MADE vs. PAVE

Last updated Jun 24, 2026

MADE (iShares U.S. Manufacturing ETF) and PAVE (Global X US Infrastructure Development ETF) are both Industrials Equities funds - MADE tracks the S&P U.S. Manufacturing Select Index while PAVE tracks the INDXX U.S. Infrastructure Development Index. Both are passively managed. Over the past year, MADE returned 48.76% vs 37.00% for PAVE. Their correlation of 0.92 suggests significant overlap in exposure. MADE charges 0.40%/yr vs 0.47%/yr for PAVE.

Performance

MADE vs. PAVE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares U.S. Manufacturing ETF (MADE) 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, MADE achieves a 22.67% return, which is significantly higher than PAVE's 20.97% return.

MADE

• 1D: -3.41%
• 1M: 3.48%
• YTD: 22.67%
• 6M: 20.43%
• 1Y: 48.76%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PAVE

• 1D: -2.41%
• 1M: 5.22%
• YTD: 20.97%
• 6M: 18.41%
• 1Y: 37.00%
• 3Y*: 25.30%
• 5Y*: 18.34%
• 10Y*: —

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

MADE vs. PAVE - Yearly Performance Comparison

	2026 (YTD)	2025	2024
MADE iShares U.S. Manufacturing ETF	22.67%	27.34%	0.08%
PAVE Global X US Infrastructure Development ETF	20.97%	19.36%	4.05%

Correlation

The correlation between MADE 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 (All Time) Calculated using the full available price history since Jul 18, 2024	0.92

The correlation between MADE and PAVE has been stable across timeframes, ranging from 0.90 to 0.92 - a consistent structural relationship.

MADE vs. PAVE - Sectors Allocation Comparison

Sectors	MADE	PAVE
Industrials	74.7%	75.9%
Technology	16.3%	1.0%
Consumer Cyclical	7.3%	-
Energy	1.3%	0.2%
Utilities	0.1%	3.1%
Basic Materials	-	19.5%
Communication Services	-	-
Consumer Defensive	-	0.2%
Financial Services	-	-
Healthcare	-	-
Real Estate	-	-

Return for Risk

MADE vs. PAVE — Risk / Return Rank

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

MADE

MADE Risk / Return Rank: 75
MADE Sharpe Ratio Rank: 77
MADE Sortino Ratio Rank: 72
MADE Omega Ratio Rank: 69
MADE Calmar Ratio Rank: 76
MADE Martin Ratio Rank: 83

PAVE

PAVE Risk / Return Rank: 60
PAVE Sharpe Ratio Rank: 59
PAVE Sortino Ratio Rank: 59
PAVE Omega Ratio Rank: 53
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.

MADE vs. PAVE - Risk-Adjusted Trends Comparison

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

	MADE	PAVE	Difference
Sharpe ratio: Return per unit of total volatility	2.25	1.90	+0.35
Sortino ratio: Return per unit of downside risk	2.94	2.66	+0.28
Omega ratio: Gain probability vs. loss probability	1.37	1.32	+0.06
Calmar ratio: Return relative to maximum drawdown	3.65	3.12	+0.53
Martin ratio: Return relative to average drawdown	15.69	11.34	+4.35

MADE vs. PAVE - Sharpe Ratio Comparison

The current MADE Sharpe Ratio is 2.25, which is comparable to the PAVE Sharpe Ratio of 1.90. The chart below compares the historical Sharpe Ratios of MADE 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

MADE vs. PAVE - Drawdown Comparison

The maximum MADE drawdown since its inception was -23.79%, smaller than the maximum PAVE drawdown of -44.08%. Use the drawdown chart below to compare losses from any high point for MADE and PAVE.

Drawdown Indicators

	MADE	PAVE	Difference
Max Drawdown Largest peak-to-trough decline	-23.79%	-44.08%	+20.29%
Max Drawdown (1Y) Largest decline over 1 year	-13.43%	-11.91%	-1.52%
Max Drawdown (3Y) Largest decline over 3 years	—	-26.23%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-26.23%	—
Current Drawdown Current decline from peak	-3.41%	-2.41%	-1.00%
Average Drawdown Average peak-to-trough decline	-3.89%	-6.21%	+2.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.12%	3.27%	-0.15%

Volatility

MADE vs. PAVE - Volatility Comparison

iShares U.S. Manufacturing ETF (MADE) has a higher volatility of 9.15% compared to Global X US Infrastructure Development ETF (PAVE) at 7.01%. This indicates that MADE'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

	MADE	PAVE	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.15%	7.01%	+2.14%
Volatility (6M) Calculated over the trailing 6-month period	18.29%	15.90%	+2.39%
Volatility (1Y) Calculated over the trailing 1-year period	21.80%	19.63%	+2.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.77%	21.67%	+1.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.77%	24.40%	-1.63%

MADE vs. PAVE - Expense Ratio Comparison

MADE has a 0.40% expense ratio, which is lower than PAVE's 0.47% expense ratio.

Dividends

MADE vs. PAVE - Dividend Comparison

MADE's dividend yield for the trailing twelve months is around 0.63%, less than PAVE's 0.76% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
MADE iShares U.S. Manufacturing ETF	0.63%	0.89%	0.34%	0.00%	0.00%	0.00%	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 MADE and PAVE in my portfolio?

With a correlation of 0.90, MADE 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, MADE or PAVE?

MADE has higher volatility (9.15%) compared to PAVE (7.01%). In terms of maximum drawdown, MADE dropped -23.79% vs PAVE's -44.08%.

Which ETF is better, MADE or PAVE?

On 1-year performance, MADE leads with 48.76% vs 37.00% for PAVE. On fees, MADE is cheaper at 0.40% per year. On volatility, PAVE has been the lower-risk option at 7.01%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MADE or PAVE?

Over the 1-year period, MADE has performed better with a 48.76% return vs 37.00%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MADE or PAVE?

MADE is cheaper with a 0.40% expense ratio, compared with 0.47% for PAVE.

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

PAVE has the higher dividend yield at 0.76%, compared with 0.63% for MADE.

What is the main difference between MADE and PAVE?

MADE tracks S&P U.S. Manufacturing Select Index, while PAVE tracks INDXX U.S. Infrastructure Development Index. They also come from different issuers: iShares and Global X. Their fees differ too: 0.40% for MADE and 0.47% for PAVE.

Which has better risk-adjusted returns?

MADE currently has the higher Sharpe Ratio (2.25 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.