VOOG vs. PAVE

Last updated Jun 24, 2026

VOOG (Vanguard S&P 500 Growth ETF) and PAVE (Global X US Infrastructure Development ETF) are both exchange-traded funds - VOOG is a S&P 500 fund tracking the S&P 500 Growth Index, while PAVE is a Industrials Equities fund tracking the INDXX U.S. Infrastructure Development Index. Both are passively managed. Over the past 5 years, VOOG returned 14.06%/yr vs 18.34%/yr for PAVE. A 0.65 correlation means they provide meaningful diversification when combined. VOOG charges 0.07%/yr vs 0.47%/yr for PAVE.

Performance

VOOG vs. PAVE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard S&P 500 Growth ETF (VOOG) 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, VOOG achieves a 8.71% return, which is significantly lower than PAVE's 20.97% return.

VOOG

• 1D: -2.34%
• 1M: -2.03%
• YTD: 8.71%
• 6M: 7.44%
• 1Y: 26.86%
• 3Y*: 25.47%
• 5Y*: 14.06%
• 10Y*: 18.00%

PAVE

• 1D: -2.41%
• 1M: 5.22%
• YTD: 20.97%
• 6M: 18.41%
• 1Y: 37.00%
• 3Y*: 25.30%
• 5Y*: 18.34%
• 10Y*: —

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

VOOG vs. PAVE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VOOG Vanguard S&P 500 Growth ETF	8.71%	22.11%	35.89%	29.96%	-29.48%	31.95%	33.35%	30.93%	-0.21%	18.24%
PAVE Global X US Infrastructure Development ETF	20.97%	19.36%	17.92%	31.01%	-7.17%	36.42%	19.72%	33.26%	-19.15%	13.41%

Correlation

The correlation between VOOG and PAVE is 0.54, 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	0.54
Correlation (3Y) Calculated over the trailing 3-year period	0.62
Correlation (5Y) Calculated over the trailing 5-year period	0.68
Correlation (All Time) Calculated using the full available price history since Mar 8, 2017	0.65

The correlation between VOOG and PAVE shifts across timeframes, from 0.54 (1 year) to 0.68 (5 years), reflecting how their relationship changes across market environments.

VOOG vs. PAVE - Sectors Allocation Comparison

Sectors	VOOG	PAVE
Technology	52.6%	1.0%
Communication Services	16.7%	-
Consumer Cyclical	9.0%	-
Financial Services	8.2%	-
Healthcare	5.7%	-
Industrials	5.7%	75.9%
Consumer Defensive	1.0%	0.2%
Real Estate	0.5%	-
Utilities	0.4%	3.1%
Basic Materials	0.3%	19.5%
Energy	0.1%	0.2%

Return for Risk

VOOG vs. PAVE — Risk / Return Rank

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

VOOG

VOOG Risk / Return Rank: 45
VOOG Sharpe Ratio Rank: 47
VOOG Sortino Ratio Rank: 45
VOOG Omega Ratio Rank: 44
VOOG Calmar Ratio Rank: 41
VOOG Martin Ratio Rank: 48

PAVE

PAVE Risk / Return Rank: 60
PAVE Sharpe Ratio Rank: 59
PAVE Sortino Ratio Rank: 59
PAVE Omega Ratio Rank: 53
PAVE Calmar Ratio Rank: 65
PAVE Martin Ratio Rank: 65

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.

VOOG vs. PAVE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard S&P 500 Growth ETF (VOOG) 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.

	VOOG	PAVE	Difference
Sharpe ratio: Return per unit of total volatility	1.59	1.90	-0.31
Sortino ratio: Return per unit of downside risk	2.17	2.66	-0.49
Omega ratio: Gain probability vs. loss probability	1.28	1.32	-0.04
Calmar ratio: Return relative to maximum drawdown	1.97	3.12	-1.15
Martin ratio: Return relative to average drawdown	7.82	11.34	-3.52

VOOG vs. PAVE - Sharpe Ratio Comparison

The current VOOG Sharpe Ratio is 1.59, which is comparable to the PAVE Sharpe Ratio of 1.90. The chart below compares the historical Sharpe Ratios of VOOG 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

VOOG vs. PAVE - Drawdown Comparison

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

Drawdown Indicators

	VOOG	PAVE	Difference
Max Drawdown Largest peak-to-trough decline	-32.73%	-44.08%	+11.35%
Max Drawdown (1Y) Largest decline over 1 year	-13.71%	-11.91%	-1.80%
Max Drawdown (3Y) Largest decline over 3 years	-22.18%	-26.23%	+4.05%
Max Drawdown (5Y) Largest decline over 5 years	-32.73%	-26.23%	-6.50%
Max Drawdown (10Y) Largest decline over 10 years	-32.73%	—	—
Current Drawdown Current decline from peak	-5.49%	-2.41%	-3.08%
Average Drawdown Average peak-to-trough decline	-4.96%	-6.21%	+1.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.45%	3.27%	+0.18%

Volatility

VOOG vs. PAVE - Volatility Comparison

Vanguard S&P 500 Growth ETF (VOOG) and Global X US Infrastructure Development ETF (PAVE) have volatilities of 7.23% and 7.01%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VOOG	PAVE	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.23%	7.01%	+0.22%
Volatility (6M) Calculated over the trailing 6-month period	13.86%	15.90%	-2.04%
Volatility (1Y) Calculated over the trailing 1-year period	17.04%	19.63%	-2.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.38%	21.67%	-0.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.81%	24.40%	-3.59%

VOOG vs. PAVE - Expense Ratio Comparison

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

Dividends

VOOG vs. PAVE - Dividend Comparison

VOOG's dividend yield for the trailing twelve months is around 0.46%, less than PAVE's 0.76% 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	0.46%	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 VOOG and PAVE in my portfolio?

VOOG and PAVE have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VOOG or PAVE?

VOOG has higher volatility (7.23%) compared to PAVE (7.01%). In terms of maximum drawdown, VOOG dropped -32.73% vs PAVE's -44.08%.

Which ETF is better, VOOG or PAVE?

On 5-year performance, PAVE leads with 18.34% vs 14.06% for VOOG. On fees, VOOG is cheaper at 0.07% per year. On volatility, PAVE has been the lower-risk option at 7.01%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VOOG or PAVE?

Over the 5-year period, PAVE has performed better with a 18.34% return vs 14.06%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VOOG or PAVE?

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

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

PAVE has the higher dividend yield at 0.76%, compared with 0.46% for VOOG.

What is the main difference between VOOG and PAVE?

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

Which has better risk-adjusted returns?

PAVE currently has the higher Sharpe Ratio (1.90 vs 1.59), 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.