PAVE vs. ENFR
PAVE (Global X US Infrastructure Development ETF) and ENFR (Alerian Energy Infrastructure ETF) are both Infrastructure Equities funds - PAVE tracks the INDXX U.S. Infrastructure Development Index while ENFR tracks the Alerian Midstream Energy Select Index. Both are passively managed. Over the past 5 years, PAVE returned 18.19%/yr vs 21.88%/yr for ENFR. Their 0.54 correlation means they have sometimes moved together and sometimes differently. PAVE charges 0.47%/yr vs 0.35%/yr for ENFR.
Performance
PAVE vs. ENFR - Performance Comparison
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Returns By Period
In the year-to-date period, PAVE achieves a 22.79% return, which is significantly lower than ENFR's 26.71% return.
PAVE
- 1D
- 1.81%
- 1M
- 2.50%
- 6M
- 12.01%
- YTD
- 22.79%
- 1Y
- 30.13%
- 3Y*
- 23.17%
- 5Y*
- 18.19%
- 10Y*
- —
- ALL TIME*
- 16.46%
ENFR
- 1D
- -0.59%
- 1M
- 2.66%
- 6M
- 16.85%
- YTD
- 26.71%
- 1Y
- 26.38%
- 3Y*
- 26.56%
- 5Y*
- 21.88%
- 10Y*
- 11.66%
- ALL TIME*
- 8.48%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $5.47M | $4.04M | $3.19M | |
| $108.37M | $122.49M | $109.59M |
PAVE vs. ENFR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PAVE Global X US Infrastructure Development ETF | 22.79% | 19.36% | 17.92% | 31.01% | -7.17% | 36.42% | 19.72% | 33.26% | -19.15% | 13.41% |
ENFR Alerian Energy Infrastructure ETF | 26.71% | 5.88% | 42.17% | 15.63% | 17.48% | 39.97% | -24.14% | 21.60% | -18.67% | -3.09% |
Correlation
The correlation between PAVE and ENFR is -0.02, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.02 |
Correlation (3Y) Balances recent behavior with more history. | 0.31 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.47 |
Correlation (All Time) Calculated using the full available price history since Mar 8, 2017 | 0.54 |
The correlation between PAVE and ENFR shifts across timeframes, from -0.02 (1 year) to 0.54 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
PAVE vs. ENFR — Risk / Return Rank
PAVE
ENFR
PAVE vs. ENFR - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Global X US Infrastructure Development ETF (PAVE) and Alerian Energy Infrastructure ETF (ENFR). 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 | ENFR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.26 | ||
| Sortino ratioReturn per unit of downside risk | -0.32 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 1.30 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | 2.54 | 3.07 | -0.53 |
| Martin ratioReturn relative to average drawdown | 8.33 | 7.51 | +0.82 |
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Drawdowns
PAVE vs. ENFR - Drawdown Comparison
The maximum PAVE drawdown since its inception was -44.08%, smaller than the maximum ENFR drawdown of -68.28%. Use the drawdown chart below to compare losses from any high point for PAVE and ENFR.
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Drawdown Indicators
| PAVE | ENFR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -44.08% | -68.28% | +24.20% |
Max Drawdown (1Y)Largest decline over 1 year | -11.91% | -8.64% | -3.27% |
Max Drawdown (3Y)Largest decline over 3 years | -26.23% | -15.58% | -10.65% |
Max Drawdown (5Y)Largest decline over 5 years | -26.23% | -20.29% | -5.94% |
Max Drawdown (10Y)Largest decline over 10 years | — | -62.64% | — |
Current DrawdownCurrent decline from peak | -2.18% | -3.75% | +1.57% |
Average DrawdownAverage peak-to-trough decline | -6.19% | -15.82% | +9.63% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.63% | 3.54% | +0.09% |
Volatility
PAVE vs. ENFR - Volatility Comparison
Global X US Infrastructure Development ETF (PAVE) has a higher volatility of 6.54% compared to Alerian Energy Infrastructure ETF (ENFR) at 5.51%. This indicates that PAVE's price experiences larger fluctuations and is considered to be riskier than ENFR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PAVE | ENFR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.54% | 5.51% | +1.03% |
Volatility (6M)Calculated over the trailing 6-month period | 16.73% | 12.24% | +4.49% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.50% | 15.25% | +5.25% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.72% | 19.18% | +2.54% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 24.38% | 24.65% | -0.27% |
PAVE vs. ENFR - Expense Ratio Comparison
PAVE has a 0.47% expense ratio, which is higher than ENFR's 0.35% expense ratio.
Dividends
PAVE vs. ENFR - Dividend Comparison
PAVE's dividend yield for the trailing twelve months is around 0.74%, less than ENFR's 3.96% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ENFR Alerian Energy Infrastructure ETF | 3.96% | 4.77% | 4.41% | 5.48% | 5.23% | 7.86% | 7.57% | 5.81% | 3.98% | 2.98% | 3.31% | 3.34% |
PAVE Global X US Infrastructure Development ETF | 0.74% | 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
PAVE and ENFR have a correlation of -0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PAVE has higher volatility (6.54%) compared to ENFR (5.51%). In terms of maximum drawdown, PAVE dropped -44.08% vs ENFR's -68.28%.
On 5-year performance, ENFR leads with 21.88% vs 18.19% for PAVE. On fees, ENFR is cheaper at 0.35% per year. On volatility, ENFR has been the lower-risk option at 5.51%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, ENFR has performed better with a 21.88% return vs 18.19%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ENFR is cheaper with a 0.35% expense ratio, compared with 0.47% for PAVE.
ENFR has the higher dividend yield at 3.96%, compared with 0.74% for PAVE.
PAVE tracks INDXX U.S. Infrastructure Development Index, while ENFR tracks Alerian Midstream Energy Select Index. They also come from different issuers: Global X and SS&C. Their fees differ too: 0.47% for PAVE and 0.35% for ENFR.
ENFR currently has the higher Sharpe Ratio (1.74 vs 1.48), 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.
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