XCLR vs. PAVE

Last updated Jun 4, 2026

XCLR (Global X S&P 500 Collar 95-110 ETF) and PAVE (Global X US Infrastructure Development ETF) are both exchange-traded funds - XCLR is a Equity Hedged fund tracking the Cboe S&P 500 3-Month Collar 95-110 Index, while PAVE is a Utilities Equities fund tracking the INDXX U.S. Infrastructure Development Index. Both are passively managed. Over the past 3 years, XCLR returned 13.42%/yr vs 26.78%/yr for PAVE. A 0.76 correlation means they provide meaningful diversification when combined. XCLR charges 0.25%/yr vs 0.47%/yr for PAVE.

Performance

XCLR vs. PAVE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Global X S&P 500 Collar 95-110 ETF (XCLR) 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, XCLR achieves a 2.37% return, which is significantly lower than PAVE's 19.88% return.

XCLR

• 1D: -0.05%
• 1M: 2.04%
• YTD: 2.37%
• 6M: 2.16%
• 1Y: 13.37%
• 3Y*: 13.42%
• 5Y*: —
• 10Y*: —

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)

XCLR vs. PAVE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
XCLR Global X S&P 500 Collar 95-110 ETF	2.37%	10.25%	20.67%	15.64%	-12.93%	3.44%
PAVE Global X US Infrastructure Development ETF	19.88%	19.36%	17.92%	31.01%	-7.17%	6.21%

Correlation

The correlation between XCLR and PAVE is 0.63, 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	0.63
Correlation (3Y) Calculated over the trailing 3-year period	0.71
Correlation (All Time) Calculated using the full available price history since Aug 27, 2021	0.76

The correlation between XCLR and PAVE shifts across timeframes, from 0.63 (1 year) to 0.76 (all time), reflecting how their relationship changes across market environments.

XCLR vs. PAVE - Sectors Allocation Comparison

Sectors	XCLR	PAVE
Technology	35.6%	1.1%
Financial Services	11.8%	-
Communication Services	11.2%	-
Consumer Cyclical	10.1%	-
Healthcare	8.5%	-
Industrials	8.3%	74.8%
Consumer Defensive	4.9%	0.3%
Energy	3.5%	0.2%
Utilities	2.4%	3.2%
Real Estate	2.0%	-
Basic Materials	1.8%	20.3%

Return for Risk

XCLR vs. PAVE — Risk / Return Rank

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

XCLR

XCLR Risk / Return Rank: 41
XCLR Sharpe Ratio Rank: 44
XCLR Sortino Ratio Rank: 43
XCLR Omega Ratio Rank: 45
XCLR Calmar Ratio Rank: 32
XCLR Martin Ratio Rank: 41

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.

XCLR vs. PAVE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X S&P 500 Collar 95-110 ETF (XCLR) 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.

	XCLR	PAVE	Difference
Sharpe ratio: Return per unit of total volatility	1.57	1.99	-0.42
Sortino ratio: Return per unit of downside risk	2.17	2.82	-0.64
Omega ratio: Gain probability vs. loss probability	1.29	1.34	-0.05
Calmar ratio: Return relative to maximum drawdown	1.62	3.13	-1.51
Martin ratio: Return relative to average drawdown	6.51	11.50	-4.98
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XCLR vs. PAVE - Sharpe Ratio Comparison

The current XCLR Sharpe Ratio is 1.57, which is comparable to the PAVE Sharpe Ratio of 1.99. The chart below compares the historical Sharpe Ratios of XCLR 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

	XCLR	PAVE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.57	1.99	-0.42
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.81	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.73	0.68	+0.05

Drawdowns

XCLR vs. PAVE - Drawdown Comparison

The maximum XCLR drawdown since its inception was -14.63%, smaller than the maximum PAVE drawdown of -44.08%. Use the drawdown chart below to compare losses from any high point for XCLR and PAVE.

Drawdown Indicators

	XCLR	PAVE	Difference
Max Drawdown Largest peak-to-trough decline	-14.63%	-44.08%	+29.45%
Max Drawdown (1Y) Largest decline over 1 year	-8.29%	-11.91%	+3.62%
Max Drawdown (3Y) Largest decline over 3 years	-12.46%	-26.23%	+13.77%
Max Drawdown (5Y) Largest decline over 5 years	—	-26.23%	—
Current Drawdown Current decline from peak	-0.05%	-1.82%	+1.77%
Average Drawdown Average peak-to-trough decline	-4.71%	-6.24%	+1.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.06%	3.24%	-1.18%

Volatility

XCLR vs. PAVE - Volatility Comparison

The current volatility for Global X S&P 500 Collar 95-110 ETF (XCLR) is 0.61%, while Global X US Infrastructure Development ETF (PAVE) has a volatility of 6.42%. This indicates that XCLR 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

	XCLR	PAVE	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.61%	6.42%	-5.81%
Volatility (6M) Calculated over the trailing 6-month period	6.18%	15.17%	-8.99%
Volatility (1Y) Calculated over the trailing 1-year period	8.58%	18.84%	-10.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.44%	21.60%	-11.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.44%	24.38%	-13.94%

XCLR vs. PAVE - Expense Ratio Comparison

XCLR has a 0.25% expense ratio, which is lower than PAVE's 0.47% expense ratio.

Dividends

XCLR vs. PAVE - Dividend Comparison

XCLR's dividend yield for the trailing twelve months is around 12.85%, more than PAVE's 0.77% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
XCLR Global X S&P 500 Collar 95-110 ETF	12.85%	13.15%	18.76%	1.40%	1.01%	1.70%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both XCLR and PAVE in my portfolio?

XCLR and PAVE have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XCLR or PAVE?

PAVE has higher volatility (6.42%) compared to XCLR (0.61%). In terms of maximum drawdown, XCLR dropped -14.63% vs PAVE's -44.08%.

Which ETF is better, XCLR or PAVE?

On 3-year performance, PAVE leads with 26.78% vs 13.42% for XCLR. On fees, XCLR is cheaper at 0.25% per year. On volatility, XCLR has been the lower-risk option at 0.61%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XCLR or PAVE?

Over the 3-year period, PAVE has performed better with a 26.78% return vs 13.42%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XCLR or PAVE?

XCLR is cheaper with a 0.25% expense ratio, compared with 0.47% for PAVE.

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

XCLR has the higher dividend yield at 12.85%, compared with 0.77% for PAVE.

What is the main difference between XCLR and PAVE?

XCLR is categorized as Equity Hedged, while PAVE is Utilities Equities. XCLR tracks Cboe S&P 500 3-Month Collar 95-110 Index, while PAVE tracks INDXX U.S. Infrastructure Development Index. Their fees differ too: 0.25% for XCLR and 0.47% for PAVE.

Which has better risk-adjusted returns?

PAVE currently has the higher Sharpe Ratio (1.99 vs 1.57), 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.