INFR vs. ICAP

Last updated Aug 2, 2026

INFR (ClearBridge Sustainable Infrastructure ETF) and ICAP (Infrastructure Capital Equity Income ETF) are both exchange-traded funds - INFR is a Infrastructure Equities fund tracking the RARE Global Infrastructure Index, while ICAP is a Derivative Income fund actively managed by InfraCap. INFR is passively managed, while ICAP is actively managed. Their 0.49 correlation means their historical movements had little consistent relationship. INFR charges 0.59%/yr vs 2.47%/yr for ICAP.

Performance

INFR vs. ICAP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ClearBridge Sustainable Infrastructure ETF (INFR) and Infrastructure Capital Equity Income ETF (ICAP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

INFR

• 1D: —
• 1M: —
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

ICAP

• 1D: 1.10%
• 1M: 1.12%
• 6M: 4.76%
• YTD: 8.65%
• 1Y: 18.28%
• 3Y*: 15.47%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 8.08%

*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)
ICAP Infrastructure Capital Equity Income ETF	$705.93K	$687.44K	$943.59K

INFR vs. ICAP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
INFR ClearBridge Sustainable Infrastructure ETF	1.41%	24.00%	-6.23%	5.20%	-0.19%
ICAP Infrastructure Capital Equity Income ETF	8.65%	15.77%	14.83%	8.82%	-0.51%

Correlation

The correlation between INFR and ICAP is 0.29, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.29
Correlation (3Y) Balances recent behavior with more history.	0.47
Correlation (All Time) Calculated using the full available price history since Dec 16, 2022	0.49

The correlation between INFR and ICAP shifts across timeframes, from 0.29 (1 year) to 0.49 (all time), reflecting how their relationship changes across market environments.

INFR vs. ICAP - Sectors Allocation Comparison

Sectors	INFR	ICAP
Utilities	68.5%	8.7%
Industrials	27.5%	7.8%
Real Estate	4.1%	4.4%
Basic Materials	-	2.6%
Communication Services	-	3.0%
Consumer Cyclical	-	19.4%
Consumer Defensive	-	6.6%
Energy	-	7.8%
Financial Services	-	24.8%
Healthcare	-	3.8%
Technology	-	11.3%

Return for Risk

INFR vs. ICAP — Risk / Return Rank

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

INFR

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

ICAP

ICAP Risk / Return Rank: 50
ICAP Sharpe Ratio Rank: 53
ICAP Sortino Ratio Rank: 51
ICAP Omega Ratio Rank: 50
ICAP Calmar Ratio Rank: 45
ICAP Martin Ratio Rank: 52

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.

INFR vs. ICAP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ClearBridge Sustainable Infrastructure ETF (INFR) and Infrastructure Capital Equity Income ETF (ICAP). 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.

	INFR	ICAP	Difference
Sharpe ratio: Return per unit of total volatility	—	1.28	—
Sortino ratio: Return per unit of downside risk	—	1.81	—
Omega ratio: Gain probability vs. loss probability	—	1.23	—
Calmar ratio: Return relative to maximum drawdown	—	1.63	—
Martin ratio: Return relative to average drawdown	—	6.14	—

Drawdowns

Drawdown Indicators

	INFR	ICAP	Difference
Max Drawdown Largest peak-to-trough decline	—	-24.20%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-10.66%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-20.31%	—
Current Drawdown Current decline from peak	—	-0.34%	—
Average Drawdown Average peak-to-trough decline	—	-7.59%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.82%	—

Volatility

Volatility by Period

	INFR	ICAP	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	4.04%	—
Volatility (6M) Calculated over the trailing 6-month period	—	10.52%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	13.55%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	18.06%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	18.06%	—

INFR vs. ICAP - Expense Ratio Comparison

INFR has a 0.59% expense ratio, which is lower than ICAP's 2.47% expense ratio.

Dividends

INFR vs. ICAP - Dividend Comparison

INFR has not paid dividends to shareholders, while ICAP's dividend yield for the trailing twelve months is around 9.93%.

Position	TTM	2025	2024	2023	2022
ICAP Infrastructure Capital Equity Income ETF	9.93%	8.89%	8.30%	8.65%	8.95%
INFR ClearBridge Sustainable Infrastructure ETF	1.71%	2.52%	2.36%	3.06%	0.00%

Frequently Asked Questions

Can I hold both INFR and ICAP in my portfolio?

INFR and ICAP have a correlation of 0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, INFR or ICAP?

On fees, INFR is cheaper at 0.59% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, INFR or ICAP?

INFR is cheaper with a 0.59% expense ratio, compared with 2.47% for ICAP.

Which ETF pays a higher dividend yield, INFR or ICAP?

ICAP has the higher dividend yield at 9.93%, compared with 1.71% for INFR.

What is the main difference between INFR and ICAP?

INFR is categorized as Infrastructure Equities, while ICAP is Derivative Income. They also come from different issuers: ClearBridge and InfraCap. Their fees differ too: 0.59% for INFR and 2.47% for ICAP.