FNSTX vs. PAVE

Last updated Jun 3, 2026

FNSTX (Fidelity Infrastructure Fund) and PAVE (Global X US Infrastructure Development ETF) are both funds - FNSTX is a Large Cap Blend Equities fund managed by Fidelity, while PAVE is a Utilities Equities fund tracking the INDXX U.S. Infrastructure Development Index. Over the past 5 years, FNSTX returned 10.08%/yr vs 17.29%/yr for PAVE. A 0.66 correlation means they provide meaningful diversification when combined. FNSTX charges 1.00%/yr vs 0.47%/yr for PAVE.

Performance

FNSTX vs. PAVE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Infrastructure Fund (FNSTX) 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, FNSTX achieves a 7.99% return, which is significantly lower than PAVE's 19.04% return.

FNSTX

• 1D: -1.42%
• 1M: -4.03%
• YTD: 7.99%
• 6M: 7.44%
• 1Y: 24.88%
• 3Y*: 18.05%
• 5Y*: 10.08%
• 10Y*: —

PAVE

• 1D: 1.63%
• 1M: 0.35%
• YTD: 19.04%
• 6M: 19.47%
• 1Y: 38.20%
• 3Y*: 26.48%
• 5Y*: 17.29%
• 10Y*: —

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

FNSTX vs. PAVE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
FNSTX Fidelity Infrastructure Fund	7.99%	27.42%	14.43%	8.44%	-7.59%	7.58%	12.80%	5.49%
PAVE Global X US Infrastructure Development ETF	19.04%	19.36%	17.92%	31.01%	-7.17%	36.42%	19.72%	2.31%

Correlation

The correlation between FNSTX and PAVE is 0.63, 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	0.63
Correlation (3Y) Calculated over the trailing 3-year period	0.60
Correlation (5Y) Calculated over the trailing 5-year period	0.66
Correlation (All Time) Calculated using the full available price history since Nov 6, 2019	0.66

The correlation between FNSTX and PAVE has been stable across timeframes, ranging from 0.60 to 0.66 - a consistent structural relationship.

Return for Risk

FNSTX vs. PAVE — Risk / Return Rank

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

FNSTX

FNSTX Risk / Return Rank: 42
FNSTX Sharpe Ratio Rank: 34
FNSTX Sortino Ratio Rank: 29
FNSTX Omega Ratio Rank: 33
FNSTX Calmar Ratio Rank: 65
FNSTX Martin Ratio Rank: 51

PAVE

PAVE Risk / Return Rank: 61
PAVE Sharpe Ratio Rank: 60
PAVE Sortino Ratio Rank: 61
PAVE Omega Ratio Rank: 55
PAVE Calmar Ratio Rank: 64
PAVE Martin Ratio Rank: 64

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.

FNSTX vs. PAVE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Infrastructure Fund (FNSTX) 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.

	FNSTX	PAVE	Difference
Sharpe ratio Return per unit of total volatility	1.69	2.04	-0.34
Sortino ratio Return per unit of downside risk	2.26	2.88	-0.62
Omega ratio Gain probability vs. loss probability	1.31	1.34	-0.04
Calmar ratio Return relative to maximum drawdown	3.11	3.22	-0.11
Martin ratio Return relative to average drawdown	10.58	11.84	-1.26
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FNSTX vs. PAVE - Sharpe Ratio Comparison

The current FNSTX Sharpe Ratio is 1.69, which is comparable to the PAVE Sharpe Ratio of 2.04. The chart below compares the historical Sharpe Ratios of FNSTX 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

	FNSTX	PAVE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.69	2.04	-0.34
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.67	0.80	-0.14
Sharpe Ratio (All Time) Calculated using the full available price history	0.61	0.68	-0.07

Drawdowns

FNSTX vs. PAVE - Drawdown Comparison

The maximum FNSTX drawdown since its inception was -35.82%, smaller than the maximum PAVE drawdown of -44.08%. Use the drawdown chart below to compare losses from any high point for FNSTX and PAVE.

Drawdown Indicators

	FNSTX	PAVE	Difference
Max Drawdown Largest peak-to-trough decline	-35.82%	-44.08%	+8.26%
Max Drawdown (1Y) Largest decline over 1 year	-8.43%	-11.91%	+3.48%
Max Drawdown (3Y) Largest decline over 3 years	-13.63%	-26.23%	+12.60%
Max Drawdown (5Y) Largest decline over 5 years	-21.97%	-26.23%	+4.26%
Current Drawdown Current decline from peak	-4.69%	-2.50%	-2.19%
Average Drawdown Average peak-to-trough decline	-5.17%	-6.24%	+1.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.48%	3.24%	-0.76%

Volatility

FNSTX vs. PAVE - Volatility Comparison

The current volatility for Fidelity Infrastructure Fund (FNSTX) is 5.03%, while Global X US Infrastructure Development ETF (PAVE) has a volatility of 6.46%. This indicates that FNSTX 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

	FNSTX	PAVE	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.03%	6.46%	-1.43%
Volatility (6M) Calculated over the trailing 6-month period	12.51%	15.22%	-2.71%
Volatility (1Y) Calculated over the trailing 1-year period	15.43%	18.84%	-3.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.13%	21.60%	-6.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.76%	24.39%	-5.63%

FNSTX vs. PAVE - Expense Ratio Comparison

FNSTX has a 1.00% expense ratio, which is higher than PAVE's 0.47% expense ratio.

Dividends

FNSTX vs. PAVE - Dividend Comparison

FNSTX's dividend yield for the trailing twelve months is around 3.88%, more than PAVE's 0.77% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
FNSTX Fidelity Infrastructure Fund	3.88%	4.16%	1.59%	1.85%	1.35%	0.63%	0.80%	0.36%	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 FNSTX and PAVE in my portfolio?

FNSTX and PAVE have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FNSTX or PAVE?

PAVE has higher volatility (6.46%) compared to FNSTX (5.03%). In terms of maximum drawdown, FNSTX dropped -35.82% vs PAVE's -44.08%.

Which has better risk-adjusted returns?

PAVE currently has the higher Sharpe Ratio (2.04 vs 1.69), 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.