BKGI vs. NFRA

Last updated Aug 2, 2026

BKGI (Bny Mellon Global Infrastructure Income ETF) and NFRA (FlexShares STOXX Global Broad Infrastructure Index Fund) are both Infrastructure Equities funds. BKGI is actively managed, while NFRA is passively managed. Over the past 3 years, BKGI returned 21.24%/yr vs 11.88%/yr for NFRA. Their correlation of 0.80 means they have usually moved in the same direction. BKGI charges 0.65%/yr vs 0.47%/yr for NFRA.

Performance

BKGI vs. NFRA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Bny Mellon Global Infrastructure Income ETF (BKGI) and FlexShares STOXX Global Broad Infrastructure Index Fund (NFRA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BKGI achieves a 14.23% return, which is significantly higher than NFRA's 8.91% return.

BKGI

• 1D: -0.29%
• 1M: 1.55%
• 6M: 8.99%
• YTD: 14.23%
• 1Y: 20.08%
• 3Y*: 21.24%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 21.98%

NFRA

• 1D: -0.33%
• 1M: 1.08%
• 6M: 5.98%
• YTD: 8.91%
• 1Y: 13.70%
• 3Y*: 11.88%
• 5Y*: 5.93%
• 10Y*: 6.83%
• ALL TIME*: 6.90%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BKGI Bny Mellon Global Infrastructure Income ETF	$18.95M	$14.99M	$11.61M
NFRA FlexShares STOXX Global Broad Infrastructure Index Fund	$3.34M	$2.60M	$4.28M

BKGI vs. NFRA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
BKGI Bny Mellon Global Infrastructure Income ETF	14.23%	37.53%	12.35%	9.72%	8.54%
NFRA FlexShares STOXX Global Broad Infrastructure Index Fund	8.91%	18.42%	4.76%	8.96%	5.70%

Correlation

The correlation between BKGI and NFRA is 0.69, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.69
Correlation (3Y) Balances recent behavior with more history.	0.79
Correlation (All Time) Calculated using the full available price history since Nov 3, 2022	0.80

The correlation between BKGI and NFRA shifts across timeframes, from 0.69 (1 year) to 0.80 (all time), reflecting how their relationship changes across market environments.

BKGI vs. NFRA - Sectors Allocation Comparison

Sectors	BKGI	NFRA
Utilities	46.0%	24.5%
Energy	21.1%	9.1%
Real Estate	19.0%	4.7%
Industrials	11.5%	33.4%
Communication Services	2.5%	22.4%
Basic Materials	-	-
Consumer Cyclical	-	0.3%
Consumer Defensive	-	0.1%
Financial Services	-	0.0%
Healthcare	-	4.5%
Technology	-	1.3%

Return for Risk

BKGI vs. NFRA — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

BKGI

BKGI Risk / Return Rank: 80
BKGI Sharpe Ratio Rank: 79
BKGI Sortino Ratio Rank: 78
BKGI Omega Ratio Rank: 78
BKGI Calmar Ratio Rank: 86
BKGI Martin Ratio Rank: 79

NFRA

NFRA Risk / Return Rank: 55
NFRA Sharpe Ratio Rank: 57
NFRA Sortino Ratio Rank: 57
NFRA Omega Ratio Rank: 56
NFRA Calmar Ratio Rank: 55
NFRA Martin Ratio Rank: 50

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

BKGI vs. NFRA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bny Mellon Global Infrastructure Income ETF (BKGI) and FlexShares STOXX Global Broad Infrastructure Index Fund (NFRA). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	BKGI	NFRA	Difference
Sharpe ratio: Return per unit of total volatility	1.80	1.36	+0.44
Sortino ratio: Return per unit of downside risk	2.51	1.97	+0.54
Omega ratio: Gain probability vs. loss probability	1.32	1.25	+0.08
Calmar ratio: Return relative to maximum drawdown	3.38	1.94	+1.44
Martin ratio: Return relative to average drawdown	10.08	5.78	+4.30

BKGI vs. NFRA - Sharpe Ratio Comparison

The current BKGI Sharpe Ratio is 1.80, which is higher than the NFRA Sharpe Ratio of 1.36. The chart below compares the historical Sharpe Ratios of BKGI and NFRA, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

BKGI vs. NFRA - Drawdown Comparison

The maximum BKGI drawdown since its inception was -14.79%, smaller than the maximum NFRA drawdown of -32.49%. Use the drawdown chart below to compare losses from any high point for BKGI and NFRA.

Drawdown Indicators

	BKGI	NFRA	Difference
Max Drawdown Largest peak-to-trough decline	-14.79%	-32.49%	+17.70%
Max Drawdown (1Y) Largest decline over 1 year	-6.16%	-7.28%	+1.12%
Max Drawdown (3Y) Largest decline over 3 years	-11.37%	-9.16%	-2.21%
Max Drawdown (5Y) Largest decline over 5 years	—	-22.75%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-32.49%	—
Current Drawdown Current decline from peak	-1.78%	-2.16%	+0.38%
Average Drawdown Average peak-to-trough decline	-2.54%	-4.50%	+1.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.06%	2.44%	-0.38%

Volatility

BKGI vs. NFRA - Volatility Comparison

Bny Mellon Global Infrastructure Income ETF (BKGI) has a higher volatility of 3.04% compared to FlexShares STOXX Global Broad Infrastructure Index Fund (NFRA) at 2.42%. This indicates that BKGI's price experiences larger fluctuations and is considered to be riskier than NFRA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BKGI	NFRA	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.04%	2.42%	+0.62%
Volatility (6M) Calculated over the trailing 6-month period	9.55%	8.44%	+1.11%
Volatility (1Y) Calculated over the trailing 1-year period	11.58%	10.38%	+1.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.95%	12.95%	+1.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.95%	14.87%	-0.92%

BKGI vs. NFRA - Expense Ratio Comparison

BKGI has a 0.65% expense ratio, which is higher than NFRA's 0.47% expense ratio.

Dividends

BKGI vs. NFRA - Dividend Comparison

BKGI's dividend yield for the trailing twelve months is around 2.89%, less than NFRA's 5.68% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BKGI Bny Mellon Global Infrastructure Income ETF	2.89%	2.65%	4.55%	4.55%	0.53%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
NFRA FlexShares STOXX Global Broad Infrastructure Index Fund	5.68%	6.00%	3.33%	2.57%	2.28%	2.71%	2.22%	2.27%	3.06%	2.81%	2.98%	2.47%

Frequently Asked Questions

Can I hold both BKGI and NFRA in my portfolio?

BKGI and NFRA have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BKGI or NFRA?

BKGI has higher volatility (3.04%) compared to NFRA (2.42%). In terms of maximum drawdown, BKGI dropped -14.79% vs NFRA's -32.49%.

Which ETF is better, BKGI or NFRA?

On 3-year performance, BKGI leads with 21.24% vs 11.88% for NFRA. On fees, NFRA is cheaper at 0.47% per year. On volatility, NFRA has been the lower-risk option at 2.42%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BKGI or NFRA?

Over the 3-year period, BKGI has performed better with a 21.24% return vs 11.88%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BKGI or NFRA?

NFRA is cheaper with a 0.47% expense ratio, compared with 0.65% for BKGI.

Which ETF pays a higher dividend yield, BKGI or NFRA?

NFRA has the higher dividend yield at 5.68%, compared with 2.89% for BKGI.

What is the main difference between BKGI and NFRA?

They also come from different issuers: BNY Mellon and FlexShares. Their fees differ too: 0.65% for BKGI and 0.47% for NFRA.

Which has better risk-adjusted returns?

BKGI currently has the higher Sharpe Ratio (1.80 vs 1.36), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.