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Data as of Oct 28, 2026.

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Thematic ETFs

PAVE vs XAR: Holdings Overlap & Returns

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Over the year to Oct 28, 2026, PAVE returned +11.4% to XAR's −10.0%; 6% of their weight is in the same names.

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Net assets: $13.6bn on Oct 12, 2026 for Global X U.S. Infrastructure Development ETF, and $5.0bn on Oct 27, 2026 for State Street SPDR S&P Aerospace & Defense ETF.

PAVE on its own →XAR on its own →
At a glance
62.1%
PAVE in the S&P 500
39.7%
XAR in the S&P 500
+11.4%
PAVE total return, 1 year
−10.0%
XAR total return, 1 year
PAVE · 1 year to Oct 28, 2026 38% of its weight is outside the S&P 500
38% of its weight is outside the S&P 50062% of PAVE's weight is in S&P 500 companies and 38% is outside the index. Holdings as of May 31, 2026.62%38%of its weight in S&P 500 companiesof its weight outside the S&P 500active share 97% · top ten 32% of the fund · 100 holdings as filed for May 31, 2026 · Nasdaq-100: 6% in38% of its weight is outside the S&P 50062% of PAVE's weight is in S&P 500 companies and 38% is outside the index. Holdings as of May 31, 2026.62%38%in the S&P 500outsideactive share 97% · Nasdaq-100: 6% in

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

XAR · 1 year to Oct 28, 2026 60% of its weight is outside the S&P 500
60% of its weight is outside the S&P 50040% of XAR's weight is in S&P 500 companies and 60% is outside the index. Holdings as of Oct 27, 2026.40%60%of its weight in S&P 500 companiesof its weight outside the S&P 500active share 98% · top ten 32% of the fund · 50 holdings as published by its issuer for Oct 27, 2026 · Nasdaq-100: 3% in60% of its weight is outside the S&P 50040% of XAR's weight is in S&P 500 companies and 60% is outside the index. Holdings as of Oct 27, 2026.40%60%in the S&P 500outside the S&P 500active share 98% · Nasdaq-100: 3% in

40% of XAR's weight is in S&P 500 companies and 60% is outside the index. Holdings as of Oct 27, 2026.

Pair scorecard

XAR costs 0.12 points a year less; their one-year returns differ by 21.4 points; PAVE is 2.5 times larger.

Points (pts) are percentage points.

PAVE vs XAR: Holdings Overlap & Returns
MeasurePAVEXAR
Return
Total return, 1 year+11.4%−10.0%
Drawdown
Below its all-time high10.9%, high on Jun 25, 202624.1%, high on Aug 14, 2026
Against its benchmark
What it tracksInfrastructureDefense
Against the S&P 500, 1 yearbehind by 23.7 pts
Its benchmark, total return, 1 year+13.7%
Against its benchmark, 1 yearbehind by 23.7 pts
Cost and size
Expense ratio0.47%0.35%
Net assets, as of Oct 12, 2026$13.6bn$5.4bn
Holdings
Holdings in common6%

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

What they share

6%

By the books each fund has filed, PAVE and XAR hold 6% of their money in the same securities at the same weight. Holdings dated May 31, 2026 and Oct 27, 2026.

0 half 100%

half

6% in common

Positions both hold · largest shared weight first PAVE XAR
HOWMET AEROSPACE INC. 3.27% 2.56%
ATI INC 1.29% 2.50%
CARPENTER TECHNOLOGY CORPORATION 1.27% 1.95%
WOODWARD, INC. 1.14% 2.79%
Only in one fund ↓
Only in PAVE
QUANTA SERVICES, INC. 4.18%
CSX Corporation 3.48%
EATON CORPORATION PUBLIC LIMITED COMPANY 3.30%
TRANE TECHNOLOGIES PLC 3.19%
UNION PACIFIC CORPORATION 3.12%
NUCOR CORPORATION 3.10%
ROCKWELL AUTOMATION, INC. 2.92%
NORFOLK SOUTHERN CORPORATION 2.90%
Only in XAR
LOCKHEED MARTIN CORP 3.69%
HONEYWELL AEROSPACE INC 3.44%
NORTHROP GRUMMAN CORP 3.32%
L3HARRIS TECHNOLOGIES INC 3.21%
GENERAL DYNAMICS CORP 3.12%
TRANSDIGM GROUP INC 3.12%
HUNTINGTON INGALLS INDUSTRIE 3.11%
HEICO CORP 3.07%
Check overlap with more funds →

Window by window

Window by window: PAVE vs XAR: Holdings Overlap & Returns
Total returnvs its benchmark
WindowPAVEXARPAVEXAR
3 months−3.0%−12.8%not measured−18.9 pts vs VOO
6 months−3.1%−9.9%not measured−19.0 pts vs VOO
1 year+11.4%−10.0%not measured−23.7 pts vs VOO
3 years+92.8%+103.5%not measured+8.0 pts vs VOO
Since launchNot the same days: PAVE Mar 2017 · XAR Sep 2011+284.2%+945.4%not measured+171.9 pts vs VOO

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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 XAR State Street SPDR S&P Aerospace & Defense ETF · Holds 50 stocks in defense, 40% of its weight in S&P 500 companies
Issuer Global X State Street
Theme Infrastructure Defense
In the S&P 500 62.1% 39.7%
Active share vs the S&P 500 97.2% 97.7%
In the Nasdaq-100 6.2% 2.7%
Holdings 100 50
Top ten, share of the fund 32.3% 32.2%
Expense ratio 0.47% 0.35%
Fee for the differing part 0.48% 0.36%
Total return, 1 year +11.4% −10.0%
vs its benchmark not measured −23.7 pts vs VOO
Below its high −10.9% −24.1%
Net assets, PAVE as of Oct 12, 2026 and XAR as of Oct 27, 2026 $13.6bn $5.0bn

As of Oct 28, 2026. Source: ETFIQ.

6% of the two portfolios are the same securities at the same weight.

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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.

XAR

By weight, 40% of XAR'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 32% of the fund across 50 positions, as published by its issuer for Oct 27, 2026. Over the year to Oct 28, 2026 the fund returned −10.0% with distributions reinvested against +13.7% for its benchmark, the S&P 500 Index, so a holder was behind by 23.7 pts. It sits 24.1% below its all-time high of Aug 14, 2026.

Questions people ask

Do PAVE and XAR hold the same stocks?
By their latest filings, 6% 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 XAR?
PAVE has 62% of its weight in S&P 500 names and XAR has 40%, so XAR differs more from the index.
Which is cheaper, PAVE or XAR?
PAVE charges 0.47% a year and XAR charges 0.35%, so XAR is cheaper. Fees come from each fund's prospectus.
Other comparisons
PAVE vs IDEFPAVE vs SHLDPAVE vs PPAPAVE vs ITAXAR vs IGFXAR vs IFRAXAR vs CIBRXAR vs AIRR
Where to next
All thematic ETFs ranked by the S&P 500 Difference Score →How the scores are computed →PAVE on its own →XAR on its own →PAVE dividend history →PAVE holdings →XAR dividend history →XAR holdings →Method →Standards and sources →
Sources and dates
PAVE filings on SEC EDGAR ↗
PAVE prospectus with the expense ratio (SEC) ↗
Global X page for PAVE ↗
XAR filings on SEC EDGAR ↗
XAR prospectus with the expense ratio (SEC) ↗
State Street website ↗

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.

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

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