AQWA vs. PAVE

Last updated Jun 4, 2026

AQWA (Global X Clean Water ETF) and PAVE (Global X US Infrastructure Development ETF) are both exchange-traded funds - AQWA is a Water Equities fund tracking the Solactive Global Clean Water Industry Index, while PAVE is a Utilities Equities fund tracking the INDXX U.S. Infrastructure Development Index. Both are passively managed. Over the past 5 years, AQWA returned 4.62%/yr vs 17.39%/yr for PAVE. A 0.78 correlation means they provide meaningful diversification when combined. AQWA charges 0.50%/yr vs 0.47%/yr for PAVE.

Performance

AQWA vs. PAVE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Global X Clean Water ETF (AQWA) and Global X US Infrastructure Development ETF (PAVE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AQWA achieves a -0.68% return, which is significantly lower than PAVE's 19.88% return.

AQWA

• 1D: 0.06%
• 1M: -1.97%
• YTD: -0.68%
• 6M: -3.10%
• 1Y: 0.82%
• 3Y*: 9.10%
• 5Y*: 4.62%
• 10Y*: —

PAVE

• 1D: 0.70%
• 1M: 1.96%
• YTD: 19.88%
• 6M: 18.87%
• 1Y: 37.15%
• 3Y*: 26.78%
• 5Y*: 17.39%
• 10Y*: —

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

AQWA vs. PAVE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
AQWA Global X Clean Water ETF	-0.68%	13.15%	4.34%	20.13%	-19.89%	15.85%
PAVE Global X US Infrastructure Development ETF	19.88%	19.36%	17.92%	31.01%	-7.17%	13.47%

Correlation

The correlation between AQWA and PAVE is 0.75, 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	0.75
Correlation (3Y) Calculated over the trailing 3-year period	0.78
Correlation (5Y) Calculated over the trailing 5-year period	0.78
Correlation (All Time) Calculated using the full available price history since Apr 13, 2021	0.78

The correlation between AQWA and PAVE has been stable across timeframes, ranging from 0.75 to 0.78 - a consistent structural relationship.

AQWA vs. PAVE - Sectors Allocation Comparison

Sectors	AQWA	PAVE
Industrials	56.9%	74.8%
Utilities	34.8%	3.2%
Consumer Defensive	2.9%	0.3%
Technology	2.0%	1.1%
Consumer Cyclical	1.7%	-
Basic Materials	1.7%	20.3%
Communication Services	-	-
Energy	-	0.2%
Financial Services	-	-
Healthcare	-	-
Real Estate	-	-

Return for Risk

AQWA vs. PAVE — Risk / Return Rank

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

AQWA

AQWA Risk / Return Rank: 9
AQWA Sharpe Ratio Rank: 9
AQWA Sortino Ratio Rank: 9
AQWA Omega Ratio Rank: 9
AQWA Calmar Ratio Rank: 9
AQWA Martin Ratio Rank: 9

PAVE

PAVE Risk / Return Rank: 59
PAVE Sharpe Ratio Rank: 57
PAVE Sortino Ratio Rank: 58
PAVE Omega Ratio Rank: 53
PAVE Calmar Ratio Rank: 62
PAVE Martin Ratio Rank: 63

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.

AQWA vs. PAVE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X Clean Water ETF (AQWA) and Global X US Infrastructure Development ETF (PAVE). 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.

	AQWA	PAVE	Difference
Sharpe ratio: Return per unit of total volatility	0.06	1.99	-1.93
Sortino ratio: Return per unit of downside risk	0.18	2.82	-2.63
Omega ratio: Gain probability vs. loss probability	1.02	1.34	-0.31
Calmar ratio: Return relative to maximum drawdown	0.07	3.13	-3.07
Martin ratio: Return relative to average drawdown	0.17	11.50	-11.33
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

AQWA vs. PAVE - Sharpe Ratio Comparison

The current AQWA Sharpe Ratio is 0.06, which is lower than the PAVE Sharpe Ratio of 1.99. The chart below compares the historical Sharpe Ratios of AQWA and PAVE, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	AQWA	PAVE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.06	1.99	-1.93
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.28	0.81	-0.53
Sharpe Ratio (All Time) Calculated using the full available price history	0.32	0.68	-0.36

Drawdowns

AQWA vs. PAVE - Drawdown Comparison

The maximum AQWA drawdown since its inception was -29.44%, smaller than the maximum PAVE drawdown of -44.08%. Use the drawdown chart below to compare losses from any high point for AQWA and PAVE.

Drawdown Indicators

	AQWA	PAVE	Difference
Max Drawdown Largest peak-to-trough decline	-29.44%	-44.08%	+14.64%
Max Drawdown (1Y) Largest decline over 1 year	-12.34%	-11.91%	-0.43%
Max Drawdown (3Y) Largest decline over 3 years	-14.55%	-26.23%	+11.68%
Max Drawdown (5Y) Largest decline over 5 years	-29.44%	-26.23%	-3.21%
Current Drawdown Current decline from peak	-10.78%	-1.82%	-8.96%
Average Drawdown Average peak-to-trough decline	-8.27%	-6.24%	-2.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.90%	3.24%	+1.66%

Volatility

AQWA vs. PAVE - Volatility Comparison

The current volatility for Global X Clean Water ETF (AQWA) is 3.94%, while Global X US Infrastructure Development ETF (PAVE) has a volatility of 6.42%. This indicates that AQWA experiences smaller price fluctuations and is considered to be less risky than PAVE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AQWA	PAVE	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.94%	6.42%	-2.48%
Volatility (6M) Calculated over the trailing 6-month period	10.85%	15.17%	-4.32%
Volatility (1Y) Calculated over the trailing 1-year period	14.33%	18.84%	-4.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.75%	21.60%	-4.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.65%	24.38%	-7.73%

AQWA vs. PAVE - Expense Ratio Comparison

AQWA has a 0.50% expense ratio, which is higher than PAVE's 0.47% expense ratio.

Dividends

AQWA vs. PAVE - Dividend Comparison

AQWA's dividend yield for the trailing twelve months is around 1.48%, more than PAVE's 0.77% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
AQWA Global X Clean Water ETF	1.48%	1.47%	1.40%	1.53%	1.56%	1.20%	0.00%	0.00%	0.00%	0.00%
PAVE Global X US Infrastructure Development ETF	0.77%	0.92%	0.54%	0.68%	0.84%	0.48%	0.44%	0.67%	0.78%	0.30%

Frequently Asked Questions

Can I hold both AQWA and PAVE in my portfolio?

AQWA and PAVE have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AQWA or PAVE?

PAVE has higher volatility (6.42%) compared to AQWA (3.94%). In terms of maximum drawdown, AQWA dropped -29.44% vs PAVE's -44.08%.

Which ETF is better, AQWA or PAVE?

On 5-year performance, PAVE leads with 17.39% vs 4.62% for AQWA. On fees, PAVE is cheaper at 0.47% per year. On volatility, AQWA has been the lower-risk option at 3.94%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AQWA or PAVE?

Over the 5-year period, PAVE has performed better with a 17.39% return vs 4.62%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AQWA or PAVE?

PAVE is cheaper with a 0.47% expense ratio, compared with 0.50% for AQWA.

Which ETF pays a higher dividend yield, AQWA or PAVE?

AQWA has the higher dividend yield at 1.48%, compared with 0.77% for PAVE.

What is the main difference between AQWA and PAVE?

AQWA is categorized as Water Equities, while PAVE is Utilities Equities. AQWA tracks Solactive Global Clean Water Industry Index, while PAVE tracks INDXX U.S. Infrastructure Development Index. Their fees differ too: 0.50% for AQWA and 0.47% for PAVE.

Which has better risk-adjusted returns?

PAVE currently has the higher Sharpe Ratio (1.99 vs 0.06), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.