PAVG.L vs. SPXS.L
PAVG.L (Global X U.S. Infrastructure Development UCITS ETF USD Dis) and SPXS.L (Invesco S&P 500 UCITS ETF) are both Global Equities funds - PAVG.L tracks the Global X U.S. Infrastructure Development UCITS ETF USD Dis while SPXS.L tracks the Invesco S&P 500 UCITS ETF. Both are passively managed. Over the past 3 years, PAVG.L returned 20.28%/yr vs -74.39%/yr for SPXS.L. A 0.67 correlation means they provide meaningful diversification when combined. PAVG.L charges 0.47%/yr vs 0.05%/yr for SPXS.L.
Performance
PAVG.L vs. SPXS.L - Performance Comparison
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Different Trading Currencies
PAVG.L is traded in GBP, while SPXS.L is traded in USD. To make them comparable, the SPXS.L values have been converted to GBP using the latest available exchange rates.
Returns By Period
In the year-to-date period, PAVG.L achieves a 15.20% return, which is significantly higher than SPXS.L's 9.88% return.
PAVG.L
- 1D
- -1.72%
- 1M
- -3.88%
- 6M
- 10.56%
- YTD
- 15.20%
- 1Y
- 24.73%
- 3Y*
- 20.28%
- 5Y*
- —
- 10Y*
- —
SPXS.L
- 1D
- 0.00%
- 1M
- -0.81%
- 6M
- 9.42%
- YTD
- 9.88%
- 1Y
- -98.79%
- 3Y*
- -74.39%
- 5Y*
- -54.77%
- 10Y*
- -27.53%
PAVG.L vs. SPXS.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
PAVG.L Global X U.S. Infrastructure Development UCITS ETF USD Dis | 15.20% | 12.40% | 19.47% | 24.53% | 4.64% | -24.19% |
SPXS.L Invesco S&P 500 UCITS ETF | 9.88% | -98.91% | 27.76% | 20.65% | -8.84% | 4.79% |
Correlation
The correlation between PAVG.L and SPXS.L is 0.57, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.57 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.65 |
Correlation (All Time) Calculated using the full available price history since Nov 2, 2021 | 0.67 |
The correlation between PAVG.L and SPXS.L shifts across timeframes, from 0.57 (1 year) to 0.67 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
PAVG.L vs. SPXS.L — Risk / Return Rank
PAVG.L
SPXS.L
PAVG.L vs. SPXS.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 Dis (PAVG.L) and Invesco S&P 500 UCITS ETF (SPXS.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.
| PAVG.L | SPXS.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.58 | ||
| Sortino ratioReturn per unit of downside risk | +3.05 | ||
| Omega ratioGain probability vs. loss probability | 1.26 | 0.52 | +0.74 |
| Calmar ratioReturn relative to maximum drawdown | 2.71 | -1.00 | +3.71 |
| Martin ratioReturn relative to average drawdown | 8.77 | -1.23 | +10.00 |
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Drawdowns
PAVG.L vs. SPXS.L - Drawdown Comparison
The maximum PAVG.L drawdown since its inception was -34.28%, smaller than the maximum SPXS.L drawdown of -99.07%. Use the drawdown chart below to compare losses from any high point for PAVG.L and SPXS.L.
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Drawdown Indicators
| PAVG.L | SPXS.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.28% | -99.07% | +64.79% |
Max Drawdown (1Y)Largest decline over 1 year | -10.14% | -99.07% | +88.93% |
Max Drawdown (3Y)Largest decline over 3 years | -28.81% | -99.07% | +70.26% |
Max Drawdown (5Y)Largest decline over 5 years | — | -99.07% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -99.07% | — |
Current DrawdownCurrent decline from peak | -7.75% | -98.92% | +91.17% |
Average DrawdownAverage peak-to-trough decline | -11.99% | -7.34% | -4.65% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.14% | 80.59% | -77.45% |
Volatility
PAVG.L vs. SPXS.L - Volatility Comparison
Global X U.S. Infrastructure Development UCITS ETF USD Dis (PAVG.L) has a higher volatility of 5.79% compared to Invesco S&P 500 UCITS ETF (SPXS.L) at 2.88%. This indicates that PAVG.L's price experiences larger fluctuations and is considered to be riskier than SPXS.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PAVG.L | SPXS.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.79% | 2.88% | +2.91% |
Volatility (6M)Calculated over the trailing 6-month period | 13.85% | 9.25% | +4.60% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.53% | 99.46% | -81.93% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 23.21% | 46.95% | -23.74% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.21% | 35.32% | -12.11% |
PAVG.L vs. SPXS.L - Expense Ratio Comparison
PAVG.L has a 0.47% expense ratio, which is higher than SPXS.L's 0.05% expense ratio.
Dividends
PAVG.L vs. SPXS.L - Dividend Comparison
PAVG.L's dividend yield for the trailing twelve months is around 0.39%, while SPXS.L has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
PAVG.L Global X U.S. Infrastructure Development UCITS ETF USD Dis | 0.39% | 0.43% | 0.41% | 0.31% | 0.58% |
SPXS.L Invesco S&P 500 UCITS ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
PAVG.L and SPXS.L have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, SPXS.L is cheaper at 0.05% per year. The better choice depends on whether you care most about return, fees, risk, or income.
SPXS.L is cheaper with a 0.05% expense ratio, compared with 0.47% for PAVG.L.
PAVG.L tracks Global X U.S. Infrastructure Development UCITS ETF USD Dis, while SPXS.L tracks Invesco S&P 500 UCITS ETF. They also come from different issuers: Global X and Invesco. Their fees differ too: 0.47% for PAVG.L and 0.05% for SPXS.L.
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