XLBP.L vs. PAVE.L

Last updated Jun 26, 2026

XLBP.L (Invesco US Materials Sector UCITS ETF) and PAVE.L (Global X U.S. Infrastructure Development UCITS ETF USD Accumulating) are both Industrials Equities funds - XLBP.L tracks the MSCI World/Materials NR USD while PAVE.L tracks the Indxx U.S. Infrastructure Development v2 Index. Both are passively managed. Over the past 3 years, XLBP.L returned 9.19%/yr vs 24.64%/yr for PAVE.L. A 0.76 correlation means they provide meaningful diversification when combined. XLBP.L charges 0.14%/yr vs 0.47%/yr for PAVE.L.

Performance

XLBP.L vs. PAVE.L - Performance Comparison

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

Different Trading Currencies

XLBP.L is traded in GBp, while PAVE.L is traded in USD. To make them comparable, the PAVE.L values have been converted to GBp using the latest available exchange rates.

Returns By Period

In the year-to-date period, XLBP.L achieves a 15.70% return, which is significantly lower than PAVE.L's 26.03% return.

XLBP.L

• 1D: 0.87%
• 1M: 4.42%
• YTD: 15.70%
• 6M: 15.54%
• 1Y: 24.47%
• 3Y*: 9.19%
• 5Y*: 7.43%
• 10Y*: 10.74%

PAVE.L

• 1D: 1.29%
• 1M: 8.98%
• YTD: 26.03%
• 6M: 25.18%
• 1Y: 45.84%
• 3Y*: 24.64%
• 5Y*: —
• 10Y*: —

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

XLBP.L vs. PAVE.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
XLBP.L Invesco US Materials Sector UCITS ETF	15.70%	3.47%	0.77%	6.09%	-1.67%	7.53%
PAVE.L Global X U.S. Infrastructure Development UCITS ETF USD Accumulating	26.03%	11.27%	20.02%	24.98%	4.80%	2.64%

Correlation

The correlation between XLBP.L and PAVE.L is 0.63, 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	0.63
Correlation (3Y) Calculated over the trailing 3-year period	0.70
Correlation (All Time) Calculated using the full available price history since Nov 2, 2021	0.76

The correlation between XLBP.L and PAVE.L shifts across timeframes, from 0.63 (1 year) to 0.76 (all time), reflecting how their relationship changes across market environments.

XLBP.L vs. PAVE.L - Sectors Allocation Comparison

Sectors	XLBP.L	PAVE.L
Basic Materials	89.8%	20.1%
Consumer Cyclical	8.6%	-
Industrials	1.6%	75.1%
Communication Services	-	-
Consumer Defensive	-	0.3%
Energy	-	0.3%
Financial Services	-	-
Healthcare	-	-
Real Estate	-	-
Technology	-	1.0%
Utilities	-	3.2%

Return for Risk

XLBP.L vs. PAVE.L — Risk / Return Rank

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

XLBP.L

XLBP.L Risk / Return Rank: 51
XLBP.L Sharpe Ratio Rank: 53
XLBP.L Sortino Ratio Rank: 52
XLBP.L Omega Ratio Rank: 47
XLBP.L Calmar Ratio Rank: 52
XLBP.L Martin Ratio Rank: 50

PAVE.L

PAVE.L Risk / Return Rank: 76
PAVE.L Sharpe Ratio Rank: 78
PAVE.L Sortino Ratio Rank: 83
PAVE.L Omega Ratio Rank: 70
PAVE.L Calmar Ratio Rank: 76
PAVE.L Martin Ratio Rank: 74

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.

XLBP.L vs. PAVE.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco US Materials Sector UCITS ETF (XLBP.L) and Global X U.S. Infrastructure Development UCITS ETF USD Accumulating (PAVE.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.

	XLBP.L	PAVE.L	Difference
Sharpe ratio: Return per unit of total volatility	1.60	2.53	-0.93
Sortino ratio: Return per unit of downside risk	2.28	3.49	-1.21
Omega ratio: Gain probability vs. loss probability	1.27	1.42	-0.15
Calmar ratio: Return relative to maximum drawdown	2.27	4.56	-2.29
Martin ratio: Return relative to average drawdown	7.47	16.30	-8.83

XLBP.L vs. PAVE.L - Sharpe Ratio Comparison

The current XLBP.L Sharpe Ratio is 1.60, which is lower than the PAVE.L Sharpe Ratio of 2.53. The chart below compares the historical Sharpe Ratios of XLBP.L and PAVE.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

XLBP.L vs. PAVE.L - Drawdown Comparison

The maximum XLBP.L drawdown since its inception was -28.58%, roughly equal to the maximum PAVE.L drawdown of -28.27%. Use the drawdown chart below to compare losses from any high point for XLBP.L and PAVE.L.

Drawdown Indicators

	XLBP.L	PAVE.L	Difference
Max Drawdown Largest peak-to-trough decline	-28.58%	-28.27%	-0.31%
Max Drawdown (1Y) Largest decline over 1 year	-10.74%	-10.00%	-0.74%
Max Drawdown (3Y) Largest decline over 3 years	-21.98%	-28.27%	+6.29%
Max Drawdown (5Y) Largest decline over 5 years	-21.98%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-28.58%	—	—
Current Drawdown Current decline from peak	-0.80%	0.00%	-0.80%
Average Drawdown Average peak-to-trough decline	-5.52%	-5.43%	-0.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.27%	2.81%	+0.46%

Volatility

XLBP.L vs. PAVE.L - Volatility Comparison

The current volatility for Invesco US Materials Sector UCITS ETF (XLBP.L) is 5.02%, while Global X U.S. Infrastructure Development UCITS ETF USD Accumulating (PAVE.L) has a volatility of 5.50%. This indicates that XLBP.L experiences smaller price fluctuations and is considered to be less risky than PAVE.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XLBP.L	PAVE.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.02%	5.50%	-0.48%
Volatility (6M) Calculated over the trailing 6-month period	12.08%	14.44%	-2.36%
Volatility (1Y) Calculated over the trailing 1-year period	15.27%	18.06%	-2.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.44%	20.86%	-4.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.04%	20.86%	-2.82%

XLBP.L vs. PAVE.L - Expense Ratio Comparison

XLBP.L has a 0.14% expense ratio, which is lower than PAVE.L's 0.47% expense ratio.

Dividends

XLBP.L vs. PAVE.L - Dividend Comparison

Neither XLBP.L nor PAVE.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both XLBP.L and PAVE.L in my portfolio?

XLBP.L and PAVE.L have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, XLBP.L or PAVE.L?

On fees, XLBP.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, XLBP.L or PAVE.L?

XLBP.L is cheaper with a 0.14% expense ratio, compared with 0.47% for PAVE.L.

What is the main difference between XLBP.L and PAVE.L?

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