PAVE vs. GRID

Last updated Aug 2, 2026

PAVE (Global X US Infrastructure Development ETF) and GRID (First Trust NASDAQ Clean Edge Smart Grid Infrastructure Index Fund) are both Infrastructure Equities funds - PAVE tracks the INDXX U.S. Infrastructure Development Index while GRID tracks the Nasdaq Clean Edge Smart Grid Infrastructure Index. Both are passively managed. Over the past 5 years, PAVE returned 17.15%/yr vs 14.46%/yr for GRID. Their 0.78 correlation means they have sometimes moved together and sometimes differently. PAVE charges 0.47%/yr vs 0.70%/yr for GRID.

Performance

PAVE vs. GRID - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Global X US Infrastructure Development ETF (PAVE) and First Trust NASDAQ Clean Edge Smart Grid Infrastructure Index Fund (GRID). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with PAVE having a 18.14% return and GRID slightly lower at 17.75%.

PAVE

• 1D: 0.46%
• 1M: -1.38%
• 6M: 11.25%
• YTD: 18.14%
• 1Y: 26.28%
• 3Y*: 20.94%
• 5Y*: 17.15%
• 10Y*: —
• ALL TIME*: 16.01%

GRID

• 1D: 1.53%
• 1M: -2.62%
• 6M: 9.29%
• YTD: 17.75%
• 1Y: 28.13%
• 3Y*: 20.65%
• 5Y*: 14.46%
• 10Y*: 18.38%
• ALL TIME*: 12.51%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
GRID First Trust NASDAQ Clean Edge Smart Grid Infrastructure Index Fund	$98.53M	$102.24M	$137.97M
PAVE Global X US Infrastructure Development ETF	$109.69M	$125.02M	$111.27M

PAVE vs. GRID - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PAVE Global X US Infrastructure Development ETF	18.14%	19.36%	17.92%	31.01%	-7.17%	36.42%	19.72%	33.26%	-19.15%	13.41%
GRID First Trust NASDAQ Clean Edge Smart Grid Infrastructure Index Fund	17.75%	29.65%	15.18%	21.57%	-13.89%	27.65%	48.84%	42.80%	-22.69%	27.91%

Correlation

The correlation between PAVE and GRID is 0.74, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.74
Correlation (3Y) Balances recent behavior with more history.	0.80
Correlation (5Y) Shows whether the relationship held over a longer period.	0.82
Correlation (All Time) Calculated using the full available price history since Mar 8, 2017	0.78

The correlation between PAVE and GRID has been stable across timeframes, ranging from 0.74 to 0.82 - a consistent structural relationship.

PAVE vs. GRID - Sectors Allocation Comparison

Sectors	PAVE	GRID
Industrials	72.3%	23.6%
Basic Materials	22.1%	0.8%
Utilities	3.5%	3.9%
Technology	1.9%	12.6%
Consumer Defensive	0.3%	-
Energy	0.2%	1.6%
Communication Services	-	-
Consumer Cyclical	-	2.4%
Financial Services	-	-
Healthcare	-	-
Real Estate	-	-

Return for Risk

PAVE vs. GRID — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

PAVE

PAVE Risk / Return Rank: 52
PAVE Sharpe Ratio Rank: 49
PAVE Sortino Ratio Rank: 50
PAVE Omega Ratio Rank: 46
PAVE Calmar Ratio Rank: 59
PAVE Martin Ratio Rank: 57

GRID

GRID Risk / Return Rank: 49
GRID Sharpe Ratio Rank: 48
GRID Sortino Ratio Rank: 47
GRID Omega Ratio Rank: 47
GRID Calmar Ratio Rank: 49
GRID Martin Ratio Rank: 53

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

PAVE vs. GRID - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X US Infrastructure Development ETF (PAVE) and First Trust NASDAQ Clean Edge Smart Grid Infrastructure Index Fund (GRID). 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	GRID	Difference
Sharpe ratio: Return per unit of total volatility	1.20	1.18	+0.02
Sortino ratio: Return per unit of downside risk	1.76	1.69	+0.07
Omega ratio: Gain probability vs. loss probability	1.21	1.22	-0.01
Calmar ratio: Return relative to maximum drawdown	2.06	1.73	+0.33
Martin ratio: Return relative to average drawdown	6.77	6.17	+0.60

PAVE vs. GRID - Sharpe Ratio Comparison

The current PAVE Sharpe Ratio is 1.20, which is comparable to the GRID Sharpe Ratio of 1.18. The chart below compares the historical Sharpe Ratios of PAVE and GRID, 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. GRID - Drawdown Comparison

The maximum PAVE drawdown since its inception was -44.08%, which is greater than GRID's maximum drawdown of -40.56%. Use the drawdown chart below to compare losses from any high point for PAVE and GRID.

Drawdown Indicators

	PAVE	GRID	Difference
Max Drawdown Largest peak-to-trough decline	-44.08%	-40.56%	-3.52%
Max Drawdown (1Y) Largest decline over 1 year	-11.91%	-15.82%	+3.91%
Max Drawdown (3Y) Largest decline over 3 years	-26.23%	-20.62%	-5.61%
Max Drawdown (5Y) Largest decline over 5 years	-26.23%	-29.64%	+3.41%
Max Drawdown (10Y) Largest decline over 10 years	—	-40.56%	—
Current Drawdown Current decline from peak	-5.89%	-9.87%	+3.98%
Average Drawdown Average peak-to-trough decline	-6.19%	-8.42%	+2.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.62%	4.42%	-0.80%

Volatility

PAVE vs. GRID - Volatility Comparison

The current volatility for Global X US Infrastructure Development ETF (PAVE) is 6.09%, while First Trust NASDAQ Clean Edge Smart Grid Infrastructure Index Fund (GRID) has a volatility of 8.92%. This indicates that PAVE experiences smaller price fluctuations and is considered to be less risky than GRID based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PAVE	GRID	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.09%	8.92%	-2.83%
Volatility (6M) Calculated over the trailing 6-month period	16.61%	20.34%	-3.73%
Volatility (1Y) Calculated over the trailing 1-year period	20.42%	23.07%	-2.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.71%	21.71%	0.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.37%	22.81%	+1.56%

PAVE vs. GRID - Expense Ratio Comparison

PAVE has a 0.47% expense ratio, which is lower than GRID's 0.70% expense ratio.

Dividends

PAVE vs. GRID - Dividend Comparison

PAVE's dividend yield for the trailing twelve months is around 0.76%, less than GRID's 0.80% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GRID First Trust NASDAQ Clean Edge Smart Grid Infrastructure Index Fund	0.80%	1.01%	1.06%	1.23%	1.26%	0.63%	0.68%	1.26%	1.28%	1.07%	1.07%	1.23%
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 GRID in my portfolio?

PAVE and GRID have a correlation of 0.74, 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 GRID?

GRID has higher volatility (8.92%) compared to PAVE (6.09%). In terms of maximum drawdown, PAVE dropped -44.08% vs GRID's -40.56%.

Which ETF is better, PAVE or GRID?

On 5-year performance, PAVE leads with 17.15% vs 14.46% for GRID. On fees, PAVE is cheaper at 0.47% per year. On volatility, PAVE has been the lower-risk option at 6.09%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PAVE or GRID?

Over the 5-year period, PAVE has performed better with a 17.15% return vs 14.46%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PAVE or GRID?

PAVE is cheaper with a 0.47% expense ratio, compared with 0.70% for GRID.

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

GRID has the higher dividend yield at 0.80%, compared with 0.76% for PAVE.

What is the main difference between PAVE and GRID?

PAVE tracks INDXX U.S. Infrastructure Development Index, while GRID tracks Nasdaq Clean Edge Smart Grid Infrastructure Index. They also come from different issuers: Global X and First Trust. Their fees differ too: 0.47% for PAVE and 0.70% for GRID.

Which has better risk-adjusted returns?

PAVE currently has the higher Sharpe Ratio (1.20 vs 1.18), 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.