KBWB vs. PAVE

Last updated Jun 13, 2026

KBWB (Invesco KBW Bank ETF) and PAVE (Global X US Infrastructure Development ETF) are both exchange-traded funds - KBWB is a Financials Equities fund tracking the KBW Nasdaq Bank Index, while PAVE is a Industrials Equities fund tracking the INDXX U.S. Infrastructure Development Index. Both are passively managed. Over the past 5 years, KBWB returned 9.84%/yr vs 17.84%/yr for PAVE. A 0.73 correlation means they provide meaningful diversification when combined. KBWB charges 0.35%/yr vs 0.47%/yr for PAVE.

Performance

KBWB vs. PAVE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco KBW Bank ETF (KBWB) 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, KBWB achieves a 10.56% return, which is significantly lower than PAVE's 20.86% return.

KBWB

• 1D: 1.70%
• 1M: 9.79%
• YTD: 10.56%
• 6M: 10.32%
• 1Y: 44.54%
• 3Y*: 33.36%
• 5Y*: 9.84%
• 10Y*: 13.42%

PAVE

• 1D: 1.01%
• 1M: 1.64%
• YTD: 20.86%
• 6M: 18.50%
• 1Y: 38.94%
• 3Y*: 25.14%
• 5Y*: 17.84%
• 10Y*: —

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

KBWB vs. PAVE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
KBWB Invesco KBW Bank ETF	10.56%	32.05%	36.73%	-1.18%	-21.68%	37.72%	-10.46%	35.90%	-18.30%	11.95%
PAVE Global X US Infrastructure Development ETF	20.86%	19.36%	17.92%	31.01%	-7.17%	36.42%	19.72%	33.26%	-19.15%	13.41%

Correlation

The correlation between KBWB and PAVE is 0.65, 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	0.65
Correlation (3Y) Calculated over the trailing 3-year period	0.68
Correlation (5Y) Calculated over the trailing 5-year period	0.73
Correlation (All Time) Calculated using the full available price history since Mar 8, 2017	0.73

The correlation between KBWB and PAVE has been stable across timeframes, ranging from 0.65 to 0.73 - a consistent structural relationship.

KBWB vs. PAVE - Sectors Allocation Comparison

Sectors	KBWB	PAVE
Financial Services	100.0%	-
Basic Materials	-	20.3%
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	0.3%
Energy	-	0.2%
Healthcare	-	-
Industrials	-	74.8%
Real Estate	-	-
Technology	-	1.1%
Utilities	-	3.2%

Return for Risk

KBWB vs. PAVE — Risk / Return Rank

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

KBWB

KBWB Risk / Return Rank: 64
KBWB Sharpe Ratio Rank: 73
KBWB Sortino Ratio Rank: 67
KBWB Omega Ratio Rank: 69
KBWB Calmar Ratio Rank: 58
KBWB Martin Ratio Rank: 53

PAVE

PAVE Risk / Return Rank: 67
PAVE Sharpe Ratio Rank: 67
PAVE Sortino Ratio Rank: 69
PAVE Omega Ratio Rank: 60
PAVE Calmar Ratio Rank: 71
PAVE Martin Ratio Rank: 70

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.

KBWB vs. PAVE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco KBW Bank ETF (KBWB) 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.

	KBWB	PAVE	Difference
Sharpe ratio: Return per unit of total volatility	2.05	1.90	+0.14
Sortino ratio: Return per unit of downside risk	2.65	2.69	-0.04
Omega ratio: Gain probability vs. loss probability	1.35	1.32	+0.03
Calmar ratio: Return relative to maximum drawdown	2.55	3.11	-0.56
Martin ratio: Return relative to average drawdown	8.02	11.32	-3.30

KBWB vs. PAVE - Sharpe Ratio Comparison

The current KBWB Sharpe Ratio is 2.05, which is comparable to the PAVE Sharpe Ratio of 1.90. The chart below compares the historical Sharpe Ratios of KBWB 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

KBWB vs. PAVE - Drawdown Comparison

The maximum KBWB drawdown since its inception was -50.27%, which is greater than PAVE's maximum drawdown of -44.08%. Use the drawdown chart below to compare losses from any high point for KBWB and PAVE.

Drawdown Indicators

	KBWB	PAVE	Difference
Max Drawdown Largest peak-to-trough decline	-50.27%	-44.08%	-6.19%
Max Drawdown (1Y) Largest decline over 1 year	-16.38%	-11.91%	-4.47%
Max Drawdown (3Y) Largest decline over 3 years	-25.43%	-26.23%	+0.80%
Max Drawdown (5Y) Largest decline over 5 years	-49.31%	-26.23%	-23.08%
Max Drawdown (10Y) Largest decline over 10 years	-50.27%	—	—
Current Drawdown Current decline from peak	0.00%	-1.01%	+1.01%
Average Drawdown Average peak-to-trough decline	-11.72%	-6.23%	-5.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.20%	3.27%	+1.93%

Volatility

KBWB vs. PAVE - Volatility Comparison

The current volatility for Invesco KBW Bank ETF (KBWB) is 5.85%, while Global X US Infrastructure Development ETF (PAVE) has a volatility of 7.35%. This indicates that KBWB 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

	KBWB	PAVE	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.85%	7.35%	-1.50%
Volatility (6M) Calculated over the trailing 6-month period	15.79%	15.87%	-0.08%
Volatility (1Y) Calculated over the trailing 1-year period	20.41%	19.49%	+0.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.67%	21.70%	+4.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	29.21%	24.40%	+4.81%

KBWB vs. PAVE - Expense Ratio Comparison

KBWB has a 0.35% expense ratio, which is lower than PAVE's 0.47% expense ratio.

Dividends

KBWB vs. PAVE - Dividend Comparison

KBWB's dividend yield for the trailing twelve months is around 1.94%, more than PAVE's 0.76% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
KBWB Invesco KBW Bank ETF	1.94%	2.04%	2.46%	3.20%	3.05%	2.13%	2.62%	2.38%	2.54%	1.35%	1.53%	1.53%
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%	0.00%	0.00%

Frequently Asked Questions

Can I hold both KBWB and PAVE in my portfolio?

KBWB and PAVE have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, KBWB or PAVE?

PAVE has higher volatility (7.35%) compared to KBWB (5.85%). In terms of maximum drawdown, KBWB dropped -50.27% vs PAVE's -44.08%.

Which ETF is better, KBWB or PAVE?

On 5-year performance, PAVE leads with 17.84% vs 9.84% for KBWB. On fees, KBWB is cheaper at 0.35% per year. On volatility, KBWB has been the lower-risk option at 5.85%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KBWB or PAVE?

Over the 5-year period, PAVE has performed better with a 17.84% return vs 9.84%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KBWB or PAVE?

KBWB is cheaper with a 0.35% expense ratio, compared with 0.47% for PAVE.

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

KBWB has the higher dividend yield at 1.94%, compared with 0.76% for PAVE.

What is the main difference between KBWB and PAVE?

KBWB is categorized as Financials Equities, while PAVE is Industrials Equities. KBWB tracks KBW Nasdaq Bank Index, while PAVE tracks INDXX U.S. Infrastructure Development Index. They also come from different issuers: Invesco and Global X. Their fees differ too: 0.35% for KBWB and 0.47% for PAVE.

Which has better risk-adjusted returns?

KBWB currently has the higher Sharpe Ratio (2.05 vs 1.90), 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.