PAVE vs VAW: Holdings Overlap
PAVEGlobal X U.S. Infrastructure Development ETF
Global X · 100 holdings · $14.1B · as of 2026-05-31
VAWVanguard Materials Index Fund
Vanguard · 110 holdings · $3.0B · as of 2026-05-31
How similar are PAVE and VAW?
Global X U.S. Infrastructure Development ETF (PAVE, by Global X) holds 100 positions; Vanguard Materials Index Fund (VAW, by Vanguard) holds 110. They have 21 holdings in common, and by portfolio weight the two funds are 19.0% identical. In practical terms the pair is lightly overlapping, with most of each portfolio distinct.
- Overlap by Weight
- 19.0%Sum of the smaller weight of each shared holding
- Shared Holdings
- 21PAVE holds 100 · VAW holds 110
- Weight in Shared Holdings
- PAVE 20%·VAW 24%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 PAVE
79 of 100 positions (79.6% of the fund) are not held by VAW. Showing the top 30 by weight.
Only in VAW
89 of 110 positions (76.1% of the fund) are not held by PAVE. Showing the top 30 by weight.
Sector Breakdown
| Sector | PAVE | VAW |
|---|---|---|
| Materials | 20.3% | 99.5% |
| Industrials | 75.1% | 0.0% |
| Utilities | 3.1% | 0.0% |
| Information Technology | 1.1% | 0.0% |
| Energy | 0.0% | 0.3% |
| 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 |
|---|---|---|---|---|---|---|---|
| PAVE | +4.0% | +23.0% | +29.9% | +22.7% | +18.1% | — | 0.73% |
| VAW | +3.2% | +14.7% | +20.8% | +10.3% | +7.0% | +10.1% | 1.34% |
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 PAVE vs VAW →
Shared Holdings(21)
The top 10 shared positions account for 87% of the overlap, led by NUE, CRH and STLD.
 NUENucor Corporation COM | 3.10% | 3.67% | 3.10% |
|---|---|---|---|
 CRHCRH plc | 2.41% | 4.68% | 2.41% |
 STLDSteel Dynamics, Inc. COM | 2.06% | 2.32% | 2.06% |
 VMCVulcan Materials Company COM | 2.03% | 2.40% | 2.03% |
 MLMMartin Marietta Materials Inc COM | 1.90% | 2.25% | 1.90% |
 AMRZAmrize Ltd. | 1.63% | 1.74% | 1.63% |
 AAAlcoa Corporation COM | 1.09% | 1.29% | 1.09% |
 RSReliance Inc COM | 1.08% | 1.28% | 1.08% |
 RPMRPM International Inc. COM | 0.74% | 0.87% | 0.74% |
 CMCCommercial Metals Company COM | 0.46% | 0.54% | 0.46% |
 CLFCleveland-Cliffs Inc COM | 0.42% | 0.50% | 0.42% |
 EXPEagle Materials Inc. COM | 0.38% | 0.46% | 0.38% |
 MTRNMaterion Corp COM | 0.41% | 0.29% | 0.29% |
 LPXLouisiana Pacific Corporation COM | 0.29% | 0.31% | 0.29% |
 KNFKnife River Corp. COMMON STOCK | 0.28% | 0.29% | 0.28% |
 CENXCentury Aluminum Company COM | 0.38% | 0.24% | 0.24% |
 WLKWestlake Corporation COMMON STOCK | 0.60% | 0.21% | 0.21% |
 MTXMinerals Technologies Inc. COM | 0.31% | 0.15% | 0.15% |
 RYZRyerson Holding Corporation COM | 0.26% | 0.09% | 0.09% |
 USLMUnited States Lime & Minerals Inc. COM | 0.24% | 0.08% | 0.08% |
 MTUSMetallus Inc. COM | 0.27% | 0.05% | 0.05% |
Frequently Asked Questions
How much do PAVE and VAW overlap?
PAVE and VAW overlap by 19.0% of portfolio weight. They share 21 holdings (PAVE holds 100 positions and VAW holds 110), based on each fund's latest SEC-reported holdings.
Is it redundant to own both PAVE and VAW?
The two portfolios are 19.0% 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 PAVE and VAW?
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 PAVE own that VAW doesn't?
79 positions (79.6% of PAVE) are unique to PAVE, led by PWR, CSX and ETN. In the other direction, 89 positions (76.1% of VAW) are unique to VAW.