Data as of Oct 28, 2026.
PAVE vs VOO: Differences, Returns & Fees
Over the year to Oct 28, 2026, PAVE returned +11.4% to VOO's +13.7%, and VOO charges 0.03% to PAVE's 0.47%.
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Net assets: $13.6bn on Oct 12, 2026 for Global X U.S. Infrastructure Development ETF, and $1.0tn on Sep 30, 2026 for Vanguard S&P 500 ETF.
Pair scorecard
VOO costs 0.44 points a year less; their one-year returns differ by 2.3 points.
| Measure | PAVE | VOO |
|---|---|---|
| Return | ||
| Total return, 1 year | +11.4% | +13.7% |
| Drawdown | ||
| Below its all-time high | 10.9%, high on Jun 25, 2026 | |
| Benchmark | ||
| What it tracks | Infrastructure | S&P 500 Index |
| Cost and size | ||
| Expense ratio | 0.47% | 0.03% |
| Net assets, PAVE as of Oct 12, 2026 and VOO as of Sep 30, 2026 | $13.6bn | $1.0tn |
| Active share vs the S&P 500 | 97% | |
| Holdings | ||
| Holdings in common | 3% | |
| Top ten holdings, share of the fund | 32% | 39.1% |
Holdings in common uses holdings dated May 31, 2026 and Sep 30, 2026. Method
Risk and return
Mar 17, 2017 to Oct 23, 2026 · 501 weekly returnsVOO returned slightly more: +273.8% to +267.9%. VOO swung less: 17.3% to 24.0%. VOO fell less at its worst: −31.8% to −42.2%.
Full scorecard
9 measures, with how each is measured Open ↓
| Measure | PAVE | VOO | Edge | How it is measured |
|---|---|---|---|---|
| Return | ||||
| Total return | +267.9% | +273.8% | VOO (slight) | Price change plus distributions, reinvested. |
| Annualized | +14.5% | +14.7% | Tie | Total return as a yearly rate. |
| Price return | +246.3% | +219.6% | PAVE | Price change alone, distributions left out. |
| Risk | ||||
| Volatility | 24.0% | 17.3% | VOO | Spread of weekly returns, annualized. Lower is steadier. |
| Downside deviation | 16.5% | 12.1% | VOO | Like volatility, counting only weeks below the Treasury bill rate. |
| Max drawdown | −42.2% | −31.8% | VOO | Deepest fall from a high to the low after it. |
| Risk-adjusted | ||||
| Sharpe | 0.58 | 0.73 | VOO | Return above Treasury bills per unit of volatility. |
| Sortino | 0.84 | 1.05 | VOO | Return above Treasury bills per unit of downside deviation. |
| Calmar | 0.34 | 0.46 | VOO | Annualized return divided by the max drawdown. |
Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 501 weekly returns. Cash rate: the 13-week Treasury bill.
What they share
By the books each fund has filed, PAVE and VOO hold 3% of their money in the same securities at the same weight. Holdings dated May 31, 2026 and Sep 30, 2026.
half
3% in common
Only in one fund ↓
Side by side
PAVE and VOO on the fields both publish, as of Oct 28, 2026. Source: ETFIQ.
PAVE
By weight, 62% of PAVE's portfolio is stocks that are also in the S&P 500; its active share against the S&P 500 is 97%. The top ten holdings are 32% of the fund across 100 positions, as filed for May 31, 2026. Over the year to Oct 28, 2026 the fund returned +11.4% with distributions reinvested. It sits 10.9% below its all-time high of Jun 25, 2026.
VOO
VOO tracks the S&P 500. Over the year to Oct 28, 2026 it returned +13.7% with distributions reinvested, against +13.7% for its benchmark, the S&P 500 Index. The prospectus expense ratio is 0.03% a year. By its holdings published by its issuer as of Sep 30, 2026, 100% of the fund by weight is stocks the S&P 500 also holds, across 507 positions, with the top ten at 39.1%.
Questions people ask
- Are PAVE and VOO in the same category?
- PAVE is a thematic ETF and VOO is a stock ETF, so they do different jobs. The table compares what both publish: return, cost and holdings.
- Which returned more over the last year, PAVE or VOO?
- In the year to Oct 28, 2026, with distributions reinvested, PAVE returned +11.4% and VOO +13.7%.
- Which is cheaper, PAVE or VOO?
- VOO is cheaper, by 0.44 percentage points a year. That is about $44 on $10,000 held for a year. Fees come from each fund's prospectus.
Links are sources, not endorsements. A comparison is not a recommendation.
How this is computed
Overlap adds up the smaller of the two weights for each security both funds hold.
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ETFIQ, PAVE against VOO, data as of Oct 28, 2026. https://etfiq.com/compare/any/pave-vs-voo
ETFIQ. (Oct 28, 2026). PAVE against VOO. Retrieved from https://etfiq.com/compare/any/pave-vs-voo
[PAVE against VOO (ETFIQ, Oct 28, 2026)](https://etfiq.com/compare/any/pave-vs-voo)
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