NFRA vs. RAVI

Last updated Jun 4, 2026

NFRA (FlexShares STOXX Global Broad Infrastructure Index Fund) and RAVI (FlexShares Ultra-Short Income ETF) are both exchange-traded funds - NFRA is a Utilities Equities fund tracking the STOXX Global Broad Infrastructure Index, while RAVI is a Ultrashort Bond fund actively managed by FlexShares. NFRA is passively managed, while RAVI is actively managed. Over the past 10 years, NFRA returned 7.17%/yr vs 2.67%/yr for RAVI. At a 0.10 correlation, their price movements are largely independent. NFRA charges 0.47%/yr vs 0.25%/yr for RAVI.

Performance

NFRA vs. RAVI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FlexShares STOXX Global Broad Infrastructure Index Fund (NFRA) and FlexShares Ultra-Short Income ETF (RAVI). 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 higher than RAVI's 1.53% return. Over the past 10 years, NFRA has outperformed RAVI with an annualized return of 7.17%, while RAVI has yielded a comparatively lower 2.67% annualized 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%

RAVI

• 1D: 0.02%
• 1M: 0.39%
• YTD: 1.53%
• 6M: 1.92%
• 1Y: 4.50%
• 3Y*: 5.21%
• 5Y*: 3.50%
• 10Y*: 2.67%

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

NFRA vs. RAVI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NFRA FlexShares STOXX Global Broad Infrastructure Index Fund	8.93%	18.42%	4.76%	8.96%	-10.11%	9.61%	2.24%	26.27%	-7.74%	15.92%
RAVI FlexShares Ultra-Short Income ETF	1.53%	4.98%	5.67%	5.55%	0.15%	-0.04%	2.06%	3.49%	1.65%	1.22%

Correlation

The correlation between NFRA and RAVI is 0.13, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.13
Correlation (3Y) Calculated over the trailing 3-year period	0.24
Correlation (5Y) Calculated over the trailing 5-year period	0.21
Correlation (10Y) Calculated over the trailing 10-year period	0.11
Correlation (All Time) Calculated using the full available price history since Jan 5, 2016	0.10

The correlation between NFRA and RAVI shifts across timeframes, from 0.10 (all time) to 0.24 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

NFRA vs. RAVI — 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

RAVI

RAVI Risk / Return Rank: 99
RAVI Sharpe Ratio Rank: 99
RAVI Sortino Ratio Rank: 99
RAVI Omega Ratio Rank: 99
RAVI Calmar Ratio Rank: 99
RAVI Martin Ratio Rank: 99

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. RAVI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FlexShares STOXX Global Broad Infrastructure Index Fund (NFRA) and FlexShares Ultra-Short Income ETF (RAVI). 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	RAVI	Difference
Sharpe ratio Return per unit of total volatility	1.32	11.02	-9.70
Sortino ratio Return per unit of downside risk	1.89	23.68	-21.78
Omega ratio Gain probability vs. loss probability	1.24	5.39	-4.16
Calmar ratio Return relative to maximum drawdown	1.87	38.66	-36.79
Martin ratio Return relative to average drawdown	6.01	225.58	-219.57
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. RAVI - Sharpe Ratio Comparison

The current NFRA Sharpe Ratio is 1.32, which is lower than the RAVI Sharpe Ratio of 11.02. The chart below compares the historical Sharpe Ratios of NFRA and RAVI, 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	RAVI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.32	11.02	-9.70
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.43	2.49	-2.06
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.48	2.09	-1.61
Sharpe Ratio (All Time) Calculated using the full available price history	0.48	2.03	-1.55

Drawdowns

NFRA vs. RAVI - Drawdown Comparison

The maximum NFRA drawdown since its inception was -32.49%, which is greater than RAVI's maximum drawdown of -3.72%. Use the drawdown chart below to compare losses from any high point for NFRA and RAVI.

Drawdown Indicators

	NFRA	RAVI	Difference
Max Drawdown Largest peak-to-trough decline	-32.49%	-3.72%	-28.77%
Max Drawdown (1Y) Largest decline over 1 year	-7.28%	-0.12%	-7.16%
Max Drawdown (3Y) Largest decline over 3 years	-11.15%	-0.36%	-10.79%
Max Drawdown (5Y) Largest decline over 5 years	-22.75%	-3.28%	-19.47%
Max Drawdown (10Y) Largest decline over 10 years	-32.49%	-3.72%	-28.77%
Current Drawdown Current decline from peak	-2.15%	0.00%	-2.15%
Average Drawdown Average peak-to-trough decline	-4.53%	-0.17%	-4.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.27%	0.02%	+2.25%

Volatility

NFRA vs. RAVI - Volatility Comparison

FlexShares STOXX Global Broad Infrastructure Index Fund (NFRA) has a higher volatility of 3.35% compared to FlexShares Ultra-Short Income ETF (RAVI) at 0.15%. This indicates that NFRA's price experiences larger fluctuations and is considered to be riskier than RAVI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NFRA	RAVI	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.35%	0.15%	+3.20%
Volatility (6M) Calculated over the trailing 6-month period	8.30%	0.30%	+8.00%
Volatility (1Y) Calculated over the trailing 1-year period	10.37%	0.41%	+9.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.98%	1.41%	+11.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.97%	1.28%	+13.69%

NFRA vs. RAVI - Expense Ratio Comparison

NFRA has a 0.47% expense ratio, which is higher than RAVI's 0.25% expense ratio.

Dividends

NFRA vs. RAVI - Dividend Comparison

NFRA's dividend yield for the trailing twelve months is around 5.54%, more than RAVI's 4.38% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
RAVI FlexShares Ultra-Short Income ETF	4.38%	4.59%	5.34%	4.55%	1.70%	0.90%	1.29%	2.53%	2.22%	1.28%	0.90%	0.00%

Frequently Asked Questions

Can I hold both NFRA and RAVI in my portfolio?

NFRA and RAVI have a correlation of 0.13, 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 RAVI?

NFRA has higher volatility (3.35%) compared to RAVI (0.15%). In terms of maximum drawdown, NFRA dropped -32.49% vs RAVI's -3.72%.

Which ETF is better, NFRA or RAVI?

On 10-year performance, NFRA leads with 7.17% vs 2.67% for RAVI. On fees, RAVI is cheaper at 0.25% per year. On volatility, RAVI has been the lower-risk option at 0.15%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NFRA or RAVI?

Over the 10-year period, NFRA has performed better with a 7.17% return vs 2.67%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NFRA or RAVI?

RAVI is cheaper with a 0.25% expense ratio, compared with 0.47% for NFRA.

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

NFRA has the higher dividend yield at 5.54%, compared with 4.38% for RAVI.

What is the main difference between NFRA and RAVI?

NFRA is categorized as Utilities Equities, while RAVI is Ultrashort Bond. Their fees differ too: 0.47% for NFRA and 0.25% for RAVI.

Which has better risk-adjusted returns?

RAVI currently has the higher Sharpe Ratio (11.02 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.