PAVE vs. VOOG

Last updated Jun 5, 2026

PAVE (Global X US Infrastructure Development ETF) and VOOG (Vanguard S&P 500 Growth ETF) are both exchange-traded funds - PAVE is a Industrials Equities fund tracking the INDXX U.S. Infrastructure Development Index, while VOOG is a S&P 500 fund tracking the S&P 500 Growth Index. Both are passively managed. Over the past 5 years, PAVE returned 17.52%/yr vs 16.01%/yr for VOOG. A 0.65 correlation means they provide meaningful diversification when combined. PAVE charges 0.47%/yr vs 0.07%/yr for VOOG.

Performance

PAVE vs. VOOG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Global X US Infrastructure Development ETF (PAVE) and Vanguard S&P 500 Growth ETF (VOOG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PAVE achieves a 20.55% return, which is significantly higher than VOOG's 13.70% return.

PAVE

• 1D: 0.56%
• 1M: 0.42%
• YTD: 20.55%
• 6M: 19.00%
• 1Y: 37.89%
• 3Y*: 27.31%
• 5Y*: 17.52%
• 10Y*: —

VOOG

• 1D: -0.07%
• 1M: 6.55%
• YTD: 13.70%
• 6M: 13.08%
• 1Y: 33.67%
• 3Y*: 28.14%
• 5Y*: 16.01%
• 10Y*: 18.10%

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

PAVE vs. VOOG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PAVE Global X US Infrastructure Development ETF	20.55%	19.36%	17.92%	31.01%	-7.17%	36.42%	19.72%	33.26%	-19.15%	14.11%
VOOG Vanguard S&P 500 Growth ETF	13.70%	22.11%	35.89%	29.96%	-29.48%	31.95%	33.35%	30.93%	-0.21%	18.33%

Correlation

The correlation between PAVE and VOOG is 0.55, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.55
Correlation (3Y) Calculated over the trailing 3-year period	0.61
Correlation (5Y) Calculated over the trailing 5-year period	0.67
Correlation (All Time) Calculated using the full available price history since Mar 9, 2017	0.65

The correlation between PAVE and VOOG shifts across timeframes, from 0.55 (1 year) to 0.67 (5 years), reflecting how their relationship changes across market environments.

PAVE vs. VOOG - Sectors Allocation Comparison

Sectors	PAVE	VOOG
Industrials	74.8%	6.2%
Basic Materials	20.3%	0.4%
Utilities	3.2%	0.4%
Technology	1.1%	49.4%
Consumer Defensive	0.3%	1.0%
Energy	0.2%	0.1%
Communication Services	-	18.0%
Consumer Cyclical	-	9.4%
Financial Services	-	8.8%
Healthcare	-	5.8%
Real Estate	-	0.6%

Return for Risk

PAVE vs. VOOG — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

PAVE

PAVE Risk / Return Rank: 62
PAVE Sharpe Ratio Rank: 62
PAVE Sortino Ratio Rank: 63
PAVE Omega Ratio Rank: 56
PAVE Calmar Ratio Rank: 65
PAVE Martin Ratio Rank: 65

VOOG

VOOG Risk / Return Rank: 60
VOOG Sharpe Ratio Rank: 66
VOOG Sortino Ratio Rank: 63
VOOG Omega Ratio Rank: 62
VOOG Calmar Ratio Rank: 51
VOOG Martin Ratio Rank: 59

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. VOOG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X US Infrastructure Development ETF (PAVE) and Vanguard S&P 500 Growth ETF (VOOG). 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.

	PAVE	VOOG	Difference
Sharpe ratio: Return per unit of total volatility	2.02	2.13	-0.11
Sortino ratio: Return per unit of downside risk	2.86	2.89	-0.03
Omega ratio: Gain probability vs. loss probability	1.34	1.37	-0.03
Calmar ratio: Return relative to maximum drawdown	3.19	2.47	+0.73
Martin ratio: Return relative to average drawdown	11.72	10.20	+1.52
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PAVE vs. VOOG - Sharpe Ratio Comparison

The current PAVE Sharpe Ratio is 2.02, which is comparable to the VOOG Sharpe Ratio of 2.13. The chart below compares the historical Sharpe Ratios of PAVE and VOOG, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	PAVE	VOOG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.02	2.13	-0.11
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.81	0.76	+0.06
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.88	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.68	0.91	-0.22

Drawdowns

PAVE vs. VOOG - Drawdown Comparison

The maximum PAVE drawdown since its inception was -44.08%, which is greater than VOOG's maximum drawdown of -32.73%. Use the drawdown chart below to compare losses from any high point for PAVE and VOOG.

Drawdown Indicators

	PAVE	VOOG	Difference
Max Drawdown Largest peak-to-trough decline	-44.08%	-32.73%	-11.35%
Max Drawdown (1Y) Largest decline over 1 year	-11.91%	-13.71%	+1.80%
Max Drawdown (3Y) Largest decline over 3 years	-26.23%	-22.18%	-4.05%
Max Drawdown (5Y) Largest decline over 5 years	-26.23%	-32.73%	+6.50%
Max Drawdown (10Y) Largest decline over 10 years	—	-32.73%	—
Current Drawdown Current decline from peak	-1.27%	-1.15%	-0.12%
Average Drawdown Average peak-to-trough decline	-6.24%	-4.97%	-1.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.24%	3.31%	-0.07%

Volatility

PAVE vs. VOOG - Volatility Comparison

Global X US Infrastructure Development ETF (PAVE) has a higher volatility of 6.10% compared to Vanguard S&P 500 Growth ETF (VOOG) at 4.31%. This indicates that PAVE's price experiences larger fluctuations and is considered to be riskier than VOOG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PAVE	VOOG	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.10%	4.31%	+1.79%
Volatility (6M) Calculated over the trailing 6-month period	15.18%	12.41%	+2.77%
Volatility (1Y) Calculated over the trailing 1-year period	18.80%	15.84%	+2.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.60%	21.18%	+0.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.38%	20.72%	+3.66%

PAVE vs. VOOG - Expense Ratio Comparison

PAVE has a 0.47% expense ratio, which is higher than VOOG's 0.07% expense ratio.

Dividends

PAVE vs. VOOG - Dividend Comparison

PAVE's dividend yield for the trailing twelve months is around 0.76%, more than VOOG's 0.44% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%	0.00%	0.00%
VOOG Vanguard S&P 500 Growth ETF	0.44%	0.49%	0.49%	1.12%	0.93%	0.53%	0.88%	1.26%	1.34%	1.32%	1.47%	1.56%

Frequently Asked Questions

Can I hold both PAVE and VOOG in my portfolio?

PAVE and VOOG have a correlation of 0.55, 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 VOOG?

PAVE has higher volatility (6.10%) compared to VOOG (4.31%). In terms of maximum drawdown, PAVE dropped -44.08% vs VOOG's -32.73%.

Which ETF is better, PAVE or VOOG?

On 5-year performance, PAVE leads with 17.52% vs 16.01% for VOOG. On fees, VOOG is cheaper at 0.07% per year. On volatility, VOOG has been the lower-risk option at 4.31%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PAVE or VOOG?

Over the 5-year period, PAVE has performed better with a 17.52% return vs 16.01%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PAVE or VOOG?

VOOG is cheaper with a 0.07% expense ratio, compared with 0.47% for PAVE.

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

PAVE has the higher dividend yield at 0.76%, compared with 0.44% for VOOG.

What is the main difference between PAVE and VOOG?

PAVE is categorized as Industrials Equities, while VOOG is S&P 500. PAVE tracks INDXX U.S. Infrastructure Development Index, while VOOG tracks S&P 500 Growth Index. They also come from different issuers: Global X and Vanguard. Their fees differ too: 0.47% for PAVE and 0.07% for VOOG.

Which has better risk-adjusted returns?

VOOG currently has the higher Sharpe Ratio (2.13 vs 2.02), 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.