SDEM vs. PAVE

Last updated Jun 4, 2026

SDEM (Global X MSCI SuperDividend Emerging Markets ETF) and PAVE (Global X US Infrastructure Development ETF) are both exchange-traded funds - SDEM is a Emerging Markets Equities fund tracking the MSCI Emerging Markets Top 50 Dividend, while PAVE is a Utilities Equities fund tracking the INDXX U.S. Infrastructure Development Index. Both are passively managed. Over the past 5 years, SDEM returned 4.14%/yr vs 17.39%/yr for PAVE. A 0.51 correlation means they provide meaningful diversification when combined. SDEM charges 0.67%/yr vs 0.47%/yr for PAVE.

Performance

SDEM vs. PAVE - Performance Comparison

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

Returns By Period

In the year-to-date period, SDEM achieves a 10.35% return, which is significantly lower than PAVE's 19.88% return.

SDEM

• 1D: -1.52%
• 1M: 1.02%
• YTD: 10.35%
• 6M: 10.30%
• 1Y: 30.03%
• 3Y*: 19.61%
• 5Y*: 4.14%
• 10Y*: 4.84%

PAVE

• 1D: 0.70%
• 1M: 1.96%
• YTD: 19.88%
• 6M: 18.87%
• 1Y: 37.15%
• 3Y*: 26.78%
• 5Y*: 17.39%
• 10Y*: —

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

SDEM vs. PAVE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SDEM Global X MSCI SuperDividend Emerging Markets ETF	10.35%	32.01%	4.02%	12.64%	-21.53%	2.11%	-11.13%	17.56%	-17.40%	9.26%
PAVE Global X US Infrastructure Development ETF	19.88%	19.36%	17.92%	31.01%	-7.17%	36.42%	19.72%	33.26%	-19.15%	14.11%

Correlation

The correlation between SDEM and PAVE is 0.51, 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	0.51
Correlation (3Y) Calculated over the trailing 3-year period	0.45
Correlation (5Y) Calculated over the trailing 5-year period	0.47
Correlation (All Time) Calculated using the full available price history since Mar 9, 2017	0.51

The correlation between SDEM and PAVE has been stable across timeframes, ranging from 0.45 to 0.51 - a consistent structural relationship.

SDEM vs. PAVE - Sectors Allocation Comparison

Sectors	SDEM	PAVE
Financial Services	24.2%	-
Industrials	12.9%	74.8%
Utilities	7.9%	3.2%
Communication Services	5.7%	-
Consumer Defensive	5.6%	0.3%
Technology	5.6%	1.1%
Consumer Cyclical	5.5%	-
Energy	5.1%	0.2%
Real Estate	3.2%	-
Healthcare	2.0%	-
Basic Materials	1.2%	20.3%

Return for Risk

SDEM vs. PAVE — Risk / Return Rank

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

SDEM

SDEM Risk / Return Rank: 65
SDEM Sharpe Ratio Rank: 66
SDEM Sortino Ratio Rank: 66
SDEM Omega Ratio Rank: 62
SDEM Calmar Ratio Rank: 67
SDEM Martin Ratio Rank: 64

PAVE

PAVE Risk / Return Rank: 59
PAVE Sharpe Ratio Rank: 57
PAVE Sortino Ratio Rank: 58
PAVE Omega Ratio Rank: 53
PAVE Calmar Ratio Rank: 62
PAVE Martin Ratio Rank: 63

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.

SDEM vs. PAVE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X MSCI SuperDividend Emerging Markets ETF (SDEM) and Global X US Infrastructure Development ETF (PAVE). 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.

	SDEM	PAVE	Difference
Sharpe ratio: Return per unit of total volatility	2.22	1.99	+0.24
Sortino ratio: Return per unit of downside risk	3.07	2.82	+0.25
Omega ratio: Gain probability vs. loss probability	1.38	1.34	+0.05
Calmar ratio: Return relative to maximum drawdown	3.34	3.13	+0.21
Martin ratio: Return relative to average drawdown	11.64	11.50	+0.14
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SDEM vs. PAVE - Sharpe Ratio Comparison

The current SDEM Sharpe Ratio is 2.22, which is comparable to the PAVE Sharpe Ratio of 1.99. The chart below compares the historical Sharpe Ratios of SDEM and PAVE, 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

	SDEM	PAVE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.22	1.99	+0.24
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.24	0.81	-0.57
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.25	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.18	0.68	-0.50

Drawdowns

SDEM vs. PAVE - Drawdown Comparison

The maximum SDEM drawdown since its inception was -47.38%, which is greater than PAVE's maximum drawdown of -44.08%. Use the drawdown chart below to compare losses from any high point for SDEM and PAVE.

Drawdown Indicators

	SDEM	PAVE	Difference
Max Drawdown Largest peak-to-trough decline	-47.38%	-44.08%	-3.30%
Max Drawdown (1Y) Largest decline over 1 year	-9.03%	-11.91%	+2.88%
Max Drawdown (3Y) Largest decline over 3 years	-12.34%	-26.23%	+13.89%
Max Drawdown (5Y) Largest decline over 5 years	-36.70%	-26.23%	-10.47%
Max Drawdown (10Y) Largest decline over 10 years	-47.38%	—	—
Current Drawdown Current decline from peak	-4.20%	-1.82%	-2.38%
Average Drawdown Average peak-to-trough decline	-20.71%	-6.24%	-14.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.59%	3.24%	-0.65%

Volatility

SDEM vs. PAVE - Volatility Comparison

The current volatility for Global X MSCI SuperDividend Emerging Markets ETF (SDEM) is 4.90%, while Global X US Infrastructure Development ETF (PAVE) has a volatility of 6.42%. This indicates that SDEM experiences smaller price fluctuations and is considered to be less risky than PAVE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SDEM	PAVE	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.90%	6.42%	-1.52%
Volatility (6M) Calculated over the trailing 6-month period	11.14%	15.17%	-4.03%
Volatility (1Y) Calculated over the trailing 1-year period	13.57%	18.84%	-5.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.43%	21.60%	-4.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.22%	24.38%	-5.16%

SDEM vs. PAVE - Expense Ratio Comparison

SDEM has a 0.67% expense ratio, which is higher than PAVE's 0.47% expense ratio.

Dividends

SDEM vs. PAVE - Dividend Comparison

SDEM's dividend yield for the trailing twelve months is around 5.42%, more than PAVE's 0.77% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PAVE Global X US Infrastructure Development ETF	0.77%	0.92%	0.54%	0.68%	0.84%	0.48%	0.44%	0.67%	0.78%	0.30%	0.00%	0.00%
SDEM Global X MSCI SuperDividend Emerging Markets ETF	5.42%	5.27%	7.28%	7.50%	8.86%	8.14%	6.30%	6.47%	6.55%	5.01%	5.06%	6.14%

Frequently Asked Questions

Can I hold both SDEM and PAVE in my portfolio?

SDEM and PAVE have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SDEM or PAVE?

PAVE has higher volatility (6.42%) compared to SDEM (4.90%). In terms of maximum drawdown, SDEM dropped -47.38% vs PAVE's -44.08%.

Which ETF is better, SDEM or PAVE?

On 5-year performance, PAVE leads with 17.39% vs 4.14% for SDEM. On fees, PAVE is cheaper at 0.47% per year. On volatility, SDEM has been the lower-risk option at 4.90%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SDEM or PAVE?

Over the 5-year period, PAVE has performed better with a 17.39% return vs 4.14%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SDEM or PAVE?

PAVE is cheaper with a 0.47% expense ratio, compared with 0.67% for SDEM.

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

SDEM has the higher dividend yield at 5.42%, compared with 0.77% for PAVE.

What is the main difference between SDEM and PAVE?

SDEM is categorized as Emerging Markets Equities, while PAVE is Utilities Equities. SDEM tracks MSCI Emerging Markets Top 50 Dividend, while PAVE tracks INDXX U.S. Infrastructure Development Index. Their fees differ too: 0.67% for SDEM and 0.47% for PAVE.

Which has better risk-adjusted returns?

SDEM currently has the higher Sharpe Ratio (2.22 vs 1.99), 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.