BLCK.TO vs. PAVE

Last updated Apr 1, 2026

Compare and contrast key facts about First Trust Indxx Innovative Transaction and Process ETF (BLCK.TO) and Global X US Infrastructure Development ETF (PAVE).

BLCK.TO and PAVE are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. BLCK.TO is a passively managed fund by First Trust that tracks the performance of the Indxx Blockchain Index. It was launched on Mar 23, 2018. PAVE is a passively managed fund by Global X that tracks the performance of the INDXX U.S. Infrastructure Development Index. It was launched on Mar 6, 2017. Both BLCK.TO and PAVE are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

BLCK.TO vs. PAVE - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in First Trust Indxx Innovative Transaction and Process ETF (BLCK.TO) and Global X US Infrastructure Development ETF (PAVE). The values are adjusted to include any dividend payments, if applicable.

BLCK.TO vs. PAVE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
BLCK.TO First Trust Indxx Innovative Transaction and Process ETF	-4.98%	24.94%	25.85%	18.34%	-14.89%	18.96%	13.50%	26.93%	-7.66%
PAVE Global X US Infrastructure Development ETF	7.76%	13.89%	28.05%	28.13%	-0.56%	35.19%	17.70%	26.71%	-9.22%

Different Trading Currencies

BLCK.TO is traded in CAD, while PAVE is traded in USD. To make them comparable, the PAVE values have been converted to CAD using the latest available exchange rates.

Returns By Period

In the year-to-date period, BLCK.TO achieves a -4.98% return, which is significantly lower than PAVE's 7.76% return.

BLCK.TO

• 1D: 0.51%
• 1M: -7.08%
• YTD: -4.98%
• 6M: 0.35%
• 1Y: 13.35%
• 3Y*: 17.85%
• 5Y*: 11.11%
• 10Y*: —

PAVE

• 1D: 3.18%
• 1M: -5.95%
• YTD: 7.76%
• 6M: 7.30%
• 1Y: 31.39%
• 3Y*: 23.53%
• 5Y*: 18.27%
• 10Y*: —

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

BLCK.TO vs. PAVE - Expense Ratio Comparison

BLCK.TO has a 0.81% expense ratio, which is higher than PAVE's 0.47% expense ratio.

BLCK.TO

First Trust Indxx Innovative Transaction and Process ETF

PAVE

Global X US Infrastructure Development ETF

Return for Risk

BLCK.TO vs. PAVE — Risk / Return Rank

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

BLCK.TO

BLCK.TO Risk / Return Rank: 40
BLCK.TO Sharpe Ratio Rank: 42
BLCK.TO Sortino Ratio Rank: 41
BLCK.TO Omega Ratio Rank: 43
BLCK.TO Calmar Ratio Rank: 35
BLCK.TO Martin Ratio Rank: 38

PAVE

PAVE Risk / Return Rank: 87
PAVE Sharpe Ratio Rank: 84
PAVE Sortino Ratio Rank: 87
PAVE Omega Ratio Rank: 82
PAVE Calmar Ratio Rank: 90
PAVE Martin Ratio Rank: 89

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.

BLCK.TO vs. PAVE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Indxx Innovative Transaction and Process ETF (BLCK.TO) 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.

	BLCK.TO	PAVE	Difference
Sharpe ratio Return per unit of total volatility	0.82	1.41	-0.60
Sortino ratio Return per unit of downside risk	1.21	2.00	-0.79
Omega ratio Gain probability vs. loss probability	1.17	1.27	-0.10
Calmar ratio Return relative to maximum drawdown	0.90	2.63	-1.73
Martin ratio Return relative to average drawdown	3.60	8.95	-5.35
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BLCK.TO vs. PAVE - Sharpe Ratio Comparison

The current BLCK.TO Sharpe Ratio is 0.82, which is lower than the PAVE Sharpe Ratio of 1.41. The chart below compares the historical Sharpe Ratios of BLCK.TO and PAVE, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	BLCK.TO	PAVE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.82	1.41	-0.60
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.81	0.95	-0.14
Sharpe Ratio (All Time) Calculated using the full available price history	0.72	0.71	+0.01

Correlation

The correlation between BLCK.TO and PAVE is 0.06, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

BLCK.TO vs. PAVE - Dividend Comparison

BLCK.TO's dividend yield for the trailing twelve months is around 1.22%, more than PAVE's 0.86% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
BLCK.TO First Trust Indxx Innovative Transaction and Process ETF	1.22%	1.44%	1.45%	1.65%	3.16%	1.26%	0.25%	2.43%	0.87%	0.00%
PAVE Global X US Infrastructure Development ETF	0.86%	0.92%	0.54%	0.68%	0.84%	0.48%	0.44%	0.67%	0.78%	0.30%

Drawdowns

BLCK.TO vs. PAVE - Drawdown Comparison

The maximum BLCK.TO drawdown since its inception was -26.29%, smaller than the maximum PAVE drawdown of -38.99%. Use the drawdown chart below to compare losses from any high point for BLCK.TO and PAVE.

Drawdown Indicators

	BLCK.TO	PAVE	Difference
Max Drawdown Largest peak-to-trough decline	-26.29%	-44.08%	+17.79%
Max Drawdown (1Y) Largest decline over 1 year	-13.02%	-12.56%	-0.46%
Max Drawdown (5Y) Largest decline over 5 years	-24.67%	-26.23%	+1.56%
Current Drawdown Current decline from peak	-8.65%	-8.70%	+0.05%
Average Drawdown Average peak-to-trough decline	-5.14%	-6.30%	+1.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.26%	3.39%	-0.13%

Volatility

BLCK.TO vs. PAVE - Volatility Comparison

The current volatility for First Trust Indxx Innovative Transaction and Process ETF (BLCK.TO) is 6.48%, while Global X US Infrastructure Development ETF (PAVE) has a volatility of 7.88%. This indicates that BLCK.TO 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

	BLCK.TO	PAVE	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.48%	7.88%	-1.40%
Volatility (6M) Calculated over the trailing 6-month period	10.07%	14.08%	-4.01%
Volatility (1Y) Calculated over the trailing 1-year period	16.49%	22.33%	-5.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.85%	19.31%	-5.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.91%	22.28%	-6.37%