HYDR vs. PAVE

Last updated Jun 5, 2026

HYDR (Global X Hydrogen ETF) and PAVE (Global X US Infrastructure Development ETF) are both exchange-traded funds - HYDR is a Alternative Energy Equities fund tracking the Solactive Global Hydrogen Index - Benchmark TR Net, while PAVE is a Industrials Equities fund tracking the INDXX U.S. Infrastructure Development Index. Both are passively managed. Over the past 3 years, HYDR returned 14.46%/yr vs 27.31%/yr for PAVE. A 0.57 correlation means they provide meaningful diversification when combined. HYDR charges 0.50%/yr vs 0.47%/yr for PAVE.

Performance

HYDR vs. PAVE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Global X Hydrogen ETF (HYDR) 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, HYDR achieves a 101.95% return, which is significantly higher than PAVE's 20.55% return.

HYDR

• 1D: -3.90%
• 1M: 2.47%
• YTD: 101.95%
• 6M: 76.41%
• 1Y: 232.59%
• 3Y*: 14.46%
• 5Y*: —
• 10Y*: —

PAVE

• 1D: 0.56%
• 1M: 0.42%
• YTD: 20.55%
• 6M: 19.00%
• 1Y: 37.89%
• 3Y*: 27.31%
• 5Y*: 17.52%
• 10Y*: —

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

HYDR vs. PAVE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
HYDR Global X Hydrogen ETF	101.95%	43.73%	-33.08%	-36.49%	-47.24%	-13.89%
PAVE Global X US Infrastructure Development ETF	20.55%	19.36%	17.92%	31.01%	-7.17%	12.89%

Correlation

The correlation between HYDR and PAVE is 0.50, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.50
Correlation (3Y) Calculated over the trailing 3-year period	0.53
Correlation (All Time) Calculated using the full available price history since Jul 15, 2021	0.57

The correlation between HYDR and PAVE has been stable across timeframes, ranging from 0.50 to 0.57 - a consistent structural relationship.

HYDR vs. PAVE - Sectors Allocation Comparison

Sectors	HYDR	PAVE
Industrials	84.7%	74.8%
Basic Materials	2.4%	20.3%
Consumer Cyclical	2.3%	-
Technology	0.5%	1.1%
Energy	0.4%	0.2%
Communication Services	-	-
Consumer Defensive	-	0.3%
Financial Services	-	-
Healthcare	-	-
Real Estate	-	-
Utilities	-	3.2%

Return for Risk

HYDR vs. PAVE — Risk / Return Rank

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

HYDR

HYDR Risk / Return Rank: 91
HYDR Sharpe Ratio Rank: 96
HYDR Sortino Ratio Rank: 92
HYDR Omega Ratio Rank: 85
HYDR Calmar Ratio Rank: 95
HYDR Martin Ratio Rank: 87

PAVE

PAVE Risk / Return Rank: 62
PAVE Sharpe Ratio Rank: 62
PAVE Sortino Ratio Rank: 63
PAVE Omega Ratio Rank: 56
PAVE Calmar Ratio Rank: 65
PAVE Martin Ratio Rank: 65

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.

HYDR vs. PAVE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X Hydrogen ETF (HYDR) 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.

	HYDR	PAVE	Difference
Sharpe ratio: Return per unit of total volatility	4.32	2.02	+2.30
Sortino ratio: Return per unit of downside risk	4.37	2.86	+1.51
Omega ratio: Gain probability vs. loss probability	1.52	1.34	+0.18
Calmar ratio: Return relative to maximum drawdown	7.87	3.19	+4.67
Martin ratio: Return relative to average drawdown	18.50	11.72	+6.78
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HYDR vs. PAVE - Sharpe Ratio Comparison

The current HYDR Sharpe Ratio is 4.32, which is higher than the PAVE Sharpe Ratio of 2.02. The chart below compares the historical Sharpe Ratios of HYDR 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

	HYDR	PAVE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	4.32	2.02	+2.30
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.81	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.24	0.68	-0.92

Drawdowns

HYDR vs. PAVE - Drawdown Comparison

The maximum HYDR drawdown since its inception was -89.28%, which is greater than PAVE's maximum drawdown of -44.08%. Use the drawdown chart below to compare losses from any high point for HYDR and PAVE.

Drawdown Indicators

	HYDR	PAVE	Difference
Max Drawdown Largest peak-to-trough decline	-89.28%	-44.08%	-45.20%
Max Drawdown (1Y) Largest decline over 1 year	-29.76%	-11.91%	-17.85%
Max Drawdown (3Y) Largest decline over 3 years	-70.32%	-26.23%	-44.09%
Max Drawdown (5Y) Largest decline over 5 years	—	-26.23%	—
Current Drawdown Current decline from peak	-53.63%	-1.27%	-52.36%
Average Drawdown Average peak-to-trough decline	-64.20%	-6.24%	-57.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.64%	3.24%	+9.40%

Volatility

HYDR vs. PAVE - Volatility Comparison

Global X Hydrogen ETF (HYDR) has a higher volatility of 18.28% compared to Global X US Infrastructure Development ETF (PAVE) at 6.10%. This indicates that HYDR'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

	HYDR	PAVE	Difference
Volatility (1M) Calculated over the trailing 1-month period	18.28%	6.10%	+12.18%
Volatility (6M) Calculated over the trailing 6-month period	35.72%	15.18%	+20.54%
Volatility (1Y) Calculated over the trailing 1-year period	54.22%	18.80%	+35.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	47.24%	21.60%	+25.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	47.24%	24.38%	+22.86%

HYDR vs. PAVE - Expense Ratio Comparison

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

Dividends

HYDR vs. PAVE - Dividend Comparison

HYDR's dividend yield for the trailing twelve months is around 1.89%, more than PAVE's 0.76% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
HYDR Global X Hydrogen ETF	1.89%	3.82%	0.40%	0.00%	0.00%	0.06%	0.00%	0.00%	0.00%	0.00%
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%

Frequently Asked Questions

Can I hold both HYDR and PAVE in my portfolio?

HYDR and PAVE have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HYDR or PAVE?

HYDR has higher volatility (18.28%) compared to PAVE (6.10%). In terms of maximum drawdown, HYDR dropped -89.28% vs PAVE's -44.08%.

Which ETF is better, HYDR or PAVE?

On 3-year performance, PAVE leads with 27.31% vs 14.46% for HYDR. On fees, PAVE is cheaper at 0.47% per year. On volatility, PAVE has been the lower-risk option at 6.10%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HYDR or PAVE?

Over the 3-year period, PAVE has performed better with a 27.31% return vs 14.46%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HYDR or PAVE?

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

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

HYDR has the higher dividend yield at 1.89%, compared with 0.76% for PAVE.

What is the main difference between HYDR and PAVE?

HYDR is categorized as Alternative Energy Equities, while PAVE is Industrials Equities. HYDR tracks Solactive Global Hydrogen Index - Benchmark TR Net, while PAVE tracks INDXX U.S. Infrastructure Development Index. Their fees differ too: 0.50% for HYDR and 0.47% for PAVE.

Which has better risk-adjusted returns?

HYDR currently has the higher Sharpe Ratio (4.32 vs 2.02), 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.