SPOT vs. PAVE

Last updated Jul 17, 2026

SPOT (Spotify Technology S.A.) is a stock, while PAVE (Global X US Infrastructure Development ETF) is Industrials Equities fund tracking the INDXX U.S. Infrastructure Development Index. Over the past 5 years, SPOT returned 14.37%/yr vs 18.44%/yr for PAVE. At a 0.27 correlation, their price movements are largely independent.

Performance

SPOT vs. PAVE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Spotify Technology S.A. (SPOT) 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, SPOT achieves a -18.02% return, which is significantly lower than PAVE's 19.02% return.

SPOT

• 1D: -1.92%
• 1M: 1.33%
• 6M: -6.29%
• YTD: -18.02%
• 1Y: -32.52%
• 3Y*: 38.51%
• 5Y*: 14.37%
• 10Y*: —

PAVE

• 1D: 0.25%
• 1M: -2.77%
• 6M: 10.64%
• YTD: 19.02%
• 1Y: 28.42%
• 3Y*: 22.08%
• 5Y*: 18.44%
• 10Y*: —

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

SPOT vs. PAVE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
SPOT Spotify Technology S.A.	-18.02%	29.80%	138.08%	138.01%	-66.27%	-25.62%	110.40%	31.76%	-31.59%
PAVE Global X US Infrastructure Development ETF	19.02%	19.36%	17.92%	31.01%	-7.17%	36.42%	19.72%	33.26%	-13.32%

Correlation

The correlation between SPOT and PAVE is -0.07, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.07
Correlation (3Y) Calculated over the trailing 3-year period	0.17
Correlation (5Y) Calculated over the trailing 5-year period	0.29
Correlation (All Time) Calculated using the full available price history since Apr 3, 2018	0.27

The correlation between SPOT and PAVE shifts across timeframes, from -0.07 (1 year) to 0.29 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

SPOT vs. PAVE — Risk / Return Rank

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

SPOT

SPOT Risk / Return Rank: 14
SPOT Sharpe Ratio Rank: 12
SPOT Sortino Ratio Rank: 15
SPOT Omega Ratio Rank: 15
SPOT Calmar Ratio Rank: 15
SPOT Martin Ratio Rank: 14

PAVE

PAVE Risk / Return Rank: 53
PAVE Sharpe Ratio Rank: 51
PAVE Sortino Ratio Rank: 51
PAVE Omega Ratio Rank: 46
PAVE Calmar Ratio Rank: 59
PAVE 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.

SPOT vs. PAVE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Spotify Technology S.A. (SPOT) 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.

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.

	SPOT	PAVE	Difference
Sharpe ratio: Return per unit of total volatility	-0.73	1.42	-2.15
Sortino ratio: Return per unit of downside risk	-0.90	2.07	-2.97
Omega ratio: Gain probability vs. loss probability	0.89	1.24	-0.36
Calmar ratio: Return relative to maximum drawdown	-0.74	2.40	-3.14
Martin ratio: Return relative to average drawdown	-1.23	8.25	-9.48

SPOT vs. PAVE - Sharpe Ratio Comparison

The current SPOT Sharpe Ratio is -0.73, which is lower than the PAVE Sharpe Ratio of 1.42. The chart below compares the historical Sharpe Ratios of SPOT 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.

Drawdowns

SPOT vs. PAVE - Drawdown Comparison

The maximum SPOT drawdown since its inception was -80.51%, which is greater than PAVE's maximum drawdown of -44.08%. Use the drawdown chart below to compare losses from any high point for SPOT and PAVE.

Drawdown Indicators

	SPOT	PAVE	Difference
Max Drawdown Largest peak-to-trough decline	-80.51%	-44.08%	-36.43%
Max Drawdown (1Y) Largest decline over 1 year	-44.11%	-11.91%	-32.20%
Max Drawdown (3Y) Largest decline over 3 years	-46.80%	-26.23%	-20.57%
Max Drawdown (5Y) Largest decline over 5 years	-76.39%	-26.23%	-50.16%
Current Drawdown Current decline from peak	-38.64%	-5.19%	-33.45%
Average Drawdown Average peak-to-trough decline	-30.96%	-6.20%	-24.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	26.40%	3.46%	+22.94%

Volatility

SPOT vs. PAVE - Volatility Comparison

Spotify Technology S.A. (SPOT) has a higher volatility of 9.39% compared to Global X US Infrastructure Development ETF (PAVE) at 6.22%. This indicates that SPOT's price experiences larger fluctuations and is considered to be riskier than PAVE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPOT	PAVE	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.39%	6.22%	+3.17%
Volatility (6M) Calculated over the trailing 6-month period	37.40%	16.24%	+21.16%
Volatility (1Y) Calculated over the trailing 1-year period	44.99%	20.04%	+24.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	47.59%	21.69%	+25.90%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	47.22%	24.37%	+22.85%

Dividends

SPOT vs. PAVE - Dividend Comparison

SPOT has not paid dividends to shareholders, while PAVE's dividend yield for the trailing twelve months is around 0.76%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
SPOT Spotify Technology S.A.	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SPOT and PAVE in my portfolio?

SPOT and PAVE have a correlation of -0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPOT or PAVE?

SPOT has higher volatility (9.39%) compared to PAVE (6.22%). In terms of maximum drawdown, SPOT dropped -80.51% vs PAVE's -44.08%.

Which has better risk-adjusted returns?

PAVE currently has the higher Sharpe Ratio (1.42 vs -0.73), 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.