PAVE vs. SGOV
PAVE (Global X US Infrastructure Development ETF) and SGOV (iShares 0-3 Month Treasury Bond ETF) are both exchange-traded funds - PAVE is a Industrials Equities fund tracking the INDXX U.S. Infrastructure Development Index, while SGOV is a Ultrashort Bond fund tracking the ICE 0-3 Month US Treasury Securities Index. Both are passively managed. Over the past 5 years, PAVE returned 19.69%/yr vs 3.57%/yr for SGOV. At a correlation of -0.02, they often move in opposite directions. PAVE charges 0.47%/yr vs 0.09%/yr for SGOV.
Performance
PAVE vs. SGOV - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, PAVE achieves a 22.54% return, which is significantly higher than SGOV's 1.69% return.
PAVE
- 1D
- 1.00%
- 1M
- 8.91%
- YTD
- 22.54%
- 6M
- 22.06%
- 1Y
- 40.49%
- 3Y*
- 25.63%
- 5Y*
- 19.69%
- 10Y*
- —
SGOV
- 1D
- 0.04%
- 1M
- 0.32%
- YTD
- 1.69%
- 6M
- 1.83%
- 1Y
- 3.96%
- 3Y*
- 4.71%
- 5Y*
- 3.57%
- 10Y*
- —
PAVE vs. SGOV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
PAVE Global X US Infrastructure Development ETF | 22.54% | 19.36% | 17.92% | 31.01% | -7.17% | 36.42% | 41.11% |
SGOV iShares 0-3 Month Treasury Bond ETF | 1.69% | 4.24% | 5.27% | 5.12% | 1.58% | 0.04% | 0.04% |
Correlation
The correlation between PAVE and SGOV is -0.10, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.10 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.02 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.00 |
Correlation (All Time) Calculated using the full available price history since May 28, 2020 | -0.02 |
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
PAVE vs. SGOV — Risk / Return Rank
PAVE
SGOV
PAVE vs. SGOV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Global X US Infrastructure Development ETF (PAVE) and iShares 0-3 Month Treasury Bond ETF (SGOV). 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 | SGOV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -18.29 | ||
| Sortino ratioReturn per unit of downside risk | -273.48 | ||
| Omega ratioGain probability vs. loss probability | 1.35 | 196.05 | -194.70 |
| Calmar ratioReturn relative to maximum drawdown | 3.41 | 399.24 | -395.82 |
| Martin ratioReturn relative to average drawdown | 12.43 | 4,473.64 | -4,461.22 |
Loading charts...
Drawdowns
PAVE vs. SGOV - Drawdown Comparison
The maximum PAVE drawdown since its inception was -44.08%, which is greater than SGOV's maximum drawdown of -0.03%. Use the drawdown chart below to compare losses from any high point for PAVE and SGOV.
Loading charts...
Drawdown Indicators
| PAVE | SGOV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -44.08% | -0.03% | -44.05% |
Max Drawdown (1Y)Largest decline over 1 year | -11.91% | -0.01% | -11.90% |
Max Drawdown (3Y)Largest decline over 3 years | -26.23% | -0.01% | -26.22% |
Max Drawdown (5Y)Largest decline over 5 years | -26.23% | -0.03% | -26.20% |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -6.22% | -0.00% | -6.22% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.27% | 0.00% | +3.27% |
Volatility
PAVE vs. SGOV - Volatility Comparison
Global X US Infrastructure Development ETF (PAVE) has a higher volatility of 6.43% compared to iShares 0-3 Month Treasury Bond ETF (SGOV) at 0.06%. This indicates that PAVE's price experiences larger fluctuations and is considered to be riskier than SGOV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| PAVE | SGOV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.43% | 0.06% | +6.37% |
Volatility (6M)Calculated over the trailing 6-month period | 15.79% | 0.13% | +15.66% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.44% | 0.19% | +19.25% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.65% | 0.24% | +21.41% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 24.39% | 0.24% | +24.15% |
PAVE vs. SGOV - Expense Ratio Comparison
PAVE has a 0.47% expense ratio, which is higher than SGOV's 0.09% expense ratio.
Dividends
PAVE vs. SGOV - Dividend Comparison
PAVE's dividend yield for the trailing twelve months is around 0.75%, less than SGOV's 3.85% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
PAVE Global X US Infrastructure Development ETF | 0.75% | 0.92% | 0.54% | 0.68% | 0.84% | 0.48% | 0.44% | 0.67% | 0.78% | 0.30% |
SGOV iShares 0-3 Month Treasury Bond ETF | 3.85% | 4.10% | 5.10% | 4.87% | 1.45% | 0.03% | 0.05% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
PAVE and SGOV have a correlation of -0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PAVE has higher volatility (6.43%) compared to SGOV (0.06%). In terms of maximum drawdown, PAVE dropped -44.08% vs SGOV's -0.03%.
On 5-year performance, PAVE leads with 19.69% vs 3.57% for SGOV. On fees, SGOV is cheaper at 0.09% per year. On volatility, SGOV has been the lower-risk option at 0.06%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, PAVE has performed better with a 19.69% return vs 3.57%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SGOV is cheaper with a 0.09% expense ratio, compared with 0.47% for PAVE.
SGOV has the higher dividend yield at 3.85%, compared with 0.75% for PAVE.
PAVE is categorized as Industrials Equities, while SGOV is Ultrashort Bond. PAVE tracks INDXX U.S. Infrastructure Development Index, while SGOV tracks ICE 0-3 Month US Treasury Securities Index. They also come from different issuers: Global X and iShares. Their fees differ too: 0.47% for PAVE and 0.09% for SGOV.
SGOV currently has the higher Sharpe Ratio (20.39 vs 2.09), 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.
Find the right allocation for PAVE and SGOV
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer