Do AIRR and PAVE hold the same stocks?

By their latest filings, 10% of their books are the same securities at the same weight. Overlap is the sum of the smaller weight of every security they share.

Which is more different from the S&P 500, AIRR or PAVE?

AIRR has 15% of its weight in S&P 500 names and PAVE has 62%, so AIRR differs more from the index.

Which is cheaper, AIRR or PAVE?

AIRR charges 0.69% a year and PAVE charges 0.47%, so PAVE is cheaper. Fees come from each fund's prospectus.

Data as of Oct 28, 2026.

Thematic ETFs

AIRR vs PAVE: Holdings Overlap & Returns

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Over the year to Oct 28, 2026, AIRR returned −0.2% to PAVE's +11.4%; 10% of their weight is in the same names.

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Net assets: $8.4bn on Oct 27, 2026 for First Trust RBA American Industrial Renaissance ETF, and $13.6bn on Oct 12, 2026 for Global X U.S. Infrastructure Development ETF.

AIRR on its own →PAVE on its own →

At a glance

14.7%

AIRR in the S&P 500

62.1%

PAVE in the S&P 500

−0.2%

AIRR total return, 1 year

+11.4%

PAVE total return, 1 year

AIRR · 1 year to Oct 28, 2026 85% of its weight is outside the S&P 500

15% of AIRR's weight is in S&P 500 companies and 85% is outside the index. Holdings as of Oct 27, 2026.

PAVE · 1 year to Oct 28, 2026 38% of its weight is outside the S&P 500

62% of PAVE's weight is in S&P 500 companies and 38% is outside the index. Holdings as of May 31, 2026.

Pair scorecard

PAVE costs 0.22 points a year less; their one-year returns differ by 11.6 points; PAVE is 1.5 times larger.

Points (pts) are percentage points.

AIRR vs PAVE: Holdings Overlap & Returns
Measure	AIRR	PAVE
Return
Measure	AIRR	PAVE
Total return, 1 year	−0.2%	+11.4%
Drawdown
Measure	AIRR	PAVE
Below its all-time high	25.5%, high on Jun 22, 2026	10.9%, high on Jun 25, 2026
Against its benchmark
Measure	AIRR	PAVE
What it tracks	Reshoring and manufacturing	Infrastructure
Against the S&P 500, 1 year	behind by 13.9 pts
Its benchmark, total return, 1 year	+13.7%
Against its benchmark, 1 year	behind by 13.9 pts
Cost and size
Measure	AIRR	PAVE
Expense ratio	0.69%	0.47%
Net assets, as of Oct 12, 2026	$8.9bn	$13.6bn
Holdings
Measure	AIRR	PAVE
Holdings in common	10%

Holdings in common uses holdings dated May 31, 2026 and Oct 27, 2026. Method

Risk and return

Mar 17, 2017 to Oct 23, 2026 · 501 weekly returns

AIRR PAVE

Return

Total return edge AIRR +307.3% +267.9%

Annualized edge AIRR (slight) +15.7% +14.5%

Price return edge AIRR +299.4% +246.3%

Risk

Volatility edge PAVE (slight) 26.3% 24.0%

Max drawdown edge AIRR (slight) −40.6% −42.2%

Risk-adjusted

Sharpe edge AIRR (slight) 0.59 0.58

Sortino edge AIRR (slight) 0.88 0.84

Calmar edge AIRR 0.39 0.34

Reading

AIRR returned more: +307.3% to +267.9%. PAVE swung slightly less: 24.0% to 26.3%. AIRR fell slightly less at its worst: −40.6% to −42.2%.

Full scorecard

9 measures, with how each is measured Open ↓

Risk and return: AIRR vs PAVE: Holdings Overlap & Returns
Measure	AIRR	PAVE	Edge	How it is measured
Return
Total return	+307.3%	+267.9%	AIRR	Price change plus distributions, reinvested.
Annualized	+15.7%	+14.5%	AIRR (slight)	Total return as a yearly rate.
Price return	+299.4%	+246.3%	AIRR	Price change alone, distributions left out.
Risk
Volatility	26.3%	24.0%	PAVE (slight)	Spread of weekly returns, annualized. Lower is steadier.
Downside deviation	17.6%	16.5%	PAVE (slight)	Like volatility, counting only weeks below the Treasury bill rate.
Max drawdown	−40.6%	−42.2%	AIRR (slight)	Deepest fall from a high to the low after it.
Risk-adjusted
Sharpe	0.59	0.58	AIRR (slight)	Return above Treasury bills per unit of volatility.
Sortino	0.88	0.84	AIRR (slight)	Return above Treasury bills per unit of downside deviation.
Calmar	0.39	0.34	AIRR	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

10%

By the books each fund has filed, AIRR and PAVE hold 10% of their money in the same securities at the same weight. Holdings dated May 31, 2026 and Oct 27, 2026.

50%

0 half 100%

half

10% in common

Positions both hold · largest shared weight first AIRR PAVE

Sterling Infrastructure, Inc. 2.78% 1.43%

RBC Bearings Incorporated 3.19% 0.98%

Dycom Industries, Inc. 3.13% 0.80%

Mueller Industries, Inc. 2.19% 0.77%

Advanced Drainage Systems, Inc. 2.36% 0.59%

SPX Technologies 2.18% 0.58%

Powell Industries, Inc. 1.85% 0.56%

Argan, Inc. 2.97% 0.50%

Legence Corp. (Class A) 0.81% 0.47%

Everus Construction Group, Inc. 0.87% 0.45%

Zurn Elkay Water Solutions Corp. 0.94% 0.43%

Primoris Services Corporation 1.80% 0.37%

Only in one fund ↓

Only in AIRR

C.H. Robinson Worldwide, Inc. 3.83%

Karman Holdings Inc. 3.51%

Kratos Defense & Security Solutions, Inc. 3.47%

BWX Technologies, Inc. 3.33%

Owens Corning 3.20%

Huntington Ingalls Industries, Inc. 3.13%

Nextpower Inc. (Class A) 3.12%

Core & Main, Inc. (Class A) 2.84%

Only in PAVE

QUANTA SERVICES, INC. 4.18%

CSX Corporation 3.48%

EATON CORPORATION PUBLIC LIMITED COMPANY 3.30%

HOWMET AEROSPACE INC. 3.27%

TRANE TECHNOLOGIES PLC 3.19%

UNION PACIFIC CORPORATION 3.12%

NUCOR CORPORATION 3.10%

ROCKWELL AUTOMATION, INC. 2.92%

Check overlap with more funds →

Window by window

Window by window: AIRR vs PAVE: Holdings Overlap & Returns
	Total return		vs its benchmark
Window	AIRR	PAVE	AIRR	PAVE
3 months	−10.0%	−3.0%	−16.1 pts vs VOO	not measured
6 months	−18.4%	−3.1%	−27.5 pts vs VOO	not measured
1 year	−0.2%	+11.4%	−13.9 pts vs VOO	not measured
3 years	+112.5%	+92.8%	+17.0 pts vs VOO	not measured
Since launchNot the same days: AIRR Mar 2014 · PAVE Mar 2017	+418.8%	+284.2%	+4.1 pts vs VOO	not measured

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Side by side

AIRR First Trust RBA American Industrial Renaissance ETF · Holds 55 stocks in reshoring and manufacturing, 15% of its weight in S&P 500 companies PAVE Global X U.S. Infrastructure Development ETF · Holds 100 stocks in infrastructure, 62% of its weight in S&P 500 companies

Issuer First Trust Global X

Theme Reshoring and manufacturing Infrastructure

In the S&P 500 14.7% 62.1%

Active share vs the S&P 500 99.8% 97.2%

In the Nasdaq-100 not published 6.2%

Holdings 55 100

Top ten, share of the fund 33.2% 32.3%

Expense ratio 0.69% 0.47%

Fee for the differing part 0.69% 0.48%

Total return, 1 year −0.2% +11.4%

vs its benchmark −13.9 pts vs VOO not measured

Below its high −25.5% −10.9%

Net assets, AIRR as of Oct 27, 2026 and PAVE as of Oct 12, 2026 $8.4bn $13.6bn

As of Oct 28, 2026. Source: ETFIQ.

10% of the two portfolios are the same securities at the same weight.

Client brief

No client brief for this pair: the two funds' holdings are dated 149 days apart.

Alert

About each fund

AIRR

By weight, 15% of AIRR's portfolio is stocks that are also in the S&P 500, from its filing for Jun 30, 2026; its active share against the S&P 500 is 100%.

The top ten holdings are 33% of the fund across 55 positions, as published by its issuer for Oct 27, 2026. Over the year to Oct 28, 2026 the fund returned −0.2% with distributions reinvested against +13.7% for its benchmark, the S&P 500 Index, so a holder was behind by 13.9 pts. It sits 25.5% below its all-time high of Jun 22, 2026.

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.

Questions people ask

Do AIRR and PAVE hold the same stocks?: By their latest filings, 10% of their books are the same securities at the same weight. Overlap is the sum of the smaller weight of every security they share.
Which is more different from the S&P 500, AIRR or PAVE?: AIRR has 15% of its weight in S&P 500 names and PAVE has 62%, so AIRR differs more from the index.
Which is cheaper, AIRR or PAVE?: AIRR charges 0.69% a year and PAVE charges 0.47%, so PAVE is cheaper. Fees come from each fund's prospectus.

Other comparisons

AIRR vs IFRA AIRR vs IGF AIRR vs BAI AIRR vs IGV PAVE vs PPA PAVE vs SHLD PAVE vs URA PAVE vs QTUM

Where to next

All thematic ETFs ranked by the S&P 500 Difference Score →How the scores are computed →AIRR on its own →PAVE on its own →AIRR dividend history →AIRR holdings →PAVE dividend history →PAVE holdings →Method →Standards and sources →

Sources and dates

AIRR filings on SEC EDGAR ↗

AIRR prospectus with the expense ratio (SEC) ↗

First Trust page for AIRR ↗

PAVE filings on SEC EDGAR ↗

PAVE prospectus with the expense ratio (SEC) ↗

Global X page for PAVE ↗

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.

Every number is an ETFIQ calculation with distributions reinvested.

Cite this pageCitation, APA and Markdown

ETFIQ, AIRR against PAVE, data as of Oct 28, 2026. https://etfiq.com/compare/themes/airr-vs-pave

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Free to use with attribution for data ETFIQ computes; issuer data stays under its owner's terms.