AZZ vs. PAVE

Last updated Jul 17, 2026

AZZ (AZZ Inc.) is a stock, while PAVE (Global X US Infrastructure Development ETF) is Industrials Equities fund tracking the INDXX U.S. Infrastructure Development Index. Over the past 5 years, AZZ returned 25.59%/yr vs 18.44%/yr for PAVE. A 0.70 correlation means they provide meaningful diversification when combined.

Performance

AZZ vs. PAVE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AZZ Inc. (AZZ) 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, AZZ achieves a 41.68% return, which is significantly higher than PAVE's 19.02% return.

AZZ

• 1D: 0.45%
• 1M: -1.48%
• 6M: 23.24%
• YTD: 41.68%
• 1Y: 38.72%
• 3Y*: 52.79%
• 5Y*: 25.59%
• 10Y*: 10.71%

PAVE

• 1D: 0.25%
• 1M: -2.77%
• 6M: 10.64%
• YTD: 19.02%
• 1Y: 28.42%
• 3Y*: 22.08%
• 5Y*: 18.44%
• 10Y*: —

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

AZZ vs. PAVE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
AZZ AZZ Inc.	41.68%	31.89%	42.35%	46.82%	-26.09%	18.10%	5.34%	15.65%	-19.88%	-10.86%
PAVE Global X US Infrastructure Development ETF	19.02%	19.36%	17.92%	31.01%	-7.17%	36.42%	19.72%	33.26%	-19.15%	13.41%

Correlation

The correlation between AZZ and PAVE is 0.72, 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	0.72
Correlation (3Y) Calculated over the trailing 3-year period	0.69
Correlation (5Y) Calculated over the trailing 5-year period	0.70
Correlation (All Time) Calculated using the full available price history since Mar 8, 2017	0.70

The correlation between AZZ and PAVE has been stable across timeframes, ranging from 0.69 to 0.72 - a consistent structural relationship.

Return for Risk

AZZ vs. PAVE — Risk / Return Rank

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

AZZ

AZZ Risk / Return Rank: 78
AZZ Sharpe Ratio Rank: 80
AZZ Sortino Ratio Rank: 77
AZZ Omega Ratio Rank: 74
AZZ Calmar Ratio Rank: 80
AZZ Martin Ratio Rank: 78

PAVE

PAVE Risk / Return Rank: 53
PAVE Sharpe Ratio Rank: 51
PAVE Sortino Ratio Rank: 51
PAVE Omega Ratio Rank: 46
PAVE Calmar Ratio Rank: 59
PAVE Martin Ratio Rank: 59

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.

AZZ vs. PAVE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AZZ Inc. (AZZ) 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.

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.

	AZZ	PAVE	Difference
Sharpe ratio: Return per unit of total volatility	1.23	1.42	-0.19
Sortino ratio: Return per unit of downside risk	1.91	2.07	-0.16
Omega ratio: Gain probability vs. loss probability	1.23	1.24	-0.02
Calmar ratio: Return relative to maximum drawdown	2.14	2.40	-0.25
Martin ratio: Return relative to average drawdown	4.61	8.25	-3.64

AZZ vs. PAVE - Sharpe Ratio Comparison

The current AZZ Sharpe Ratio is 1.23, which is comparable to the PAVE Sharpe Ratio of 1.42. The chart below compares the historical Sharpe Ratios of AZZ 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.

Drawdowns

AZZ vs. PAVE - Drawdown Comparison

The maximum AZZ drawdown since its inception was -77.87%, which is greater than PAVE's maximum drawdown of -44.08%. Use the drawdown chart below to compare losses from any high point for AZZ and PAVE.

Drawdown Indicators

	AZZ	PAVE	Difference
Max Drawdown Largest peak-to-trough decline	-77.87%	-44.08%	-33.79%
Max Drawdown (1Y) Largest decline over 1 year	-18.16%	-11.91%	-6.25%
Max Drawdown (3Y) Largest decline over 3 years	-23.66%	-26.23%	+2.57%
Max Drawdown (5Y) Largest decline over 5 years	-46.23%	-26.23%	-20.00%
Max Drawdown (10Y) Largest decline over 10 years	-68.02%	—	—
Current Drawdown Current decline from peak	-5.48%	-5.19%	-0.29%
Average Drawdown Average peak-to-trough decline	-31.90%	-6.20%	-25.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.42%	3.46%	+4.96%

Volatility

AZZ vs. PAVE - Volatility Comparison

AZZ Inc. (AZZ) has a higher volatility of 11.88% compared to Global X US Infrastructure Development ETF (PAVE) at 6.22%. This indicates that AZZ's price experiences larger fluctuations and is considered to be riskier than PAVE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AZZ	PAVE	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.88%	6.22%	+5.66%
Volatility (6M) Calculated over the trailing 6-month period	24.92%	16.24%	+8.68%
Volatility (1Y) Calculated over the trailing 1-year period	31.73%	20.04%	+11.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	33.57%	21.69%	+11.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	35.77%	24.37%	+11.40%

Dividends

AZZ vs. PAVE - Dividend Comparison

AZZ's dividend yield for the trailing twelve months is around 0.56%, less than PAVE's 0.76% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AZZ AZZ Inc.	0.56%	0.69%	0.83%	1.17%	1.69%	1.23%	1.43%	1.48%	1.68%	1.33%	0.97%	1.08%
PAVE Global X US Infrastructure Development ETF	0.76%	0.92%	0.54%	0.68%	0.84%	0.48%	0.44%	0.67%	0.78%	0.30%	0.00%	0.00%

Frequently Asked Questions

Can I hold both AZZ and PAVE in my portfolio?

AZZ and PAVE have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AZZ or PAVE?

AZZ has higher volatility (11.88%) compared to PAVE (6.22%). In terms of maximum drawdown, AZZ dropped -77.87% vs PAVE's -44.08%.

Which has better risk-adjusted returns?

PAVE currently has the higher Sharpe Ratio (1.42 vs 1.23), 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.