ZAP vs. GII

Last updated Jun 4, 2026

ZAP (Global X U.S. Electrification ETF) and GII (SPDR S&P Global Infrastructure ETF) are both Utilities Equities funds - ZAP tracks the Global X U.S. Electrification Index while GII tracks the S&P Global Infrastructure. Both are passively managed. Over the past year, ZAP returned 28.84% vs 14.97% for GII. A 0.74 correlation means they provide meaningful diversification when combined. ZAP charges 0.50%/yr vs 0.40%/yr for GII.

Performance

ZAP vs. GII - Performance Comparison

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

Returns By Period

In the year-to-date period, ZAP achieves a 15.14% return, which is significantly higher than GII's 7.74% return.

ZAP

• 1D: -0.63%
• 1M: -3.98%
• YTD: 15.14%
• 6M: 13.19%
• 1Y: 28.84%
• 3Y*: —
• 5Y*: —
• 10Y*: —

GII

• 1D: -0.45%
• 1M: -2.07%
• YTD: 7.74%
• 6M: 7.63%
• 1Y: 14.97%
• 3Y*: 15.77%
• 5Y*: 10.11%
• 10Y*: 8.22%

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

ZAP vs. GII - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ZAP Global X U.S. Electrification ETF	15.14%	21.84%	1.26%
GII SPDR S&P Global Infrastructure ETF	7.74%	21.79%	2.65%

Correlation

The correlation between ZAP and GII is 0.69, 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 (All Time) Calculated using the full available price history since Dec 19, 2024	0.74

The correlation between ZAP and GII has been stable across timeframes, ranging from 0.69 to 0.74 - a consistent structural relationship.

Return for Risk

ZAP vs. GII — Risk / Return Rank

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

ZAP

ZAP Risk / Return Rank: 60
ZAP Sharpe Ratio Rank: 56
ZAP Sortino Ratio Rank: 54
ZAP Omega Ratio Rank: 52
ZAP Calmar Ratio Rank: 78
ZAP Martin Ratio Rank: 58

GII

GII Risk / Return Rank: 42
GII Sharpe Ratio Rank: 38
GII Sortino Ratio Rank: 37
GII Omega Ratio Rank: 38
GII Calmar Ratio Rank: 51
GII Martin Ratio Rank: 47

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.

ZAP vs. GII - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X U.S. Electrification ETF (ZAP) and SPDR S&P Global Infrastructure ETF (GII). 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.

	ZAP	GII	Difference
Sharpe ratio Return per unit of total volatility	1.92	1.40	+0.52
Sortino ratio Return per unit of downside risk	2.62	1.99	+0.63
Omega ratio Gain probability vs. loss probability	1.33	1.25	+0.07
Calmar ratio Return relative to maximum drawdown	4.01	2.53	+1.48
Martin ratio Return relative to average drawdown	10.25	7.88	+2.38
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ZAP vs. GII - Sharpe Ratio Comparison

The current ZAP Sharpe Ratio is 1.92, which is higher than the GII Sharpe Ratio of 1.40. The chart below compares the historical Sharpe Ratios of ZAP and GII, 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

	ZAP	GII	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.92	1.40	+0.52
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.72	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.48	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.63	0.28	+1.35

Drawdowns

ZAP vs. GII - Drawdown Comparison

The maximum ZAP drawdown since its inception was -12.38%, smaller than the maximum GII drawdown of -50.98%. Use the drawdown chart below to compare losses from any high point for ZAP and GII.

Drawdown Indicators

	ZAP	GII	Difference
Max Drawdown Largest peak-to-trough decline	-12.38%	-50.98%	+38.60%
Max Drawdown (1Y) Largest decline over 1 year	-7.23%	-5.94%	-1.29%
Max Drawdown (3Y) Largest decline over 3 years	—	-14.31%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-20.67%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-42.84%	—
Current Drawdown Current decline from peak	-4.11%	-4.55%	+0.44%
Average Drawdown Average peak-to-trough decline	-2.57%	-11.52%	+8.95%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.83%	1.90%	+0.93%

Volatility

ZAP vs. GII - Volatility Comparison

Global X U.S. Electrification ETF (ZAP) has a higher volatility of 6.28% compared to SPDR S&P Global Infrastructure ETF (GII) at 3.85%. This indicates that ZAP's price experiences larger fluctuations and is considered to be riskier than GII based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZAP	GII	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.28%	3.85%	+2.43%
Volatility (6M) Calculated over the trailing 6-month period	11.74%	8.79%	+2.95%
Volatility (1Y) Calculated over the trailing 1-year period	15.13%	10.74%	+4.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.91%	14.11%	+2.80%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.91%	17.14%	-0.23%

ZAP vs. GII - Expense Ratio Comparison

ZAP has a 0.50% expense ratio, which is higher than GII's 0.40% expense ratio.

Dividends

ZAP vs. GII - Dividend Comparison

ZAP's dividend yield for the trailing twelve months is around 1.55%, less than GII's 2.72% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GII SPDR S&P Global Infrastructure ETF	2.72%	3.17%	3.23%	3.70%	3.07%	2.37%	2.66%	3.39%	3.31%	3.38%	3.11%	3.54%
ZAP Global X U.S. Electrification ETF	1.55%	1.81%	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 ZAP and GII in my portfolio?

ZAP and GII have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ZAP or GII?

ZAP has higher volatility (6.28%) compared to GII (3.85%). In terms of maximum drawdown, ZAP dropped -12.38% vs GII's -50.98%.

Which ETF is better, ZAP or GII?

On 1-year performance, ZAP leads with 28.84% vs 14.97% for GII. On fees, GII is cheaper at 0.40% per year. On volatility, GII has been the lower-risk option at 3.85%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ZAP or GII?

Over the 1-year period, ZAP has performed better with a 28.84% return vs 14.97%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ZAP or GII?

GII is cheaper with a 0.40% expense ratio, compared with 0.50% for ZAP.

Which ETF pays a higher dividend yield, ZAP or GII?

GII has the higher dividend yield at 2.72%, compared with 1.55% for ZAP.

What is the main difference between ZAP and GII?

ZAP tracks Global X U.S. Electrification Index, while GII tracks S&P Global Infrastructure. They also come from different issuers: Global X and State Street. Their fees differ too: 0.50% for ZAP and 0.40% for GII.

Which has better risk-adjusted returns?

ZAP currently has the higher Sharpe Ratio (1.92 vs 1.40), 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.