PAVE vs. FNGS

Last updated Jun 14, 2026

PAVE (Global X US Infrastructure Development ETF) and FNGS (MicroSectors FANG+ ETN) are both exchange-traded funds - PAVE is a Industrials Equities fund tracking the INDXX U.S. Infrastructure Development Index, while FNGS is a Large Cap Growth Equities fund tracking the NYSE FANG+ Index. Both are passively managed. Over the past 5 years, PAVE returned 17.84%/yr vs 19.76%/yr for FNGS. At a 0.48 correlation, their price movements are largely independent. PAVE charges 0.47%/yr vs 0.58%/yr for FNGS.

Performance

PAVE vs. FNGS - Performance Comparison

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

Returns By Period

In the year-to-date period, PAVE achieves a 20.86% return, which is significantly higher than FNGS's 6.79% return.

PAVE

• 1D: 1.01%
• 1M: 4.24%
• YTD: 20.86%
• 6M: 18.50%
• 1Y: 38.94%
• 3Y*: 25.14%
• 5Y*: 17.84%
• 10Y*: —

FNGS

• 1D: -0.94%
• 1M: -1.94%
• YTD: 6.79%
• 6M: 4.25%
• 1Y: 19.09%
• 3Y*: 29.80%
• 5Y*: 19.76%
• 10Y*: —

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

PAVE vs. FNGS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
PAVE Global X US Infrastructure Development ETF	20.86%	19.36%	17.92%	31.01%	-7.17%	36.42%	19.72%	2.25%
FNGS MicroSectors FANG+ ETN	6.79%	18.64%	51.99%	95.24%	-40.32%	16.96%	101.99%	10.10%

Correlation

The correlation between PAVE and FNGS is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.34
Correlation (3Y) Calculated over the trailing 3-year period	0.45
Correlation (5Y) Calculated over the trailing 5-year period	0.52
Correlation (All Time) Calculated using the full available price history since Nov 13, 2019	0.48

The correlation between PAVE and FNGS shifts across timeframes, from 0.34 (1 year) to 0.52 (5 years), reflecting how their relationship changes across market environments.

PAVE vs. FNGS - Sectors Allocation Comparison

Sectors	PAVE	FNGS
Industrials	75.1%	-
Basic Materials	20.1%	-
Utilities	3.2%	-
Technology	1.0%	63.4%
Consumer Defensive	0.3%	-
Energy	0.3%	-
Communication Services	-	26.0%
Consumer Cyclical	-	10.6%
Financial Services	-	10.0%
Healthcare	-	-
Real Estate	-	-

Return for Risk

PAVE vs. FNGS — Risk / Return Rank

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

PAVE

PAVE Risk / Return Rank: 67
PAVE Sharpe Ratio Rank: 67
PAVE Sortino Ratio Rank: 69
PAVE Omega Ratio Rank: 60
PAVE Calmar Ratio Rank: 71
PAVE Martin Ratio Rank: 70

FNGS

FNGS Risk / Return Rank: 23
FNGS Sharpe Ratio Rank: 25
FNGS Sortino Ratio Rank: 24
FNGS Omega Ratio Rank: 24
FNGS Calmar Ratio Rank: 20
FNGS Martin Ratio Rank: 20

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. FNGS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X US Infrastructure Development ETF (PAVE) and MicroSectors FANG+ ETN (FNGS). 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	FNGS	Difference
Sharpe ratio: Return per unit of total volatility	1.90	0.79	+1.11
Sortino ratio: Return per unit of downside risk	2.69	1.19	+1.50
Omega ratio: Gain probability vs. loss probability	1.32	1.15	+0.17
Calmar ratio: Return relative to maximum drawdown	3.11	0.75	+2.37
Martin ratio: Return relative to average drawdown	11.32	2.12	+9.20

PAVE vs. FNGS - Sharpe Ratio Comparison

The current PAVE Sharpe Ratio is 1.90, which is higher than the FNGS Sharpe Ratio of 0.79. The chart below compares the historical Sharpe Ratios of PAVE and FNGS, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

PAVE vs. FNGS - Drawdown Comparison

The maximum PAVE drawdown since its inception was -44.08%, smaller than the maximum FNGS drawdown of -48.98%. Use the drawdown chart below to compare losses from any high point for PAVE and FNGS.

Drawdown Indicators

	PAVE	FNGS	Difference
Max Drawdown Largest peak-to-trough decline	-44.08%	-48.98%	+4.90%
Max Drawdown (1Y) Largest decline over 1 year	-11.91%	-22.93%	+11.02%
Max Drawdown (3Y) Largest decline over 3 years	-26.23%	-26.77%	+0.54%
Max Drawdown (5Y) Largest decline over 5 years	-26.23%	-48.98%	+22.75%
Current Drawdown Current decline from peak	-1.01%	-9.63%	+8.62%
Average Drawdown Average peak-to-trough decline	-6.23%	-10.85%	+4.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.27%	8.05%	-4.78%

Volatility

PAVE vs. FNGS - Volatility Comparison

The current volatility for Global X US Infrastructure Development ETF (PAVE) is 7.35%, while MicroSectors FANG+ ETN (FNGS) has a volatility of 8.74%. This indicates that PAVE experiences smaller price fluctuations and is considered to be less risky than FNGS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PAVE	FNGS	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.35%	8.74%	-1.39%
Volatility (6M) Calculated over the trailing 6-month period	15.87%	17.19%	-1.32%
Volatility (1Y) Calculated over the trailing 1-year period	19.49%	21.65%	-2.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.70%	30.10%	-8.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.40%	31.17%	-6.77%

PAVE vs. FNGS - Expense Ratio Comparison

PAVE has a 0.47% expense ratio, which is lower than FNGS's 0.58% expense ratio.

Dividends

PAVE vs. FNGS - Dividend Comparison

PAVE's dividend yield for the trailing twelve months is around 0.76%, while FNGS has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
FNGS MicroSectors FANG+ ETN	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

Can I hold both PAVE and FNGS in my portfolio?

PAVE and FNGS have a correlation of 0.34, 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 FNGS?

FNGS has higher volatility (8.74%) compared to PAVE (7.35%). In terms of maximum drawdown, PAVE dropped -44.08% vs FNGS's -48.98%.

Which ETF is better, PAVE or FNGS?

On 5-year performance, FNGS leads with 19.76% vs 17.84% for PAVE. On fees, PAVE is cheaper at 0.47% per year. On volatility, PAVE has been the lower-risk option at 7.35%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PAVE or FNGS?

Over the 5-year period, FNGS has performed better with a 19.76% return vs 17.84%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PAVE or FNGS?

PAVE is cheaper with a 0.47% expense ratio, compared with 0.58% for FNGS.

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

PAVE has the higher dividend yield at 0.76%, compared with 0.00% for FNGS.

What is the main difference between PAVE and FNGS?

PAVE is categorized as Industrials Equities, while FNGS is Large Cap Growth Equities. PAVE tracks INDXX U.S. Infrastructure Development Index, while FNGS tracks NYSE FANG+ Index. They also come from different issuers: Global X and BMO. Their fees differ too: 0.47% for PAVE and 0.58% for FNGS.

Which has better risk-adjusted returns?

PAVE currently has the higher Sharpe Ratio (1.90 vs 0.79), 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.