XLIP.L vs. PAVG.L

Last updated Jul 18, 2026

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

Performance

XLIP.L vs. PAVG.L - Performance Comparison

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

Different Trading Currencies

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

Returns By Period

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

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%

PAVG.L

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

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

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

	2026 (YTD)	2025	2024	2023	2022	2021
XLIP.L Invesco US Industrials Sector UCITS ETF	16.09%	11.11%	19.28%	11.56%	6.12%	2.05%
PAVG.L Global X U.S. Infrastructure Development UCITS ETF USD (Dist)	16.20%	12.40%	19.47%	24.53%	4.64%	-24.19%

Correlation

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

Return for Risk

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

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

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

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

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.

XLIP.L vs. PAVG.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco US Industrials Sector UCITS ETF (XLIP.L) and Global X U.S. Infrastructure Development UCITS ETF USD (Dist) (PAVG.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.

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

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

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

XLIP.L vs. PAVG.L - Drawdown Comparison

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

Drawdown Indicators

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

Volatility

XLIP.L vs. PAVG.L - Volatility Comparison

The current volatility for Invesco US Industrials Sector UCITS ETF (XLIP.L) is 5.15%, while Global X U.S. Infrastructure Development UCITS ETF USD (Dist) (PAVG.L) has a volatility of 5.51%. This indicates that XLIP.L experiences smaller price fluctuations and is considered to be less risky than PAVG.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

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

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

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

Dividends

XLIP.L vs. PAVG.L - Dividend Comparison

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

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 XLIP.L and PAVG.L in my portfolio?

XLIP.L and PAVG.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, XLIP.L or PAVG.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, XLIP.L or PAVG.L?

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

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

XLIP.L tracks MSCI World/Materials NR USD, while PAVG.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 XLIP.L and 0.47% for PAVG.L.