PAVG.L vs. XLIP.L

Last updated Jul 18, 2026

PAVG.L (Global X U.S. Infrastructure Development UCITS ETF USD (Dist)) and XLIP.L (Invesco US Industrials Sector UCITS ETF) are both Industrials Equities funds - PAVG.L tracks the Indxx U.S. Infrastructure Development v2 Index while XLIP.L tracks the MSCI World/Materials NR USD. Both are passively managed. Over the past 3 years, PAVG.L returned 20.18%/yr vs 18.23%/yr for XLIP.L. Their correlation of 0.88 suggests significant overlap in exposure. PAVG.L charges 0.47%/yr vs 0.14%/yr for XLIP.L.

Performance

PAVG.L vs. XLIP.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 US Industrials Sector UCITS ETF (XLIP.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

PAVG.L is traded in GBP, while XLIP.L is traded in GBp. To make them comparable, the XLIP.L values have been converted to GBP using the latest available exchange rates.

Returns By Period

The year-to-date returns for both stocks are quite close, with PAVG.L having a 16.20% return and XLIP.L slightly lower at 16.09%.

PAVG.L

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

XLIP.L

• 1D: 0.36%
• 1M: -0.73%
• 6M: 8.01%
• YTD: 16.09%
• 1Y: 20.17%
• 3Y*: 18.23%
• 5Y*: 13.92%
• 10Y*: 12.83%

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

PAVG.L vs. XLIP.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%
XLIP.L Invesco US Industrials Sector UCITS ETF	16.09%	11.11%	19.28%	11.56%	6.12%	2.05%

Correlation

The correlation between PAVG.L and XLIP.L is 0.85, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.85
Correlation (3Y) Calculated over the trailing 3-year period	0.86
Correlation (All Time) Calculated using the full available price history since Nov 2, 2021	0.88

The correlation between PAVG.L and XLIP.L has been stable across timeframes, ranging from 0.85 to 0.88 - a consistent structural relationship.

Return for Risk

PAVG.L vs. XLIP.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

XLIP.L

XLIP.L Risk / Return Rank: 53
XLIP.L Sharpe Ratio Rank: 54
XLIP.L Sortino Ratio Rank: 53
XLIP.L Omega Ratio Rank: 49
XLIP.L Calmar Ratio Rank: 55
XLIP.L Martin Ratio Rank: 51

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. XLIP.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 US Industrials Sector UCITS ETF (XLIP.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	XLIP.L	Difference
Sharpe ratio: Return per unit of total volatility	1.48	1.43	+0.05
Sortino ratio: Return per unit of downside risk	2.14	2.03	+0.10
Omega ratio: Gain probability vs. loss probability	1.25	1.24	0.00
Calmar ratio: Return relative to maximum drawdown	2.50	2.14	+0.36
Martin ratio: Return relative to average drawdown	8.02	6.64	+1.38

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

The current PAVG.L Sharpe Ratio is 1.48, which is comparable to the XLIP.L Sharpe Ratio of 1.43. The chart below compares the historical Sharpe Ratios of PAVG.L and XLIP.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. XLIP.L - Drawdown Comparison

The maximum PAVG.L drawdown since its inception was -34.28%, roughly equal to the maximum XLIP.L drawdown of -34.56%. Use the drawdown chart below to compare losses from any high point for PAVG.L and XLIP.L.

Drawdown Indicators

	PAVG.L	XLIP.L	Difference
Max Drawdown Largest peak-to-trough decline	-34.28%	-34.56%	+0.28%
Max Drawdown (1Y) Largest decline over 1 year	-10.14%	-9.38%	-0.76%
Max Drawdown (3Y) Largest decline over 3 years	-28.81%	-21.02%	-7.79%
Max Drawdown (5Y) Largest decline over 5 years	—	-21.02%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-34.56%	—
Current Drawdown Current decline from peak	-6.76%	-3.75%	-3.01%
Average Drawdown Average peak-to-trough decline	-11.99%	-4.41%	-7.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.17%	3.03%	+0.14%

Volatility

PAVG.L vs. XLIP.L - Volatility Comparison

Global X U.S. Infrastructure Development UCITS ETF USD (Dist) (PAVG.L) has a higher volatility of 5.51% compared to Invesco US Industrials Sector UCITS ETF (XLIP.L) at 5.15%. This indicates that PAVG.L's price experiences larger fluctuations and is considered to be riskier than XLIP.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PAVG.L	XLIP.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.51%	5.15%	+0.36%
Volatility (6M) Calculated over the trailing 6-month period	13.74%	11.47%	+2.27%
Volatility (1Y) Calculated over the trailing 1-year period	17.28%	14.17%	+3.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.19%	16.04%	+7.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.19%	18.31%	+4.88%

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

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

Dividends

PAVG.L vs. XLIP.L - Dividend Comparison

PAVG.L's dividend yield for the trailing twelve months is around 0.21%, while XLIP.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%
XLIP.L Invesco US Industrials Sector UCITS ETF	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

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

PAVG.L and XLIP.L have a correlation of 0.85, 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 XLIP.L?

On fees, XLIP.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 XLIP.L?

XLIP.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 XLIP.L?

PAVG.L tracks Indxx U.S. Infrastructure Development v2 Index, while XLIP.L tracks MSCI World/Materials NR USD. They also come from different issuers: Global X and Invesco. Their fees differ too: 0.47% for PAVG.L and 0.14% for XLIP.L.