NFRA vs. EMLP

Last updated Aug 2, 2026

NFRA (FlexShares STOXX Global Broad Infrastructure Index Fund) and EMLP (First Trust North American Energy Infrastructure Fund) are both Infrastructure Equities funds. NFRA is passively managed, while EMLP is actively managed. Over the past 10 years, NFRA returned 6.83%/yr vs 10.12%/yr for EMLP. Their 0.71 correlation means they have sometimes moved together and sometimes differently. NFRA charges 0.47%/yr vs 0.96%/yr for EMLP.

Performance

NFRA vs. EMLP - 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 North American Energy Infrastructure Fund (EMLP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NFRA achieves a 8.91% return, which is significantly lower than EMLP's 17.75% return. Over the past 10 years, NFRA has underperformed EMLP with an annualized return of 6.83%, while EMLP has yielded a comparatively higher 10.12% annualized return.

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%

EMLP

• 1D: 0.37%
• 1M: 0.62%
• 6M: 11.20%
• YTD: 17.75%
• 1Y: 19.09%
• 3Y*: 20.43%
• 5Y*: 16.56%
• 10Y*: 10.12%
• ALL TIME*: 9.68%

*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)
EMLP First Trust North American Energy Infrastructure Fund	$12.88M	$10.50M	$12.16M
NFRA FlexShares STOXX Global Broad Infrastructure Index Fund	$3.34M	$2.60M	$4.28M

NFRA vs. EMLP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
EMLP First Trust North American Energy Infrastructure Fund	17.75%	9.67%	33.39%	8.05%	10.39%	23.20%	-13.36%	23.40%	-8.70%	1.07%

Correlation

The correlation between NFRA and EMLP is 0.53, 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.	0.53
Correlation (3Y) Balances recent behavior with more history.	0.65
Correlation (5Y) Shows whether the relationship held over a longer period.	0.71
Correlation (10Y) Provides a long-term view across more market conditions.	0.71
Correlation (All Time) Calculated using the full available price history since Oct 9, 2013	0.71

The correlation between NFRA and EMLP shifts across timeframes, from 0.53 (1 year) to 0.71 (5 years), reflecting how their relationship changes across market environments.

NFRA vs. EMLP - Sectors Allocation Comparison

Sectors	NFRA	EMLP
Industrials	33.4%	8.6%
Utilities	24.5%	55.2%
Communication Services	22.4%	-
Energy	9.1%	25.9%
Real Estate	4.7%	-
Healthcare	4.5%	-
Technology	1.3%	-
Consumer Cyclical	0.3%	-
Consumer Defensive	0.1%	-
Financial Services	0.0%	-
Basic Materials	-	1.7%

Return for Risk

NFRA vs. EMLP — Risk / Return Rank

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

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

EMLP

EMLP Risk / Return Rank: 80
EMLP Sharpe Ratio Rank: 78
EMLP Sortino Ratio Rank: 80
EMLP Omega Ratio Rank: 73
EMLP Calmar Ratio Rank: 89
EMLP Martin Ratio Rank: 81

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.

NFRA vs. EMLP - 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 North American Energy Infrastructure Fund (EMLP). 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.

	NFRA	EMLP	Difference
Sharpe ratio: Return per unit of total volatility	1.36	1.78	-0.41
Sortino ratio: Return per unit of downside risk	1.97	2.61	-0.64
Omega ratio: Gain probability vs. loss probability	1.25	1.30	-0.06
Calmar ratio: Return relative to maximum drawdown	1.94	3.72	-1.78
Martin ratio: Return relative to average drawdown	5.78	10.54	-4.75

NFRA vs. EMLP - Sharpe Ratio Comparison

The current NFRA Sharpe Ratio is 1.36, which is comparable to the EMLP Sharpe Ratio of 1.78. The chart below compares the historical Sharpe Ratios of NFRA and EMLP, 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

NFRA vs. EMLP - Drawdown Comparison

The maximum NFRA drawdown since its inception was -32.49%, smaller than the maximum EMLP drawdown of -43.61%. Use the drawdown chart below to compare losses from any high point for NFRA and EMLP.

Drawdown Indicators

	NFRA	EMLP	Difference
Max Drawdown Largest peak-to-trough decline	-32.49%	-43.61%	+11.12%
Max Drawdown (1Y) Largest decline over 1 year	-7.28%	-4.94%	-2.34%
Max Drawdown (3Y) Largest decline over 3 years	-9.16%	-11.47%	+2.31%
Max Drawdown (5Y) Largest decline over 5 years	-22.75%	-14.59%	-8.16%
Max Drawdown (10Y) Largest decline over 10 years	-32.49%	-43.61%	+11.12%
Current Drawdown Current decline from peak	-2.16%	-1.94%	-0.22%
Average Drawdown Average peak-to-trough decline	-4.50%	-5.71%	+1.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.44%	1.74%	+0.70%

Volatility

NFRA vs. EMLP - Volatility Comparison

The current volatility for FlexShares STOXX Global Broad Infrastructure Index Fund (NFRA) is 2.42%, while First Trust North American Energy Infrastructure Fund (EMLP) has a volatility of 3.87%. This indicates that NFRA experiences smaller price fluctuations and is considered to be less risky than EMLP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NFRA	EMLP	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.42%	3.87%	-1.45%
Volatility (6M) Calculated over the trailing 6-month period	8.44%	8.48%	-0.04%
Volatility (1Y) Calculated over the trailing 1-year period	10.38%	10.36%	+0.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.95%	14.49%	-1.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.87%	17.67%	-2.80%

NFRA vs. EMLP - Expense Ratio Comparison

NFRA has a 0.47% expense ratio, which is lower than EMLP's 0.96% expense ratio.

Dividends

NFRA vs. EMLP - Dividend Comparison

NFRA's dividend yield for the trailing twelve months is around 5.68%, more than EMLP's 2.76% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EMLP First Trust North American Energy Infrastructure Fund	2.76%	3.18%	3.19%	3.92%	3.15%	3.29%	4.70%	3.71%	4.71%	3.80%	3.62%	4.63%
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 NFRA and EMLP in my portfolio?

NFRA and EMLP have a correlation of 0.53, 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 EMLP?

EMLP has higher volatility (3.87%) compared to NFRA (2.42%). In terms of maximum drawdown, NFRA dropped -32.49% vs EMLP's -43.61%.

Which ETF is better, NFRA or EMLP?

On 10-year performance, EMLP leads with 10.12% vs 6.83% 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, NFRA or EMLP?

Over the 10-year period, EMLP has performed better with a 10.12% return vs 6.83%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NFRA or EMLP?

NFRA is cheaper with a 0.47% expense ratio, compared with 0.96% for EMLP.

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

NFRA has the higher dividend yield at 5.68%, compared with 2.76% for EMLP.

What is the main difference between NFRA and EMLP?

They also come from different issuers: FlexShares and First Trust. Their fees differ too: 0.47% for NFRA and 0.96% for EMLP.

Which has better risk-adjusted returns?

EMLP currently has the higher Sharpe Ratio (1.78 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.