PAVE vs. COPX

Last updated Jun 5, 2026

PAVE (Global X US Infrastructure Development ETF) and COPX (Global X Copper Miners ETF) are both exchange-traded funds - PAVE is a Industrials Equities fund tracking the INDXX U.S. Infrastructure Development Index, while COPX is a Materials fund tracking the Solactive Global Copper Miners Total Return Index. Both are passively managed. Over the past 5 years, PAVE returned 17.52%/yr vs 19.86%/yr for COPX. A 0.58 correlation means they provide meaningful diversification when combined. PAVE charges 0.47%/yr vs 0.65%/yr for COPX.

Performance

PAVE vs. COPX - Performance Comparison

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

Returns By Period

In the year-to-date period, PAVE achieves a 20.55% return, which is significantly lower than COPX's 25.67% return.

PAVE

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

COPX

• 1D: -0.03%
• 1M: 15.36%
• YTD: 25.67%
• 6M: 37.40%
• 1Y: 118.00%
• 3Y*: 37.98%
• 5Y*: 19.86%
• 10Y*: 21.46%

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

PAVE vs. COPX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PAVE Global X US Infrastructure Development ETF	20.55%	19.36%	17.92%	31.01%	-7.17%	36.42%	19.72%	33.26%	-19.15%	14.11%
COPX Global X Copper Miners ETF	25.67%	93.50%	3.57%	8.38%	-0.76%	23.39%	51.66%	12.48%	-31.31%	25.33%

Correlation

The correlation between PAVE and COPX is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.49
Correlation (3Y) Calculated over the trailing 3-year period	0.47
Correlation (5Y) Calculated over the trailing 5-year period	0.55
Correlation (All Time) Calculated using the full available price history since Mar 9, 2017	0.58

The correlation between PAVE and COPX shifts across timeframes, from 0.47 (3 years) to 0.58 (all time), reflecting how their relationship changes across market environments.

PAVE vs. COPX - Sectors Allocation Comparison

Sectors	PAVE	COPX
Industrials	74.8%	3.7%
Basic Materials	20.3%	96.3%
Utilities	3.2%	-
Technology	1.1%	-
Consumer Defensive	0.3%	-
Energy	0.2%	-
Communication Services	-	-
Consumer Cyclical	-	-
Financial Services	-	-
Healthcare	-	-
Real Estate	-	-

Return for Risk

PAVE vs. COPX — 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

COPX

COPX Risk / Return Rank: 77
COPX Sharpe Ratio Rank: 87
COPX Sortino Ratio Rank: 70
COPX Omega Ratio Rank: 70
COPX Calmar Ratio Rank: 82
COPX 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.

PAVE vs. COPX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X US Infrastructure Development ETF (PAVE) and Global X Copper Miners ETF (COPX). 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	COPX	Difference
Sharpe ratio: Return per unit of total volatility	2.02	2.87	-0.84
Sortino ratio: Return per unit of downside risk	2.86	3.12	-0.26
Omega ratio: Gain probability vs. loss probability	1.34	1.41	-0.07
Calmar ratio: Return relative to maximum drawdown	3.19	4.27	-1.07
Martin ratio: Return relative to average drawdown	11.72	13.66	-1.94
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PAVE vs. COPX - Sharpe Ratio Comparison

The current PAVE Sharpe Ratio is 2.02, which is comparable to the COPX Sharpe Ratio of 2.87. The chart below compares the historical Sharpe Ratios of PAVE and COPX, 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

	PAVE	COPX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.02	2.87	-0.84
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.81	0.55	+0.27
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.61	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.68	0.19	+0.49

Drawdowns

PAVE vs. COPX - Drawdown Comparison

The maximum PAVE drawdown since its inception was -44.08%, smaller than the maximum COPX drawdown of -83.16%. Use the drawdown chart below to compare losses from any high point for PAVE and COPX.

Drawdown Indicators

	PAVE	COPX	Difference
Max Drawdown Largest peak-to-trough decline	-44.08%	-83.16%	+39.08%
Max Drawdown (1Y) Largest decline over 1 year	-11.91%	-27.82%	+15.91%
Max Drawdown (3Y) Largest decline over 3 years	-26.23%	-39.72%	+13.49%
Max Drawdown (5Y) Largest decline over 5 years	-26.23%	-42.12%	+15.89%
Max Drawdown (10Y) Largest decline over 10 years	—	-65.41%	—
Current Drawdown Current decline from peak	-1.27%	-5.73%	+4.46%
Average Drawdown Average peak-to-trough decline	-6.24%	-39.29%	+33.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.24%	8.67%	-5.43%

Volatility

PAVE vs. COPX - Volatility Comparison

The current volatility for Global X US Infrastructure Development ETF (PAVE) is 6.10%, while Global X Copper Miners ETF (COPX) has a volatility of 15.34%. This indicates that PAVE experiences smaller price fluctuations and is considered to be less risky than COPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PAVE	COPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.10%	15.34%	-9.24%
Volatility (6M) Calculated over the trailing 6-month period	15.18%	35.68%	-20.50%
Volatility (1Y) Calculated over the trailing 1-year period	18.80%	41.41%	-22.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.60%	36.50%	-14.90%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.38%	35.54%	-11.16%

PAVE vs. COPX - Expense Ratio Comparison

PAVE has a 0.47% expense ratio, which is lower than COPX's 0.65% expense ratio.

Dividends

PAVE vs. COPX - Dividend Comparison

PAVE's dividend yield for the trailing twelve months is around 0.76%, less than COPX's 2.13% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
COPX Global X Copper Miners ETF	2.13%	2.68%	1.80%	2.39%	3.14%	1.48%	1.30%	1.37%	2.59%	1.57%	0.60%	1.20%
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%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PAVE and COPX in my portfolio?

PAVE and COPX have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PAVE or COPX?

COPX has higher volatility (15.34%) compared to PAVE (6.10%). In terms of maximum drawdown, PAVE dropped -44.08% vs COPX's -83.16%.

Which ETF is better, PAVE or COPX?

On 5-year performance, COPX leads with 19.86% vs 17.52% for PAVE. On fees, PAVE is cheaper at 0.47% per year. On volatility, PAVE has been the lower-risk option at 6.10%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PAVE or COPX?

Over the 5-year period, COPX has performed better with a 19.86% return vs 17.52%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PAVE or COPX?

PAVE is cheaper with a 0.47% expense ratio, compared with 0.65% for COPX.

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

COPX has the higher dividend yield at 2.13%, compared with 0.76% for PAVE.

What is the main difference between PAVE and COPX?

PAVE is categorized as Industrials Equities, while COPX is Materials. PAVE tracks INDXX U.S. Infrastructure Development Index, while COPX tracks Solactive Global Copper Miners Total Return Index. Their fees differ too: 0.47% for PAVE and 0.65% for COPX.

Which has better risk-adjusted returns?

COPX currently has the higher Sharpe Ratio (2.87 vs 2.02), 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.