PAVG.L vs. XLBS.L

Last updated Jul 18, 2026

PAVG.L (Global X U.S. Infrastructure Development UCITS ETF USD (Dist)) and XLBS.L (Invesco Materials S&P US Select Sector UCITS ETF Acc) are both Industrials Equities funds - PAVG.L tracks the Indxx U.S. Infrastructure Development v2 Index while XLBS.L tracks the S&P® Select Sector Capped 20% Materials Index. Both are passively managed. Over the past 3 years, PAVG.L returned 20.18%/yr vs 6.72%/yr for XLBS.L. A 0.73 correlation means they provide meaningful diversification when combined. PAVG.L charges 0.47%/yr vs 0.14%/yr for XLBS.L.

Performance

PAVG.L vs. XLBS.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in Global X U.S. Infrastructure Development UCITS ETF USD (Dist) (PAVG.L) and Invesco Materials S&P US Select Sector UCITS ETF Acc (XLBS.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

PAVG.L is traded in GBP, while XLBS.L is traded in USD. To make them comparable, the XLBS.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 16.20% return, which is significantly higher than XLBS.L's 10.72% return.

PAVG.L

• 1D: -0.05%
• 1M: -4.39%
• 6M: 8.66%
• YTD: 16.20%
• 1Y: 25.44%
• 3Y*: 20.18%
• 5Y*: —
• 10Y*: —

XLBS.L

• 1D: 0.14%
• 1M: -5.48%
• 6M: 3.53%
• YTD: 10.72%
• 1Y: 14.55%
• 3Y*: 6.72%
• 5Y*: 6.50%
• 10Y*: 9.17%

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

PAVG.L vs. XLBS.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
PAVG.L Global X U.S. Infrastructure Development UCITS ETF USD (Dist)	16.20%	12.40%	19.47%	24.53%	4.64%	-24.19%
XLBS.L Invesco Materials S&P US Select Sector UCITS ETF Acc	10.72%	3.23%	0.89%	6.66%	-1.62%	6.87%

Correlation

The correlation between PAVG.L and XLBS.L is 0.58, 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	0.58
Correlation (3Y) Calculated over the trailing 3-year period	0.67
Correlation (All Time) Calculated using the full available price history since Nov 2, 2021	0.73

The correlation between PAVG.L and XLBS.L shifts across timeframes, from 0.58 (1 year) to 0.73 (all time), reflecting how their relationship changes across market environments.

Return for Risk

PAVG.L vs. XLBS.L — Risk / Return Rank

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

PAVG.L

PAVG.L Risk / Return Rank: 60
PAVG.L Sharpe Ratio Rank: 58
PAVG.L Sortino Ratio Rank: 59
PAVG.L Omega Ratio Rank: 52
PAVG.L Calmar Ratio Rank: 67
PAVG.L Martin Ratio Rank: 62

XLBS.L

XLBS.L Risk / Return Rank: 30
XLBS.L Sharpe Ratio Rank: 30
XLBS.L Sortino Ratio Rank: 30
XLBS.L Omega Ratio Rank: 28
XLBS.L Calmar Ratio Rank: 32
XLBS.L Martin Ratio Rank: 32

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.

PAVG.L vs. XLBS.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 (Dist) (PAVG.L) and Invesco Materials S&P US Select Sector UCITS ETF Acc (XLBS.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	XLBS.L	Difference
Sharpe ratio: Return per unit of total volatility	1.48	0.86	+0.63
Sortino ratio: Return per unit of downside risk	2.14	1.26	+0.88
Omega ratio: Gain probability vs. loss probability	1.25	1.16	+0.09
Calmar ratio: Return relative to maximum drawdown	2.50	1.31	+1.18
Martin ratio: Return relative to average drawdown	8.02	4.24	+3.77

PAVG.L vs. XLBS.L - Sharpe Ratio Comparison

The current PAVG.L Sharpe Ratio is 1.48, which is higher than the XLBS.L Sharpe Ratio of 0.86. The chart below compares the historical Sharpe Ratios of PAVG.L and XLBS.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

PAVG.L vs. XLBS.L - Drawdown Comparison

The maximum PAVG.L drawdown since its inception was -34.28%, which is greater than XLBS.L's maximum drawdown of -29.14%. Use the drawdown chart below to compare losses from any high point for PAVG.L and XLBS.L.

Drawdown Indicators

	PAVG.L	XLBS.L	Difference
Max Drawdown Largest peak-to-trough decline	-34.28%	-29.14%	-5.14%
Max Drawdown (1Y) Largest decline over 1 year	-10.14%	-11.04%	+0.90%
Max Drawdown (3Y) Largest decline over 3 years	-28.81%	-22.10%	-6.71%
Max Drawdown (5Y) Largest decline over 5 years	—	-22.10%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-29.14%	—
Current Drawdown Current decline from peak	-6.76%	-5.48%	-1.28%
Average Drawdown Average peak-to-trough decline	-11.99%	-5.60%	-6.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.17%	3.42%	-0.25%

Volatility

PAVG.L vs. XLBS.L - Volatility Comparison

The current volatility for Global X U.S. Infrastructure Development UCITS ETF USD (Dist) (PAVG.L) is 5.51%, while Invesco Materials S&P US Select Sector UCITS ETF Acc (XLBS.L) has a volatility of 5.96%. This indicates that PAVG.L experiences smaller price fluctuations and is considered to be less risky than XLBS.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PAVG.L	XLBS.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.51%	5.96%	-0.45%
Volatility (6M) Calculated over the trailing 6-month period	13.74%	14.06%	-0.32%
Volatility (1Y) Calculated over the trailing 1-year period	17.28%	16.96%	+0.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.19%	17.56%	+5.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.19%	18.91%	+4.28%

PAVG.L vs. XLBS.L - Expense Ratio Comparison

PAVG.L has a 0.47% expense ratio, which is higher than XLBS.L's 0.14% expense ratio.

Dividends

PAVG.L vs. XLBS.L - Dividend Comparison

PAVG.L's dividend yield for the trailing twelve months is around 0.21%, while XLBS.L has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022
PAVG.L Global X U.S. Infrastructure Development UCITS ETF USD (Dist)	0.21%	0.43%	0.41%	0.31%	0.58%
XLBS.L Invesco Materials S&P US Select Sector UCITS ETF Acc	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PAVG.L and XLBS.L in my portfolio?

PAVG.L and XLBS.L have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, PAVG.L or XLBS.L?

On fees, XLBS.L is cheaper at 0.14% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, PAVG.L or XLBS.L?

XLBS.L is cheaper with a 0.14% expense ratio, compared with 0.47% for PAVG.L.

What is the main difference between PAVG.L and XLBS.L?

PAVG.L tracks Indxx U.S. Infrastructure Development v2 Index, while XLBS.L tracks S&P® Select Sector Capped 20% Materials Index. They also come from different issuers: Global X and Invesco. Their fees differ too: 0.47% for PAVG.L and 0.14% for XLBS.L.