ZVNBX vs. PAVE

Last updated Apr 3, 2026

Compare and contrast key facts about Zevenbergen Growth Fund (ZVNBX) and Global X US Infrastructure Development ETF (PAVE).

ZVNBX is managed by Zevenbergen Capital Investments. It was launched on Aug 31, 2015. PAVE is a passively managed fund by Global X that tracks the performance of the INDXX U.S. Infrastructure Development Index. It was launched on Mar 6, 2017.

Performance

ZVNBX vs. PAVE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Zevenbergen Growth Fund (ZVNBX) and Global X US Infrastructure Development ETF (PAVE). The values are adjusted to include any dividend payments, if applicable.

ZVNBX vs. PAVE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ZVNBX Zevenbergen Growth Fund	-14.20%	9.93%	34.10%	63.92%	-54.79%	-9.19%	123.87%	37.73%	5.88%	20.65%
PAVE Global X US Infrastructure Development ETF	7.34%	19.36%	17.92%	31.01%	-7.17%	36.42%	19.72%	33.26%	-19.15%	14.11%

Returns By Period

In the year-to-date period, ZVNBX achieves a -14.20% return, which is significantly lower than PAVE's 7.34% return.

ZVNBX

• 1D: 1.00%
• 1M: -6.13%
• YTD: -14.20%
• 6M: -17.09%
• 1Y: 7.35%
• 3Y*: 16.55%
• 5Y*: -1.91%
• 10Y*: 14.54%

PAVE

• 1D: -0.75%
• 1M: -5.46%
• YTD: 7.34%
• 6M: 7.91%
• 1Y: 34.04%
• 3Y*: 22.82%
• 5Y*: 16.08%
• 10Y*: —

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

ZVNBX vs. PAVE - Expense Ratio Comparison

ZVNBX has a 1.30% expense ratio, which is higher than PAVE's 0.47% expense ratio.

ZVNBX

Zevenbergen Growth Fund

PAVE

Global X US Infrastructure Development ETF

Return for Risk

ZVNBX vs. PAVE — Risk / Return Rank

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

ZVNBX

ZVNBX Risk / Return Rank: 9
ZVNBX Sharpe Ratio Rank: 9
ZVNBX Sortino Ratio Rank: 11
ZVNBX Omega Ratio Rank: 10
ZVNBX Calmar Ratio Rank: 9
ZVNBX Martin Ratio Rank: 9

PAVE

PAVE Risk / Return Rank: 80
PAVE Sharpe Ratio Rank: 78
PAVE Sortino Ratio Rank: 80
PAVE Omega Ratio Rank: 73
PAVE Calmar Ratio Rank: 85
PAVE Martin Ratio Rank: 83

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.

ZVNBX vs. PAVE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Zevenbergen Growth Fund (ZVNBX) 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.

	ZVNBX	PAVE	Difference
Sharpe ratio Return per unit of total volatility	0.32	1.53	-1.21
Sortino ratio Return per unit of downside risk	0.67	2.20	-1.53
Omega ratio Gain probability vs. loss probability	1.09	1.29	-0.20
Calmar ratio Return relative to maximum drawdown	0.40	2.89	-2.49
Martin ratio Return relative to average drawdown	1.21	10.51	-9.30
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ZVNBX vs. PAVE - Sharpe Ratio Comparison

The current ZVNBX Sharpe Ratio is 0.32, which is lower than the PAVE Sharpe Ratio of 1.53. The chart below compares the historical Sharpe Ratios of ZVNBX and PAVE, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	ZVNBX	PAVE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.32	1.53	-1.21
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.05	0.75	-0.81
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.45	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.41	0.64	-0.22

Correlation

The correlation between ZVNBX and PAVE is 0.53, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

ZVNBX vs. PAVE - Dividend Comparison

ZVNBX's dividend yield for the trailing twelve months is around 1.47%, more than PAVE's 0.86% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
ZVNBX Zevenbergen Growth Fund	1.47%	1.26%	0.00%	0.00%	0.00%	1.95%	0.07%	0.00%	0.00%	0.00%
PAVE Global X US Infrastructure Development ETF	0.86%	0.92%	0.54%	0.68%	0.84%	0.48%	0.44%	0.67%	0.78%	0.30%

Drawdowns

ZVNBX vs. PAVE - Drawdown Comparison

The maximum ZVNBX drawdown since its inception was -66.30%, which is greater than PAVE's maximum drawdown of -44.08%. Use the drawdown chart below to compare losses from any high point for ZVNBX and PAVE.

Drawdown Indicators

	ZVNBX	PAVE	Difference
Max Drawdown Largest peak-to-trough decline	-66.30%	-44.08%	-22.22%
Max Drawdown (1Y) Largest decline over 1 year	-26.79%	-11.91%	-14.88%
Max Drawdown (5Y) Largest decline over 5 years	-63.28%	-26.23%	-37.05%
Max Drawdown (10Y) Largest decline over 10 years	-66.30%	—	—
Current Drawdown Current decline from peak	-27.61%	-7.82%	-19.79%
Average Drawdown Average peak-to-trough decline	-19.85%	-6.30%	-13.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.97%	3.45%	+5.52%

Volatility

ZVNBX vs. PAVE - Volatility Comparison

Zevenbergen Growth Fund (ZVNBX) has a higher volatility of 9.65% compared to Global X US Infrastructure Development ETF (PAVE) at 7.83%. This indicates that ZVNBX'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

	ZVNBX	PAVE	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.65%	7.83%	+1.82%
Volatility (6M) Calculated over the trailing 6-month period	18.80%	14.08%	+4.72%
Volatility (1Y) Calculated over the trailing 1-year period	29.73%	22.47%	+7.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	35.77%	21.42%	+14.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.31%	24.41%	+7.90%