FMAT vs PAVE: Holdings Overlap
FMATFidelity MSCI Materials Index ETF
Fidelity · 103 holdings · $579M · as of 2026-04-30
PAVEGlobal X U.S. Infrastructure Development ETF
Global X · 100 holdings · $14.1B · as of 2026-05-31
Holdings snapshots are 31 days apart (FMAT: 2026-04-30, PAVE: 2026-05-31). Weights and index membership change between snapshots, so the true current overlap is typically higher than shown. For funds tracking the same index, the gap can be 5–15 points.
How similar are FMAT and PAVE?
Fidelity MSCI Materials Index ETF (FMAT, by Fidelity) holds 103 positions; Global X U.S. Infrastructure Development ETF (PAVE, by Global X) holds 100. They have 21 holdings in common, and by portfolio weight the two funds are 18.8% identical. In practical terms the pair is lightly overlapping, with most of each portfolio distinct.
- Overlap by Weight
- 18.8%Sum of the smaller weight of each shared holding
- Shared Holdings
- 21FMAT holds 103 · PAVE holds 100
- Weight in Shared Holdings
- FMAT 23%·PAVE 20%Share of each fund's weight in stocks both funds own
Based on each fund's latest official holdings. How is this calculated?
What makes each fund different
Only in FMAT
82 of 103 positions (76.6% of the fund) are not held by PAVE. Showing the top 30 by weight.
Only in PAVE
79 of 100 positions (79.6% of the fund) are not held by FMAT. Showing the top 30 by weight.
Sector Breakdown
| Sector | FMAT | PAVE |
|---|---|---|
| Materials | 99.5% | 20.3% |
| Industrials | 0.0% | 75.1% |
| Utilities | 0.0% | 3.1% |
| Information Technology | 0.0% | 1.1% |
| Energy | 0.3% | 0.0% |
| Other Sectors | 0.0% | 0.0% |
Share of each fund's portfolio weight by GICS-style sector, compiled from issuer fund data and our own classification of the holdings, not the issuers' published sector charts.
Performance
| Fund | 1M | YTD | 1Y | 3Y (ann.) | 5Y (ann.) | 10Y (ann.) | Yield |
|---|---|---|---|---|---|---|---|
| FMAT | +3.2% | +14.7% | +20.8% | +10.3% | +6.9% | +10.0% | 1.38% |
| PAVE | +4.0% | +23.0% | +29.9% | +22.7% | +18.1% | — | 0.73% |
Total returns including dividends, from adjusted daily closes as of 2026-08-07. 3Y/5Y/10Y are annualized. Yield is trailing-12-month distributions over the last close. Past performance does not predict future results.
Project the growth of $10,000 in FMAT vs PAVE →
Shared Holdings(21)
The top 10 shared positions account for 87% of the overlap, led by NUE, CRH and STLD.
 NUENucor Corporation COM | 3.30% | 3.10% | 3.10% |
|---|---|---|---|
 CRHCRH plc | 5.09% | 2.41% | 2.41% |
 STLDSteel Dynamics, Inc. COM | 2.03% | 2.06% | 2.03% |
 VMCVulcan Materials Company COM | 2.55% | 2.03% | 2.03% |
 MLMMartin Marietta Materials Inc COM | 2.39% | 1.90% | 1.90% |
 AMRZAmrize Ltd. | 1.72% | 1.63% | 1.63% |
 RSReliance Inc COM | 1.21% | 1.08% | 1.08% |
 AAAlcoa Corporation COM | 1.06% | 1.09% | 1.06% |
 RPMRPM International Inc. COM | 0.84% | 0.74% | 0.74% |
 CMCCommercial Metals Company COM | 0.49% | 0.46% | 0.46% |
 EXPEagle Materials Inc. COM | 0.43% | 0.38% | 0.38% |
 CLFCleveland-Cliffs Inc COM | 0.37% | 0.42% | 0.37% |
 LPXLouisiana Pacific Corporation COM | 0.29% | 0.29% | 0.29% |
 KNFKnife River Corp. COMMON STOCK | 0.34% | 0.28% | 0.28% |
 WLKWestlake Corporation COMMON STOCK | 0.28% | 0.60% | 0.28% |
 MTRNMaterion Corp COM | 0.24% | 0.41% | 0.24% |
 CENXCentury Aluminum Company COM | 0.21% | 0.38% | 0.21% |
 MTXMinerals Technologies Inc. COM | 0.14% | 0.31% | 0.14% |
 RYZRyerson Holding Corporation COM | 0.08% | 0.26% | 0.08% |
 USLMUnited States Lime & Minerals Inc. COM | 0.08% | 0.24% | 0.08% |
 MTUSMetallus Inc. COM | 0.05% | 0.27% | 0.05% |
Frequently Asked Questions
How much do FMAT and PAVE overlap?
FMAT and PAVE overlap by 18.8% of portfolio weight. They share 21 holdings (FMAT holds 103 positions and PAVE holds 100), based on each fund's latest SEC-reported holdings.
Is it redundant to own both FMAT and PAVE?
The two portfolios are 18.8% identical by weight. Owning both is not redundant. Most of each portfolio is distinct, so the funds can serve different roles.
What are the biggest shared holdings of FMAT and PAVE?
The largest positions held by both funds are NUE, CRH, STLD, VMC and MLM. Together the top 10 shared positions account for 87% of the total overlap.
What does FMAT own that PAVE doesn't?
82 positions (76.6% of FMAT) are unique to FMAT, led by LIN, NEM and FCX. In the other direction, 79 positions (79.6% of PAVE) are unique to PAVE.