PAVE vs. BILT

Last updated Apr 1, 2026

Compare and contrast key facts about Global X US Infrastructure Development ETF (PAVE) and iShares Infrastructure Active ETF (BILT).

PAVE and BILT are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. PAVE is a passively managed fund by Global X that tracks the performance of the INDXX U.S. Infrastructure Development Index. It was launched on Mar 6, 2017. BILT is an actively managed fund by iShares. It was launched on Jul 29, 2025.

Performance

PAVE vs. BILT - Performance Comparison

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

PAVE vs. BILT - Yearly Performance Comparison

	2026 (YTD)	2025
PAVE Global X US Infrastructure Development ETF	6.32%	5.30%
BILT iShares Infrastructure Active ETF	11.38%	3.99%

Returns By Period

In the year-to-date period, PAVE achieves a 6.32% return, which is significantly lower than BILT's 11.38% return.

PAVE

• 1D: 3.29%
• 1M: -7.77%
• YTD: 6.32%
• 6M: 7.40%
• 1Y: 35.92%
• 3Y*: 22.36%
• 5Y*: 15.85%
• 10Y*: —

BILT

• 1D: 0.72%
• 1M: -3.01%
• YTD: 11.38%
• 6M: 12.22%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PAVE vs. BILT - Expense Ratio Comparison

PAVE has a 0.47% expense ratio, which is lower than BILT's 0.60% expense ratio.

BILT

iShares Infrastructure Active ETF

PAVE

Global X US Infrastructure Development ETF

Return for Risk

PAVE vs. BILT — Risk / Return Rank

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

PAVE

PAVE Risk / Return Rank: 87
PAVE Sharpe Ratio Rank: 84
PAVE Sortino Ratio Rank: 87
PAVE Omega Ratio Rank: 82
PAVE Calmar Ratio Rank: 90
PAVE Martin Ratio Rank: 89

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.

PAVE vs. BILT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X US Infrastructure Development ETF (PAVE) and iShares Infrastructure Active ETF (BILT). 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.

	PAVE	BILT	Difference
Sharpe ratio Return per unit of total volatility	1.61	—	—
Sortino ratio Return per unit of downside risk	2.30	—	—
Omega ratio Gain probability vs. loss probability	1.31	—	—
Calmar ratio Return relative to maximum drawdown	2.90	—	—
Martin ratio Return relative to average drawdown	10.73	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	PAVE	BILT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.61	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.74	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.63	2.66	-2.02

Correlation

The correlation between PAVE and BILT is 0.39, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

PAVE vs. BILT - Dividend Comparison

PAVE's dividend yield for the trailing twelve months is around 0.86%, less than BILT's 1.34% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
PAVE Global X US Infrastructure Development ETF	0.86%	0.92%	0.54%	0.68%	0.84%	0.48%	0.44%	0.67%	0.78%	0.30%
BILT iShares Infrastructure Active ETF	1.34%	0.99%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Drawdowns

PAVE vs. BILT - Drawdown Comparison

The maximum PAVE drawdown since its inception was -44.08%, which is greater than BILT's maximum drawdown of -5.38%. Use the drawdown chart below to compare losses from any high point for PAVE and BILT.

Drawdown Indicators

	PAVE	BILT	Difference
Max Drawdown Largest peak-to-trough decline	-44.08%	-5.38%	-38.70%
Max Drawdown (1Y) Largest decline over 1 year	-12.56%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-26.23%	—	—
Current Drawdown Current decline from peak	-8.70%	-3.01%	-5.69%
Average Drawdown Average peak-to-trough decline	-6.30%	-1.39%	-4.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.39%	—	—

Volatility

Volatility by Period

	PAVE	BILT	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.74%	—	—
Volatility (6M) Calculated over the trailing 6-month period	13.97%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	22.40%	9.37%	+13.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.42%	9.37%	+12.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.41%	9.37%	+15.04%