IFRA vs. PAVE

Last updated Jun 23, 2026

IFRA (iShares U.S. Infrastructure ETF) and PAVE (Global X US Infrastructure Development ETF) are both Industrials Equities funds - IFRA tracks the NYSE FactSet U.S. Infrastructure Index (TR) while PAVE tracks the INDXX U.S. Infrastructure Development Index. Both are passively managed. Over the past 5 years, IFRA returned 14.59%/yr vs 19.28%/yr for PAVE. Their correlation of 0.89 suggests significant overlap in exposure. IFRA charges 0.30%/yr vs 0.47%/yr for PAVE.

Performance

IFRA vs. PAVE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares U.S. Infrastructure ETF (IFRA) 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, IFRA achieves a 20.29% return, which is significantly lower than PAVE's 23.96% return.

IFRA

• 1D: 1.32%
• 1M: 3.37%
• YTD: 20.29%
• 6M: 19.25%
• 1Y: 34.14%
• 3Y*: 20.96%
• 5Y*: 14.59%
• 10Y*: —

PAVE

• 1D: 1.16%
• 1M: 7.83%
• YTD: 23.96%
• 6M: 21.60%
• 1Y: 42.46%
• 3Y*: 26.32%
• 5Y*: 19.28%
• 10Y*: —

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

IFRA vs. PAVE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
IFRA iShares U.S. Infrastructure ETF	20.29%	15.90%	17.02%	13.42%	-3.32%	29.81%	7.37%	27.00%	-7.97%
PAVE Global X US Infrastructure Development ETF	23.96%	19.36%	17.92%	31.01%	-7.17%	36.42%	19.72%	33.26%	-14.89%

Correlation

The correlation between IFRA and PAVE is 0.90, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.90
Correlation (3Y) Calculated over the trailing 3-year period	0.89
Correlation (5Y) Calculated over the trailing 5-year period	0.90
Correlation (All Time) Calculated using the full available price history since Apr 5, 2018	0.89

The correlation between IFRA and PAVE has been stable across timeframes, ranging from 0.89 to 0.90 - a consistent structural relationship.

IFRA vs. PAVE - Sectors Allocation Comparison

Sectors	IFRA	PAVE
Industrials	39.4%	75.9%
Utilities	37.7%	3.1%
Basic Materials	14.7%	19.5%
Energy	7.9%	0.2%
Consumer Cyclical	0.0%	-
Consumer Defensive	0.0%	0.2%
Communication Services	-	-
Financial Services	-	-
Healthcare	-	-
Real Estate	-	-
Technology	-	1.0%

Return for Risk

IFRA vs. PAVE — Risk / Return Rank

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

IFRA

IFRA Risk / Return Rank: 75
IFRA Sharpe Ratio Rank: 73
IFRA Sortino Ratio Rank: 76
IFRA Omega Ratio Rank: 65
IFRA Calmar Ratio Rank: 81
IFRA Martin Ratio Rank: 79

PAVE

PAVE Risk / Return Rank: 69
PAVE Sharpe Ratio Rank: 70
PAVE Sortino Ratio Rank: 70
PAVE Omega Ratio Rank: 62
PAVE Calmar Ratio Rank: 73
PAVE Martin Ratio Rank: 72

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.

IFRA vs. PAVE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares U.S. Infrastructure ETF (IFRA) 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.

	IFRA	PAVE	Difference
Sharpe ratio: Return per unit of total volatility	2.26	2.19	+0.07
Sortino ratio: Return per unit of downside risk	3.25	3.03	+0.22
Omega ratio: Gain probability vs. loss probability	1.37	1.36	+0.01
Calmar ratio: Return relative to maximum drawdown	4.08	3.58	+0.50
Martin ratio: Return relative to average drawdown	14.93	13.03	+1.90

IFRA vs. PAVE - Sharpe Ratio Comparison

The current IFRA Sharpe Ratio is 2.26, which is comparable to the PAVE Sharpe Ratio of 2.19. The chart below compares the historical Sharpe Ratios of IFRA 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

IFRA vs. PAVE - Drawdown Comparison

The maximum IFRA drawdown since its inception was -41.06%, smaller than the maximum PAVE drawdown of -44.08%. Use the drawdown chart below to compare losses from any high point for IFRA and PAVE.

Drawdown Indicators

	IFRA	PAVE	Difference
Max Drawdown Largest peak-to-trough decline	-41.06%	-44.08%	+3.02%
Max Drawdown (1Y) Largest decline over 1 year	-8.40%	-11.91%	+3.51%
Max Drawdown (3Y) Largest decline over 3 years	-19.93%	-26.23%	+6.30%
Max Drawdown (5Y) Largest decline over 5 years	-19.93%	-26.23%	+6.30%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-5.12%	-6.21%	+1.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.29%	3.27%	-0.98%

Volatility

IFRA vs. PAVE - Volatility Comparison

The current volatility for iShares U.S. Infrastructure ETF (IFRA) is 5.08%, while Global X US Infrastructure Development ETF (PAVE) has a volatility of 6.41%. This indicates that IFRA 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

	IFRA	PAVE	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.08%	6.41%	-1.33%
Volatility (6M) Calculated over the trailing 6-month period	11.73%	15.70%	-3.97%
Volatility (1Y) Calculated over the trailing 1-year period	15.21%	19.50%	-4.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.91%	21.64%	-3.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.36%	24.39%	-3.03%

IFRA vs. PAVE - Expense Ratio Comparison

IFRA has a 0.30% expense ratio, which is lower than PAVE's 0.47% expense ratio.

Dividends

IFRA vs. PAVE - Dividend Comparison

IFRA's dividend yield for the trailing twelve months is around 1.55%, more than PAVE's 0.74% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
IFRA iShares U.S. Infrastructure ETF	1.55%	1.84%	1.75%	1.98%	1.98%	1.63%	2.08%	1.68%	2.50%	0.00%
PAVE Global X US Infrastructure Development ETF	0.74%	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 IFRA and PAVE in my portfolio?

With a correlation of 0.90, IFRA and PAVE move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, IFRA or PAVE?

PAVE has higher volatility (6.41%) compared to IFRA (5.08%). In terms of maximum drawdown, IFRA dropped -41.06% vs PAVE's -44.08%.

Which ETF is better, IFRA or PAVE?

On 5-year performance, PAVE leads with 19.28% vs 14.59% for IFRA. On fees, IFRA is cheaper at 0.30% per year. On volatility, IFRA has been the lower-risk option at 5.08%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IFRA or PAVE?

Over the 5-year period, PAVE has performed better with a 19.28% return vs 14.59%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IFRA or PAVE?

IFRA is cheaper with a 0.30% expense ratio, compared with 0.47% for PAVE.

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

IFRA has the higher dividend yield at 1.55%, compared with 0.74% for PAVE.

What is the main difference between IFRA and PAVE?

IFRA tracks NYSE FactSet U.S. Infrastructure Index (TR), while PAVE tracks INDXX U.S. Infrastructure Development Index. They also come from different issuers: iShares and Global X. Their fees differ too: 0.30% for IFRA and 0.47% for PAVE.

Which has better risk-adjusted returns?

IFRA currently has the higher Sharpe Ratio (2.26 vs 2.19), 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.