PAVE vs. PIPE

Last updated Aug 5, 2026

PAVE (Global X US Infrastructure Development ETF) and PIPE (Invesco SteelPath MLP & Energy Infrastructure ETF) are both Infrastructure Equities funds. PAVE is passively managed, while PIPE is actively managed. Over the past year, PAVE returned 30.13% vs 30.59% for PIPE. Their 0.23 correlation means their historical movements had little consistent relationship. PAVE charges 0.47%/yr vs 0.75%/yr for PIPE.

Performance

PAVE vs. PIPE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Global X US Infrastructure Development ETF (PAVE) and Invesco SteelPath MLP & Energy Infrastructure ETF (PIPE). 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 lower than PIPE's 28.11% 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%

PIPE

• 1D: -1.16%
• 1M: 2.22%
• 6M: 20.40%
• YTD: 28.11%
• 1Y: 30.59%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 18.77%

*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)
PAVE Global X US Infrastructure Development ETF	$108.37M	$122.49M	$109.59M
PIPE Invesco SteelPath MLP & Energy Infrastructure ETF	$149.15K	$94.70K	$92.96K

PAVE vs. PIPE - Yearly Performance Comparison

	2026 (YTD)	2025
PAVE Global X US Infrastructure Development ETF	22.79%	14.68%
PIPE Invesco SteelPath MLP & Energy Infrastructure ETF	28.11%	0.14%

Correlation

The correlation between PAVE and PIPE is 0.07, 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.	0.07
Correlation (All Time) Calculated using the full available price history since Feb 20, 2025	0.23

The correlation between PAVE and PIPE shifts across timeframes, from 0.07 (1 year) to 0.23 (all time), reflecting how their relationship changes across market environments.

PAVE vs. PIPE - Sectors Allocation Comparison

Sectors	PAVE	PIPE
Industrials	72.3%	-
Basic Materials	22.1%	-
Utilities	3.5%	2.0%
Technology	1.9%	-
Consumer Defensive	0.3%	-
Energy	0.2%	97.0%
Communication Services	-	-
Consumer Cyclical	-	-
Financial Services	-	1.3%
Healthcare	-	-
Real Estate	-	-

Return for Risk

PAVE vs. PIPE — 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

PIPE

PIPE Risk / Return Rank: 81
PIPE Sharpe Ratio Rank: 83
PIPE Sortino Ratio Rank: 80
PIPE Omega Ratio Rank: 79
PIPE Calmar Ratio Rank: 91
PIPE Martin Ratio Rank: 74

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. PIPE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X US Infrastructure Development ETF (PAVE) and Invesco SteelPath MLP & Energy Infrastructure ETF (PIPE). 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	PIPE	Difference
Sharpe ratio: Return per unit of total volatility	1.48	2.06	-0.58
Sortino ratio: Return per unit of downside risk	2.11	2.80	-0.69
Omega ratio: Gain probability vs. loss probability	1.25	1.35	-0.10
Calmar ratio: Return relative to maximum drawdown	2.54	4.19	-1.65
Martin ratio: Return relative to average drawdown	8.33	10.00	-1.67

PAVE vs. PIPE - Sharpe Ratio Comparison

The current PAVE Sharpe Ratio is 1.48, which is comparable to the PIPE Sharpe Ratio of 2.06. The chart below compares the historical Sharpe Ratios of PAVE and PIPE, 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. PIPE - Drawdown Comparison

The maximum PAVE drawdown since its inception was -44.08%, which is greater than PIPE's maximum drawdown of -15.69%. Use the drawdown chart below to compare losses from any high point for PAVE and PIPE.

Drawdown Indicators

	PAVE	PIPE	Difference
Max Drawdown Largest peak-to-trough decline	-44.08%	-15.69%	-28.39%
Max Drawdown (1Y) Largest decline over 1 year	-11.91%	-7.33%	-4.58%
Max Drawdown (3Y) Largest decline over 3 years	-26.23%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-26.23%	—	—
Current Drawdown Current decline from peak	-2.18%	-3.77%	+1.59%
Average Drawdown Average peak-to-trough decline	-6.19%	-3.94%	-2.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.63%	3.07%	+0.56%

Volatility

PAVE vs. PIPE - Volatility Comparison

Global X US Infrastructure Development ETF (PAVE) has a higher volatility of 6.54% compared to Invesco SteelPath MLP & Energy Infrastructure ETF (PIPE) at 5.57%. This indicates that PAVE's price experiences larger fluctuations and is considered to be riskier than PIPE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PAVE	PIPE	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.54%	5.57%	+0.97%
Volatility (6M) Calculated over the trailing 6-month period	16.73%	12.06%	+4.67%
Volatility (1Y) Calculated over the trailing 1-year period	20.50%	14.95%	+5.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.72%	18.62%	+3.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.38%	18.62%	+5.76%

PAVE vs. PIPE - Expense Ratio Comparison

PAVE has a 0.47% expense ratio, which is lower than PIPE's 0.75% expense ratio.

Dividends

PAVE vs. PIPE - Dividend Comparison

PAVE's dividend yield for the trailing twelve months is around 0.74%, less than PIPE's 3.75% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
PIPE Invesco SteelPath MLP & Energy Infrastructure ETF	3.75%	3.74%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PAVE and PIPE in my portfolio?

PAVE and PIPE have a correlation of 0.07, 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 PIPE?

PAVE has higher volatility (6.54%) compared to PIPE (5.57%). In terms of maximum drawdown, PAVE dropped -44.08% vs PIPE's -15.69%.

Which ETF is better, PAVE or PIPE?

On 1-year performance, PIPE leads with 30.59% vs 30.13% for PAVE. On fees, PAVE is cheaper at 0.47% per year. On volatility, PIPE has been the lower-risk option at 5.57%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PAVE or PIPE?

Over the 1-year period, PIPE has performed better with a 30.59% return vs 30.13%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PAVE or PIPE?

PAVE is cheaper with a 0.47% expense ratio, compared with 0.75% for PIPE.

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

PIPE has the higher dividend yield at 3.75%, compared with 0.74% for PAVE.

What is the main difference between PAVE and PIPE?

They also come from different issuers: Global X and Invesco. Their fees differ too: 0.47% for PAVE and 0.75% for PIPE.

Which has better risk-adjusted returns?

PIPE currently has the higher Sharpe Ratio (2.06 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.