KIE vs. PAVE

Last updated Aug 2, 2026

KIE (SPDR S&P Insurance ETF) and PAVE (Global X US Infrastructure Development ETF) are both exchange-traded funds - KIE is a Financials Equities fund tracking the S&P Insurance Select Industry Index, while PAVE is a Infrastructure Equities fund tracking the INDXX U.S. Infrastructure Development Index. Both are passively managed. Over the past 5 years, KIE returned 12.96%/yr vs 17.15%/yr for PAVE. Their 0.67 correlation means they have sometimes moved together and sometimes differently. KIE charges 0.35%/yr vs 0.47%/yr for PAVE.

Performance

KIE vs. PAVE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR S&P Insurance ETF (KIE) 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, KIE achieves a 7.74% return, which is significantly lower than PAVE's 18.14% return.

KIE

• 1D: -0.28%
• 1M: 0.25%
• 6M: 10.90%
• YTD: 7.74%
• 1Y: 17.27%
• 3Y*: 16.63%
• 5Y*: 12.96%
• 10Y*: 12.47%
• ALL TIME*: 8.30%

PAVE

• 1D: 0.46%
• 1M: -1.38%
• 6M: 11.25%
• YTD: 18.14%
• 1Y: 26.28%
• 3Y*: 20.94%
• 5Y*: 17.15%
• 10Y*: —
• ALL TIME*: 16.01%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
KIE SPDR S&P Insurance ETF	$67.06M	$84.89M	$78.95M
PAVE Global X US Infrastructure Development ETF	$109.69M	$125.02M	$111.27M

KIE vs. PAVE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
KIE SPDR S&P Insurance ETF	7.74%	8.12%	26.95%	12.18%	3.48%	22.75%	-3.04%	27.19%	-5.99%	7.59%
PAVE Global X US Infrastructure Development ETF	18.14%	19.36%	17.92%	31.01%	-7.17%	36.42%	19.72%	33.26%	-19.15%	13.41%

Correlation

The correlation between KIE and PAVE is 0.15, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.16
Correlation (3Y) Balances recent behavior with more history.	0.43
Correlation (5Y) Shows whether the relationship held over a longer period.	0.59
Correlation (All Time) Calculated using the full available price history since Mar 8, 2017	0.67

Over the past year, the correlation between KIE and PAVE has dropped to 0.15 - well below their long-term average of 0.67, suggesting their price drivers have been diverging.

KIE vs. PAVE - Sectors Allocation Comparison

Sectors	KIE	PAVE
Financial Services	98.2%	-
Healthcare	1.8%	-
Basic Materials	-	22.1%
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	0.3%
Energy	-	0.2%
Industrials	-	72.3%
Real Estate	-	-
Technology	-	1.9%
Utilities	-	3.5%

Return for Risk

KIE vs. PAVE — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

KIE

KIE Risk / Return Rank: 36
KIE Sharpe Ratio Rank: 37
KIE Sortino Ratio Rank: 37
KIE Omega Ratio Rank: 35
KIE Calmar Ratio Rank: 38
KIE Martin Ratio Rank: 34

PAVE

PAVE Risk / Return Rank: 52
PAVE Sharpe Ratio Rank: 49
PAVE Sortino Ratio Rank: 50
PAVE Omega Ratio Rank: 46
PAVE Calmar Ratio Rank: 59
PAVE Martin Ratio Rank: 57

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

KIE vs. PAVE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P Insurance ETF (KIE) 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.

	KIE	PAVE	Difference
Sharpe ratio: Return per unit of total volatility	0.90	1.20	-0.30
Sortino ratio: Return per unit of downside risk	1.39	1.76	-0.37
Omega ratio: Gain probability vs. loss probability	1.16	1.21	-0.05
Calmar ratio: Return relative to maximum drawdown	1.31	2.06	-0.74
Martin ratio: Return relative to average drawdown	3.28	6.77	-3.48

KIE vs. PAVE - Sharpe Ratio Comparison

The current KIE Sharpe Ratio is 0.90, which is comparable to the PAVE Sharpe Ratio of 1.20. The chart below compares the historical Sharpe Ratios of KIE 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

KIE vs. PAVE - Drawdown Comparison

The maximum KIE drawdown since its inception was -75.30%, which is greater than PAVE's maximum drawdown of -44.08%. Use the drawdown chart below to compare losses from any high point for KIE and PAVE.

Drawdown Indicators

	KIE	PAVE	Difference
Max Drawdown Largest peak-to-trough decline	-75.30%	-44.08%	-31.22%
Max Drawdown (1Y) Largest decline over 1 year	-11.81%	-11.91%	+0.10%
Max Drawdown (3Y) Largest decline over 3 years	-12.65%	-26.23%	+13.58%
Max Drawdown (5Y) Largest decline over 5 years	-15.68%	-26.23%	+10.55%
Max Drawdown (10Y) Largest decline over 10 years	-44.31%	—	—
Current Drawdown Current decline from peak	-3.33%	-5.89%	+2.56%
Average Drawdown Average peak-to-trough decline	-11.97%	-6.19%	-5.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.71%	3.62%	+1.09%

Volatility

KIE vs. PAVE - Volatility Comparison

SPDR S&P Insurance ETF (KIE) has a higher volatility of 6.86% compared to Global X US Infrastructure Development ETF (PAVE) at 6.09%. This indicates that KIE'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

	KIE	PAVE	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.86%	6.09%	+0.77%
Volatility (6M) Calculated over the trailing 6-month period	13.45%	16.61%	-3.16%
Volatility (1Y) Calculated over the trailing 1-year period	17.15%	20.42%	-3.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.48%	21.71%	-3.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.22%	24.37%	-3.15%

KIE vs. PAVE - Expense Ratio Comparison

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

Dividends

KIE vs. PAVE - Dividend Comparison

KIE's dividend yield for the trailing twelve months is around 1.52%, more than PAVE's 0.76% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
KIE SPDR S&P Insurance ETF	1.52%	1.57%	1.48%	1.45%	1.90%	1.95%	1.85%	1.76%	1.83%	1.56%	1.55%	1.65%
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 KIE and PAVE in my portfolio?

KIE and PAVE have a correlation of 0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, KIE or PAVE?

KIE has higher volatility (6.86%) compared to PAVE (6.09%). In terms of maximum drawdown, KIE dropped -75.30% vs PAVE's -44.08%.

Which ETF is better, KIE or PAVE?

On 5-year performance, PAVE leads with 17.15% vs 12.96% for KIE. On fees, KIE is cheaper at 0.35% per year. On volatility, PAVE has been the lower-risk option at 6.09%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KIE or PAVE?

Over the 5-year period, PAVE has performed better with a 17.15% return vs 12.96%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KIE or PAVE?

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

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

KIE has the higher dividend yield at 1.52%, compared with 0.76% for PAVE.

What is the main difference between KIE and PAVE?

KIE is categorized as Financials Equities, while PAVE is Infrastructure Equities. KIE tracks S&P Insurance Select Industry Index, while PAVE tracks INDXX U.S. Infrastructure Development Index. They also come from different issuers: State Street and Global X. Their fees differ too: 0.35% for KIE and 0.47% for PAVE.

Which has better risk-adjusted returns?

PAVE currently has the higher Sharpe Ratio (1.20 vs 0.90), 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.