Do PAVE and UPGR hold the same stocks?

By their latest filings, 5% 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, PAVE or UPGR?

PAVE has 64% of its weight in S&P 500 names and UPGR has 23%, so UPGR differs more from the index.

Which is cheaper, PAVE or UPGR?

PAVE charges 0.47% a year and UPGR charges 0.35%, so UPGR is cheaper. Fees come from each fund's prospectus.

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PAVE vs UPGR: which is really different?

PAVE and UPGR hold 5% of their weight in the same names, and PAVE returned +11.2% over the year. Global X U.S. Infrastructure Development ETF and Xtrackers US Green Infrastructure Select Equity ETF.

63.7%

PAVE in the S&P 500

22.9%

UPGR in the S&P 500

+11.2%

PAVE total return, 1 year

−4.5%

UPGR total return, 1 year

PAVE · 1 year to Sep 30, 202636% of its weight is outside the S&P 500

64% of PAVE's weight is in S&P 500 companies and 36% is outside the index

UPGR · 1 year to Sep 30, 202677% of its weight is outside the S&P 500

23% of UPGR's weight is in S&P 500 companies and 77% is outside the index

ETFIQ Off-Index Score · UPGR scores higherHow much of it is not the index it is sold as an alternative to?

PAVE 41.3

UPGR 42.8

0.1, the lowest in this set92.0, the highest

A percentile among the 375 thematic ETFs with a holdings filing. It is a position in a set, not a rating, and neither end of it is a recommendation. All thematic ETFs ranked by it → How it is computed →

What they hold in common

By the books each fund has filed, PAVE and UPGR hold 5% 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 May 29, 2026 and Sep 30, 2026.

50%

half

5% in common

Positions both hold, largest shared weight first

Holding PAVE UPGR

PARKER HANNIFIN CORP 3.19% 1.61%

RELIANCE INC 1.21% 2.23%

IDEX CORP 1.04% 1.99%

GRACO INC 0.77% 1.61%

RYERSON HOLDING CORP 0.26% 2.21%

Only in PAVE

DEERE & CO 3.62%

FASTENAL CO 3.53%

EMERSON ELECTRIC CO 3.52%

EATON CORP PLC 3.40%

QUANTA SERVICES INC 3.23%

NUCOR CORP 3.19%

ROCKWELL AUTOMATION INC 3.11%

TRANE TECHNOLOGIES PLC 3.10%

Only in UPGR

FUELCELL ENERGY INC 6.24%

PURECYCLE TECHNOLOGIES INC 4.29%

SHOALS TECHNOLOGIES GROUP INC 3.37%

BLOOM ENERGY CORP 3.35%

FIRST SOLAR INC 2.93%

ENERGY VAULT HOLDINGS INC 2.89%

QUANTUMSCAPE CORP 2.74%

PLUG POWER INC 2.72%

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

5% of the two portfolios are the same securities at the same weight.

Performance, window by window

	Total return		vs the S&P 500		vs the Nasdaq-100
Window	PAVE	UPGR	PAVE	UPGR	PAVE	UPGR
3 months	−9.0%	−20.3%	−11.5 pts	−22.9 pts	−11.1 pts	−22.5 pts
6 months	+1.8%	−6.8%	−15.2 pts	−23.8 pts	−25.1 pts	−33.7 pts
1 year	+11.2%	−4.5%	−4.5 pts	−20.2 pts	−12.6 pts	−28.3 pts
3 years	+76.5%	+10.8%	−8.5 pts	−74.2 pts	−33.5 pts	−99.2 pts
Since launch PAVE Mar 2017 · UPGR Jul 2023	+278.2%	−10.6%	+2.6 pts	−87.2 pts	−226.4 pts	−109.3 pts

PAVE and UPGR over each window. Every figure is an ETFIQ calculation with distributions reinvested. Source: ETFIQ. Open the live comparison on ETFIQ →

On the same fields

PAVE

Global X U.S. Infrastructure Development ETF · Holds 102 stocks in infrastructure, 64% of its weight in S&P 500 companies

UPGR

Xtrackers US Green Infrastructure Select Equity ETF · Holds 45 stocks in infrastructure, 23% of its weight in S&P 500 companies

Issuer Global X Xtrackers

Theme Infrastructure Infrastructure

In the S&P 500 63.7% 22.9%

Active share vs the S&P 500 97.2% 97.4%

In the Nasdaq-100 6.4% 2.4%

Holdings 102 45

Top ten, share of the fund 32.8% 33.8%

Expense ratio 0.47% 0.35%

Fee for the differing part 0.48% 0.36%

Total return, 1 year +11.2% −4.5%

vs the S&P 500 −4.5 pts −20.2 pts

vs the Nasdaq-100 −12.6 pts −28.3 pts

Below its high −12.3% −27.0%

Net assets $13.4bn $537,620

PAVE and UPGR on the same fields, as of Sep 30, 2026. Source: ETFIQ.

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 102 positions, as published by its issuer for Sep 30, 2026. Over the year to Sep 30, 2026 the fund returned +11.2% with distributions reinvested against +15.7% for the S&P 500, so a holder was behind by 4.5 pts. It sits 12.3% below its all-time high of Jun 25, 2026.

UPGR in plain words

By weight, 23% of UPGR'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 34% of the fund across 45 positions, as filed for May 29, 2026. Over the year to Sep 30, 2026 the fund returned −4.5% with distributions reinvested against +15.7% for the S&P 500, so a holder was behind by 20.2 pts. It sits 27.0% below its all-time high of Jun 2, 2026.

Questions people ask

Do PAVE and UPGR hold the same stocks?: By their latest filings, 5% 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, PAVE or UPGR?: PAVE has 64% of its weight in S&P 500 names and UPGR has 23%, so UPGR differs more from the index.
Which is cheaper, PAVE or UPGR?: PAVE charges 0.47% a year and UPGR charges 0.35%, so UPGR is cheaper. Fees come from each fund's prospectus.

Other comparisons

PAVE vs DRAM PAVE vs EFRA PAVE vs FDN PAVE vs GDX UPGR vs BLDX UPGR vs EFRA UPGR vs IFRA UPGR vs IPAV

PAVE on its own →UPGR on its own →How every figure is computed →Standards and sources →

Where these figures came from

PAVE filings on SEC EDGAR ↗PAVE prospectus with the expense ratio (SEC) ↗Global X page for PAVE ↗UPGR filings on SEC EDGAR ↗UPGR prospectus with the expense ratio (SEC) ↗Xtrackers website ↗

ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement. A comparison is not a recommendation.

Cite this page

ETFIQ, PAVE against UPGR, data as of Sep 30, 2026. https://etfiq.com/compare/themes/pave-vs-upgr

Open data

Free to use with attribution. Every figure is calculated from a named public source; the method is at etfiq.com/methodology.