NFRX vs. PAVE

Last updated Jun 5, 2026

NFRX (Harrison Street Infrastructure Active ETF) and PAVE (Global X US Infrastructure Development ETF) are both exchange-traded funds - NFRX is a Utilities Equities fund actively managed by Harrison Street, while PAVE is a Industrials Equities fund tracking the INDXX U.S. Infrastructure Development Index. NFRX is actively managed, while PAVE is passively managed. A 0.54 correlation means they provide meaningful diversification when combined. NFRX charges 0.80%/yr vs 0.47%/yr for PAVE.

Performance

NFRX vs. PAVE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Harrison Street Infrastructure Active ETF (NFRX) and Global X US Infrastructure Development ETF (PAVE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

NFRX

• 1D: 0.68%
• 1M: -2.39%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

PAVE

• 1D: 0.56%
• 1M: 0.42%
• YTD: 20.55%
• 6M: 19.00%
• 1Y: 37.89%
• 3Y*: 27.31%
• 5Y*: 17.52%
• 10Y*: —

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

NFRX vs. PAVE - Yearly Performance Comparison

	2026 (YTD)
NFRX Harrison Street Infrastructure Active ETF	5.68%
PAVE Global X US Infrastructure Development ETF	13.52%

Correlation

The correlation between NFRX and PAVE is 0.54, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Feb 2, 2026	0.54

Return for Risk

NFRX vs. PAVE — Risk / Return Rank

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

PAVE

PAVE Risk / Return Rank: 62
PAVE Sharpe Ratio Rank: 62
PAVE Sortino Ratio Rank: 63
PAVE Omega Ratio Rank: 56
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.

NFRX vs. PAVE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Harrison Street Infrastructure Active ETF (NFRX) 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	NFRX	PAVE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.02	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.81	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.23	0.68	+0.55

Drawdowns

NFRX vs. PAVE - Drawdown Comparison

The maximum NFRX drawdown since its inception was -7.26%, smaller than the maximum PAVE drawdown of -44.08%. Use the drawdown chart below to compare losses from any high point for NFRX and PAVE.

Drawdown Indicators

	NFRX	PAVE	Difference
Max Drawdown Largest peak-to-trough decline	-7.26%	-44.08%	+36.82%
Max Drawdown (1Y) Largest decline over 1 year	—	-11.91%	—
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	-4.08%	-1.27%	-2.81%
Average Drawdown Average peak-to-trough decline	-2.62%	-6.24%	+3.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	3.24%	—

Volatility

Volatility by Period

	NFRX	PAVE	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	6.10%	—
Volatility (6M) Calculated over the trailing 6-month period	—	15.18%	—
Volatility (1Y) Calculated over the trailing 1-year period	14.31%	18.80%	-4.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.31%	21.60%	-7.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.31%	24.38%	-10.07%

NFRX vs. PAVE - Expense Ratio Comparison

NFRX has a 0.80% expense ratio, which is higher than PAVE's 0.47% expense ratio.

Dividends

NFRX vs. PAVE - Dividend Comparison

NFRX's dividend yield for the trailing twelve months is around 0.22%, less than PAVE's 0.76% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
NFRX Harrison Street Infrastructure Active ETF	0.22%	0.00%	0.00%	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 NFRX and PAVE in my portfolio?

NFRX and PAVE have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, NFRX or PAVE?

On fees, PAVE is cheaper at 0.47% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, NFRX or PAVE?

PAVE is cheaper with a 0.47% expense ratio, compared with 0.80% for NFRX.

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

PAVE has the higher dividend yield at 0.76%, compared with 0.22% for NFRX.

What is the main difference between NFRX and PAVE?

NFRX is categorized as Utilities Equities, while PAVE is Industrials Equities. They also come from different issuers: Harrison Street and Global X. Their fees differ too: 0.80% for NFRX and 0.47% for PAVE.