Global X Infrastructure Development ex-U.S. ETF (IPAV) Performance
IPAV total return
Distributions reinvested · as of Oct 23, 2026- YTD
- −0.8% since Dec 31, 2025
- 1 year
- +1.5% total return
- Since first price
- +19.9% since 2024
IPAV trailing returns vs SPY, QQQ, AGG
| Period | IPAV total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | −7.2% | −7.2% | −1.0% | −5.0% | +0.9% |
| 3 months | −6.9% | −6.9% | +3.2% | +1.9% | −0.4% |
| 6 months | −11.0% | −11.6% | +7.8% | +8.4% | −1.5% |
| YTD | −0.8% | −1.5% | +12.3% | +15.1% | −1.0% |
| 1 year | +1.5% | −0.1% | +14.4% | +15.9% | −1.1% |
| Since inceptionAug 28, 2024 | +19.9% | +17.1% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: IPAV vs SPY
From Aug 28, 2024: IPAV grew to $11,989, SPY to $13,969.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
IPAV returns by calendar year
1 of 1 full years positive. Best 2025 (+29.0%), worst 2025 (+29.0%). 2026 is year to date.
IPAV annual returns table
| Year | IPAV | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | −0.8% | −17.2% | +12.3% | +15.1% | −1.0% |
| 2025 | +29.0% | −13.8% | +17.7% | +20.8% | +7.2% |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
IPAV largest drawdowns
Now 17.2% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| May 6, 2026 | −17.2% | Oct 23, 2026 | not yet | 6 months | 6 months so far |
| Feb 25, 2026 | −14.6% | Mar 30, 2026 | May 5, 2026 | 33 days | 2 months |
| Sep 26, 2024 | −14.2% | Apr 8, 2025 | May 5, 2025 | 6 months | 7 months |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
IPAV risk statistics
| Statistic | Since 2024 |
|---|---|
| Annualized return | +11.5% |
| Volatility (annualized) | 16.8% |
| Sharpe ratio | 0.49 |
| Sortino ratio | 0.74 |
| Best month | +12.3% |
| Worst month | −11.0% |
| Best 12 months | +45.4% |
| Worst 12 months | +10.0% |
| Positive months | 68% |
| Beta vs S&P 500 | — |
| Correlation with S&P 500 | — |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
IPAV rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 15 | +2.8% | +20.8% | +45.4% | 100% |
Every holding period starting at a month-end since 2024. Returns for 3 years and longer are annualized.
IPAV performance overview
Global X Infrastructure Development ex-U.S. ETF (IPAV) returned +1.5% over the past year, with distributions reinvested. Since its first recorded price on Aug 28, 2024 it has returned +19.9%. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −17.2%, from May 6, 2026 to Oct 23, 2026; the fund has not yet regained that high. Volatility has been 16.8% a year.
Related: IPAV chart, IPAV holdings, IPAV dividends. See the IPAV overview for the latest quote and fund facts.
IPAV performance FAQ
What is the IPAV return over the past year?
IPAV returned +1.5% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it fell 0.1%.
How much would $10,000 invested in IPAV be worth?
$10,000 invested in IPAV at its first recorded close on August 28, 2024 would be worth about $11,989 on October 23, 2026 with distributions reinvested.
What is the biggest drawdown of IPAV?
The largest peak-to-trough decline was −17.2% between May 6, 2026 and October 23, 2026. It has not yet recovered to that high; it is 17.2% below its peak.
How volatile is IPAV?
Over the past history IPAV had an annualized volatility of 16.8% and a Sharpe ratio of 0.49 (excess return over 1–3 month T-bills per unit of risk).