XLIS.L vs. PAVE.L

Last updated Jun 26, 2026

XLIS.L (Invesco Industrials S&P US Select Sector UCITS ETF Acc) and PAVE.L (Global X U.S. Infrastructure Development UCITS ETF USD Accumulating) are both Industrials Equities funds - XLIS.L tracks the S&P® Select Sector Capped 20% Industrials Index while PAVE.L tracks the Indxx U.S. Infrastructure Development v2 Index. Both are passively managed. Over the past 3 years, XLIS.L returned 22.57%/yr vs 26.21%/yr for PAVE.L. Their correlation of 0.92 suggests significant overlap in exposure. XLIS.L charges 0.14%/yr vs 0.47%/yr for PAVE.L.

Performance

XLIS.L vs. PAVE.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Industrials S&P US Select Sector UCITS ETF Acc (XLIS.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.

Returns By Period

In the year-to-date period, XLIS.L achieves a 18.45% return, which is significantly lower than PAVE.L's 23.45% return.

XLIS.L

• 1D: 1.59%
• 1M: 6.24%
• YTD: 18.45%
• 6M: 17.87%
• 1Y: 29.46%
• 3Y*: 22.57%
• 5Y*: 13.83%
• 10Y*: 14.45%

PAVE.L

• 1D: 1.51%
• 1M: 6.95%
• YTD: 23.45%
• 6M: 22.32%
• 1Y: 40.89%
• 3Y*: 26.21%
• 5Y*: —
• 10Y*: —

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

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

	2026 (YTD)	2025	2024	2023	2022	2021
XLIS.L Invesco Industrials S&P US Select Sector UCITS ETF Acc	18.45%	19.35%	17.30%	17.93%	-5.18%	0.52%
PAVE.L Global X U.S. Infrastructure Development UCITS ETF USD Accumulating	23.45%	19.81%	17.96%	31.55%	-6.33%	2.03%

Correlation

The correlation between XLIS.L and PAVE.L is 0.90, 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	0.90
Correlation (3Y) Calculated over the trailing 3-year period	0.90
Correlation (All Time) Calculated using the full available price history since Nov 2, 2021	0.92

The correlation between XLIS.L and PAVE.L has been stable across timeframes, ranging from 0.90 to 0.92 - a consistent structural relationship.

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

Sectors	XLIS.L	PAVE.L
Industrials	96.3%	75.1%
Technology	1.3%	1.0%
Consumer Cyclical	1.3%	-
Real Estate	1.1%	-
Basic Materials	-	20.1%
Communication Services	-	-
Consumer Defensive	-	0.3%
Energy	-	0.3%
Financial Services	-	-
Healthcare	-	-
Utilities	-	3.2%

Return for Risk

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

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

XLIS.L

XLIS.L Risk / Return Rank: 67
XLIS.L Sharpe Ratio Rank: 68
XLIS.L Sortino Ratio Rank: 75
XLIS.L Omega Ratio Rank: 64
XLIS.L Calmar Ratio Rank: 63
XLIS.L Martin Ratio Rank: 66

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.

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

This table presents a comparison of risk-adjusted performance metrics for Invesco Industrials S&P US Select Sector UCITS ETF Acc (XLIS.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.

	XLIS.L	PAVE.L	Difference
Sharpe ratio: Return per unit of total volatility	1.96	2.19	-0.23
Sortino ratio: Return per unit of downside risk	2.94	3.24	-0.30
Omega ratio: Gain probability vs. loss probability	1.34	1.37	-0.03
Calmar ratio: Return relative to maximum drawdown	2.75	3.46	-0.71
Martin ratio: Return relative to average drawdown	10.69	12.34	-1.64

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

The current XLIS.L Sharpe Ratio is 1.96, which is comparable to the PAVE.L Sharpe Ratio of 2.19. The chart below compares the historical Sharpe Ratios of XLIS.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

XLIS.L vs. PAVE.L - Drawdown Comparison

The maximum XLIS.L drawdown since its inception was -42.30%, which is greater than PAVE.L's maximum drawdown of -27.10%. Use the drawdown chart below to compare losses from any high point for XLIS.L and PAVE.L.

Drawdown Indicators

	XLIS.L	PAVE.L	Difference
Max Drawdown Largest peak-to-trough decline	-42.30%	-27.10%	-15.20%
Max Drawdown (1Y) Largest decline over 1 year	-10.65%	-11.77%	+1.12%
Max Drawdown (3Y) Largest decline over 3 years	-19.65%	-27.10%	+7.45%
Max Drawdown (5Y) Largest decline over 5 years	-21.21%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-42.30%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-4.76%	-5.86%	+1.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.75%	3.31%	-0.56%

Volatility

XLIS.L vs. PAVE.L - Volatility Comparison

The current volatility for Invesco Industrials S&P US Select Sector UCITS ETF Acc (XLIS.L) is 4.94%, while Global X U.S. Infrastructure Development UCITS ETF USD Accumulating (PAVE.L) has a volatility of 5.43%. This indicates that XLIS.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

	XLIS.L	PAVE.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.94%	5.43%	-0.49%
Volatility (6M) Calculated over the trailing 6-month period	12.25%	14.77%	-2.52%
Volatility (1Y) Calculated over the trailing 1-year period	14.97%	18.58%	-3.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.40%	21.69%	-4.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.13%	21.69%	-2.56%

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

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

Dividends

XLIS.L vs. PAVE.L - Dividend Comparison

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

Tickers have no history of dividend payments

Frequently Asked Questions

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

With a correlation of 0.90, XLIS.L and PAVE.L move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

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

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

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

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

XLIS.L tracks S&P® Select Sector Capped 20% Industrials Index, 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 XLIS.L and 0.47% for PAVE.L.