Global X U.S. Infrastructure Development ETF (PAVE) Performance
PAVE total return
Distributions reinvested · as of Oct 23, 2026- YTD
- +8.2% since Dec 31, 2025
- 1 year
- +8.6% total return
- 5 years
- +14.3% a year
- Since first price
- +14.6% a year since 2017
PAVE trailing returns vs SPY, QQQ, AGG
| Period | PAVE total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | −3.4% | −3.4% | −1.0% | −5.0% | +0.9% |
| 3 months | −10.3% | −10.3% | +3.2% | +1.9% | −0.4% |
| 6 months | −8.3% | −8.4% | +7.8% | +8.4% | −1.5% |
| YTD | +8.2% | +8.0% | +12.3% | +15.1% | −1.0% |
| 1 year | +8.6% | +7.7% | +14.4% | +15.9% | −1.1% |
| 3 years | +84.3%+22.6%/yr | +80.4% | +87.4%+23.3%/yr | +101.4%+26.3%/yr | +16.6%+5.2%/yr |
| 5 years | +95.5%+14.3%/yr | +88.6% | +79.3%+12.4%/yr | +94.0%+14.2%/yr | −0.8%−0.2%/yr |
| Since inceptionMar 8, 2017 | +271.7%+14.6%/yr | +249.8% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: PAVE vs SPY
From Mar 8, 2017: PAVE grew to $37,174, SPY to $37,398.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
PAVE returns by calendar year
6 of 8 full years positive. Best 2021 (+36.4%), worst 2018 (−19.2%). 2026 is year to date.
PAVE annual returns table
| Year | PAVE | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | +8.2% | −13.8% | +12.3% | +15.1% | −1.0% |
| 2025 | +19.4% | −22.9% | +17.7% | +20.8% | +7.2% |
| 2024 | +17.9% | −11.8% | +24.9% | +25.6% | +1.3% |
| 2023 | +31.0% | −13.3% | +26.2% | +54.9% | +5.7% |
| 2022 | −7.2% | −22.6% | −18.2% | −32.6% | −13.0% |
| 2021 | +36.4% | −10.1% | +28.7% | +27.4% | −1.8% |
| 2020 | +19.7% | −44.1% | +18.3% | +48.6% | +7.5% |
| 2019 | +33.3% | −11.0% | +31.2% | +39.0% | +8.5% |
| 2018 | −19.2% | −27.8% | −4.6% | −0.1% | +0.1% |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
PAVE largest drawdowns
Now 13.8% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Feb 5, 2020 | −44.1% | Mar 23, 2020 | Oct 7, 2020 | 47 days | 8 months |
| Jan 26, 2018 | −27.8% | Dec 24, 2018 | Nov 26, 2019 | 11 months | 1.8 years |
| Nov 25, 2024 | −26.2% | Apr 8, 2025 | Jul 23, 2025 | 4 months | 8 months |
| Jan 4, 2022 | −22.6% | Jun 23, 2022 | Jan 31, 2023 | 6 months | 1.1 years |
| Jun 25, 2026 | −13.8% | Oct 23, 2026 | not yet | 4 months | 4 months so far |
| Sep 1, 2023 | −13.3% | Oct 27, 2023 | Dec 13, 2023 | 56 days | 3 months |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
PAVE risk statistics
| Statistic | 3 years | 5 years | Since 2017 |
|---|---|---|---|
| Annualized return | +20.8% | +16.5% | +15.0% |
| Volatility (annualized) | 20.5% | 22.9% | 22.8% |
| Sharpe ratio | 0.82 | 0.62 | 0.62 |
| Sortino ratio | 1.41 | 1.07 | 0.99 |
| Best month | +11.8% | +15.5% | +16.4% |
| Worst month | −11.3% | −11.5% | −21.0% |
| Best 12 months | +49.3% | +49.3% | +104.6% |
| Worst 12 months | −4.7% | −8.6% | −21.0% |
| Positive months | 58% | 53% | 56% |
| Beta vs S&P 500 | 1.19 | 1.20 | — |
| Correlation with S&P 500 | 0.72 | 0.82 | — |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
PAVE rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 104 | −21.0% | +14.7% | +104.6% | 78% |
| 3-year (a year) | 80 | −5.3% | +18.3% | +32.9% | 98% |
| 5-year (a year) | 56 | +9.1% | +18.2% | +25.9% | 100% |
Every holding period starting at a month-end since 2017. Returns for 3 years and longer are annualized.
PAVE performance overview
Global X U.S. Infrastructure Development ETF (PAVE) returned +8.6% over the past year and +14.3% a year over five years, with distributions reinvested. Since its first recorded price in 2017 it has returned +14.6% a year, turning $10,000 into about $37,174. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −44.1%, from Feb 5, 2020 to Mar 23, 2020, and it took 7 months to get back to the old high. PAVE finished 6 of its 8 full calendar years with a gain; the best year was 2021 (+36.4%) and the worst 2018 (−19.2%). Volatility has been 22.8% a year.
Related: PAVE chart, PAVE holdings, PAVE dividends, PAVE valuation. See the PAVE overview for the latest quote and fund facts.
PAVE performance FAQ
What is the PAVE return over the past year?
PAVE returned +8.6% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it rose 7.7%.
What is the average annual return of PAVE?
PAVE has returned +14.3% a year over 5 years, +14.6% a year since March 8, 2017 (total return, distributions reinvested).
How much would $10,000 invested in PAVE be worth?
$10,000 invested in PAVE at its first recorded close on March 8, 2017 would be worth about $37,174 on October 23, 2026 with distributions reinvested.
What was the worst year for PAVE?
The worst calendar year was 2018, with a total return of −19.2%. The best was 2021 at +36.4%.
What is the biggest drawdown of PAVE?
The largest peak-to-trough decline was −44.1% between February 5, 2020 and March 23, 2020. It recovered to the old high on October 7, 2020, 7 months after the bottom.
How volatile is PAVE?
Over the past 3 years PAVE had an annualized volatility of 20.5% and a Sharpe ratio of 0.82 (excess return over 1–3 month T-bills per unit of risk).