NFRA vs. PAVE

Last updated Jun 23, 2026

NFRA (FlexShares STOXX Global Broad Infrastructure Index Fund) and PAVE (Global X US Infrastructure Development ETF) are both exchange-traded funds - NFRA is a Utilities Equities fund tracking the STOXX Global Broad Infrastructure Index, while PAVE is a Industrials Equities fund tracking the INDXX U.S. Infrastructure Development Index. Both are passively managed. Over the past 5 years, NFRA returned 5.77%/yr vs 19.28%/yr for PAVE. A 0.66 correlation means they provide meaningful diversification when combined. Both charge a 0.47% expense ratio.

Performance

NFRA vs. PAVE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FlexShares STOXX Global Broad Infrastructure Index Fund (NFRA) and Global X US Infrastructure Development ETF (PAVE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NFRA achieves a 7.65% return, which is significantly lower than PAVE's 23.96% return.

NFRA

• 1D: -0.19%
• 1M: -2.02%
• YTD: 7.65%
• 6M: 8.49%
• 1Y: 13.52%
• 3Y*: 12.38%
• 5Y*: 5.77%
• 10Y*: 7.32%

PAVE

• 1D: 1.16%
• 1M: 7.83%
• YTD: 23.96%
• 6M: 21.60%
• 1Y: 42.46%
• 3Y*: 26.32%
• 5Y*: 19.28%
• 10Y*: —

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

NFRA vs. PAVE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NFRA FlexShares STOXX Global Broad Infrastructure Index Fund	7.65%	18.42%	4.76%	8.96%	-10.11%	9.61%	2.24%	26.27%	-7.74%	11.39%
PAVE Global X US Infrastructure Development ETF	23.96%	19.36%	17.92%	31.01%	-7.17%	36.42%	19.72%	33.26%	-19.15%	13.41%

Correlation

The correlation between NFRA and PAVE is 0.55, 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	0.55
Correlation (3Y) Calculated over the trailing 3-year period	0.58
Correlation (5Y) Calculated over the trailing 5-year period	0.67
Correlation (All Time) Calculated using the full available price history since Mar 8, 2017	0.66

The correlation between NFRA and PAVE shifts across timeframes, from 0.55 (1 year) to 0.67 (5 years), reflecting how their relationship changes across market environments.

NFRA vs. PAVE - Sectors Allocation Comparison

Sectors	NFRA	PAVE
Industrials	26.8%	75.9%
Utilities	24.7%	3.1%
Communication Services	20.5%	-
Energy	11.7%	0.2%
Real Estate	4.7%	-
Healthcare	4.1%	-
Technology	1.6%	1.0%
Financial Services	0.7%	-
Consumer Cyclical	0.3%	-
Consumer Defensive	0.1%	0.2%
Basic Materials	-	19.5%

Return for Risk

NFRA vs. PAVE — 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: 38
NFRA Sortino Ratio Rank: 36
NFRA Omega Ratio Rank: 36
NFRA Calmar Ratio Rank: 38
NFRA Martin Ratio Rank: 38

PAVE

PAVE Risk / Return Rank: 69
PAVE Sharpe Ratio Rank: 70
PAVE Sortino Ratio Rank: 70
PAVE Omega Ratio Rank: 62
PAVE Calmar Ratio Rank: 73
PAVE Martin Ratio Rank: 72

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. PAVE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FlexShares STOXX Global Broad Infrastructure Index Fund (NFRA) and Global X US Infrastructure Development ETF (PAVE). 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	PAVE	Difference
Sharpe ratio: Return per unit of total volatility	1.29	2.19	-0.90
Sortino ratio: Return per unit of downside risk	1.86	3.03	-1.17
Omega ratio: Gain probability vs. loss probability	1.23	1.36	-0.13
Calmar ratio: Return relative to maximum drawdown	1.86	3.58	-1.72
Martin ratio: Return relative to average drawdown	5.79	13.03	-7.24

NFRA vs. PAVE - Sharpe Ratio Comparison

The current NFRA Sharpe Ratio is 1.29, which is lower than the PAVE Sharpe Ratio of 2.19. The chart below compares the historical Sharpe Ratios of NFRA and PAVE, 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. PAVE - Drawdown Comparison

The maximum NFRA drawdown since its inception was -32.49%, smaller than the maximum PAVE drawdown of -44.08%. Use the drawdown chart below to compare losses from any high point for NFRA and PAVE.

Drawdown Indicators

	NFRA	PAVE	Difference
Max Drawdown Largest peak-to-trough decline	-32.49%	-44.08%	+11.59%
Max Drawdown (1Y) Largest decline over 1 year	-7.28%	-11.91%	+4.63%
Max Drawdown (3Y) Largest decline over 3 years	-11.15%	-26.23%	+15.08%
Max Drawdown (5Y) Largest decline over 5 years	-22.75%	-26.23%	+3.48%
Max Drawdown (10Y) Largest decline over 10 years	-32.49%	—	—
Current Drawdown Current decline from peak	-3.30%	0.00%	-3.30%
Average Drawdown Average peak-to-trough decline	-4.52%	-6.21%	+1.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.34%	3.27%	-0.93%

Volatility

NFRA vs. PAVE - Volatility Comparison

The current volatility for FlexShares STOXX Global Broad Infrastructure Index Fund (NFRA) is 3.13%, while Global X US Infrastructure Development ETF (PAVE) has a volatility of 6.41%. This indicates that NFRA experiences smaller price fluctuations and is considered to be less risky than PAVE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NFRA	PAVE	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.13%	6.41%	-3.28%
Volatility (6M) Calculated over the trailing 6-month period	8.47%	15.70%	-7.23%
Volatility (1Y) Calculated over the trailing 1-year period	10.51%	19.50%	-8.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.98%	21.64%	-8.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.97%	24.39%	-9.42%

NFRA vs. PAVE - Expense Ratio Comparison

Both NFRA and PAVE have an expense ratio of 0.47%.

Dividends

NFRA vs. PAVE - Dividend Comparison

NFRA's dividend yield for the trailing twelve months is around 5.75%, more than PAVE's 0.74% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NFRA FlexShares STOXX Global Broad Infrastructure Index Fund	5.75%	6.00%	3.33%	2.57%	2.28%	2.71%	2.22%	2.27%	3.06%	2.81%	2.98%	2.47%
PAVE Global X US Infrastructure Development ETF	0.74%	0.92%	0.54%	0.68%	0.84%	0.48%	0.44%	0.67%	0.78%	0.30%	0.00%	0.00%

Frequently Asked Questions

Can I hold both NFRA and PAVE in my portfolio?

NFRA and PAVE have a correlation of 0.55, 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 PAVE?

PAVE has higher volatility (6.41%) compared to NFRA (3.13%). In terms of maximum drawdown, NFRA dropped -32.49% vs PAVE's -44.08%.

Which ETF is better, NFRA or PAVE?

On 5-year performance, PAVE leads with 19.28% vs 5.77% for NFRA. Both ETFs have the same 0.47% expense ratio. On volatility, NFRA has been the lower-risk option at 3.13%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NFRA or PAVE?

Over the 5-year period, PAVE has performed better with a 19.28% return vs 5.77%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NFRA or PAVE?

NFRA and PAVE have the same expense ratio: 0.47% per year.

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

NFRA has the higher dividend yield at 5.75%, compared with 0.74% for PAVE.

What is the main difference between NFRA and PAVE?

NFRA is categorized as Utilities Equities, while PAVE is Industrials Equities. NFRA tracks STOXX Global Broad Infrastructure Index, while PAVE tracks INDXX U.S. Infrastructure Development Index. They also come from different issuers: FlexShares and Global X.

Which has better risk-adjusted returns?

PAVE currently has the higher Sharpe Ratio (2.19 vs 1.29), 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.