PAVE vs IFRA ETF Comparison: AI Score, Valuation, Performance and Upside
PAVE (Global X U.S. Infrastructure Development ETF) and IFRA (iShares U.S. Infrastructure ETF) are both U.S. infrastructure-themed ETFs with distinct emphases — PAVE focuses on construction-phase infrastructure beneficiaries (materials, engineering, equipment) that directly benefit from infrastructure spending legislation, while IFRA provides broader U.S. infrastructure exposure including utility operators, pipelines, communications towers, and transportation infrastructure companies.
PAVE vs IFRA is construction-phase infrastructure beneficiary ETF with high sensitivity to IIJA and manufacturing legislation spending (Global X's materials, engineering, and equipment orientation at higher expense ratio — higher volatility and cyclical risk but purer infrastructure spending exposure) versus broad infrastructure operator ETF with utility income and defensive characteristics (iShares' diverse operators across utilities, pipelines, towers, and transport at lower expense ratio — interest rate sensitivity and diluted construction-phase exposure).
IFRA holds the edge across 3 of 5 key metrics in this comparison. PAVE has delivered stronger 1-year price return (+15.40% vs +12.68% for IFRA).
- Want direct exposure to U.S. infrastructure construction spending from materials and engineering companies that benefit when infrastructure projects are built rather than operated
- Believe IIJA, IRA, and CHIPS Act legislation will generate sustained multi-year demand for steel, aggregates, engineering services, and electrical equipment in domestic infrastructure and manufacturing projects
- Prefer growth-oriented infrastructure exposure over income-oriented utility infrastructure and accept higher volatility in exchange for more direct construction spending sensitivity
- Want diversified U.S. infrastructure exposure across utility operators, pipelines, communications towers, and transportation infrastructure with income potential from infrastructure dividends
- Value infrastructure's essential service characteristics (regulated returns, inelastic demand) and defensive portfolio properties at a lower expense ratio than construction-focused infrastructure ETFs
- Prefer a broader infrastructure definition that includes the full spectrum of critical infrastructure ownership and operation rather than just construction-phase beneficiaries
| Metric | PAVE | IFRA |
|---|---|---|
| ETF scorei | 73.0 | 67.0 |
| Latest closei | $52.91 | $56.96 |
| 1M returni | -7.68% | -6.40% |
| 6M returni | +6.03% | +1.16% |
| 1Y returni | +15.40% | +12.68% |
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 | IFRA |
|---|---|---|
| 1Y ago | $11.64K (+16.4%) started 2025-09-17 | $11.47K (+14.7%) started 2025-09-17 |
| 5Y ago | $21.91K (+119.1%) started 2021-09-17 | $20.2K (+102.0%) started 2021-09-17 |
| 10Y ago | $40.57K (+305.7%) started 2017-03-08 | $31.89K (+218.9%) started 2018-04-05 |
Hypothetical — past performance does not guarantee future results.
| Metric | PAVE | IFRA |
|---|---|---|
| Expense ratioi | 0.47% | 0.30% |
| Total assets (AUM)i | $13.5B | $4.19B |
| Dividend yieldi | 0.79% | 1.66% |
| Trailing P/Ei | 27.21 | 22.20 |
| Betai | 1.22 | 0.97 |
| 52-week change | 15.40% | 12.68% |
| Metric | PAVE | IFRA |
|---|---|---|
| 1Y returni | +15.40% | +12.68% |
| 6M returni | +6.03% | +1.16% |
| 1M returni | -7.68% | -6.40% |
| 1Y Sharpe ratio | 0.58 | 0.57 |
| Betai | 1.22 | 0.97 |
| Dividend yieldi | 0.79% | 1.66% |
| 5Y CAGR | +16.13% | +12.65% |
Over the past year, PAVE and IFRA have moved strongly in the same direction (correlation of 0.88), 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 | IFRA |
|---|---|---|---|
| 1Y | Growthi | +15.40% | +12.68% |
| CAGRi | +15.41% | +12.69% | |
| Volatilityi | 20.51% | 15.16% | |
| Sharpe ratioi | 0.58 | 0.57 | |
| Sortino ratioi | 0.85 | 0.84 | |
| Max drawdowni | 11.91% | 11.16% | |
| Current drawdowni | 11.65% | 10.69% | |
| Avg drawdowni | 3.12% | 2.60% | |
| Ulcer Indexi | 4.44% | 3.59% | |
| Max daily dropi | 3.70% | 2.70% | |
| Max wkly dropi | 6.37% | 4.21% | |
| 5Y | Growthi | +111.20% | +81.36% |
| CAGRi | +16.13% | +12.65% | |
| Volatilityi | 21.70% | 17.83% | |
| Sharpe ratioi | 0.59 | 0.51 | |
| Sortino ratioi | 0.86 | 0.74 | |
| Max drawdowni | 26.23% | 19.93% | |
| Current drawdowni | 11.65% | 10.69% | |
| Avg drawdowni | 5.50% | 4.59% | |
| Ulcer Indexi | 7.63% | 6.17% | |
| Max daily dropi | 6.63% | 4.57% | |
| Max wkly dropi | 12.00% | 11.76% | |
| 10Y | Growthi | +281.18% | +163.72% |
| CAGRi | +15.08% | +12.16% | |
| Volatilityi | 24.28% | 21.18% | |
| Sharpe ratioi | 0.52 | 0.44 | |
| Sortino ratioi | 0.73 | 0.62 | |
| Max drawdowni | 44.08% | 41.06% | |
| Current drawdowni | 11.65% | 10.69% | |
| Avg drawdowni | 6.20% | 5.12% | |
| Ulcer Indexi | 8.83% | 7.73% | |
| Max daily dropi | 13.58% | 11.39% | |
| Max wkly dropi | 23.08% | 23.47% |
| Category | PAVE | IFRA |
|---|---|---|
| Fund name | Global X U.S. Infrastructure Development ETF | iShares U.S. Infrastructure ETF |
| Type | ETF | ETF |
| Expense ratioi | 0.47% | 0.30% |
| Total assets (AUM)i | $13.5B | $4.19B |
| Dividend yieldi | 0.79% | 1.66% |
- Direct exposure to infrastructure construction spending through materials and engineering companies — PAVE tilts toward companies that benefit when shovels go in the ground (steel, aggregates, engineering, equipment) rather than companies that operate existing infrastructure; purer 'infrastructure spending' exposure vs. utilities or toll road operators
- IIJA and IRA legislation tailwinds are particularly beneficial for PAVE's construction-oriented holdings — $1.2T Infrastructure Investment and Jobs Act, IRA manufacturing incentives, and CHIPS Act semiconductor fab construction all drive demand for construction materials, engineering services, and industrial equipment
- U.S.-focused domestic manufacturing exposure aligns with reshoring trends — PAVE's focus on U.S. companies benefits from Buy American requirements in federally funded infrastructure projects
- Broader infrastructure definition includes essential service operators with defensive characteristics — utilities, pipelines, water utilities, and communications towers provide exposure to essential services with regulated returns and dividend income not available in construction-focused ETFs
- Lower expense ratio (0.30%) vs. PAVE (0.47%) — more cost-efficient way to access broad infrastructure exposure over long holding periods
- Diversification across infrastructure sub-sectors reduces single-cycle risk — exposure to utilities (regulated), pipelines (fee-based), communications towers (secular data demand), and transportation creates more balanced infrastructure exposure
- Construction materials companies are cyclical and sensitive to construction activity — if the infrastructure spending cycle decelerates (permitting slowdowns, state budget constraints), demand for steel, aggregates, and engineering services declines
- PAVE does not provide income through utility dividends — PAVE's construction-oriented holdings pay modest dividends; PAVE is not suitable for income-focused investors seeking infrastructure dividend yield
- Higher expense ratio (0.47%) vs. broad market ETFs — PAVE's specialty infrastructure theme comes at higher cost; long-term performance must justify this vs. simpler alternatives
- Utility and pipeline holdings create interest rate sensitivity — infrastructure operators are valued based on dividend yields vs. prevailing rates; rising interest rates reduce relative attractiveness of high-yield utilities
- Broader definition may dilute pure infrastructure construction exposure — for investors specifically targeting construction-phase IIJA project spending, IFRA's utility/pipeline inclusion dilutes the pure-play construction benefit
- Some holdings are not 'infrastructure' in the traditional sense — index construction may include infrastructure-adjacent companies that don't directly participate in infrastructure spending cycles
Want deeper AI forecasts?
This comparison page is public and free forever. Subscribers can unlock saved watchlists, full AI rankings, detailed forecasts, and interactive analysis tools.