NFRA vs. ECLN

Last updated Jun 4, 2026

NFRA (FlexShares STOXX Global Broad Infrastructure Index Fund) and ECLN (First Trust EIP Carbon Impact ETF) are both Utilities Equities funds. NFRA is passively managed, while ECLN is actively managed. Over the past 5 years, NFRA returned 5.56%/yr vs 11.85%/yr for ECLN. A 0.74 correlation means they provide meaningful diversification when combined. NFRA charges 0.47%/yr vs 0.97%/yr for ECLN.

Performance

NFRA vs. ECLN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FlexShares STOXX Global Broad Infrastructure Index Fund (NFRA) and First Trust EIP Carbon Impact ETF (ECLN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NFRA achieves a 8.93% return, which is significantly lower than ECLN's 12.15% return.

NFRA

• 1D: -1.08%
• 1M: 0.27%
• YTD: 8.93%
• 6M: 9.67%
• 1Y: 13.59%
• 3Y*: 12.91%
• 5Y*: 5.56%
• 10Y*: 7.17%

ECLN

• 1D: -0.07%
• 1M: -2.95%
• YTD: 12.15%
• 6M: 10.16%
• 1Y: 19.15%
• 3Y*: 17.15%
• 5Y*: 11.85%
• 10Y*: —

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

NFRA vs. ECLN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
NFRA FlexShares STOXX Global Broad Infrastructure Index Fund	8.93%	18.42%	4.76%	8.96%	-10.11%	9.61%	2.24%	7.82%
ECLN First Trust EIP Carbon Impact ETF	12.15%	16.78%	22.60%	-3.36%	5.28%	12.26%	8.98%	5.66%

Correlation

The correlation between NFRA and ECLN is 0.62, 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	0.62
Correlation (3Y) Calculated over the trailing 3-year period	0.74
Correlation (5Y) Calculated over the trailing 5-year period	0.77
Correlation (All Time) Calculated using the full available price history since Aug 21, 2019	0.74

The correlation between NFRA and ECLN shifts across timeframes, from 0.62 (1 year) to 0.77 (5 years), reflecting how their relationship changes across market environments.

NFRA vs. ECLN - Sectors Allocation Comparison

Sectors	NFRA	ECLN
Industrials	25.9%	6.8%
Utilities	25.0%	76.4%
Communication Services	21.8%	-
Energy	11.6%	16.3%
Real Estate	4.7%	-
Healthcare	3.6%	-
Technology	1.8%	0.5%
Financial Services	0.7%	-
Consumer Cyclical	0.2%	-
Consumer Defensive	0.1%	-
Basic Materials	-	-

Return for Risk

NFRA vs. ECLN — Risk / Return Rank

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

NFRA

NFRA Risk / Return Rank: 37
NFRA Sharpe Ratio Rank: 36
NFRA Sortino Ratio Rank: 36
NFRA Omega Ratio Rank: 35
NFRA Calmar Ratio Rank: 38
NFRA Martin Ratio Rank: 38

ECLN

ECLN Risk / Return Rank: 59
ECLN Sharpe Ratio Rank: 53
ECLN Sortino Ratio Rank: 56
ECLN Omega Ratio Rank: 50
ECLN Calmar Ratio Rank: 76
ECLN Martin Ratio Rank: 59

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.

NFRA vs. ECLN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FlexShares STOXX Global Broad Infrastructure Index Fund (NFRA) and First Trust EIP Carbon Impact ETF (ECLN). 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.

	NFRA	ECLN	Difference
Sharpe ratio: Return per unit of total volatility	1.32	1.83	-0.51
Sortino ratio: Return per unit of downside risk	1.89	2.68	-0.79
Omega ratio: Gain probability vs. loss probability	1.24	1.32	-0.08
Calmar ratio: Return relative to maximum drawdown	1.87	3.83	-1.96
Martin ratio: Return relative to average drawdown	6.01	10.36	-4.35
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NFRA vs. ECLN - Sharpe Ratio Comparison

The current NFRA Sharpe Ratio is 1.32, which is comparable to the ECLN Sharpe Ratio of 1.83. The chart below compares the historical Sharpe Ratios of NFRA and ECLN, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	NFRA	ECLN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.32	1.83	-0.51
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.43	0.84	-0.41
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.48	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.48	0.67	-0.19

Drawdowns

NFRA vs. ECLN - Drawdown Comparison

The maximum NFRA drawdown since its inception was -32.49%, roughly equal to the maximum ECLN drawdown of -32.28%. Use the drawdown chart below to compare losses from any high point for NFRA and ECLN.

Drawdown Indicators

	NFRA	ECLN	Difference
Max Drawdown Largest peak-to-trough decline	-32.49%	-32.28%	-0.21%
Max Drawdown (1Y) Largest decline over 1 year	-7.28%	-5.02%	-2.26%
Max Drawdown (3Y) Largest decline over 3 years	-11.15%	-14.68%	+3.53%
Max Drawdown (5Y) Largest decline over 5 years	-22.75%	-19.88%	-2.87%
Max Drawdown (10Y) Largest decline over 10 years	-32.49%	—	—
Current Drawdown Current decline from peak	-2.15%	-3.65%	+1.50%
Average Drawdown Average peak-to-trough decline	-4.53%	-4.99%	+0.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.27%	1.86%	+0.41%

Volatility

NFRA vs. ECLN - Volatility Comparison

The current volatility for FlexShares STOXX Global Broad Infrastructure Index Fund (NFRA) is 3.35%, while First Trust EIP Carbon Impact ETF (ECLN) has a volatility of 3.85%. This indicates that NFRA experiences smaller price fluctuations and is considered to be less risky than ECLN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NFRA	ECLN	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.35%	3.85%	-0.50%
Volatility (6M) Calculated over the trailing 6-month period	8.30%	8.15%	+0.15%
Volatility (1Y) Calculated over the trailing 1-year period	10.37%	10.51%	-0.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.98%	14.22%	-1.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.97%	17.41%	-2.44%

NFRA vs. ECLN - Expense Ratio Comparison

NFRA has a 0.47% expense ratio, which is lower than ECLN's 0.97% expense ratio.

Dividends

NFRA vs. ECLN - Dividend Comparison

NFRA's dividend yield for the trailing twelve months is around 5.54%, more than ECLN's 1.83% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ECLN First Trust EIP Carbon Impact ETF	1.83%	1.97%	2.52%	2.54%	1.72%	1.66%	1.68%	0.71%	0.00%	0.00%	0.00%	0.00%
NFRA FlexShares STOXX Global Broad Infrastructure Index Fund	5.54%	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 NFRA and ECLN in my portfolio?

NFRA and ECLN have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NFRA or ECLN?

ECLN has higher volatility (3.85%) compared to NFRA (3.35%). In terms of maximum drawdown, NFRA dropped -32.49% vs ECLN's -32.28%.

Which ETF is better, NFRA or ECLN?

On 5-year performance, ECLN leads with 11.85% vs 5.56% for NFRA. On fees, NFRA is cheaper at 0.47% per year. On volatility, NFRA has been the lower-risk option at 3.35%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NFRA or ECLN?

Over the 5-year period, ECLN has performed better with a 11.85% return vs 5.56%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NFRA or ECLN?

NFRA is cheaper with a 0.47% expense ratio, compared with 0.97% for ECLN.

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

NFRA has the higher dividend yield at 5.54%, compared with 1.83% for ECLN.

What is the main difference between NFRA and ECLN?

They also come from different issuers: FlexShares and First Trust. Their fees differ too: 0.47% for NFRA and 0.97% for ECLN.

Which has better risk-adjusted returns?

ECLN currently has the higher Sharpe Ratio (1.83 vs 1.32), 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.