PAVE vs. OWNS

Last updated Jun 14, 2026

PAVE (Global X US Infrastructure Development ETF) and OWNS (CCM Affordable Housing MBS ETF) are both exchange-traded funds - PAVE is a Industrials Equities fund tracking the INDXX U.S. Infrastructure Development Index, while OWNS is a Mortgage Backed Securities fund actively managed by CCM. PAVE is passively managed, while OWNS is actively managed. Over the past year, PAVE returned 38.94% vs 6.10% for OWNS. At a 0.14 correlation, their price movements are largely independent. PAVE charges 0.47%/yr vs 0.30%/yr for OWNS.

Performance

PAVE vs. OWNS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Global X US Infrastructure Development ETF (PAVE) and CCM Affordable Housing MBS ETF (OWNS). 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 OWNS's 0.42% return.

PAVE

• 1D: 1.01%
• 1M: 1.64%
• YTD: 20.86%
• 6M: 18.50%
• 1Y: 38.94%
• 3Y*: 25.14%
• 5Y*: 17.84%
• 10Y*: —

OWNS

• 1D: -0.40%
• 1M: 0.23%
• YTD: 0.42%
• 6M: 0.95%
• 1Y: 6.10%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PAVE vs. OWNS - Yearly Performance Comparison

	2026 (YTD)	2025	2024
PAVE Global X US Infrastructure Development ETF	20.86%	19.36%	6.54%
OWNS CCM Affordable Housing MBS ETF	0.42%	7.75%	3.65%

Correlation

The correlation between PAVE and OWNS is 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.26
Correlation (All Time) Calculated using the full available price history since Mar 18, 2024	0.14

The correlation between PAVE and OWNS shifts across timeframes, from 0.14 (all time) to 0.26 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

PAVE vs. OWNS — 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

OWNS

OWNS Risk / Return Rank: 40
OWNS Sharpe Ratio Rank: 40
OWNS Sortino Ratio Rank: 41
OWNS Omega Ratio Rank: 40
OWNS Calmar Ratio Rank: 42
OWNS Martin Ratio Rank: 37

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. OWNS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X US Infrastructure Development ETF (PAVE) and CCM Affordable Housing MBS ETF (OWNS). 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	OWNS	Difference
Sharpe ratio: Return per unit of total volatility	1.90	1.28	+0.62
Sortino ratio: Return per unit of downside risk	2.69	1.90	+0.79
Omega ratio: Gain probability vs. loss probability	1.32	1.23	+0.09
Calmar ratio: Return relative to maximum drawdown	3.11	1.88	+1.24
Martin ratio: Return relative to average drawdown	11.32	5.29	+6.03

PAVE vs. OWNS - Sharpe Ratio Comparison

The current PAVE Sharpe Ratio is 1.90, which is higher than the OWNS Sharpe Ratio of 1.28. The chart below compares the historical Sharpe Ratios of PAVE and OWNS, 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. OWNS - Drawdown Comparison

The maximum PAVE drawdown since its inception was -44.08%, which is greater than OWNS's maximum drawdown of -5.39%. Use the drawdown chart below to compare losses from any high point for PAVE and OWNS.

Drawdown Indicators

	PAVE	OWNS	Difference
Max Drawdown Largest peak-to-trough decline	-44.08%	-5.39%	-38.69%
Max Drawdown (1Y) Largest decline over 1 year	-11.91%	-3.03%	-8.88%
Max Drawdown (3Y) Largest decline over 3 years	-26.23%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-26.23%	—	—
Current Drawdown Current decline from peak	-1.01%	-1.61%	+0.60%
Average Drawdown Average peak-to-trough decline	-6.23%	-1.55%	-4.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.27%	1.07%	+2.20%

Volatility

PAVE vs. OWNS - Volatility Comparison

Global X US Infrastructure Development ETF (PAVE) has a higher volatility of 7.35% compared to CCM Affordable Housing MBS ETF (OWNS) at 1.47%. This indicates that PAVE's price experiences larger fluctuations and is considered to be riskier than OWNS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PAVE	OWNS	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.35%	1.47%	+5.88%
Volatility (6M) Calculated over the trailing 6-month period	15.87%	3.13%	+12.74%
Volatility (1Y) Calculated over the trailing 1-year period	19.49%	4.45%	+15.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.70%	5.38%	+16.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.40%	5.38%	+19.02%

PAVE vs. OWNS - Expense Ratio Comparison

PAVE has a 0.47% expense ratio, which is higher than OWNS's 0.30% expense ratio.

Dividends

PAVE vs. OWNS - Dividend Comparison

PAVE's dividend yield for the trailing twelve months is around 0.76%, less than OWNS's 4.31% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
OWNS CCM Affordable Housing MBS ETF	4.31%	4.12%	3.75%	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 OWNS in my portfolio?

PAVE and OWNS have a correlation of 0.26, 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 OWNS?

PAVE has higher volatility (7.35%) compared to OWNS (1.47%). In terms of maximum drawdown, PAVE dropped -44.08% vs OWNS's -5.39%.

Which ETF is better, PAVE or OWNS?

On 1-year performance, PAVE leads with 38.94% vs 6.10% for OWNS. On fees, OWNS is cheaper at 0.30% per year. On volatility, OWNS has been the lower-risk option at 1.47%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PAVE or OWNS?

Over the 1-year period, PAVE has performed better with a 38.94% return vs 6.10%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PAVE or OWNS?

OWNS is cheaper with a 0.30% expense ratio, compared with 0.47% for PAVE.

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

OWNS has the higher dividend yield at 4.31%, compared with 0.76% for PAVE.

What is the main difference between PAVE and OWNS?

PAVE is categorized as Industrials Equities, while OWNS is Mortgage Backed Securities. They also come from different issuers: Global X and CCM. Their fees differ too: 0.47% for PAVE and 0.30% for OWNS.

Which has better risk-adjusted returns?

PAVE currently has the higher Sharpe Ratio (1.90 vs 1.28), 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.