NANR vs. PAVE

Last updated Jun 4, 2026

NANR (SPDR S&P North American Natural Resources ETF) and PAVE (Global X US Infrastructure Development ETF) are both exchange-traded funds - NANR is a Commodity Producers Equities fund tracking the S&P BMI North American Natural Resources Index, while PAVE is a Utilities Equities fund tracking the INDXX U.S. Infrastructure Development Index. Both are passively managed. Over the past 5 years, NANR returned 16.21%/yr vs 17.39%/yr for PAVE. A 0.61 correlation means they provide meaningful diversification when combined. NANR charges 0.35%/yr vs 0.47%/yr for PAVE.

Performance

NANR vs. PAVE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR S&P North American Natural Resources ETF (NANR) 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, NANR achieves a 24.07% return, which is significantly higher than PAVE's 19.88% return.

NANR

• 1D: -0.54%
• 1M: 2.37%
• YTD: 24.07%
• 6M: 26.38%
• 1Y: 53.70%
• 3Y*: 20.80%
• 5Y*: 16.21%
• 10Y*: 12.52%

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)

NANR vs. PAVE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NANR SPDR S&P North American Natural Resources ETF	24.07%	35.35%	2.31%	-3.23%	26.49%	36.43%	1.03%	18.99%	-16.77%	12.11%
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 NANR and PAVE is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.45
Correlation (3Y) Calculated over the trailing 3-year period	0.52
Correlation (5Y) Calculated over the trailing 5-year period	0.56
Correlation (All Time) Calculated using the full available price history since Mar 9, 2017	0.61

The correlation between NANR and PAVE shifts across timeframes, from 0.45 (1 year) to 0.61 (all time), reflecting how their relationship changes across market environments.

NANR vs. PAVE - Sectors Allocation Comparison

Sectors	NANR	PAVE
Basic Materials	47.1%	20.3%
Energy	41.1%	0.2%
Consumer Cyclical	5.9%	-
Consumer Defensive	4.4%	0.3%
Real Estate	0.4%	-
Technology	0.1%	1.1%
Industrials	0.0%	74.8%
Utilities	0.0%	3.2%
Communication Services	-	-
Financial Services	-	-
Healthcare	-	-

Return for Risk

NANR vs. PAVE — Risk / Return Rank

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

NANR

NANR Risk / Return Rank: 86
NANR Sharpe Ratio Rank: 88
NANR Sortino Ratio Rank: 81
NANR Omega Ratio Rank: 81
NANR Calmar Ratio Rank: 91
NANR Martin Ratio Rank: 90

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.

NANR vs. PAVE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P North American Natural Resources ETF (NANR) 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.

	NANR	PAVE	Difference
Sharpe ratio: Return per unit of total volatility	2.98	1.99	+0.99
Sortino ratio: Return per unit of downside risk	3.72	2.82	+0.90
Omega ratio: Gain probability vs. loss probability	1.49	1.34	+0.16
Calmar ratio: Return relative to maximum drawdown	6.04	3.13	+2.91
Martin ratio: Return relative to average drawdown	21.31	11.50	+9.82
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NANR vs. PAVE - Sharpe Ratio Comparison

The current NANR Sharpe Ratio is 2.98, which is higher than the PAVE Sharpe Ratio of 1.99. The chart below compares the historical Sharpe Ratios of NANR 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

	NANR	PAVE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.98	1.99	+0.99
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.71	0.81	-0.10
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.53	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.63	0.68	-0.05

Drawdowns

NANR vs. PAVE - Drawdown Comparison

The maximum NANR drawdown since its inception was -49.15%, which is greater than PAVE's maximum drawdown of -44.08%. Use the drawdown chart below to compare losses from any high point for NANR and PAVE.

Drawdown Indicators

	NANR	PAVE	Difference
Max Drawdown Largest peak-to-trough decline	-49.15%	-44.08%	-5.07%
Max Drawdown (1Y) Largest decline over 1 year	-8.93%	-11.91%	+2.98%
Max Drawdown (3Y) Largest decline over 3 years	-18.42%	-26.23%	+7.81%
Max Drawdown (5Y) Largest decline over 5 years	-26.42%	-26.23%	-0.19%
Max Drawdown (10Y) Largest decline over 10 years	-49.15%	—	—
Current Drawdown Current decline from peak	-2.35%	-1.82%	-0.53%
Average Drawdown Average peak-to-trough decline	-8.40%	-6.24%	-2.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.53%	3.24%	-0.71%

Volatility

NANR vs. PAVE - Volatility Comparison

The current volatility for SPDR S&P North American Natural Resources ETF (NANR) is 4.92%, while Global X US Infrastructure Development ETF (PAVE) has a volatility of 6.42%. This indicates that NANR 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

	NANR	PAVE	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.92%	6.42%	-1.50%
Volatility (6M) Calculated over the trailing 6-month period	14.38%	15.17%	-0.79%
Volatility (1Y) Calculated over the trailing 1-year period	18.13%	18.84%	-0.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.89%	21.60%	+1.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.54%	24.38%	-0.84%

NANR vs. PAVE - Expense Ratio Comparison

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

Dividends

NANR vs. PAVE - Dividend Comparison

NANR's dividend yield for the trailing twelve months is around 1.69%, more than PAVE's 0.77% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NANR SPDR S&P North American Natural Resources ETF	1.69%	1.77%	2.20%	2.78%	2.70%	2.61%	2.73%	2.02%	1.95%	1.83%	5.01%	0.01%
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 NANR and PAVE in my portfolio?

NANR and PAVE have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NANR or PAVE?

PAVE has higher volatility (6.42%) compared to NANR (4.92%). In terms of maximum drawdown, NANR dropped -49.15% vs PAVE's -44.08%.

Which ETF is better, NANR or PAVE?

On 5-year performance, PAVE leads with 17.39% vs 16.21% for NANR. On fees, NANR is cheaper at 0.35% per year. On volatility, NANR has been the lower-risk option at 4.92%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NANR or PAVE?

Over the 5-year period, PAVE has performed better with a 17.39% return vs 16.21%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NANR or PAVE?

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

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

NANR has the higher dividend yield at 1.69%, compared with 0.77% for PAVE.

What is the main difference between NANR and PAVE?

NANR is categorized as Commodity Producers Equities, while PAVE is Utilities Equities. NANR tracks S&P BMI North American Natural Resources 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 NANR and 0.47% for PAVE.

Which has better risk-adjusted returns?

NANR currently has the higher Sharpe Ratio (2.98 vs 1.99), 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.