MLM vs. PAVE

Last updated Jun 4, 2026

MLM (Martin Marietta Materials, Inc.) is a stock, while PAVE (Global X US Infrastructure Development ETF) is Utilities Equities fund tracking the INDXX U.S. Infrastructure Development Index. Over the past 5 years, MLM returned 11.32%/yr vs 17.39%/yr for PAVE. A 0.70 correlation means they provide meaningful diversification when combined.

Performance

MLM vs. PAVE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Martin Marietta Materials, Inc. (MLM) 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, MLM achieves a -6.10% return, which is significantly lower than PAVE's 19.88% return.

MLM

• 1D: 1.08%
• 1M: -3.20%
• YTD: -6.10%
• 6M: -5.06%
• 1Y: 7.47%
• 3Y*: 12.64%
• 5Y*: 11.32%
• 10Y*: 12.89%

PAVE

• 1D: 0.70%
• 1M: 1.96%
• YTD: 19.88%
• 6M: 18.87%
• 1Y: 37.15%
• 3Y*: 26.78%
• 5Y*: 17.39%
• 10Y*: —

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

MLM vs. PAVE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MLM Martin Marietta Materials, Inc.	-6.10%	21.25%	4.08%	48.62%	-22.73%	56.11%	2.57%	64.18%	-21.55%	5.47%
PAVE Global X US Infrastructure Development ETF	19.88%	19.36%	17.92%	31.01%	-7.17%	36.42%	19.72%	33.26%	-19.15%	14.11%

Correlation

The correlation between MLM and PAVE is 0.71, 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	0.71
Correlation (3Y) Calculated over the trailing 3-year period	0.72
Correlation (5Y) Calculated over the trailing 5-year period	0.74
Correlation (All Time) Calculated using the full available price history since Mar 9, 2017	0.70

The correlation between MLM and PAVE has been stable across timeframes, ranging from 0.70 to 0.74 - a consistent structural relationship.

Return for Risk

MLM vs. PAVE — Risk / Return Rank

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

MLM

MLM Risk / Return Rank: 47
MLM Sharpe Ratio Rank: 51
MLM Sortino Ratio Rank: 44
MLM Omega Ratio Rank: 43
MLM Calmar Ratio Rank: 47
MLM Martin Ratio Rank: 50

PAVE

PAVE Risk / Return Rank: 59
PAVE Sharpe Ratio Rank: 57
PAVE Sortino Ratio Rank: 58
PAVE Omega Ratio Rank: 53
PAVE Calmar Ratio Rank: 62
PAVE Martin Ratio Rank: 63

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.

MLM vs. PAVE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Martin Marietta Materials, Inc. (MLM) 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.

	MLM	PAVE	Difference
Sharpe ratio: Return per unit of total volatility	0.31	1.99	-1.68
Sortino ratio: Return per unit of downside risk	0.58	2.82	-2.24
Omega ratio: Gain probability vs. loss probability	1.07	1.34	-0.26
Calmar ratio: Return relative to maximum drawdown	0.30	3.13	-2.83
Martin ratio: Return relative to average drawdown	0.84	11.50	-10.66
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MLM vs. PAVE - Sharpe Ratio Comparison

The current MLM Sharpe Ratio is 0.31, which is lower than the PAVE Sharpe Ratio of 1.99. The chart below compares the historical Sharpe Ratios of MLM 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

	MLM	PAVE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.31	1.99	-1.68
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.43	0.81	-0.38
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.42	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.36	0.68	-0.32

Drawdowns

MLM vs. PAVE - Drawdown Comparison

The maximum MLM drawdown since its inception was -63.73%, which is greater than PAVE's maximum drawdown of -44.08%. Use the drawdown chart below to compare losses from any high point for MLM and PAVE.

Drawdown Indicators

	MLM	PAVE	Difference
Max Drawdown Largest peak-to-trough decline	-63.73%	-44.08%	-19.65%
Max Drawdown (1Y) Largest decline over 1 year	-24.69%	-11.91%	-12.78%
Max Drawdown (3Y) Largest decline over 3 years	-26.78%	-26.23%	-0.55%
Max Drawdown (5Y) Largest decline over 5 years	-32.75%	-26.23%	-6.52%
Max Drawdown (10Y) Largest decline over 10 years	-48.34%	—	—
Current Drawdown Current decline from peak	-17.43%	-1.82%	-15.61%
Average Drawdown Average peak-to-trough decline	-21.46%	-6.24%	-15.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.95%	3.24%	+5.71%

Volatility

MLM vs. PAVE - Volatility Comparison

Martin Marietta Materials, Inc. (MLM) has a higher volatility of 8.90% compared to Global X US Infrastructure Development ETF (PAVE) at 6.42%. This indicates that MLM'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

	MLM	PAVE	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.90%	6.42%	+2.48%
Volatility (6M) Calculated over the trailing 6-month period	20.33%	15.17%	+5.16%
Volatility (1Y) Calculated over the trailing 1-year period	24.57%	18.84%	+5.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.55%	21.60%	+4.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	30.74%	24.38%	+6.36%

Dividends

MLM vs. PAVE - Dividend Comparison

MLM's dividend yield for the trailing twelve months is around 0.57%, less than PAVE's 0.77% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MLM Martin Marietta Materials, Inc.	0.57%	0.52%	0.59%	0.56%	0.75%	0.54%	0.79%	0.74%	1.07%	0.78%	0.74%	1.17%
PAVE Global X US Infrastructure Development ETF	0.77%	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 MLM and PAVE in my portfolio?

MLM and PAVE have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MLM or PAVE?

MLM has higher volatility (8.90%) compared to PAVE (6.42%). In terms of maximum drawdown, MLM dropped -63.73% vs PAVE's -44.08%.

Which has better risk-adjusted returns?

PAVE currently has the higher Sharpe Ratio (1.99 vs 0.31), 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.