EFRA vs. NFRA

Last updated Aug 5, 2026

EFRA (iShares Environmental Infrastructure and Industrials ETF) and NFRA (FlexShares STOXX Global Broad Infrastructure Index Fund) are both Infrastructure Equities funds - EFRA tracks the FTSE Green Revenues Select Infrastructure and Industrials Index while NFRA tracks the STOXX Global Broad Infrastructure Index. Both are passively managed. Over the past 3 years, EFRA returned 12.19%/yr vs 13.12%/yr for NFRA. Their 0.76 correlation means they have sometimes moved together and sometimes differently. Both charge a 0.47% expense ratio.

Performance

EFRA vs. NFRA - Performance Comparison

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

Returns By Period

The year-to-date returns for both stocks are quite close, with EFRA having a 10.64% return and NFRA slightly lower at 10.11%.

EFRA

• 1D: 1.77%
• 1M: 1.39%
• 6M: 4.01%
• YTD: 10.64%
• 1Y: 14.06%
• 3Y*: 12.19%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 15.08%

NFRA

• 1D: 0.57%
• 1M: 2.19%
• 6M: 6.28%
• YTD: 10.11%
• 1Y: 13.64%
• 3Y*: 13.12%
• 5Y*: 6.08%
• 10Y*: 6.94%
• ALL TIME*: 6.99%

*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)
EFRA iShares Environmental Infrastructure and Industrials ETF	$35.39K	$37.20K	$24.57K
NFRA FlexShares STOXX Global Broad Infrastructure Index Fund	$3.51M	$2.74M	$4.17M

EFRA vs. NFRA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
EFRA iShares Environmental Infrastructure and Industrials ETF	10.64%	13.76%	8.09%	14.49%	8.75%
NFRA FlexShares STOXX Global Broad Infrastructure Index Fund	10.11%	18.42%	4.76%	8.96%	5.70%

Correlation

The correlation between EFRA and NFRA is 0.67, 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.	0.67
Correlation (3Y) Balances recent behavior with more history.	0.73
Correlation (All Time) Calculated using the full available price history since Nov 3, 2022	0.76

The correlation between EFRA and NFRA has been stable across timeframes, ranging from 0.67 to 0.76 - a consistent structural relationship.

EFRA vs. NFRA - Sectors Allocation Comparison

Sectors	EFRA	NFRA
Industrials	62.3%	33.4%
Utilities	24.8%	24.5%
Consumer Cyclical	7.1%	0.3%
Basic Materials	3.6%	-
Technology	1.7%	1.3%
Communication Services	-	22.4%
Consumer Defensive	-	0.1%
Energy	-	9.1%
Financial Services	-	0.0%
Healthcare	-	4.5%
Real Estate	-	4.7%

Return for Risk

EFRA vs. NFRA — Risk / Return Rank

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

EFRA

EFRA Risk / Return Rank: 33
EFRA Sharpe Ratio Rank: 34
EFRA Sortino Ratio Rank: 34
EFRA Omega Ratio Rank: 31
EFRA Calmar Ratio Rank: 33
EFRA Martin Ratio Rank: 32

NFRA

NFRA Risk / Return Rank: 46
NFRA Sharpe Ratio Rank: 47
NFRA Sortino Ratio Rank: 47
NFRA Omega Ratio Rank: 45
NFRA Calmar Ratio Rank: 46
NFRA Martin Ratio Rank: 45

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.

EFRA vs. NFRA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Environmental Infrastructure and Industrials ETF (EFRA) 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.

	EFRA	NFRA	Difference
Sharpe ratio: Return per unit of total volatility	0.94	1.33	-0.38
Sortino ratio: Return per unit of downside risk	1.43	1.91	-0.48
Omega ratio: Gain probability vs. loss probability	1.17	1.24	-0.07
Calmar ratio: Return relative to maximum drawdown	1.26	1.88	-0.62
Martin ratio: Return relative to average drawdown	3.23	5.60	-2.37

EFRA vs. NFRA - Sharpe Ratio Comparison

The current EFRA Sharpe Ratio is 0.94, which is comparable to the NFRA Sharpe Ratio of 1.33. The chart below compares the historical Sharpe Ratios of EFRA 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

EFRA vs. NFRA - Drawdown Comparison

The maximum EFRA drawdown since its inception was -16.25%, smaller than the maximum NFRA drawdown of -32.49%. Use the drawdown chart below to compare losses from any high point for EFRA and NFRA.

Drawdown Indicators

	EFRA	NFRA	Difference
Max Drawdown Largest peak-to-trough decline	-16.25%	-32.49%	+16.24%
Max Drawdown (1Y) Largest decline over 1 year	-11.20%	-7.28%	-3.92%
Max Drawdown (3Y) Largest decline over 3 years	-16.25%	-9.16%	-7.09%
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	-1.95%	-1.09%	-0.86%
Average Drawdown Average peak-to-trough decline	-3.68%	-4.50%	+0.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.36%	2.44%	+1.92%

Volatility

EFRA vs. NFRA - Volatility Comparison

iShares Environmental Infrastructure and Industrials ETF (EFRA) has a higher volatility of 4.43% compared to FlexShares STOXX Global Broad Infrastructure Index Fund (NFRA) at 1.99%. This indicates that EFRA'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

	EFRA	NFRA	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.43%	1.99%	+2.44%
Volatility (6M) Calculated over the trailing 6-month period	11.98%	8.46%	+3.52%
Volatility (1Y) Calculated over the trailing 1-year period	15.01%	10.39%	+4.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.56%	12.96%	+2.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.56%	14.87%	+0.69%

EFRA vs. NFRA - Expense Ratio Comparison

Both EFRA and NFRA have an expense ratio of 0.47%.

Dividends

EFRA vs. NFRA - Dividend Comparison

EFRA's dividend yield for the trailing twelve months is around 3.99%, less than NFRA's 5.62% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EFRA iShares Environmental Infrastructure and Industrials ETF	3.99%	4.34%	3.79%	1.85%	0.14%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
NFRA FlexShares STOXX Global Broad Infrastructure Index Fund	5.62%	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 EFRA and NFRA in my portfolio?

EFRA and NFRA have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EFRA or NFRA?

EFRA has higher volatility (4.43%) compared to NFRA (1.99%). In terms of maximum drawdown, EFRA dropped -16.25% vs NFRA's -32.49%.

Which ETF is better, EFRA or NFRA?

On 3-year performance, NFRA leads with 13.12% vs 12.19% for EFRA. Both ETFs have the same 0.47% expense ratio. On volatility, NFRA has been the lower-risk option at 1.99%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EFRA or NFRA?

Over the 3-year period, NFRA has performed better with a 13.12% return vs 12.19%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EFRA or NFRA?

EFRA and NFRA have the same expense ratio: 0.47% per year.

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

NFRA has the higher dividend yield at 5.62%, compared with 3.99% for EFRA.

What is the main difference between EFRA and NFRA?

EFRA tracks FTSE Green Revenues Select Infrastructure and Industrials Index, while NFRA tracks STOXX Global Broad Infrastructure Index. They also come from different issuers: iShares and FlexShares.

Which has better risk-adjusted returns?

NFRA currently has the higher Sharpe Ratio (1.33 vs 0.94), 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.