Do PAVE and SHLD hold the same stocks?

By their latest filings, 0% 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, PAVE or SHLD?

PAVE has 62% of its weight in S&P 500 names and SHLD has 45%, so SHLD differs more from the index.

Which is cheaper, PAVE or SHLD?

PAVE charges 0.47% a year and SHLD charges 0.50%, so PAVE is cheaper. Fees come from each fund's prospectus.

Data as of Oct 28, 2026.

Thematic ETFs

PAVE vs SHLD: Holdings Overlap & Returns

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Over the year to Oct 28, 2026, PAVE returned +11.4% to SHLD's −6.5%; 0% of their weight is in the same names.

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Net assets on Oct 12, 2026: $13.6bn for Global X U.S. Infrastructure Development ETF and $6.3bn for Global X Defense Tech ETF.

PAVE on its own →SHLD on its own →

At a glance

62.1%

PAVE in the S&P 500

44.6%

SHLD in the S&P 500

+11.4%

PAVE total return, 1 year

−6.5%

SHLD total return, 1 year

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.

SHLD · 1 year to Oct 28, 2026 55% of its weight is outside the S&P 500

45% of SHLD's weight is in S&P 500 companies and 55% is outside the index. Holdings as of May 31, 2026.

Pair scorecard

PAVE costs 0.03 points a year less; their one-year returns differ by 17.9 points; PAVE is 2.2 times larger.

PAVE vs SHLD: Holdings Overlap & Returns
Measure	PAVE	SHLD
Return
Measure	PAVE	SHLD
Total return, 1 year	+11.4%	−6.5%
Drawdown
Measure	PAVE	SHLD
Below its all-time high	10.9%, high on Jun 25, 2026	18.6%, high on Mar 9, 2026
Benchmark
Measure	PAVE	SHLD
What it tracks	Infrastructure	Defense
Cost and size
Measure	PAVE	SHLD
Expense ratio	0.47%	0.50%
Net assets, as of Oct 12, 2026	$13.6bn	$6.3bn
Holdings
Measure	PAVE	SHLD
Holdings in common	0%

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

Risk and return

Sep 22, 2023 to Oct 23, 2026 · 161 weekly returns

PAVE SHLD

Return

Total return edge SHLD +74.7% +161.2%

Annualized edge SHLD +19.7% +36.4%

Price return edge SHLD +71.0% +156.8%

Risk

Volatility edge PAVE 19.7% 24.0%

Max drawdown edge PAVE (slight) −24.5% −25.1%

Risk-adjusted

Sharpe edge SHLD 0.79 1.23

Sortino edge SHLD 1.24 2.17

Calmar edge SHLD 0.81 1.45

Reading

SHLD returned more: +161.2% to +74.7%. PAVE swung less: 19.7% to 24.0%. PAVE fell slightly less at its worst: −24.5% to −25.1%.

Full scorecard

9 measures, with how each is measured Open ↓

Risk and return: PAVE vs SHLD: Holdings Overlap & Returns
Measure	PAVE	SHLD	Edge	How it is measured
Return
Total return	+74.7%	+161.2%	SHLD	Price change plus distributions, reinvested.
Annualized	+19.7%	+36.4%	SHLD	Total return as a yearly rate.
Price return	+71.0%	+156.8%	SHLD	Price change alone, distributions left out.
Risk
Volatility	19.7%	24.0%	PAVE	Spread of weekly returns, annualized. Lower is steadier.
Downside deviation	12.4%	13.5%	PAVE (slight)	Like volatility, counting only weeks below the Treasury bill rate.
Max drawdown	−24.5%	−25.1%	PAVE (slight)	Deepest fall from a high to the low after it.
Risk-adjusted
Sharpe	0.79	1.23	SHLD	Return above Treasury bills per unit of volatility.
Sortino	1.24	2.17	SHLD	Return above Treasury bills per unit of downside deviation.
Calmar	0.81	1.45	SHLD	Annualized return divided by the max drawdown.

Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 161 weekly returns. Cash rate: the 13-week Treasury bill.

What they share

By the books each fund has filed, PAVE and SHLD hold 0% of their money in the same securities at the same weight. Holdings dated May 31, 2026.

50%

0 half 100%

half

0% in common

Positions both hold · largest shared weight first PAVE SHLD

Only in one fund ↓

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%

Only in SHLD

LOCKHEED MARTIN CORPORATION 8.41%

RTX CORPORATION 7.75%

GENERAL DYNAMICS CORPORATION 7.67%

PALANTIR TECHNOLOGIES INC. 7.07%

Rheinmetall Aktiengesellschaft 5.76%

BAE SYSTEMS PLC 4.88%

L3HARRIS TECHNOLOGIES, INC. 4.69%

HANWHA AEROSPACE CO., LTD. 4.40%

Check overlap with more funds →

Window by window

Window by window: PAVE vs SHLD: Holdings Overlap & Returns
	Total return
Window	PAVE	SHLD
3 months	−3.0%	+2.0%
6 months	−3.1%	−4.7%
1 year	+11.4%	−6.5%
3 years	+92.8%	+156.5%
Since launchNot the same days: PAVE Mar 2017 · SHLD Sep 2023	+284.2%	+160.2%

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Side by side

PAVE Global X U.S. Infrastructure Development ETF · Holds 100 stocks in infrastructure, 62% of its weight in S&P 500 companies SHLD Global X Defense Tech ETF · Holds 48 stocks in defense, 45% of its weight in S&P 500 companies

Issuer Global X Global X

Theme Infrastructure Defense

In the S&P 500 62.1% 44.6%

Active share vs the S&P 500 97.2% 98.7%

In the Nasdaq-100 6.2% 7.1%

Holdings 100 48

Top ten, share of the fund 32.3% 59.3%

Expense ratio 0.47% 0.50%

Fee for the differing part 0.48% 0.51%

Total return, 1 year +11.4% −6.5%

vs its benchmark not measured not measured

Below its high −10.9% −18.6%

Net assets, as of Oct 12, 2026 $13.6bn $6.3bn

As of Oct 28, 2026. Source: ETFIQ.

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

Client brief · page 1 of 2 Report BR-DDDBBE5736

PAVE and SHLD are built for the same job. How do they differ in cost, holdings and results?

Theme. PAVE covers Infrastructure and SHLD covers Defense.
Concentration. The top ten holdings are 32.3% of PAVE and 59.3% of SHLD, a gap of 27.0 points.
What each follows. PAVE follows Infrastructure and SHLD follows Defense.

Data as of Oct 28, 2026.

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About each fund

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.

SHLD

By weight, 45% of SHLD'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 59% of the fund across 48 positions, as filed for May 31, 2026. Over the year to Oct 28, 2026 the fund returned −6.5% with distributions reinvested. It sits 18.6% below its all-time high of Mar 9, 2026.

Questions people ask

Do PAVE and SHLD hold the same stocks?: By their latest filings, 0% 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, PAVE or SHLD?: PAVE has 62% of its weight in S&P 500 names and SHLD has 45%, so SHLD differs more from the index.
Which is cheaper, PAVE or SHLD?: PAVE charges 0.47% a year and SHLD charges 0.50%, so PAVE is cheaper. Fees come from each fund's prospectus.

Other comparisons

PAVE vs IDEF PAVE vs PPA PAVE vs XAR PAVE vs ITA SHLD vs IGF SHLD vs IFRA SHLD vs AIRR SHLD vs QTUM

Where to next

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

Sources and dates

PAVE and SHLD filings on SEC EDGAR ↗

PAVE and SHLD prospectus with the expense ratio (SEC) ↗

Global X page for PAVE ↗

Global X page for SHLD ↗

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

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