IFRA vs. FEZ

Last updated Jun 16, 2026

IFRA (iShares U.S. Infrastructure ETF) and FEZ (State Street SPDR EURO STOXX 50 ETF) are both exchange-traded funds - IFRA is a Industrials Equities fund tracking the NYSE FactSet U.S. Infrastructure Index, while FEZ is a Europe Equities fund tracking the EURO STOXX 50 Index. Both are passively managed. Over the past 5 years, IFRA returned 13.63%/yr vs 10.55%/yr for FEZ. A 0.63 correlation means they provide meaningful diversification when combined. IFRA charges 0.30%/yr vs 0.29%/yr for FEZ.

Performance

IFRA vs. FEZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares U.S. Infrastructure ETF (IFRA) and State Street SPDR EURO STOXX 50 ETF (FEZ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IFRA achieves a 19.01% return, which is significantly higher than FEZ's 8.27% return.

IFRA

• 1D: 0.44%
• 1M: 2.86%
• YTD: 19.01%
• 6M: 17.73%
• 1Y: 31.64%
• 3Y*: 19.65%
• 5Y*: 13.63%
• 10Y*: —

FEZ

• 1D: 0.91%
• 1M: 7.17%
• YTD: 8.27%
• 6M: 8.57%
• 1Y: 21.04%
• 3Y*: 17.52%
• 5Y*: 10.55%
• 10Y*: 11.13%

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

IFRA vs. FEZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
IFRA iShares U.S. Infrastructure ETF	19.01%	15.90%	17.02%	13.42%	-3.32%	29.81%	7.37%	27.00%	-7.97%
FEZ State Street SPDR EURO STOXX 50 ETF	8.27%	37.81%	3.57%	27.16%	-14.27%	14.84%	4.84%	26.04%	-15.05%

Correlation

The correlation between IFRA and FEZ is 0.58, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.58
Correlation (3Y) Calculated over the trailing 3-year period	0.57
Correlation (5Y) Calculated over the trailing 5-year period	0.63
Correlation (All Time) Calculated using the full available price history since Apr 5, 2018	0.63

The correlation between IFRA and FEZ has been stable across timeframes, ranging from 0.57 to 0.63 - a consistent structural relationship.

IFRA vs. FEZ - Sectors Allocation Comparison

Sectors	IFRA	FEZ
Industrials	39.4%	21.7%
Utilities	37.7%	4.5%
Basic Materials	14.7%	3.4%
Energy	7.9%	4.8%
Consumer Cyclical	0.0%	9.8%
Consumer Defensive	0.0%	5.4%
Communication Services	-	2.4%
Financial Services	-	24.9%
Healthcare	-	5.1%
Real Estate	-	-
Technology	-	18.0%

Return for Risk

IFRA vs. FEZ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

IFRA

IFRA Risk / Return Rank: 75
IFRA Sharpe Ratio Rank: 73
IFRA Sortino Ratio Rank: 76
IFRA Omega Ratio Rank: 65
IFRA Calmar Ratio Rank: 80
IFRA Martin Ratio Rank: 79

FEZ

FEZ Risk / Return Rank: 35
FEZ Sharpe Ratio Rank: 35
FEZ Sortino Ratio Rank: 35
FEZ Omega Ratio Rank: 33
FEZ Calmar Ratio Rank: 34
FEZ Martin Ratio Rank: 37

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

IFRA vs. FEZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares U.S. Infrastructure ETF (IFRA) and State Street SPDR EURO STOXX 50 ETF (FEZ). 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.

	IFRA	FEZ	Difference
Sharpe ratio: Return per unit of total volatility	2.11	1.15	+0.96
Sortino ratio: Return per unit of downside risk	3.07	1.71	+1.36
Omega ratio: Gain probability vs. loss probability	1.35	1.21	+0.15
Calmar ratio: Return relative to maximum drawdown	3.78	1.55	+2.23
Martin ratio: Return relative to average drawdown	13.85	5.28	+8.57

IFRA vs. FEZ - Sharpe Ratio Comparison

The current IFRA Sharpe Ratio is 2.11, which is higher than the FEZ Sharpe Ratio of 1.15. The chart below compares the historical Sharpe Ratios of IFRA and FEZ, 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

IFRA vs. FEZ - Drawdown Comparison

The maximum IFRA drawdown since its inception was -41.06%, smaller than the maximum FEZ drawdown of -64.21%. Use the drawdown chart below to compare losses from any high point for IFRA and FEZ.

Drawdown Indicators

	IFRA	FEZ	Difference
Max Drawdown Largest peak-to-trough decline	-41.06%	-64.21%	+23.15%
Max Drawdown (1Y) Largest decline over 1 year	-8.40%	-13.63%	+5.23%
Max Drawdown (3Y) Largest decline over 3 years	-19.93%	-15.85%	-4.08%
Max Drawdown (5Y) Largest decline over 5 years	-19.93%	-35.05%	+15.12%
Max Drawdown (10Y) Largest decline over 10 years	—	-39.69%	—
Current Drawdown Current decline from peak	-0.87%	0.00%	-0.87%
Average Drawdown Average peak-to-trough decline	-5.13%	-17.05%	+11.92%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.29%	4.00%	-1.71%

Volatility

IFRA vs. FEZ - Volatility Comparison

The current volatility for iShares U.S. Infrastructure ETF (IFRA) is 5.33%, while State Street SPDR EURO STOXX 50 ETF (FEZ) has a volatility of 6.60%. This indicates that IFRA experiences smaller price fluctuations and is considered to be less risky than FEZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IFRA	FEZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.33%	6.60%	-1.27%
Volatility (6M) Calculated over the trailing 6-month period	11.64%	15.47%	-3.83%
Volatility (1Y) Calculated over the trailing 1-year period	15.11%	18.39%	-3.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.98%	20.71%	-2.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.37%	21.11%	+0.26%

IFRA vs. FEZ - Expense Ratio Comparison

IFRA has a 0.30% expense ratio, which is higher than FEZ's 0.29% expense ratio.

Dividends

IFRA vs. FEZ - Dividend Comparison

IFRA's dividend yield for the trailing twelve months is around 1.86%, less than FEZ's 2.50% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FEZ State Street SPDR EURO STOXX 50 ETF	2.50%	2.78%	2.94%	2.75%	3.06%	2.61%	2.13%	2.61%	3.45%	2.44%	3.35%	3.03%
IFRA iShares U.S. Infrastructure ETF	1.86%	1.84%	1.75%	1.98%	1.98%	1.63%	2.08%	1.68%	2.50%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both IFRA and FEZ in my portfolio?

IFRA and FEZ have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IFRA or FEZ?

FEZ has higher volatility (6.60%) compared to IFRA (5.33%). In terms of maximum drawdown, IFRA dropped -41.06% vs FEZ's -64.21%.

Which ETF is better, IFRA or FEZ?

On 5-year performance, IFRA leads with 13.63% vs 10.55% for FEZ. On fees, FEZ is cheaper at 0.29% per year. On volatility, IFRA has been the lower-risk option at 5.33%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IFRA or FEZ?

Over the 5-year period, IFRA has performed better with a 13.63% return vs 10.55%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IFRA or FEZ?

FEZ is cheaper with a 0.29% expense ratio, compared with 0.30% for IFRA.

Which ETF pays a higher dividend yield, IFRA or FEZ?

FEZ has the higher dividend yield at 2.50%, compared with 1.86% for IFRA.

What is the main difference between IFRA and FEZ?

IFRA is categorized as Industrials Equities, while FEZ is Europe Equities. IFRA tracks NYSE FactSet U.S. Infrastructure Index, while FEZ tracks EURO STOXX 50 Index. They also come from different issuers: iShares and State Street. Their fees differ too: 0.30% for IFRA and 0.29% for FEZ.

Which has better risk-adjusted returns?

IFRA currently has the higher Sharpe Ratio (2.11 vs 1.15), 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.