CSRIX vs. PAVE

Last updated Jun 4, 2026

CSRIX (Cohen & Steers Institutional Realty Shares) and PAVE (Global X US Infrastructure Development ETF) are both funds - CSRIX is a REIT fund managed by Cohen & Steers, while PAVE is a Utilities Equities fund tracking the INDXX U.S. Infrastructure Development Index. Over the past 5 years, CSRIX returned 3.87%/yr vs 17.39%/yr for PAVE. A 0.52 correlation means they provide meaningful diversification when combined. CSRIX charges 0.76%/yr vs 0.47%/yr for PAVE.

Performance

CSRIX vs. PAVE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Cohen & Steers Institutional Realty Shares (CSRIX) 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, CSRIX achieves a 11.61% return, which is significantly lower than PAVE's 19.88% return.

CSRIX

• 1D: 0.40%
• 1M: -0.97%
• YTD: 11.61%
• 6M: 10.52%
• 1Y: 11.20%
• 3Y*: 10.47%
• 5Y*: 3.87%
• 10Y*: 7.30%

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)

CSRIX vs. PAVE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CSRIX Cohen & Steers Institutional Realty Shares	11.61%	3.10%	6.26%	12.75%	-25.15%	42.40%	-2.55%	36.11%	-4.68%	6.39%
PAVE Global X US Infrastructure Development ETF	19.88%	19.36%	17.92%	31.01%	-7.17%	36.42%	19.72%	33.26%	-19.15%	14.11%

Correlation

The correlation between CSRIX and PAVE is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.45
Correlation (3Y) Calculated over the trailing 3-year period	0.52
Correlation (5Y) Calculated over the trailing 5-year period	0.59
Correlation (All Time) Calculated using the full available price history since Mar 9, 2017	0.52

The correlation between CSRIX and PAVE shifts across timeframes, from 0.45 (1 year) to 0.59 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

CSRIX vs. PAVE — Risk / Return Rank

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

CSRIX

CSRIX Risk / Return Rank: 12
CSRIX Sharpe Ratio Rank: 10
CSRIX Sortino Ratio Rank: 9
CSRIX Omega Ratio Rank: 10
CSRIX Calmar Ratio Rank: 16
CSRIX Martin Ratio Rank: 13

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.

CSRIX vs. PAVE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Cohen & Steers Institutional Realty Shares (CSRIX) 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.

	CSRIX	PAVE	Difference
Sharpe ratio: Return per unit of total volatility	0.81	1.99	-1.18
Sortino ratio: Return per unit of downside risk	1.16	2.82	-1.66
Omega ratio: Gain probability vs. loss probability	1.15	1.34	-0.19
Calmar ratio: Return relative to maximum drawdown	1.40	3.13	-1.73
Martin ratio: Return relative to average drawdown	3.70	11.50	-7.79
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CSRIX vs. PAVE - Sharpe Ratio Comparison

The current CSRIX Sharpe Ratio is 0.81, which is lower than the PAVE Sharpe Ratio of 1.99. The chart below compares the historical Sharpe Ratios of CSRIX 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

	CSRIX	PAVE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.81	1.99	-1.18
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.21	0.81	-0.60
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.36	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.35	0.68	-0.33

Drawdowns

CSRIX vs. PAVE - Drawdown Comparison

The maximum CSRIX drawdown since its inception was -41.45%, smaller than the maximum PAVE drawdown of -44.08%. Use the drawdown chart below to compare losses from any high point for CSRIX and PAVE.

Drawdown Indicators

	CSRIX	PAVE	Difference
Max Drawdown Largest peak-to-trough decline	-41.45%	-44.08%	+2.63%
Max Drawdown (1Y) Largest decline over 1 year	-7.74%	-11.91%	+4.17%
Max Drawdown (3Y) Largest decline over 3 years	-16.89%	-26.23%	+9.34%
Max Drawdown (5Y) Largest decline over 5 years	-31.79%	-26.23%	-5.56%
Max Drawdown (10Y) Largest decline over 10 years	-41.45%	—	—
Current Drawdown Current decline from peak	-2.89%	-1.82%	-1.07%
Average Drawdown Average peak-to-trough decline	-8.80%	-6.24%	-2.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.92%	3.24%	-0.32%

Volatility

CSRIX vs. PAVE - Volatility Comparison

The current volatility for Cohen & Steers Institutional Realty Shares (CSRIX) is 3.71%, while Global X US Infrastructure Development ETF (PAVE) has a volatility of 6.42%. This indicates that CSRIX 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

	CSRIX	PAVE	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.71%	6.42%	-2.71%
Volatility (6M) Calculated over the trailing 6-month period	10.13%	15.17%	-5.04%
Volatility (1Y) Calculated over the trailing 1-year period	13.45%	18.84%	-5.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.59%	21.60%	-3.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.49%	24.38%	-3.89%

CSRIX vs. PAVE - Expense Ratio Comparison

CSRIX has a 0.76% expense ratio, which is higher than PAVE's 0.47% expense ratio.

Dividends

CSRIX vs. PAVE - Dividend Comparison

CSRIX's dividend yield for the trailing twelve months is around 2.87%, more than PAVE's 0.77% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CSRIX Cohen & Steers Institutional Realty Shares	2.87%	3.14%	2.97%	3.04%	4.28%	3.87%	4.91%	12.97%	5.45%	6.28%	12.61%	13.63%
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%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CSRIX and PAVE in my portfolio?

CSRIX and PAVE have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CSRIX or PAVE?

PAVE has higher volatility (6.42%) compared to CSRIX (3.71%). In terms of maximum drawdown, CSRIX dropped -41.45% vs PAVE's -44.08%.

Which has better risk-adjusted returns?

PAVE currently has the higher Sharpe Ratio (1.99 vs 0.81), 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.