47%/yr vs 0.85%/yr for MLPB.
Performance
PAVE vs. MLPB - Performance Comparison
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Returns By Period
In the year-to-date period, PAVE achieves a 22.79% return, which is significantly lower than MLPB's 26.02% 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%
MLPB
- 1D
- -0.55%
- 1M
- 6.67%
- 6M
- 16.30%
- YTD
- 26.02%
- 1Y
- 23.89%
- 3Y*
- 22.13%
- 5Y*
- 23.19%
- 10Y*
- 8.84%
- ALL TIME*
- 7.47%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $104.43K | $107.27K | $131.98K | |
| $108.37M | $122.49M | $109.59M |
PAVE vs. MLPB - 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% |
MLPB ETRACS Alerian MLP Infrastructure Index ETN Series B | 26.02% | 7.40% | 25.53% | 22.01% | 30.22% | 39.42% | -30.80% | 5.69% | -8.79% | -19.40% |
Correlation
The correlation between PAVE and MLPB is -0.01, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.01 |
Correlation (3Y) Balances recent behavior with more history. | 0.31 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.44 |
Correlation (All Time) Calculated using the full available price history since Mar 8, 2017 | 0.44 |
The correlation between PAVE and MLPB shifts across timeframes, from -0.01 (1 year) to 0.44 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
PAVE vs. MLPB — Risk / Return Rank
PAVE
MLPB
PAVE vs. MLPB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Global X US Infrastructure Development ETF (PAVE) and ETRACS Alerian MLP Infrastructure Index ETN Series B (MLPB). 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 | MLPB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.23 | ||
| Sortino ratioReturn per unit of downside risk | -0.29 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 1.29 | -0.04 |
| Calmar ratioReturn relative to maximum drawdown | 2.54 | 2.59 | -0.05 |
| Martin ratioReturn relative to average drawdown | 8.33 | 7.15 | +1.18 |
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Drawdowns
PAVE vs. MLPB - Drawdown Comparison
The maximum PAVE drawdown since its inception was -44.08%, smaller than the maximum MLPB drawdown of -71.93%. Use the drawdown chart below to compare losses from any high point for PAVE and MLPB.
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Drawdown Indicators
| PAVE | MLPB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -44.08% | -71.93% | +27.85% |
Max Drawdown (1Y)Largest decline over 1 year | -11.91% | -9.28% | -2.63% |
Max Drawdown (3Y)Largest decline over 3 years | -26.23% | -16.49% | -9.74% |
Max Drawdown (5Y)Largest decline over 5 years | -26.23% | -20.41% | -5.82% |
Max Drawdown (10Y)Largest decline over 10 years | — | -71.93% | — |
Current DrawdownCurrent decline from peak | -2.18% | -0.55% | -1.63% |
Average DrawdownAverage peak-to-trough decline | -6.19% | -14.66% | +8.47% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.63% | 3.47% | +0.16% |
Volatility
PAVE vs. MLPB - Volatility Comparison
Global X US Infrastructure Development ETF (PAVE) has a higher volatility of 6.54% compared to ETRACS Alerian MLP Infrastructure Index ETN Series B (MLPB) at 4.65%. This indicates that PAVE's price experiences larger fluctuations and is considered to be riskier than MLPB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PAVE | MLPB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.54% | 4.65% | +1.89% |
Volatility (6M)Calculated over the trailing 6-month period | 16.73% | 11.06% | +5.67% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.50% | 14.07% | +6.43% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.72% | 19.57% | +2.15% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 24.38% | 27.21% | -2.83% |
PAVE vs. MLPB - Expense Ratio Comparison
PAVE has a 0.47% expense ratio, which is lower than MLPB's 0.85% expense ratio.
Dividends
PAVE vs. MLPB - Dividend Comparison
PAVE's dividend yield for the trailing twelve months is around 0.74%, less than MLPB's 5.72% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
MLPB ETRACS Alerian MLP Infrastructure Index ETN Series B | 5.72% | 6.51% | 5.95% | 6.37% | 6.00% | 6.98% | 11.93% | 7.98% | 8.11% | 7.23% | 6.85% |
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% |
Frequently Asked Questions
PAVE and MLPB have a correlation of -0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PAVE has higher volatility (6.54%) compared to MLPB (4.65%). In terms of maximum drawdown, PAVE dropped -44.08% vs MLPB's -71.93%.
On 5-year performance, MLPB leads with 23.19% vs 18.19% for PAVE. On fees, PAVE is cheaper at 0.47% per year. On volatility, MLPB has been the lower-risk option at 4.65%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, MLPB has performed better with a 23.19% return vs 18.19%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PAVE is cheaper with a 0.47% expense ratio, compared with 0.85% for MLPB.
MLPB has the higher dividend yield at 5.72%, compared with 0.74% for PAVE.
PAVE tracks INDXX U.S. Infrastructure Development Index, while MLPB tracks Alerian MLP Infrastructure Index. They also come from different issuers: Global X and UBS. Their fees differ too: 0.47% for PAVE and 0.85% for MLPB.
MLPB currently has the higher Sharpe Ratio (1.71 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.
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