PAVE vs. UPGR

Last updated Aug 5, 2026

PAVE (Global X US Infrastructure Development ETF) and UPGR (Xtrackers US Green Infrastructure Select Equity ETF) are both Infrastructure Equities funds - PAVE tracks the INDXX U.S. Infrastructure Development Index while UPGR tracks the Solactive United States Green Infrastructure ESG Screened Index - Benchmark TR Gross. Both are passively managed. Over the past 3 years, PAVE returned 23.17%/yr vs 3.09%/yr for UPGR. Their 0.71 correlation means they have sometimes moved together and sometimes differently. PAVE charges 0.47%/yr vs 0.35%/yr for UPGR.

Performance

PAVE vs. UPGR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Global X US Infrastructure Development ETF (PAVE) and Xtrackers US Green Infrastructure Select Equity ETF (UPGR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PAVE achieves a 22.79% return, which is significantly higher than UPGR's 6.01% return.

PAVE

• 1D: 1.81%
• 1M: 2.50%
• 6M: 12.01%
• YTD: 22.79%
• 1Y: 30.13%
• 3Y*: 23.17%
• 5Y*: 18.19%
• 10Y*: —
• ALL TIME*: 16.46%

UPGR

• 1D: 3.03%
• 1M: -4.79%
• 6M: -5.49%
• YTD: 6.01%
• 1Y: 34.56%
• 3Y*: 3.09%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 1.16%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
PAVE Global X US Infrastructure Development ETF	$108.37M	$122.49M	$109.59M
UPGR Xtrackers US Green Infrastructure Select Equity ETF	$7.23K	$13.22K	$34.60K

PAVE vs. UPGR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
PAVE Global X US Infrastructure Development ETF	22.79%	19.36%	17.92%	8.89%
UPGR Xtrackers US Green Infrastructure Select Equity ETF	6.01%	35.25%	-14.72%	-15.29%

Correlation

The correlation between PAVE and UPGR is 0.71, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.71
Correlation (3Y) Balances recent behavior with more history.	0.71
Correlation (All Time) Calculated using the full available price history since Jul 13, 2023	0.71

The correlation between PAVE and UPGR has been stable across timeframes, ranging from 0.71 to 0.71 - a consistent structural relationship.

PAVE vs. UPGR - Sectors Allocation Comparison

Sectors	PAVE	UPGR
Industrials	72.3%	54.6%
Basic Materials	22.1%	11.8%
Utilities	3.5%	8.7%
Technology	1.9%	10.9%
Consumer Defensive	0.3%	2.8%
Energy	0.2%	1.6%
Communication Services	-	-
Consumer Cyclical	-	9.3%
Financial Services	-	0.2%
Healthcare	-	-
Real Estate	-	-

Return for Risk

PAVE vs. UPGR — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

PAVE

PAVE Risk / Return Rank: 57
PAVE Sharpe Ratio Rank: 53
PAVE Sortino Ratio Rank: 53
PAVE Omega Ratio Rank: 49
PAVE Calmar Ratio Rank: 65
PAVE Martin Ratio Rank: 62

UPGR

UPGR Risk / Return Rank: 37
UPGR Sharpe Ratio Rank: 37
UPGR Sortino Ratio Rank: 38
UPGR Omega Ratio Rank: 34
UPGR Calmar Ratio Rank: 39
UPGR Martin Ratio Rank: 36

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

PAVE vs. UPGR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X US Infrastructure Development ETF (PAVE) and Xtrackers US Green Infrastructure Select Equity ETF (UPGR). 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	UPGR	Difference
Sharpe ratio: Return per unit of total volatility	1.48	1.05	+0.43
Sortino ratio: Return per unit of downside risk	2.11	1.57	+0.54
Omega ratio: Gain probability vs. loss probability	1.25	1.18	+0.07
Calmar ratio: Return relative to maximum drawdown	2.54	1.53	+1.01
Martin ratio: Return relative to average drawdown	8.33	4.01	+4.32

PAVE vs. UPGR - Sharpe Ratio Comparison

The current PAVE Sharpe Ratio is 1.48, which is higher than the UPGR Sharpe Ratio of 1.05. The chart below compares the historical Sharpe Ratios of PAVE and UPGR, 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. UPGR - Drawdown Comparison

The maximum PAVE drawdown since its inception was -44.08%, smaller than the maximum UPGR drawdown of -46.60%. Use the drawdown chart below to compare losses from any high point for PAVE and UPGR.

Drawdown Indicators

	PAVE	UPGR	Difference
Max Drawdown Largest peak-to-trough decline	-44.08%	-46.60%	+2.52%
Max Drawdown (1Y) Largest decline over 1 year	-11.91%	-22.71%	+10.80%
Max Drawdown (3Y) Largest decline over 3 years	-26.23%	-42.58%	+16.35%
Max Drawdown (5Y) Largest decline over 5 years	-26.23%	—	—
Current Drawdown Current decline from peak	-2.18%	-15.37%	+13.19%
Average Drawdown Average peak-to-trough decline	-6.19%	-20.10%	+13.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.63%	8.64%	-5.01%

Volatility

PAVE vs. UPGR - Volatility Comparison

The current volatility for Global X US Infrastructure Development ETF (PAVE) is 6.54%, while Xtrackers US Green Infrastructure Select Equity ETF (UPGR) has a volatility of 11.06%. This indicates that PAVE experiences smaller price fluctuations and is considered to be less risky than UPGR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PAVE	UPGR	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.54%	11.06%	-4.52%
Volatility (6M) Calculated over the trailing 6-month period	16.73%	24.39%	-7.66%
Volatility (1Y) Calculated over the trailing 1-year period	20.50%	33.05%	-12.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.72%	31.12%	-9.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.38%	31.12%	-6.74%

PAVE vs. UPGR - Expense Ratio Comparison

PAVE has a 0.47% expense ratio, which is higher than UPGR's 0.35% expense ratio.

Dividends

PAVE vs. UPGR - Dividend Comparison

PAVE's dividend yield for the trailing twelve months is around 0.74%, more than UPGR's 0.30% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
PAVE Global X US Infrastructure Development ETF	0.74%	0.92%	0.54%	0.68%	0.84%	0.48%	0.44%	0.67%	0.78%	0.30%
UPGR Xtrackers US Green Infrastructure Select Equity ETF	0.30%	0.39%	1.16%	0.32%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PAVE and UPGR in my portfolio?

PAVE and UPGR have a correlation of 0.71, 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 UPGR?

UPGR has higher volatility (11.06%) compared to PAVE (6.54%). In terms of maximum drawdown, PAVE dropped -44.08% vs UPGR's -46.60%.

Which ETF is better, PAVE or UPGR?

On 3-year performance, PAVE leads with 23.17% vs 3.09% for UPGR. On fees, UPGR is cheaper at 0.35% per year. On volatility, PAVE has been the lower-risk option at 6.54%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PAVE or UPGR?

Over the 3-year period, PAVE has performed better with a 23.17% return vs 3.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PAVE or UPGR?

UPGR is cheaper with a 0.35% expense ratio, compared with 0.47% for PAVE.

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

PAVE has the higher dividend yield at 0.74%, compared with 0.30% for UPGR.

What is the main difference between PAVE and UPGR?

PAVE tracks INDXX U.S. Infrastructure Development Index, while UPGR tracks Solactive United States Green Infrastructure ESG Screened Index - Benchmark TR Gross. They also come from different issuers: Global X and Xtrackers. Their fees differ too: 0.47% for PAVE and 0.35% for UPGR.

Which has better risk-adjusted returns?

PAVE currently has the higher Sharpe Ratio (1.48 vs 1.05), 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.