NFRA vs. TLT
NFRA (FlexShares STOXX Global Broad Infrastructure Index Fund) and TLT (iShares 20+ Year Treasury Bond ETF) are both exchange-traded funds - NFRA is a Utilities Equities fund tracking the STOXX Global Broad Infrastructure Index, while TLT is a Government Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index. Both are passively managed. Over the past 10 years, NFRA returned 7.41%/yr vs -1.75%/yr for TLT. At a correlation of -0.01, they often move in opposite directions. NFRA charges 0.47%/yr vs 0.15%/yr for TLT.
Performance
NFRA vs. TLT - Performance Comparison
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Returns By Period
In the year-to-date period, NFRA achieves a 9.54% return, which is significantly higher than TLT's 0.27% return. Over the past 10 years, NFRA has outperformed TLT with an annualized return of 7.41%, while TLT has yielded a comparatively lower -1.75% annualized return.
NFRA
- 1D
- 0.72%
- 1M
- 0.76%
- YTD
- 9.54%
- 6M
- 10.58%
- 1Y
- 14.51%
- 3Y*
- 12.83%
- 5Y*
- 5.59%
- 10Y*
- 7.41%
TLT
- 1D
- -0.24%
- 1M
- 1.40%
- YTD
- 0.27%
- 6M
- 0.45%
- 1Y
- 3.88%
- 3Y*
- -1.38%
- 5Y*
- -6.53%
- 10Y*
- -1.75%
NFRA vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
NFRA FlexShares STOXX Global Broad Infrastructure Index Fund | 9.54% | 18.42% | 4.76% | 8.96% | -10.11% | 9.61% | 2.24% | 26.27% | -7.74% | 15.92% |
TLT iShares 20+ Year Treasury Bond ETF | 0.27% | 4.25% | -8.05% | 2.77% | -31.23% | -4.60% | 18.15% | 14.12% | -1.61% | 9.18% |
Correlation
The correlation between NFRA and TLT is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.39 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.38 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.23 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.06 |
Correlation (All Time) Calculated using the full available price history since Oct 9, 2013 | -0.01 |
The correlation between NFRA and TLT shifts across timeframes, from -0.01 (all time) to 0.39 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
NFRA vs. TLT — Risk / Return Rank
NFRA
TLT
NFRA vs. TLT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for FlexShares STOXX Global Broad Infrastructure Index Fund (NFRA) and iShares 20+ Year Treasury Bond ETF (TLT). 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 | TLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.02 | ||
| Sortino ratioReturn per unit of downside risk | +1.41 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 1.06 | +0.18 |
| Calmar ratioReturn relative to maximum drawdown | 1.89 | 0.38 | +1.51 |
| Martin ratioReturn relative to average drawdown | 5.96 | 0.92 | +5.04 |
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Drawdowns
NFRA vs. TLT - Drawdown Comparison
The maximum NFRA drawdown since its inception was -32.49%, smaller than the maximum TLT drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for NFRA and TLT.
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Drawdown Indicators
| NFRA | TLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -32.49% | -48.35% | +15.86% |
Max Drawdown (1Y)Largest decline over 1 year | -7.28% | -7.58% | +0.30% |
Max Drawdown (3Y)Largest decline over 3 years | -11.15% | -19.18% | +8.03% |
Max Drawdown (5Y)Largest decline over 5 years | -22.75% | -43.70% | +20.95% |
Max Drawdown (10Y)Largest decline over 10 years | -32.49% | -48.35% | +15.86% |
Current DrawdownCurrent decline from peak | -1.60% | -40.12% | +38.52% |
Average DrawdownAverage peak-to-trough decline | -4.52% | -13.84% | +9.32% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.32% | 3.14% | -0.82% |
Volatility
NFRA vs. TLT - Volatility Comparison
FlexShares STOXX Global Broad Infrastructure Index Fund (NFRA) has a higher volatility of 3.19% compared to iShares 20+ Year Treasury Bond ETF (TLT) at 2.83%. This indicates that NFRA's price experiences larger fluctuations and is considered to be riskier than TLT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| NFRA | TLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.19% | 2.83% | +0.36% |
Volatility (6M)Calculated over the trailing 6-month period | 8.35% | 6.64% | +1.71% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.44% | 9.68% | +0.76% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.99% | 15.85% | -2.86% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.96% | 14.91% | +0.05% |
NFRA vs. TLT - Expense Ratio Comparison
NFRA has a 0.47% expense ratio, which is higher than TLT's 0.15% expense ratio.
Dividends
NFRA vs. TLT - Dividend Comparison
NFRA's dividend yield for the trailing twelve months is around 5.51%, more than TLT's 4.56% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
NFRA FlexShares STOXX Global Broad Infrastructure Index Fund | 5.51% | 6.00% | 3.33% | 2.57% | 2.28% | 2.71% | 2.22% | 2.27% | 3.06% | 2.81% | 2.98% | 2.47% |
TLT iShares 20+ Year Treasury Bond ETF | 4.56% | 4.43% | 4.30% | 3.38% | 2.67% | 1.50% | 1.50% | 2.27% | 2.63% | 2.43% | 2.60% | 2.61% |
Frequently Asked Questions
NFRA and TLT have a correlation of 0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NFRA has higher volatility (3.19%) compared to TLT (2.83%). In terms of maximum drawdown, NFRA dropped -32.49% vs TLT's -48.35%.
On 10-year performance, NFRA leads with 7.41% vs -1.75% for TLT. On fees, TLT is cheaper at 0.15% per year. On volatility, TLT has been the lower-risk option at 2.83%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, NFRA has performed better with a 7.41% return vs -1.75%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TLT is cheaper with a 0.15% expense ratio, compared with 0.47% for NFRA.
NFRA has the higher dividend yield at 5.51%, compared with 4.56% for TLT.
NFRA is categorized as Utilities Equities, while TLT is Government Bonds. NFRA tracks STOXX Global Broad Infrastructure Index, while TLT tracks ICE U.S. Treasury 20+ Year Bond Index. They also come from different issuers: FlexShares and iShares. Their fees differ too: 0.47% for NFRA and 0.15% for TLT.
NFRA currently has the higher Sharpe Ratio (1.32 vs 0.30), 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.
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