PAVE vs. PANW

Last updated Jun 14, 2026

PAVE (Global X US Infrastructure Development ETF) is Industrials Equities fund tracking the INDXX U.S. Infrastructure Development Index, while PANW (Palo Alto Networks, Inc.) is a stock. Over the past 5 years, PAVE returned 17.84%/yr vs 35.61%/yr for PANW. At a 0.34 correlation, their price movements are largely independent.

Performance

PAVE vs. PANW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Global X US Infrastructure Development ETF (PAVE) and Palo Alto Networks, Inc. (PANW). 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 lower than PANW's 51.80% return.

PAVE

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

PANW

• 1D: 0.03%
• 1M: 17.38%
• YTD: 51.80%
• 6M: 45.87%
• 1Y: 42.47%
• 3Y*: 33.77%
• 5Y*: 35.61%
• 10Y*: 29.12%

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

PAVE vs. PANW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PAVE Global X US Infrastructure Development ETF	20.86%	19.36%	17.92%	31.01%	-7.17%	36.42%	19.72%	33.26%	-19.15%	13.41%
PANW Palo Alto Networks, Inc.	51.80%	1.23%	23.41%	111.32%	-24.81%	56.66%	53.68%	22.78%	29.95%	26.86%

Correlation

The correlation between PAVE and PANW is 0.03, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.03
Correlation (3Y) Calculated over the trailing 3-year period	0.26
Correlation (5Y) Calculated over the trailing 5-year period	0.33
Correlation (All Time) Calculated using the full available price history since Mar 8, 2017	0.34

Over the past year, the correlation between PAVE and PANW has dropped to 0.03 - well below their long-term average of 0.34, suggesting their price drivers have been diverging.

Return for Risk

PAVE vs. PANW — 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

PANW

PANW Risk / Return Rank: 69
PANW Sharpe Ratio Rank: 75
PANW Sortino Ratio Rank: 69
PANW Omega Ratio Rank: 70
PANW Calmar Ratio Rank: 66
PANW Martin Ratio Rank: 66

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. PANW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X US Infrastructure Development ETF (PAVE) and Palo Alto Networks, Inc. (PANW). 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	PANW	Difference
Sharpe ratio: Return per unit of total volatility	1.90	1.07	+0.83
Sortino ratio: Return per unit of downside risk	2.69	1.57	+1.12
Omega ratio: Gain probability vs. loss probability	1.32	1.21	+0.11
Calmar ratio: Return relative to maximum drawdown	3.11	1.16	+1.96
Martin ratio: Return relative to average drawdown	11.32	2.62	+8.70

PAVE vs. PANW - Sharpe Ratio Comparison

The current PAVE Sharpe Ratio is 1.90, which is higher than the PANW Sharpe Ratio of 1.07. The chart below compares the historical Sharpe Ratios of PAVE and PANW, 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. PANW - Drawdown Comparison

The maximum PAVE drawdown since its inception was -44.08%, smaller than the maximum PANW drawdown of -47.98%. Use the drawdown chart below to compare losses from any high point for PAVE and PANW.

Drawdown Indicators

	PAVE	PANW	Difference
Max Drawdown Largest peak-to-trough decline	-44.08%	-47.98%	+3.90%
Max Drawdown (1Y) Largest decline over 1 year	-11.91%	-36.01%	+24.10%
Max Drawdown (3Y) Largest decline over 3 years	-26.23%	-36.01%	+9.78%
Max Drawdown (5Y) Largest decline over 5 years	-26.23%	-36.01%	+9.78%
Max Drawdown (10Y) Largest decline over 10 years	—	-47.98%	—
Current Drawdown Current decline from peak	-1.01%	-6.94%	+5.93%
Average Drawdown Average peak-to-trough decline	-6.23%	-14.68%	+8.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.27%	15.87%	-12.60%

Volatility

PAVE vs. PANW - Volatility Comparison

The current volatility for Global X US Infrastructure Development ETF (PAVE) is 7.35%, while Palo Alto Networks, Inc. (PANW) has a volatility of 16.97%. This indicates that PAVE experiences smaller price fluctuations and is considered to be less risky than PANW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PAVE	PANW	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.35%	16.97%	-9.62%
Volatility (6M) Calculated over the trailing 6-month period	15.87%	32.33%	-16.46%
Volatility (1Y) Calculated over the trailing 1-year period	19.49%	38.96%	-19.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.70%	41.72%	-20.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.40%	38.62%	-14.22%

Dividends

PAVE vs. PANW - Dividend Comparison

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

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
PANW Palo Alto Networks, Inc.	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 PANW in my portfolio?

PAVE and PANW have a correlation of 0.03, 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 PANW?

PANW has higher volatility (16.97%) compared to PAVE (7.35%). In terms of maximum drawdown, PAVE dropped -44.08% vs PANW's -47.98%.

Which has better risk-adjusted returns?

PAVE currently has the higher Sharpe Ratio (1.90 vs 1.07), 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.