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PAVE vs. NFRA
Performance
Return for Risk
Dividends
Drawdowns
Volatility

PAVE vs. NFRA

Last updated Apr 1, 2026

Compare and contrast key facts about Global X US Infrastructure Development ETF (PAVE) and FlexShares STOXX Global Broad Infrastructure Index Fund (NFRA).

PAVE and NFRA are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. PAVE is a passively managed fund by Global X that tracks the performance of the INDXX U.S. Infrastructure Development Index. It was launched on Mar 6, 2017. NFRA is a passively managed fund by FlexShares that tracks the performance of the STOXX Global Broad Infrastructure Index. It was launched on Oct 8, 2013. Both PAVE and NFRA are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

PAVE vs. NFRA - Performance Comparison

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

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PAVE vs. NFRA - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
PAVE
Global X US Infrastructure Development ETF		6.32%19.36%17.92%31.01%-7.17%36.42%19.72%33.26%-19.15%14.11%
NFRA
FlexShares STOXX Global Broad Infrastructure Index Fund		5.94%18.42%4.76%8.96%-10.11%9.61%2.24%26.27%-7.74%12.42%

Returns By Period

In the year-to-date period, PAVE achieves a 6.32% return, which is significantly higher than NFRA's 5.94% return.

PAVE

1D
3.29%
1M
-7.77%
YTD
6.32%
6M
7.40%
1Y
35.92%
3Y*
22.36%
5Y*
15.85%
10Y*
—

NFRA

1D
1.51%
1M
-4.83%
YTD
5.94%
6M
6.34%
1Y
17.73%
3Y*
11.49%
5Y*
6.00%
10Y*
7.17%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Global X US Infrastructure Development ETF

FlexShares STOXX Global Broad Infrastructure Index Fund

Often compared with PAVE:
PAVE vs. IFRAPAVE vs. XLIPAVE vs. AIRRPAVE vs. SPGPPAVE vs. VAWPAVE vs. GIIPAVE vs. XHB
Often compared with NFRA:
NFRA vs. IGFNFRA vs. IFRANFRA vs. GIINFRA vs. ENFRNFRA vs. ASETNFRA vs. GRIDNFRA vs. COPX

PAVE vs. NFRA - Expense Ratio Comparison

Both PAVE and NFRA have an expense ratio of 0.47%.

PAVE
Global X US Infrastructure Development ETF
NFRA
FlexShares STOXX Global Broad Infrastructure Index Fund

Return for Risk

PAVE vs. NFRA — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
PAVE
PAVE Risk / Return Rank: 8787
Overall Rank
PAVE Sharpe Ratio Rank: 8484
Sharpe Ratio Rank
PAVE Sortino Ratio Rank: 8787
Sortino Ratio Rank
PAVE Omega Ratio Rank: 8282
Omega Ratio Rank
PAVE Calmar Ratio Rank: 9090
Calmar Ratio Rank
PAVE Martin Ratio Rank: 8989
Martin Ratio Rank
NFRA
NFRA Risk / Return Rank: 7979
Overall Rank
NFRA Sharpe Ratio Rank: 7878
Sharpe Ratio Rank
NFRA Sortino Ratio Rank: 7878
Sortino Ratio Rank
NFRA Omega Ratio Rank: 7777
Omega Ratio Rank
NFRA Calmar Ratio Rank: 8282
Calmar Ratio Rank
NFRA Martin Ratio Rank: 8080
Martin Ratio Rank
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. NFRA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X US Infrastructure Development ETF (PAVE) and FlexShares STOXX Global Broad Infrastructure Index Fund (NFRA). 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.

PAVENFRADifference

Sharpe ratio

Return per unit of total volatility

1.61

1.42

+0.19

Sortino ratio

Return per unit of downside risk

2.30

1.98

+0.32

Omega ratio

Gain probability vs. loss probability

1.31

1.28

+0.02

Calmar ratio

Return relative to maximum drawdown

2.90

2.31

+0.59

Martin ratio

Return relative to average drawdown

10.73

8.54

+2.19

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. NFRA - Sharpe Ratio Comparison

The current PAVE Sharpe Ratio is 1.61, which is comparable to the NFRA Sharpe Ratio of 1.42. The chart below compares the historical Sharpe Ratios of PAVE and NFRA, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

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Sharpe Ratios by Period

PAVENFRADifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.61

1.42

+0.19

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.74

0.47

+0.28

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

—

0.48

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.63

0.47

+0.16

Correlation

The correlation between PAVE and NFRA is 0.67, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

PAVE vs. NFRA - Dividend Comparison

PAVE's dividend yield for the trailing twelve months is around 0.86%, less than NFRA's 5.69% yield.

TTM20252024202320222021202020192018201720162015
PAVE
Global X US Infrastructure Development ETF		0.86%0.92%0.54%0.68%0.84%0.48%0.44%0.67%0.78%0.30%0.00%0.00%
NFRA
FlexShares STOXX Global Broad Infrastructure Index Fund		5.69%6.00%3.33%2.57%2.28%2.71%2.22%2.27%3.06%2.81%2.98%2.47%

Drawdowns

PAVE vs. NFRA - Drawdown Comparison

The maximum PAVE drawdown since its inception was -44.08%, which is greater than NFRA's maximum drawdown of -32.49%. Use the drawdown chart below to compare losses from any high point for PAVE and NFRA.

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Drawdown Indicators

PAVENFRADifference

Max Drawdown

Largest peak-to-trough decline

-44.08%

-32.49%

-11.59%

Max Drawdown (1Y)

Largest decline over 1 year

-12.56%

-7.84%

-4.72%

Max Drawdown (5Y)

Largest decline over 5 years

-26.23%

-22.75%

-3.48%

Max Drawdown (10Y)

Largest decline over 10 years

—

-32.49%

—

Current Drawdown

Current decline from peak

-8.70%

-4.83%

-3.87%

Average Drawdown

Average peak-to-trough decline

-6.30%

-4.56%

-1.74%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.39%

2.12%

+1.27%

Volatility

PAVE vs. NFRA - Volatility Comparison

Global X US Infrastructure Development ETF (PAVE) has a higher volatility of 7.74% compared to FlexShares STOXX Global Broad Infrastructure Index Fund (NFRA) at 4.51%. This indicates that PAVE's price experiences larger fluctuations and is considered to be riskier than NFRA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

PAVENFRADifference

Volatility (1M)

Calculated over the trailing 1-month period

7.74%

4.51%

+3.23%

Volatility (6M)

Calculated over the trailing 6-month period

13.97%

7.58%

+6.39%

Volatility (1Y)

Calculated over the trailing 1-year period

22.40%

12.55%

+9.85%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

21.42%

12.90%

+8.52%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

24.41%

14.96%

+9.45%