IPAV vs. NFRA

Last updated Aug 2, 2026

IPAV (Global X Infrastructure Development ex-U.S. ETF) and NFRA (FlexShares STOXX Global Broad Infrastructure Index Fund) are both Infrastructure Equities funds - IPAV tracks the Global X Infrastructure Development ex-U.S. Index while NFRA tracks the STOXX Global Broad Infrastructure Index. Both are passively managed. Over the past year, IPAV returned 18.18% vs 13.70% for NFRA. Their 0.61 correlation means they have sometimes moved together and sometimes differently. IPAV charges 0.55%/yr vs 0.47%/yr for NFRA.

Performance

IPAV vs. NFRA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Global X Infrastructure Development ex-U.S. ETF (IPAV) 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, IPAV achieves a 6.95% return, which is significantly lower than NFRA's 8.91% return.

IPAV

• 1D: -0.47%
• 1M: -1.47%
• 6M: 0.92%
• YTD: 6.95%
• 1Y: 18.18%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 14.28%

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)
IPAV Global X Infrastructure Development ex-U.S. ETF	$22.25K	$22.11K	$47.05K
NFRA FlexShares STOXX Global Broad Infrastructure Index Fund	$3.34M	$2.60M	$4.28M

IPAV vs. NFRA - Yearly Performance Comparison

	2026 (YTD)	2025	2024
IPAV Global X Infrastructure Development ex-U.S. ETF	6.95%	29.77%	-6.87%
NFRA FlexShares STOXX Global Broad Infrastructure Index Fund	8.91%	18.42%	-4.45%

Correlation

The correlation between IPAV and NFRA is 0.56, 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.	0.56
Correlation (All Time) Calculated using the full available price history since Aug 28, 2024	0.61

The correlation between IPAV and NFRA has been stable across timeframes, ranging from 0.56 to 0.61 - a consistent structural relationship.

IPAV vs. NFRA - Sectors Allocation Comparison

Sectors	IPAV	NFRA
Industrials	48.8%	33.4%
Basic Materials	43.7%	-
Real Estate	3.0%	4.7%
Communication Services	2.3%	22.4%
Energy	1.2%	9.1%
Utilities	0.8%	24.5%
Consumer Cyclical	0.2%	0.3%
Technology	0.1%	1.3%
Consumer Defensive	-	0.1%
Financial Services	-	0.0%
Healthcare	-	4.5%

Return for Risk

IPAV vs. NFRA — Risk / Return Rank

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

IPAV

IPAV Risk / Return Rank: 37
IPAV Sharpe Ratio Rank: 39
IPAV Sortino Ratio Rank: 40
IPAV Omega Ratio Rank: 39
IPAV Calmar Ratio Rank: 35
IPAV Martin Ratio Rank: 34

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.

IPAV vs. NFRA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X Infrastructure Development ex-U.S. ETF (IPAV) 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.

	IPAV	NFRA	Difference
Sharpe ratio: Return per unit of total volatility	0.97	1.36	-0.39
Sortino ratio: Return per unit of downside risk	1.50	1.97	-0.47
Omega ratio: Gain probability vs. loss probability	1.18	1.25	-0.06
Calmar ratio: Return relative to maximum drawdown	1.21	1.94	-0.73
Martin ratio: Return relative to average drawdown	3.32	5.78	-2.47

IPAV vs. NFRA - Sharpe Ratio Comparison

The current IPAV Sharpe Ratio is 0.97, which is comparable to the NFRA Sharpe Ratio of 1.36. The chart below compares the historical Sharpe Ratios of IPAV 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

IPAV vs. NFRA - Drawdown Comparison

The maximum IPAV drawdown since its inception was -14.59%, smaller than the maximum NFRA drawdown of -32.49%. Use the drawdown chart below to compare losses from any high point for IPAV and NFRA.

Drawdown Indicators

	IPAV	NFRA	Difference
Max Drawdown Largest peak-to-trough decline	-14.59%	-32.49%	+17.90%
Max Drawdown (1Y) Largest decline over 1 year	-14.59%	-7.28%	-7.31%
Max Drawdown (3Y) Largest decline over 3 years	—	-9.16%	—
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	-10.75%	-2.16%	-8.59%
Average Drawdown Average peak-to-trough decline	-3.97%	-4.50%	+0.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.32%	2.44%	+2.88%

Volatility

IPAV vs. NFRA - Volatility Comparison

Global X Infrastructure Development ex-U.S. ETF (IPAV) has a higher volatility of 5.18% compared to FlexShares STOXX Global Broad Infrastructure Index Fund (NFRA) at 2.42%. This indicates that IPAV'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

	IPAV	NFRA	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.18%	2.42%	+2.76%
Volatility (6M) Calculated over the trailing 6-month period	16.26%	8.44%	+7.82%
Volatility (1Y) Calculated over the trailing 1-year period	18.16%	10.38%	+7.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.95%	12.95%	+5.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.95%	14.87%	+3.08%

IPAV vs. NFRA - Expense Ratio Comparison

IPAV has a 0.55% expense ratio, which is higher than NFRA's 0.47% expense ratio.

Dividends

IPAV vs. NFRA - Dividend Comparison

IPAV's dividend yield for the trailing twelve months is around 1.52%, less than NFRA's 5.68% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IPAV Global X Infrastructure Development ex-U.S. ETF	1.52%	1.29%	0.31%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
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 IPAV and NFRA in my portfolio?

IPAV and NFRA have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IPAV or NFRA?

IPAV has higher volatility (5.18%) compared to NFRA (2.42%). In terms of maximum drawdown, IPAV dropped -14.59% vs NFRA's -32.49%.

Which ETF is better, IPAV or NFRA?

On 1-year performance, IPAV leads with 18.18% vs 13.70% for NFRA. On fees, NFRA is cheaper at 0.47% 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, IPAV or NFRA?

Over the 1-year period, IPAV has performed better with a 18.18% return vs 13.70%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IPAV or NFRA?

NFRA is cheaper with a 0.47% expense ratio, compared with 0.55% for IPAV.

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

NFRA has the higher dividend yield at 5.68%, compared with 1.52% for IPAV.

What is the main difference between IPAV and NFRA?

IPAV tracks Global X Infrastructure Development ex-U.S. Index, while NFRA tracks STOXX Global Broad Infrastructure Index. They also come from different issuers: Global X and FlexShares. Their fees differ too: 0.55% for IPAV and 0.47% for NFRA.

Which has better risk-adjusted returns?

NFRA currently has the higher Sharpe Ratio (1.36 vs 0.97), 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.