GII vs. NFRA

Last updated Aug 4, 2026

GII (SPDR S&P Global Infrastructure ETF) and NFRA (FlexShares STOXX Global Broad Infrastructure Index Fund) are both Infrastructure Equities funds - GII tracks the S&P Global Infrastructure while NFRA tracks the STOXX Global Broad Infrastructure Index. Both are passively managed. Over the past 10 years, GII returned 8.09%/yr vs 6.88%/yr for NFRA. Their correlation of 0.86 means they have usually moved in the same direction. GII charges 0.40%/yr vs 0.47%/yr for NFRA.

Performance

GII vs. NFRA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR S&P Global Infrastructure ETF (GII) 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 GII having a 9.84% return and NFRA slightly lower at 9.49%. Over the past 10 years, GII has outperformed NFRA with an annualized return of 8.09%, while NFRA has yielded a comparatively lower 6.88% annualized return.

GII

• 1D: -0.30%
• 1M: -0.21%
• 6M: 5.39%
• YTD: 9.84%
• 1Y: 15.66%
• 3Y*: 16.89%
• 5Y*: 11.00%
• 10Y*: 8.09%
• ALL TIME*: 5.53%

NFRA

• 1D: 0.53%
• 1M: 1.61%
• 6M: 6.94%
• YTD: 9.49%
• 1Y: 14.30%
• 3Y*: 12.91%
• 5Y*: 6.03%
• 10Y*: 6.88%
• ALL TIME*: 6.94%

*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)
GII SPDR S&P Global Infrastructure ETF	$3.04M	$4.23M	$4.12M
NFRA FlexShares STOXX Global Broad Infrastructure Index Fund	$3.37M	$2.66M	$4.22M

GII vs. NFRA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GII SPDR S&P Global Infrastructure ETF	9.84%	21.79%	14.30%	5.90%	-0.54%	11.39%	-6.81%	26.32%	-10.08%	19.07%
NFRA FlexShares STOXX Global Broad Infrastructure Index Fund	9.49%	18.42%	4.76%	8.96%	-10.11%	9.61%	2.24%	26.27%	-7.74%	15.92%

Correlation

The correlation between GII and NFRA is 0.78, 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.	0.78
Correlation (3Y) Balances recent behavior with more history.	0.84
Correlation (5Y) Shows whether the relationship held over a longer period.	0.88
Correlation (10Y) Provides a long-term view across more market conditions.	0.87
Correlation (All Time) Calculated using the full available price history since Oct 9, 2013	0.86

The correlation between GII and NFRA shifts across timeframes, from 0.78 (1 year) to 0.88 (5 years), reflecting how their relationship changes across market environments.

GII vs. NFRA - Sectors Allocation Comparison

Sectors	GII	NFRA
Utilities	27.3%	24.5%
Industrials	22.9%	33.4%
Energy	21.6%	9.1%
Financial Services	4.7%	0.0%
Technology	4.4%	1.3%
Communication Services	0.3%	22.4%
Real Estate	0.1%	4.7%
Basic Materials	-	-
Consumer Cyclical	-	0.3%
Consumer Defensive	-	0.1%
Healthcare	-	4.5%

Return for Risk

GII vs. NFRA — Risk / Return Rank

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

GII

GII Risk / Return Rank: 61
GII Sharpe Ratio Rank: 58
GII Sortino Ratio Rank: 58
GII Omega Ratio Rank: 56
GII Calmar Ratio Rank: 73
GII Martin Ratio Rank: 58

NFRA

NFRA Risk / Return Rank: 53
NFRA Sharpe Ratio Rank: 56
NFRA Sortino Ratio Rank: 55
NFRA Omega Ratio Rank: 54
NFRA Calmar Ratio Rank: 53
NFRA Martin Ratio Rank: 49

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.

GII vs. NFRA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P Global Infrastructure ETF (GII) 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.

	GII	NFRA	Difference
Sharpe ratio: Return per unit of total volatility	1.43	1.38	+0.05
Sortino ratio: Return per unit of downside risk	2.04	2.00	+0.04
Omega ratio: Gain probability vs. loss probability	1.26	1.25	+0.01
Calmar ratio: Return relative to maximum drawdown	2.65	1.97	+0.67
Martin ratio: Return relative to average drawdown	7.10	5.87	+1.23

GII vs. NFRA - Sharpe Ratio Comparison

The current GII Sharpe Ratio is 1.43, which is comparable to the NFRA Sharpe Ratio of 1.38. The chart below compares the historical Sharpe Ratios of GII 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

GII vs. NFRA - Drawdown Comparison

The maximum GII drawdown since its inception was -50.98%, which is greater than NFRA's maximum drawdown of -32.49%. Use the drawdown chart below to compare losses from any high point for GII and NFRA.

Drawdown Indicators

	GII	NFRA	Difference
Max Drawdown Largest peak-to-trough decline	-50.98%	-32.49%	-18.49%
Max Drawdown (1Y) Largest decline over 1 year	-5.94%	-7.28%	+1.34%
Max Drawdown (3Y) Largest decline over 3 years	-11.38%	-9.16%	-2.22%
Max Drawdown (5Y) Largest decline over 5 years	-20.67%	-22.75%	+2.08%
Max Drawdown (10Y) Largest decline over 10 years	-42.84%	-32.49%	-10.35%
Current Drawdown Current decline from peak	-2.69%	-1.65%	-1.04%
Average Drawdown Average peak-to-trough decline	-11.44%	-4.50%	-6.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.21%	2.44%	-0.23%

Volatility

GII vs. NFRA - Volatility Comparison

SPDR S&P Global Infrastructure ETF (GII) has a higher volatility of 2.29% compared to FlexShares STOXX Global Broad Infrastructure Index Fund (NFRA) at 1.93%. This indicates that GII'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

	GII	NFRA	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.29%	1.93%	+0.36%
Volatility (6M) Calculated over the trailing 6-month period	9.14%	8.45%	+0.69%
Volatility (1Y) Calculated over the trailing 1-year period	11.01%	10.40%	+0.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.07%	12.96%	+1.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.03%	14.87%	+2.16%

GII vs. NFRA - Expense Ratio Comparison

GII has a 0.40% expense ratio, which is lower than NFRA's 0.47% expense ratio.

Dividends

GII vs. NFRA - Dividend Comparison

GII's dividend yield for the trailing twelve months is around 2.66%, less than NFRA's 5.65% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GII SPDR S&P Global Infrastructure ETF	2.66%	3.17%	3.23%	3.70%	3.07%	2.37%	2.66%	3.39%	3.31%	3.38%	3.11%	3.54%
NFRA FlexShares STOXX Global Broad Infrastructure Index Fund	5.65%	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 GII and NFRA in my portfolio?

GII and NFRA have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GII or NFRA?

GII has higher volatility (2.29%) compared to NFRA (1.93%). In terms of maximum drawdown, GII dropped -50.98% vs NFRA's -32.49%.

Which ETF is better, GII or NFRA?

On 10-year performance, GII leads with 8.09% vs 6.88% for NFRA. On fees, GII is cheaper at 0.40% per year. On volatility, NFRA has been the lower-risk option at 1.93%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GII or NFRA?

Over the 10-year period, GII has performed better with a 8.09% return vs 6.88%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GII or NFRA?

GII is cheaper with a 0.40% expense ratio, compared with 0.47% for NFRA.

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

NFRA has the higher dividend yield at 5.65%, compared with 2.66% for GII.

What is the main difference between GII and NFRA?

GII tracks S&P Global Infrastructure, while NFRA tracks STOXX Global Broad Infrastructure Index. They also come from different issuers: State Street and FlexShares. Their fees differ too: 0.40% for GII and 0.47% for NFRA.

Which has better risk-adjusted returns?

GII currently has the higher Sharpe Ratio (1.43 vs 1.38), 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.