PAVE vs GII ETF Comparison: AI Score, Valuation, Performance and Upside
PAVE and GII are both infrastructure ETFs but with fundamentally different exposures. PAVE targets US construction activity beneficiaries — materials, equipment, and engineering companies benefiting from IIJA spending. GII targets global infrastructure asset operators — toll roads, airports, utilities, and pipelines generating stable cash flows. PAVE is the IIJA construction growth play; GII is the income-oriented infrastructure ownership play.
PAVE vs GII — Global X US Infrastructure Development ETF (IIJA-aligned US construction materials, industrial machinery, and engineering companies as beneficiaries of the $1.2T domestic infrastructure buildout) versus SPDR Global Infrastructure ETF (global toll roads, airports, utilities, and pipelines generating inflation-linked infrastructure income from operating assets worldwide).
GII holds the edge across 3 of 5 key metrics in this comparison. PAVE has delivered stronger 1-year price return (+14.33% vs +7.99% for GII).
- believe IIJA infrastructure spending (roads, bridges, broadband, ports, water) creates a multi-year demand tailwind for construction materials (Vulcan, Martin Marietta), heavy equipment (Caterpillar), and engineering (Quanta Services)
- want US domestic infrastructure construction exposure without international currency risk or geopolitical exposure through a IIJA-specific portfolio of materials and machinery companies
- prefer capital appreciation from construction activity cycles rather than infrastructure income from operating assets — PAVE generates returns from materials and equipment sales, not utility income
- are comfortable with cyclical industrial exposure creating sensitivity to broad economic conditions beyond government infrastructure spending timelines
- want inflation-protected infrastructure income from regulated and contracted assets — toll roads, airports, and pipelines with contractual cash flows that escalate with inflation
- prefer global infrastructure diversification across 20+ countries — European, Australian, and Canadian infrastructure assets alongside US utilities and energy pipelines
- value bond-like infrastructure income characteristics with lower volatility than PAVE's cyclical construction exposure — GII's operating assets generate steadier cash flows
- are comfortable with interest rate sensitivity on infrastructure income assets and currency risk from international holdings in the global infrastructure portfolio
| Metric | PAVE | GII |
|---|---|---|
| ETF scorei | 71.0 | 48.0 |
| Latest closei | $53.08 | $71.94 |
| 1M returni | -5.87% | -3.31% |
| 6M returni | +5.92% | -2.96% |
| 1Y returni | +14.33% | +7.99% |
The ETF score weights long-term returns and risk-adjusted performance most heavily, but still rewards low expense ratios, larger fund size, and broader diversification — so it can favor low-cost, broad, mega-cap funds over smaller thematic or actively-managed funds even when the latter have delivered stronger returns.
How much would $10,000 be worth today if invested at the start of each period, with all dividends reinvested?
| Period | PAVE | GII |
|---|---|---|
| 1Y ago | $11.47K (+14.7%) started 2025-09-22 | $11.01K (+10.1%) started 2025-09-22 |
| 5Y ago | $22.58K (+125.8%) started 2021-09-21 | $20.49K (+104.9%) started 2021-09-21 |
| 10Y ago | $40.7K (+307.0%) started 2017-03-08 | $32.29K (+222.9%) started 2016-09-21 |
Hypothetical — past performance does not guarantee future results.
| Metric | PAVE | GII |
|---|---|---|
| Expense ratioi | 0.47% | 0.40% |
| Total assets (AUM)i | $13.5B | $941.21M |
| Dividend yieldi | 0.79% | 2.73% |
| Trailing P/Ei | 27.55 | 19.71 |
| Betai | 1.21 | 0.63 |
| 52-week change | 14.33% | 7.99% |
| Metric | PAVE | GII |
|---|---|---|
| 1Y returni | +14.33% | +7.99% |
| 6M returni | +5.92% | -2.96% |
| 1M returni | -5.87% | -3.31% |
| 1Y Sharpe ratio | 0.52 | 0.27 |
| Betai | 1.21 | 0.63 |
| Dividend yieldi | 0.79% | 2.73% |
| 5Y CAGR | +16.83% | +10.61% |
Over the past year, PAVE and GII have moved moderately in the same direction (correlation of 0.51), based on daily returns.
Lower drawdown and smaller single-period drops generally indicate a smoother ride, though they do not guarantee lower future risk.
| Period | Metric | PAVE | GII |
|---|---|---|---|
| 1Y | Growthi | +13.75% | +7.03% |
| CAGRi | +13.80% | +7.06% | |
| Volatilityi | 20.49% | 10.97% | |
| Sharpe ratioi | 0.52 | 0.27 | |
| Sortino ratioi | 0.75 | 0.38 | |
| Max drawdowni | 11.91% | 8.24% | |
| Current drawdowni | 11.36% | 7.69% | |
| Avg drawdowni | 3.22% | 2.22% | |
| Ulcer Indexi | 4.56% | 2.87% | |
| Max daily dropi | 3.70% | 2.60% | |
| Max wkly dropi | 6.37% | 3.32% | |
| 5Y | Growthi | +117.66% | +65.55% |
| CAGRi | +16.83% | +10.61% | |
| Volatilityi | 21.68% | 14.01% | |
| Sharpe ratioi | 0.62 | 0.47 | |
| Sortino ratioi | 0.90 | 0.66 | |
| Max drawdowni | 26.23% | 20.67% | |
| Current drawdowni | 11.36% | 7.69% | |
| Avg drawdowni | 5.52% | 3.95% | |
| Ulcer Indexi | 7.64% | 5.62% | |
| Max daily dropi | 6.63% | 5.86% | |
| Max wkly dropi | 12.00% | 9.60% | |
| 10Y | Growthi | +282.40% | +113.66% |
| CAGRi | +15.10% | +7.89% | |
| Volatilityi | 24.27% | 16.97% | |
| Sharpe ratioi | 0.52 | 0.27 | |
| Sortino ratioi | 0.73 | 0.36 | |
| Max drawdowni | 44.08% | 42.84% | |
| Current drawdowni | 11.36% | 7.69% | |
| Avg drawdowni | 6.20% | 5.35% | |
| Ulcer Indexi | 8.83% | 8.16% | |
| Max daily dropi | 13.58% | 13.91% | |
| Max wkly dropi | 23.08% | 26.36% |
| Category | PAVE | GII |
|---|---|---|
| Fund name | Global X U.S. Infrastructure Development ETF | State Street SPDR S&P Global Infrastructure ETF |
| Type | ETF | ETF |
| Expense ratioi | 0.47% | 0.40% |
| Total assets (AUM)i | $13.5B | $941.21M |
| Dividend yieldi | 0.79% | 2.73% |
- Direct IIJA beneficiary: PAVE's materials and machinery holdings are the direct supply chain for IIJA-funded infrastructure projects — construction materials, heavy equipment, and engineering are the picks-and-shovels of infrastructure spending
- US domestic focus insulates from currency/geopolitical risk: PAVE's US-only holdings avoid international political risk, currency headwinds, and foreign regulatory exposure
- Industrial and materials sector diversification: PAVE provides exposure to the industrials and materials sectors through an infrastructure lens — different risk profile than owning individual construction stocks
- Stable infrastructure income cash flows: GII's utility and transport network holdings generate regulated or contracted cash flows — more bond-like income characteristics than PAVE's cyclical construction exposure
- Global diversification across 20+ countries: GII provides infrastructure exposure across Europe, Australia, Canada, and Asia — diversifying beyond US IIJA spending into international infrastructure asset ownership
- Inflation-linked infrastructure contracts: toll roads, airports, and pipelines often have inflation-escalation provisions in contracts — providing real income protection in inflationary environments
- 0.47% expense ratio: expensive for a sector ETF vs broader industrial ETFs like XLI at 0.10% — investors pay a thematic premium for the IIJA-specific portfolio construction
- IIJA spending timeline uncertainty: infrastructure appropriations are approved but project starts are often delayed by permitting, labor, and supply chain issues — the spending timeline is slower than initial projections
- Cyclical industrial exposure: construction materials and machinery companies are cyclically sensitive — economic slowdowns reduce private construction activity even if government infrastructure spending continues
- Interest rate sensitivity of infrastructure income assets: GII's utility-like infrastructure assets re-rate in rising rate environments — higher rates make fixed infrastructure income less attractive vs bonds
- Less US IIJA direct exposure than PAVE: GII's operating infrastructure focus misses the construction materials and equipment companies most directly benefiting from IIJA project spending
- Currency risk from international holdings: GII's non-US holdings introduce currency exchange rate risk for US investors — EUR, AUD, and CAD exposure creates additional return variability
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