XTN vs. PAVE

Last updated Jun 23, 2026

XTN (SPDR S&P Transportation ETF) and PAVE (Global X US Infrastructure Development ETF) are both exchange-traded funds - XTN is a Transportation Equities fund tracking the S&P Transportation Select Industry 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, XTN returned 6.59%/yr vs 19.28%/yr for PAVE. Their correlation of 0.81 suggests significant overlap in exposure. XTN charges 0.35%/yr vs 0.47%/yr for PAVE.

Performance

XTN vs. PAVE - Performance Comparison

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

Returns By Period

The year-to-date returns for both stocks are quite close, with XTN having a 25.03% return and PAVE slightly lower at 23.96%.

XTN

• 1D: 0.39%
• 1M: 7.26%
• YTD: 25.03%
• 6M: 21.61%
• 1Y: 49.87%
• 3Y*: 14.20%
• 5Y*: 6.59%
• 10Y*: 11.40%

PAVE

• 1D: 1.16%
• 1M: 7.83%
• YTD: 23.96%
• 6M: 21.60%
• 1Y: 42.46%
• 3Y*: 26.32%
• 5Y*: 19.28%
• 10Y*: —

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

XTN vs. PAVE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
XTN SPDR S&P Transportation ETF	25.03%	6.33%	4.86%	25.22%	-28.10%	33.68%	12.11%	21.85%	-17.26%	20.30%
PAVE Global X US Infrastructure Development ETF	23.96%	19.36%	17.92%	31.01%	-7.17%	36.42%	19.72%	33.26%	-19.15%	13.41%

Correlation

The correlation between XTN and PAVE is 0.70, 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	0.70
Correlation (3Y) Calculated over the trailing 3-year period	0.75
Correlation (5Y) Calculated over the trailing 5-year period	0.79
Correlation (All Time) Calculated using the full available price history since Mar 8, 2017	0.81

The correlation between XTN and PAVE shifts across timeframes, from 0.70 (1 year) to 0.81 (all time), reflecting how their relationship changes across market environments.

XTN vs. PAVE - Sectors Allocation Comparison

Sectors	XTN	PAVE
Industrials	95.7%	75.9%
Technology	4.3%	1.0%
Basic Materials	-	19.5%
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	0.2%
Energy	-	0.2%
Financial Services	-	-
Healthcare	-	-
Real Estate	-	-
Utilities	-	3.1%

Return for Risk

XTN vs. PAVE — Risk / Return Rank

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

XTN

XTN Risk / Return Rank: 52
XTN Sharpe Ratio Rank: 53
XTN Sortino Ratio Rank: 50
XTN Omega Ratio Rank: 48
XTN Calmar Ratio Rank: 60
XTN Martin Ratio Rank: 49

PAVE

PAVE Risk / Return Rank: 69
PAVE Sharpe Ratio Rank: 70
PAVE Sortino Ratio Rank: 70
PAVE Omega Ratio Rank: 62
PAVE Calmar Ratio Rank: 73
PAVE Martin Ratio Rank: 72

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.

XTN vs. PAVE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P Transportation ETF (XTN) 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.

	XTN	PAVE	Difference
Sharpe ratio: Return per unit of total volatility	1.77	2.19	-0.42
Sortino ratio: Return per unit of downside risk	2.40	3.03	-0.63
Omega ratio: Gain probability vs. loss probability	1.30	1.36	-0.07
Calmar ratio: Return relative to maximum drawdown	2.90	3.58	-0.68
Martin ratio: Return relative to average drawdown	7.99	13.03	-5.04

XTN vs. PAVE - Sharpe Ratio Comparison

The current XTN Sharpe Ratio is 1.77, which is comparable to the PAVE Sharpe Ratio of 2.19. The chart below compares the historical Sharpe Ratios of XTN 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

XTN vs. PAVE - Drawdown Comparison

The maximum XTN drawdown since its inception was -43.77%, roughly equal to the maximum PAVE drawdown of -44.08%. Use the drawdown chart below to compare losses from any high point for XTN and PAVE.

Drawdown Indicators

	XTN	PAVE	Difference
Max Drawdown Largest peak-to-trough decline	-43.77%	-44.08%	+0.31%
Max Drawdown (1Y) Largest decline over 1 year	-17.28%	-11.91%	-5.37%
Max Drawdown (3Y) Largest decline over 3 years	-33.69%	-26.23%	-7.46%
Max Drawdown (5Y) Largest decline over 5 years	-35.05%	-26.23%	-8.82%
Max Drawdown (10Y) Largest decline over 10 years	-43.77%	—	—
Current Drawdown Current decline from peak	-3.07%	0.00%	-3.07%
Average Drawdown Average peak-to-trough decline	-10.91%	-6.21%	-4.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.26%	3.27%	+2.99%

Volatility

XTN vs. PAVE - Volatility Comparison

SPDR S&P Transportation ETF (XTN) has a higher volatility of 7.63% compared to Global X US Infrastructure Development ETF (PAVE) at 6.41%. This indicates that XTN'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

	XTN	PAVE	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.63%	6.41%	+1.22%
Volatility (6M) Calculated over the trailing 6-month period	22.65%	15.70%	+6.95%
Volatility (1Y) Calculated over the trailing 1-year period	28.40%	19.50%	+8.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.94%	21.64%	+5.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.25%	24.39%	+1.86%

XTN vs. PAVE - Expense Ratio Comparison

XTN has a 0.35% expense ratio, which is lower than PAVE's 0.47% expense ratio.

Dividends

XTN vs. PAVE - Dividend Comparison

XTN's dividend yield for the trailing twelve months is around 0.77%, more than PAVE's 0.74% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PAVE Global X US Infrastructure Development ETF	0.74%	0.92%	0.54%	0.68%	0.84%	0.48%	0.44%	0.67%	0.78%	0.30%	0.00%	0.00%
XTN SPDR S&P Transportation ETF	0.77%	0.78%	0.93%	0.73%	1.04%	1.02%	0.75%	1.17%	0.98%	0.63%	0.66%	1.03%

Frequently Asked Questions

Can I hold both XTN and PAVE in my portfolio?

XTN and PAVE have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XTN or PAVE?

XTN has higher volatility (7.63%) compared to PAVE (6.41%). In terms of maximum drawdown, XTN dropped -43.77% vs PAVE's -44.08%.

Which ETF is better, XTN or PAVE?

On 5-year performance, PAVE leads with 19.28% vs 6.59% for XTN. On fees, XTN is cheaper at 0.35% per year. On volatility, PAVE has been the lower-risk option at 6.41%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XTN or PAVE?

Over the 5-year period, PAVE has performed better with a 19.28% return vs 6.59%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XTN or PAVE?

XTN is cheaper with a 0.35% expense ratio, compared with 0.47% for PAVE.

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

XTN has the higher dividend yield at 0.77%, compared with 0.74% for PAVE.

What is the main difference between XTN and PAVE?

XTN is categorized as Transportation Equities, while PAVE is Industrials Equities. XTN tracks S&P Transportation Select Industry Index, while PAVE tracks INDXX U.S. Infrastructure Development Index. They also come from different issuers: State Street and Global X. Their fees differ too: 0.35% for XTN and 0.47% for PAVE.

Which has better risk-adjusted returns?

PAVE currently has the higher Sharpe Ratio (2.19 vs 1.77), 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.