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IBB vs PAVE: which is really different?

IBB and PAVE hold 0% of their weight in the same names, and IBB returned +36.1% over the year. iShares Biotechnology ETF and Global X U.S. Infrastructure Development ETF.

IBB costs 0.03 points a year less; their one-year returns differ by 22.9 points; PAVE is 1.3 times larger.

IBBPAVE
Expense ratio0.44%0.47%
Net assets, as of Oct 8, 2026$10.3bn$13.6bn
Total return, 1 year+36.1%+13.2%
What it tracksBiotechInfrastructure
Holdings in common0%
S&P 500, total return, 1 year+17.3%
Against the S&P 500, 1 yearahead by 18.8 ptsbehind by 4.1 pts
Below its all-time high10.8%, high on Jun 25, 2026

Holdings in common uses holdings dated Oct 8, 2026.

39.5%
IBB in the S&P 500
63.9%
PAVE in the S&P 500
+36.1%
IBB total return, 1 year
+13.2%
PAVE total return, 1 year
IBB · 1 year to Oct 9, 202661% of its weight is outside the S&P 500
61% of its weight is outside the S&P 50040% of IBB's weight is in S&P 500 companies and 61% is outside the index. Holdings as of Oct 8, 2026.40%61%of its weight in S&P 500 companiesof its weight outside the S&P 500active share 99% · top ten 50% of the fund · 245 holdings as published by its issuer for Oct 8, 2026 · Nasdaq-100: 33% in61% of its weight is outside the S&P 50040% of IBB's weight is in S&P 500 companies and 61% is outside the index. Holdings as of Oct 8, 2026.40%61%in the S&P 500outside the S&P 500active share 99% · Nasdaq-100: 33% in

40% of IBB's weight is in S&P 500 companies and 61% is outside the index. Holdings as of Oct 8, 2026.

PAVE · 1 year to Oct 9, 202636% of its weight is outside the S&P 500
36% of its weight is outside the S&P 50064% of PAVE's weight is in S&P 500 companies and 36% is outside the index. Holdings as of Oct 8, 2026.64%36%of its weight in S&P 500 companiesof its weight outside the S&P 500active share 97% · top ten 33% of the fund · 100 holdings as published by its issuer for Oct 8, 2026 · Nasdaq-100: 7% in36% of its weight is outside the S&P 50064% of PAVE's weight is in S&P 500 companies and 36% is outside the index. Holdings as of Oct 8, 2026.64%36%in the S&P 500outsideactive share 97% · Nasdaq-100: 7% in

64% of PAVE's weight is in S&P 500 companies and 36% is outside the index. Holdings as of Oct 8, 2026.

ETFIQ Off-Index Score · IBB scores higherHow much of it is not the index it is sold as an alternative to?
0.1, the lowest in this set92.3, the highest

A percentile among the 391 thematic ETFs with a holdings filing. All thematic ETFs ranked by it → How it is computed →

What they hold in common

By the books each fund has filed, IBB and PAVE hold 0% of their money in the same securities at the same weight. Above 50%, holding both is close to holding one of them twice. Holdings dated Oct 8, 2026.

half

0% in common

Positions both hold, largest shared weight first
Holding IBB PAVE
Only in IBB
GILEAD SCIENCES 8.37%
AMGEN INC 7.89%
VERTEX PHARMACEUTICALS 7.69%
REGENERON PHARMACEUTICALS 5.40%
MODERNA 5.30%
NATERA 3.88%
ARGENX SE ADR 3.35%
ILLUMINA INC 2.94%
Only in PAVE
EMERSON ELECTRIC CO 3.56%
FASTENAL CO 3.55%
DEERE & CO 3.47%
QUANTA SERVICES INC 3.40%
EATON CORP PLC 3.31%
NUCOR CORP 3.31%
TRANE TECHNOLOGIES PLC 3.18%
PARKER HANNIFIN CORP 3.11%

0% of the two portfolios are the same securities at the same weight.

Performance, window by window

Total returnvs the S&P 500vs the Nasdaq-100
WindowIBBPAVEIBBPAVEIBBPAVE
3 months+7.5%−5.7%+4.1 pts−9.1 pts+3.9 pts−9.4 pts
6 months+21.9%−2.0%+6.8 pts−17.2 pts−1.3 pts−25.2 pts
1 year+36.1%+13.2%+18.8 pts−4.1 pts+12.5 pts−10.4 pts
3 years+69.1%+78.0%−16.7 pts−7.8 pts−38.2 pts−29.3 pts
Since launch
IBB Feb 2001 · PAVE Mar 2017
+525.3%+285.0%−299.7 pts+1.6 pts−936.3 pts−228.9 pts

Source: ETFIQ. Open the live comparison on ETFIQ →

On the same fields

IBB
iShares Biotechnology ETF · Holds 245 stocks in biotech, 40% of its weight in S&P 500 companies
PAVE
Global X U.S. Infrastructure Development ETF · Holds 100 stocks in infrastructure, 64% of its weight in S&P 500 companies
Issuer iShares Global X
Theme Biotech Infrastructure
In the S&P 500 39.5% 63.9%
Active share vs the S&P 500 99.0% 97.2%
In the Nasdaq-100 33.1% 6.5%
Holdings 245 100
Top ten, share of the fund 49.9% 32.9%
Expense ratio 0.44% 0.47%
Fee for the differing part 0.44% 0.48%
Total return, 1 year +36.1% +13.2%
vs the S&P 500 +18.8 pts −4.1 pts
vs the Nasdaq-100 +12.5 pts −10.4 pts
Below its high −4.8% −10.8%
Net assets, as of Oct 8, 2026 $10.3bn $13.6bn

As of Oct 9, 2026. Source: ETFIQ.

IBB in plain words

By weight, 40% of IBB's portfolio is stocks that are also in the S&P 500; its active share against the S&P 500 is 99%. The top ten holdings are 50% of the fund across 245 positions, as published by its issuer for Oct 8, 2026. Over the year to Oct 9, 2026 the fund returned +36.1% with distributions reinvested against +17.3% for the S&P 500, so a holder was ahead by 18.8 pts.

PAVE in plain words

By weight, 64% 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 33% of the fund across 100 positions, as published by its issuer for Oct 8, 2026. Over the year to Oct 9, 2026 the fund returned +13.2% with distributions reinvested against +17.3% for the S&P 500, so a holder was behind by 4.1 pts. It sits 10.8% below its all-time high of Jun 25, 2026.

Questions people ask

Do IBB and PAVE hold the same stocks?
By their latest filings, 0% of their books are the same securities at the same weight, which is mostly different names. Overlap is the sum of the smaller weight of every security they share.
Which is more different from the S&P 500, IBB or PAVE?
IBB has 40% of its weight in S&P 500 names and PAVE has 64%, so IBB differs more from the index.
Which is cheaper, IBB or PAVE?
IBB charges 0.44% a year and PAVE charges 0.47%, so IBB is cheaper. Fees come from each fund's prospectus.
Other comparisons
IBB vs IGFIBB vs IFRAIBB vs IGVIBB vs ITAPAVE vs XBIPAVE vs URAPAVE vs SILPAVE vs XME
IBB on its own →PAVE on its own →How every figure is computed →Standards and sources →
Where these figures came from
IBB filings on SEC EDGAR ↗IBB prospectus with the expense ratio (SEC) ↗iShares page for IBB ↗PAVE filings on SEC EDGAR ↗PAVE prospectus with the expense ratio (SEC) ↗Global X page for PAVE ↗

ETFIQ links to the documents behind every figure; a link is not an endorsement. A comparison is not a recommendation.

How this is computed

It is a position in a set, not a rating, and neither end of it is a recommendation.

Weight overlap is an ETFIQ calculation: for every security both funds hold, the smaller of the two weights, summed.

Every figure is an ETFIQ calculation with distributions reinvested.

Cite this page

ETFIQ, IBB against PAVE, data as of Oct 9, 2026. https://etfiq.com/compare/themes/ibb-vs-pave

Open data

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