PAVE vs. ZAP

Last updated Apr 1, 2026

Compare and contrast key facts about Global X US Infrastructure Development ETF (PAVE) and Global X U.S. Electrification ETF (ZAP).

PAVE and ZAP are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. PAVE is a passively managed fund by Global X that tracks the performance of the INDXX U.S. Infrastructure Development Index. It was launched on Mar 6, 2017. ZAP is a passively managed fund by Global X that tracks the performance of the Global X U.S. Electrification Index. It was launched on Dec 17, 2024. Both PAVE and ZAP are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

PAVE vs. ZAP - Performance Comparison

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

PAVE vs. ZAP - Yearly Performance Comparison

	2026 (YTD)	2025	2024
PAVE Global X US Infrastructure Development ETF	6.32%	19.36%	-0.81%
ZAP Global X U.S. Electrification ETF	10.67%	21.84%	1.26%

Returns By Period

In the year-to-date period, PAVE achieves a 6.32% return, which is significantly lower than ZAP's 10.67% return.

PAVE

• 1D: 3.29%
• 1M: -7.77%
• YTD: 6.32%
• 6M: 7.40%
• 1Y: 35.92%
• 3Y*: 22.36%
• 5Y*: 15.85%
• 10Y*: —

ZAP

• 1D: 1.20%
• 1M: -3.57%
• YTD: 10.67%
• 6M: 9.86%
• 1Y: 33.11%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PAVE vs. ZAP - Expense Ratio Comparison

PAVE has a 0.47% expense ratio, which is lower than ZAP's 0.50% expense ratio.

ZAP

Global X U.S. Electrification ETF

PAVE

Global X US Infrastructure Development ETF

Return for Risk

PAVE vs. ZAP — Risk / Return Rank

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

PAVE

PAVE Risk / Return Rank: 87
PAVE Sharpe Ratio Rank: 84
PAVE Sortino Ratio Rank: 87
PAVE Omega Ratio Rank: 82
PAVE Calmar Ratio Rank: 90
PAVE Martin Ratio Rank: 89

ZAP

ZAP Risk / Return Rank: 91
ZAP Sharpe Ratio Rank: 91
ZAP Sortino Ratio Rank: 92
ZAP Omega Ratio Rank: 89
ZAP Calmar Ratio Rank: 95
ZAP Martin Ratio Rank: 90

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. ZAP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X US Infrastructure Development ETF (PAVE) and Global X U.S. Electrification ETF (ZAP). 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	ZAP	Difference
Sharpe ratio Return per unit of total volatility	1.61	2.07	-0.46
Sortino ratio Return per unit of downside risk	2.30	2.71	-0.41
Omega ratio Gain probability vs. loss probability	1.31	1.37	-0.06
Calmar ratio Return relative to maximum drawdown	2.90	3.99	-1.09
Martin ratio Return relative to average drawdown	10.73	11.91	-1.19
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. ZAP - Sharpe Ratio Comparison

The current PAVE Sharpe Ratio is 1.61, which is comparable to the ZAP Sharpe Ratio of 2.07. The chart below compares the historical Sharpe Ratios of PAVE and ZAP, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	PAVE	ZAP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.61	2.07	-0.46
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.74	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.63	1.69	-1.06

Correlation

The correlation between PAVE and ZAP is 0.65, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

PAVE vs. ZAP - Dividend Comparison

PAVE's dividend yield for the trailing twelve months is around 0.86%, less than ZAP's 1.64% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
PAVE Global X US Infrastructure Development ETF	0.86%	0.92%	0.54%	0.68%	0.84%	0.48%	0.44%	0.67%	0.78%	0.30%
ZAP Global X U.S. Electrification ETF	1.64%	1.81%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Drawdowns

PAVE vs. ZAP - Drawdown Comparison

The maximum PAVE drawdown since its inception was -44.08%, which is greater than ZAP's maximum drawdown of -12.38%. Use the drawdown chart below to compare losses from any high point for PAVE and ZAP.

Drawdown Indicators

	PAVE	ZAP	Difference
Max Drawdown Largest peak-to-trough decline	-44.08%	-12.38%	-31.70%
Max Drawdown (1Y) Largest decline over 1 year	-12.56%	-8.59%	-3.97%
Max Drawdown (5Y) Largest decline over 5 years	-26.23%	—	—
Current Drawdown Current decline from peak	-8.70%	-3.71%	-4.99%
Average Drawdown Average peak-to-trough decline	-6.30%	-2.67%	-3.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.39%	2.88%	+0.51%

Volatility

PAVE vs. ZAP - Volatility Comparison

Global X US Infrastructure Development ETF (PAVE) has a higher volatility of 7.74% compared to Global X U.S. Electrification ETF (ZAP) at 5.40%. This indicates that PAVE's price experiences larger fluctuations and is considered to be riskier than ZAP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PAVE	ZAP	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.74%	5.40%	+2.34%
Volatility (6M) Calculated over the trailing 6-month period	13.97%	10.77%	+3.20%
Volatility (1Y) Calculated over the trailing 1-year period	22.40%	16.07%	+6.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.42%	16.55%	+4.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.41%	16.55%	+7.86%