PAVE vs. DFNG.L
PAVE (Global X US Infrastructure Development ETF) and DFNG.L (VanEck Defense ETF A USD Acc GBP) are both exchange-traded funds - PAVE is a Industrials Equities fund tracking the INDXX U.S. Infrastructure Development Index, while DFNG.L is a Aerospace & Defense fund tracking the MarketVector Global Defense Industry index. Both are passively managed. Over the past 3 years, PAVE returned 25.14%/yr vs 40.47%/yr for DFNG.L. At a 0.40 correlation, their price movements are largely independent. PAVE charges 0.47%/yr vs 0.55%/yr for DFNG.L.
Performance
PAVE vs. DFNG.L - Performance Comparison
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Different Trading Currencies
PAVE is traded in USD, while DFNG.L is traded in GBP. To make them comparable, the DFNG.L values have been converted to USD using the latest available exchange rates.
Returns By Period
In the year-to-date period, PAVE achieves a 20.86% return, which is significantly higher than DFNG.L's 0.98% return.
PAVE
- 1D
- 1.01%
- 1M
- 2.28%
- YTD
- 20.86%
- 6M
- 18.50%
- 1Y
- 36.91%
- 3Y*
- 25.14%
- 5Y*
- 17.84%
- 10Y*
- —
DFNG.L
- 1D
- 0.00%
- 1M
- 0.05%
- YTD
- 0.98%
- 6M
- 2.42%
- 1Y
- 12.83%
- 3Y*
- 40.47%
- 5Y*
- —
- 10Y*
- —
PAVE vs. DFNG.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
PAVE Global X US Infrastructure Development ETF | 20.86% | 19.36% | 17.92% | 24.30% |
DFNG.L VanEck Defense ETF A USD Acc GBP | 0.98% | 68.35% | 43.76% | 1.98% |
Correlation
The correlation between PAVE and DFNG.L is 0.30, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.30 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.40 |
Correlation (All Time) Calculated using the full available price history since Mar 31, 2023 | 0.40 |
The correlation between PAVE and DFNG.L shifts across timeframes, from 0.30 (1 year) to 0.40 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
PAVE vs. DFNG.L — Risk / Return Rank
PAVE
DFNG.L
PAVE vs. DFNG.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Global X US Infrastructure Development ETF (PAVE) and VanEck Defense ETF A USD Acc GBP (DFNG.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.
| PAVE | DFNG.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.39 | ||
| Sortino ratioReturn per unit of downside risk | +1.78 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 1.10 | +0.22 |
| Calmar ratioReturn relative to maximum drawdown | 3.11 | 0.65 | +2.47 |
| Martin ratioReturn relative to average drawdown | 11.32 | 1.61 | +9.71 |
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Drawdowns
PAVE vs. DFNG.L - Drawdown Comparison
The maximum PAVE drawdown since its inception was -44.08%, which is greater than DFNG.L's maximum drawdown of -22.14%. Use the drawdown chart below to compare losses from any high point for PAVE and DFNG.L.
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Drawdown Indicators
| PAVE | DFNG.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -44.08% | -22.14% | -21.94% |
Max Drawdown (1Y)Largest decline over 1 year | -11.91% | -19.94% | +8.03% |
Max Drawdown (3Y)Largest decline over 3 years | -26.23% | -19.94% | -6.29% |
Max Drawdown (5Y)Largest decline over 5 years | -26.23% | — | — |
Current DrawdownCurrent decline from peak | -1.01% | -17.31% | +16.30% |
Average DrawdownAverage peak-to-trough decline | -6.23% | -5.10% | -1.13% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.27% | 7.98% | -4.71% |
Volatility
PAVE vs. DFNG.L - Volatility Comparison
The current volatility for Global X US Infrastructure Development ETF (PAVE) is 7.35%, while VanEck Defense ETF A USD Acc GBP (DFNG.L) has a volatility of 8.63%. This indicates that PAVE experiences smaller price fluctuations and is considered to be less risky than DFNG.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PAVE | DFNG.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.35% | 8.63% | -1.28% |
Volatility (6M)Calculated over the trailing 6-month period | 15.87% | 20.09% | -4.22% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.49% | 25.35% | -5.86% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.70% | 24.31% | -2.61% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 24.40% | 24.31% | +0.09% |
PAVE vs. DFNG.L - Expense Ratio Comparison
PAVE has a 0.47% expense ratio, which is lower than DFNG.L's 0.55% expense ratio.
Dividends
PAVE vs. DFNG.L - Dividend Comparison
PAVE's dividend yield for the trailing twelve months is around 0.76%, while DFNG.L has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
DFNG.L VanEck Defense ETF A USD Acc GBP | 0.00% | 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
PAVE and DFNG.L have a correlation of 0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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.
PAVE is cheaper with a 0.47% expense ratio, compared with 0.55% for DFNG.L.
PAVE is categorized as Industrials Equities, while DFNG.L is Aerospace & Defense. PAVE tracks INDXX U.S. Infrastructure Development Index, while DFNG.L tracks MarketVector Global Defense Industry index. They also come from different issuers: Global X and VanEck. Their fees differ too: 0.47% for PAVE and 0.55% for DFNG.L.
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