NDUS.L vs. PAVE.L

Last updated Jun 26, 2026

NDUS.L (SPDR® MSCI Europe Industrials UCITS ETF) and PAVE.L (Global X U.S. Infrastructure Development UCITS ETF USD Accumulating) are both Industrials Equities funds - NDUS.L tracks the MSCI World/Materials NR USD while PAVE.L tracks the Indxx U.S. Infrastructure Development v2 Index. Both are passively managed. Over the past 3 years, NDUS.L returned 21.05%/yr vs 24.48%/yr for PAVE.L. A 0.68 correlation means they provide meaningful diversification when combined. NDUS.L charges 0.18%/yr vs 0.47%/yr for PAVE.L.

Performance

NDUS.L vs. PAVE.L - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in SPDR® MSCI Europe Industrials UCITS ETF (NDUS.L) and Global X U.S. Infrastructure Development UCITS ETF USD Accumulating (PAVE.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

NDUS.L is traded in EUR, while PAVE.L is traded in USD. To make them comparable, the PAVE.L values have been converted to EUR using the latest available exchange rates.

Returns By Period

In the year-to-date period, NDUS.L achieves a 11.75% return, which is significantly lower than PAVE.L's 27.59% return.

NDUS.L

• 1D: 0.82%
• 1M: 1.58%
• YTD: 11.75%
• 6M: 11.68%
• 1Y: 20.74%
• 3Y*: 21.05%
• 5Y*: 12.98%
• 10Y*: 14.05%

PAVE.L

• 1D: 1.44%
• 1M: 9.44%
• YTD: 27.59%
• 6M: 26.76%
• 1Y: 44.49%
• 3Y*: 24.48%
• 5Y*: —
• 10Y*: —

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

NDUS.L vs. PAVE.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
NDUS.L SPDR® MSCI Europe Industrials UCITS ETF	11.75%	24.43%	14.77%	26.46%	-15.90%	4.07%
PAVE.L Global X U.S. Infrastructure Development UCITS ETF USD Accumulating	27.59%	5.59%	25.75%	27.61%	-0.53%	3.92%

Correlation

The correlation between NDUS.L and PAVE.L is 0.66, 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	0.66
Correlation (3Y) Calculated over the trailing 3-year period	0.66
Correlation (All Time) Calculated using the full available price history since Nov 2, 2021	0.68

The correlation between NDUS.L and PAVE.L has been stable across timeframes, ranging from 0.66 to 0.68 - a consistent structural relationship.

NDUS.L vs. PAVE.L - Sectors Allocation Comparison

Sectors	NDUS.L	PAVE.L
Industrials	98.7%	75.1%
Consumer Defensive	0.4%	0.3%
Technology	0.3%	1.0%
Consumer Cyclical	0.3%	-
Basic Materials	0.3%	20.1%
Financial Services	0.0%	-
Communication Services	0.0%	-
Energy	0.0%	0.3%
Healthcare	0.0%	-
Utilities	0.0%	3.2%
Real Estate	0.0%	-

Return for Risk

NDUS.L vs. PAVE.L — Risk / Return Rank

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

NDUS.L

NDUS.L Risk / Return Rank: 34
NDUS.L Sharpe Ratio Rank: 32
NDUS.L Sortino Ratio Rank: 33
NDUS.L Omega Ratio Rank: 32
NDUS.L Calmar Ratio Rank: 33
NDUS.L Martin Ratio Rank: 39

PAVE.L

PAVE.L Risk / Return Rank: 76
PAVE.L Sharpe Ratio Rank: 78
PAVE.L Sortino Ratio Rank: 83
PAVE.L Omega Ratio Rank: 70
PAVE.L Calmar Ratio Rank: 76
PAVE.L Martin Ratio Rank: 74

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.

NDUS.L vs. PAVE.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR® MSCI Europe Industrials UCITS ETF (NDUS.L) and Global X U.S. Infrastructure Development UCITS ETF USD Accumulating (PAVE.L). 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.

	NDUS.L	PAVE.L	Difference
Sharpe ratio: Return per unit of total volatility	1.07	2.38	-1.31
Sortino ratio: Return per unit of downside risk	1.65	3.34	-1.69
Omega ratio: Gain probability vs. loss probability	1.20	1.39	-0.19
Calmar ratio: Return relative to maximum drawdown	1.55	4.67	-3.12
Martin ratio: Return relative to average drawdown	5.61	16.16	-10.55

NDUS.L vs. PAVE.L - Sharpe Ratio Comparison

The current NDUS.L Sharpe Ratio is 1.07, which is lower than the PAVE.L Sharpe Ratio of 2.38. The chart below compares the historical Sharpe Ratios of NDUS.L and PAVE.L, 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

NDUS.L vs. PAVE.L - Drawdown Comparison

The maximum NDUS.L drawdown since its inception was -41.15%, which is greater than PAVE.L's maximum drawdown of -29.89%. Use the drawdown chart below to compare losses from any high point for NDUS.L and PAVE.L.

Drawdown Indicators

	NDUS.L	PAVE.L	Difference
Max Drawdown Largest peak-to-trough decline	-41.15%	-29.89%	-11.26%
Max Drawdown (1Y) Largest decline over 1 year	-13.32%	-9.47%	-3.85%
Max Drawdown (3Y) Largest decline over 3 years	-18.31%	-29.89%	+11.58%
Max Drawdown (5Y) Largest decline over 5 years	-29.10%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-41.15%	—	—
Current Drawdown Current decline from peak	-0.99%	0.00%	-0.99%
Average Drawdown Average peak-to-trough decline	-6.32%	-6.01%	-0.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.69%	2.75%	+0.94%

Volatility

NDUS.L vs. PAVE.L - Volatility Comparison

The current volatility for SPDR® MSCI Europe Industrials UCITS ETF (NDUS.L) is 4.51%, while Global X U.S. Infrastructure Development UCITS ETF USD Accumulating (PAVE.L) has a volatility of 5.49%. This indicates that NDUS.L experiences smaller price fluctuations and is considered to be less risky than PAVE.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NDUS.L	PAVE.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.51%	5.49%	-0.98%
Volatility (6M) Calculated over the trailing 6-month period	16.19%	14.65%	+1.54%
Volatility (1Y) Calculated over the trailing 1-year period	19.39%	18.67%	+0.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.90%	21.45%	-2.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.56%	21.45%	-1.89%

NDUS.L vs. PAVE.L - Expense Ratio Comparison

NDUS.L has a 0.18% expense ratio, which is lower than PAVE.L's 0.47% expense ratio.

Dividends

NDUS.L vs. PAVE.L - Dividend Comparison

Neither NDUS.L nor PAVE.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both NDUS.L and PAVE.L in my portfolio?

NDUS.L and PAVE.L have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, NDUS.L or PAVE.L?

On fees, NDUS.L is cheaper at 0.18% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, NDUS.L or PAVE.L?

NDUS.L is cheaper with a 0.18% expense ratio, compared with 0.47% for PAVE.L.

What is the main difference between NDUS.L and PAVE.L?

NDUS.L tracks MSCI World/Materials NR USD, while PAVE.L tracks Indxx U.S. Infrastructure Development v2 Index. They also come from different issuers: State Street and Global X. Their fees differ too: 0.18% for NDUS.L and 0.47% for PAVE.L.