Do GNR and PAVE hold the same stocks?

By their latest filings, 3% 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, GNR or PAVE?

GNR has 26% of its weight in S&P 500 names and PAVE has 63%, so GNR differs more from the index.

Which is cheaper, GNR or PAVE?

GNR charges 0.40% a year and PAVE charges 0.47%, so GNR is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Thematic ETFs

GNR vs PAVE: Holdings Overlap & Returns

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Over the year to Nov 4, 2026, GNR returned +32.9% to PAVE's +14.2%; 3% of their weight is in the same names.

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Net assets: $5.3bn on Nov 3, 2026 for State Street SPDR S&P Global Natural Resources ETF, and $13.6bn on Oct 12, 2026 for Global X U.S. Infrastructure Development ETF.

GNR on its own →PAVE on its own →

At a glance

25.9%

GNR in the S&P 500

62.9%

PAVE in the S&P 500

+32.9%

GNR total return, 1 year

+14.2%

PAVE total return, 1 year

GNR · 1 year to Nov 4, 2026 74% of its weight is outside the S&P 500

26% of GNR's weight is in S&P 500 companies and 74% is outside the index. Holdings as of Nov 3, 2026.

PAVE · 1 year to Nov 4, 2026 37% of its weight is outside the S&P 500

63% of PAVE's weight is in S&P 500 companies and 37% is outside the index. Holdings as of Aug 31, 2026.

Pair scorecard

GNR costs 0.07 points a year less; their one-year returns differ by 18.7 points; PAVE is 2.6 times larger.

GNR vs PAVE: Holdings Overlap & Returns
Measure	GNR	PAVE
Return
Measure	GNR	PAVE
Total return, 1 year	+32.9%	+14.2%
Drawdown
Measure	GNR	PAVE
Below its all-time high	6.8%, high on Sep 9, 2026	10.0%, high on Jun 25, 2026
Benchmark
Measure	GNR	PAVE
What it tracks	Natural resources	Infrastructure
Cost and size
Measure	GNR	PAVE
Expense ratio	0.40%	0.47%
Net assets, as of Oct 12, 2026	$5.2bn	$13.6bn
Holdings
Measure	GNR	PAVE
Holdings in common	3%
Top ten holdings, share of the fund	36%	32%

Method

What they share

By the books each fund has filed, GNR and PAVE hold 3% of their money in the same securities at the same weight. Holdings dated Aug 31, 2026 and Nov 3, 2026.

50%

0 half 100%

half

3% in common

Positions both hold · largest shared weight first GNR PAVE

NUCOR CORP 1.47% 3.26%

STEEL DYNAMICS INC 0.79% 1.98%

RELIANCE INC 0.53% 1.15%

Only in one fund ↓

Only in GNR

SHELL PLC 5.51%

EXXONMOBIL HOLDINGS CORP 5.23%

BHP GROUP LTD 4.44%

NUTRIEN LTD 4.43%

TOTALENERGIES SE 3.68%

CHEVRON CORP 3.00%

UPM KYMMENE OYJ 2.82%

NEWMONT CORP 2.71%

Only in PAVE

DEERE & COMPANY 3.38%

FASTENAL COMPANY 3.36%

EMERSON ELECTRIC CO. 3.32%

PARKER-HANNIFIN CORPORATION 3.13%

UNION PACIFIC CORPORATION 3.11%

NORFOLK SOUTHERN CORPORATION 3.10%

EATON CORPORATION PUBLIC LIMITED COMPANY 3.05%

CRH PUBLIC LIMITED COMPANY 3.03%

Check overlap with more funds →

Window by window

Window by window: GNR vs PAVE: Holdings Overlap & Returns
	Total return
Window	GNR	PAVE
3 months	+1.4%	−8.1%
6 months	+0.4%	−7.4%
1 year	+32.9%	+14.2%
3 years	+50.3%	+82.7%
Since launchNot the same days: GNR Sep 2010 · PAVE Mar 2017	+138.2%	+288.3%

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Side by side

GNR State Street SPDR S&P Global Natural Resources ETF · Holds 104 stocks in natural resources, 26% of its weight in S&P 500 companies PAVE Global X U.S. Infrastructure Development ETF · Holds 100 stocks in infrastructure, 63% of its weight in S&P 500 companies

Issuer State Street Global X

Theme Natural resources Infrastructure

In the S&P 500 25.9% 62.9%

Active share vs the S&P 500 97.6% 97.2%

In the Nasdaq-100 0.6% 6.4%

Holdings 104 100

Top ten, share of the fund 36.5% 31.7%

Expense ratio 0.40% 0.47%

Fee for the differing part 0.41% 0.48%

Total return, 1 year +32.9% +14.2%

vs its benchmark not measured not measured

Below its high −6.8% −10.0%

Net assets, GNR as of Nov 3, 2026 and PAVE as of Oct 12, 2026 $5.3bn $13.6bn

As of Nov 4, 2026. Source: ETFIQ.

3% of the two portfolios are the same securities at the same weight.

Client brief:

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About each fund

GNR

By weight, 26% of GNR's portfolio is stocks that are also in the S&P 500; its active share against the S&P 500 is 98%. The top ten holdings are 36% of the fund across 104 positions, as published by its issuer for Nov 3, 2026. Over the year to Nov 4, 2026 the fund returned +32.9% with distributions reinvested. It sits 6.8% below its all-time high of Sep 9, 2026.

PAVE

By weight, 63% 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 Aug 31, 2026. Over the year to Nov 4, 2026 the fund returned +14.2% with distributions reinvested. It sits 10.0% below its all-time high of Jun 25, 2026.

Questions people ask

Do GNR and PAVE hold the same stocks?: By their latest filings, 3% 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, GNR or PAVE?: GNR has 26% of its weight in S&P 500 names and PAVE has 63%, so GNR differs more from the index.
Which is cheaper, GNR or PAVE?: GNR charges 0.40% a year and PAVE charges 0.47%, so GNR is cheaper. Fees come from each fund's prospectus.

Other comparisons

GNR vs IGF GNR vs IFRA GNR vs IGV GNR vs ITA PAVE vs GUNR PAVE vs ARKG PAVE vs XAR PAVE vs URA

Where to next

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

Sources and dates

GNR filings on SEC EDGAR ↗

GNR prospectus with the expense ratio (SEC) ↗

State Street website ↗

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, GNR against PAVE, data as of Nov 4, 2026. https://etfiq.com/compare/themes/gnr-vs-pave

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