PAVE vs. SEA

Last updated Jul 15, 2026

PAVE (Global X US Infrastructure Development ETF) and SEA (U.S. Global Sea to Sky Cargo ETF) are both Industrials Equities funds - PAVE tracks the INDXX U.S. Infrastructure Development Index while SEA tracks the U.S. Global Sea to Sky Cargo Index - Benchmark TR Gross. Both are passively managed. Over the past 3 years, PAVE returned 22.21%/yr vs 17.18%/yr for SEA. A 0.53 correlation means they provide meaningful diversification when combined. PAVE charges 0.47%/yr vs 0.60%/yr for SEA.

Performance

PAVE vs. SEA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Global X US Infrastructure Development ETF (PAVE) and U.S. Global Sea to Sky Cargo ETF (SEA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PAVE achieves a 18.87% return, which is significantly lower than SEA's 24.68% return.

PAVE

• 1D: 0.85%
• 1M: -1.65%
• 6M: 11.96%
• YTD: 18.87%
• 1Y: 27.21%
• 3Y*: 22.21%
• 5Y*: 18.11%
• 10Y*: —

SEA

• 1D: 2.57%
• 1M: 0.95%
• 6M: 18.79%
• YTD: 24.68%
• 1Y: 31.95%
• 3Y*: 17.18%
• 5Y*: —
• 10Y*: —

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

PAVE vs. SEA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
PAVE Global X US Infrastructure Development ETF	18.87%	19.36%	17.92%	31.01%	-1.24%
SEA U.S. Global Sea to Sky Cargo ETF	24.68%	16.78%	2.52%	19.33%	-18.36%

Correlation

The correlation between PAVE and SEA is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.48
Correlation (3Y) Calculated over the trailing 3-year period	0.44
Correlation (All Time) Calculated using the full available price history since Jan 20, 2022	0.53

The correlation between PAVE and SEA has been stable across timeframes, ranging from 0.44 to 0.53 - a consistent structural relationship.

PAVE vs. SEA - Sectors Allocation Comparison

Sectors	PAVE	SEA
Industrials	75.0%	89.6%
Basic Materials	20.2%	-
Utilities	3.2%	-
Technology	1.1%	0.1%
Energy	0.2%	8.4%
Consumer Defensive	0.2%	-
Communication Services	-	0.0%
Consumer Cyclical	-	-
Financial Services	-	-
Healthcare	-	-
Real Estate	-	-

Return for Risk

PAVE vs. SEA — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments 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: 44
PAVE Calmar Ratio Rank: 58
PAVE Martin Ratio Rank: 58

SEA

SEA Risk / Return Rank: 73
SEA Sharpe Ratio Rank: 74
SEA Sortino Ratio Rank: 75
SEA Omega Ratio Rank: 67
SEA Calmar Ratio Rank: 74
SEA Martin Ratio Rank: 75

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. SEA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X US Infrastructure Development ETF (PAVE) and U.S. Global Sea to Sky Cargo ETF (SEA). 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	SEA	Difference
Sharpe ratio: Return per unit of total volatility	1.36	1.87	-0.51
Sortino ratio: Return per unit of downside risk	1.99	2.68	-0.69
Omega ratio: Gain probability vs. loss probability	1.23	1.32	-0.09
Calmar ratio: Return relative to maximum drawdown	2.29	3.01	-0.71
Martin ratio: Return relative to average drawdown	7.97	10.96	-2.99

PAVE vs. SEA - Sharpe Ratio Comparison

The current PAVE Sharpe Ratio is 1.36, which is comparable to the SEA Sharpe Ratio of 1.87. The chart below compares the historical Sharpe Ratios of PAVE and SEA, 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. SEA - Drawdown Comparison

The maximum PAVE drawdown since its inception was -44.08%, which is greater than SEA's maximum drawdown of -39.53%. Use the drawdown chart below to compare losses from any high point for PAVE and SEA.

Drawdown Indicators

	PAVE	SEA	Difference
Max Drawdown Largest peak-to-trough decline	-44.08%	-39.53%	-4.55%
Max Drawdown (1Y) Largest decline over 1 year	-11.91%	-10.67%	-1.24%
Max Drawdown (3Y) Largest decline over 3 years	-26.23%	-32.42%	+6.19%
Max Drawdown (5Y) Largest decline over 5 years	-26.23%	—	—
Current Drawdown Current decline from peak	-5.30%	0.00%	-5.30%
Average Drawdown Average peak-to-trough decline	-6.20%	-14.06%	+7.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.42%	2.93%	+0.49%

Volatility

PAVE vs. SEA - Volatility Comparison

Global X US Infrastructure Development ETF (PAVE) and U.S. Global Sea to Sky Cargo ETF (SEA) have volatilities of 6.36% and 6.29%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PAVE	SEA	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.36%	6.29%	+0.07%
Volatility (6M) Calculated over the trailing 6-month period	16.25%	13.33%	+2.92%
Volatility (1Y) Calculated over the trailing 1-year period	20.07%	17.12%	+2.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.70%	21.64%	+0.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.38%	21.64%	+2.74%

PAVE vs. SEA - Expense Ratio Comparison

PAVE has a 0.47% expense ratio, which is lower than SEA's 0.60% expense ratio.

Dividends

PAVE vs. SEA - Dividend Comparison

PAVE's dividend yield for the trailing twelve months is around 0.76%, less than SEA's 5.42% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
SEA U.S. Global Sea to Sky Cargo ETF	5.42%	6.76%	18.47%	9.85%	18.73%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PAVE and SEA in my portfolio?

PAVE and SEA have a correlation of 0.48, 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 SEA?

PAVE has higher volatility (6.36%) compared to SEA (6.29%). In terms of maximum drawdown, PAVE dropped -44.08% vs SEA's -39.53%.

Which ETF is better, PAVE or SEA?

On 3-year performance, PAVE leads with 22.21% vs 17.18% for SEA. On fees, PAVE is cheaper at 0.47% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PAVE or SEA?

Over the 3-year period, PAVE has performed better with a 22.21% return vs 17.18%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PAVE or SEA?

PAVE is cheaper with a 0.47% expense ratio, compared with 0.60% for SEA.

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

SEA has the higher dividend yield at 5.42%, compared with 0.76% for PAVE.

What is the main difference between PAVE and SEA?

PAVE tracks INDXX U.S. Infrastructure Development Index, while SEA tracks U.S. Global Sea to Sky Cargo Index - Benchmark TR Gross. They also come from different issuers: Global X and US Global. Their fees differ too: 0.47% for PAVE and 0.60% for SEA.

Which has better risk-adjusted returns?

SEA currently has the higher Sharpe Ratio (1.87 vs 1.36), 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.