IGF vs. NFRA

Last updated Aug 2, 2026

IGF (iShares Global Infrastructure ETF) and NFRA (FlexShares STOXX Global Broad Infrastructure Index Fund) are both Infrastructure Equities funds - IGF tracks the S&P Global Infrastructure Index (Net) while NFRA tracks the STOXX Global Broad Infrastructure Index. Both are passively managed. Over the past 10 years, IGF returned 8.14%/yr vs 6.83%/yr for NFRA. Their correlation of 0.88 means they have usually moved in the same direction. IGF charges 0.39%/yr vs 0.47%/yr for NFRA.

Performance

IGF vs. NFRA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Global Infrastructure ETF (IGF) 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, IGF achieves a 10.41% return, which is significantly higher than NFRA's 8.91% return. Over the past 10 years, IGF has outperformed NFRA with an annualized return of 8.14%, while NFRA has yielded a comparatively lower 6.83% annualized return.

IGF

• 1D: -0.28%
• 1M: -0.09%
• 6M: 5.19%
• YTD: 10.41%
• 1Y: 16.30%
• 3Y*: 16.16%
• 5Y*: 11.05%
• 10Y*: 8.14%
• ALL TIME*: 4.91%

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)
IGF iShares Global Infrastructure ETF	$38.15M	$37.64M	$47.97M
NFRA FlexShares STOXX Global Broad Infrastructure Index Fund	$3.34M	$2.60M	$4.28M

IGF vs. NFRA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IGF iShares Global Infrastructure ETF	10.41%	21.31%	14.81%	6.14%	-1.26%	11.57%	-6.50%	25.82%	-9.95%	19.31%
NFRA FlexShares STOXX Global Broad Infrastructure Index Fund	8.91%	18.42%	4.76%	8.96%	-10.11%	9.61%	2.24%	26.27%	-7.74%	15.92%

Correlation

The correlation between IGF and NFRA is 0.80, 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.	0.80
Correlation (3Y) Balances recent behavior with more history.	0.85
Correlation (5Y) Shows whether the relationship held over a longer period.	0.88
Correlation (10Y) Provides a long-term view across more market conditions.	0.88
Correlation (All Time) Calculated using the full available price history since Oct 9, 2013	0.88

The correlation between IGF and NFRA has been stable across timeframes, ranging from 0.80 to 0.88 - a consistent structural relationship.

IGF vs. NFRA - Sectors Allocation Comparison

Sectors	IGF	NFRA
Utilities	40.0%	24.5%
Industrials	36.4%	33.4%
Energy	20.5%	9.1%
Real Estate	0.1%	4.7%
Basic Materials	-	-
Communication Services	-	22.4%
Consumer Cyclical	-	0.3%
Consumer Defensive	-	0.1%
Financial Services	-	0.0%
Healthcare	-	4.5%
Technology	-	1.3%

Return for Risk

IGF vs. NFRA — Risk / Return Rank

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

IGF

IGF Risk / Return Rank: 69
IGF Sharpe Ratio Rank: 69
IGF Sortino Ratio Rank: 69
IGF Omega Ratio Rank: 66
IGF Calmar Ratio Rank: 79
IGF Martin Ratio Rank: 63

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.

IGF vs. NFRA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Global Infrastructure ETF (IGF) 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.

	IGF	NFRA	Difference
Sharpe ratio: Return per unit of total volatility	1.55	1.36	+0.19
Sortino ratio: Return per unit of downside risk	2.25	1.97	+0.28
Omega ratio: Gain probability vs. loss probability	1.28	1.25	+0.03
Calmar ratio: Return relative to maximum drawdown	2.83	1.94	+0.89
Martin ratio: Return relative to average drawdown	7.59	5.78	+1.80

IGF vs. NFRA - Sharpe Ratio Comparison

The current IGF Sharpe Ratio is 1.55, which is comparable to the NFRA Sharpe Ratio of 1.36. The chart below compares the historical Sharpe Ratios of IGF 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

IGF vs. NFRA - Drawdown Comparison

The maximum IGF drawdown since its inception was -58.33%, which is greater than NFRA's maximum drawdown of -32.49%. Use the drawdown chart below to compare losses from any high point for IGF and NFRA.

Drawdown Indicators

	IGF	NFRA	Difference
Max Drawdown Largest peak-to-trough decline	-58.33%	-32.49%	-25.84%
Max Drawdown (1Y) Largest decline over 1 year	-5.87%	-7.28%	+1.41%
Max Drawdown (3Y) Largest decline over 3 years	-11.31%	-9.16%	-2.15%
Max Drawdown (5Y) Largest decline over 5 years	-20.83%	-22.75%	+1.92%
Max Drawdown (10Y) Largest decline over 10 years	-42.11%	-32.49%	-9.62%
Current Drawdown Current decline from peak	-2.34%	-2.16%	-0.18%
Average Drawdown Average peak-to-trough decline	-11.79%	-4.50%	-7.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.19%	2.44%	-0.25%

Volatility

IGF vs. NFRA - Volatility Comparison

iShares Global Infrastructure ETF (IGF) has a higher volatility of 2.75% compared to FlexShares STOXX Global Broad Infrastructure Index Fund (NFRA) at 2.42%. This indicates that IGF'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

	IGF	NFRA	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.75%	2.42%	+0.33%
Volatility (6M) Calculated over the trailing 6-month period	8.92%	8.44%	+0.48%
Volatility (1Y) Calculated over the trailing 1-year period	10.69%	10.38%	+0.31%
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	16.71%	14.87%	+1.84%

IGF vs. NFRA - Expense Ratio Comparison

IGF has a 0.39% expense ratio, which is lower than NFRA's 0.47% expense ratio.

Dividends

IGF vs. NFRA - Dividend Comparison

IGF'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
IGF iShares Global Infrastructure ETF	2.89%	3.23%	3.21%	3.36%	2.67%	2.42%	2.33%	3.27%	3.52%	2.95%	2.98%	3.25%
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 IGF and NFRA in my portfolio?

IGF and NFRA have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IGF or NFRA?

IGF has higher volatility (2.75%) compared to NFRA (2.42%). In terms of maximum drawdown, IGF dropped -58.33% vs NFRA's -32.49%.

Which ETF is better, IGF or NFRA?

On 10-year performance, IGF leads with 8.14% vs 6.83% for NFRA. On fees, IGF is cheaper at 0.39% 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, IGF or NFRA?

Over the 10-year period, IGF has performed better with a 8.14% return vs 6.83%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IGF or NFRA?

IGF is cheaper with a 0.39% expense ratio, compared with 0.47% for NFRA.

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

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

What is the main difference between IGF and NFRA?

IGF tracks S&P Global Infrastructure Index (Net), while NFRA tracks STOXX Global Broad Infrastructure Index. They also come from different issuers: iShares and FlexShares. Their fees differ too: 0.39% for IGF and 0.47% for NFRA.

Which has better risk-adjusted returns?

IGF currently has the higher Sharpe Ratio (1.55 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.