TOLZ vs. NFRA

Last updated Aug 2, 2026

TOLZ (ProShares DJ Brookfield Global Infrastructure ETF) and NFRA (FlexShares STOXX Global Broad Infrastructure Index Fund) are both Infrastructure Equities funds - TOLZ tracks the Dow Jones Brookfield Global Infrastructure Composite Index while NFRA tracks the STOXX Global Broad Infrastructure Index. Both are passively managed. Over the past 10 years, TOLZ returned 7.50%/yr vs 6.83%/yr for NFRA. Their correlation of 0.83 means they have usually moved in the same direction. TOLZ charges 0.46%/yr vs 0.47%/yr for NFRA.

Performance

TOLZ vs. NFRA - Performance Comparison

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

Returns By Period

In the year-to-date period, TOLZ achieves a 12.26% return, which is significantly higher than NFRA's 8.91% return. Over the past 10 years, TOLZ has outperformed NFRA with an annualized return of 7.50%, while NFRA has yielded a comparatively lower 6.83% annualized return.

TOLZ

• 1D: -0.70%
• 1M: 0.30%
• 6M: 7.13%
• YTD: 12.26%
• 1Y: 15.76%
• 3Y*: 14.11%
• 5Y*: 8.83%
• 10Y*: 7.50%
• ALL TIME*: 6.71%

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%

*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)
NFRA FlexShares STOXX Global Broad Infrastructure Index Fund	$3.34M	$2.60M	$4.28M
TOLZ ProShares DJ Brookfield Global Infrastructure ETF	$2.85M	$1.54M	$1.36M

TOLZ vs. NFRA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TOLZ ProShares DJ Brookfield Global Infrastructure ETF	12.26%	14.76%	11.67%	6.18%	-4.25%	20.47%	-9.46%	26.84%	-7.90%	13.28%
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%

Correlation

The correlation between TOLZ and NFRA is 0.69, 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.	0.69
Correlation (3Y) Balances recent behavior with more history.	0.82
Correlation (5Y) Shows whether the relationship held over a longer period.	0.87
Correlation (10Y) Provides a long-term view across more market conditions.	0.85
Correlation (All Time) Calculated using the full available price history since Mar 27, 2014	0.83

The correlation between TOLZ and NFRA shifts across timeframes, from 0.69 (1 year) to 0.87 (5 years), reflecting how their relationship changes across market environments.

TOLZ vs. NFRA - Sectors Allocation Comparison

Sectors	TOLZ	NFRA
Energy	36.4%	9.1%
Utilities	24.2%	24.5%
Real Estate	6.9%	4.7%
Industrials	4.8%	33.4%
Consumer Defensive	4.1%	0.1%
Financial Services	2.0%	0.0%
Consumer Cyclical	0.8%	0.3%
Technology	0.7%	1.3%
Basic Materials	-	-
Communication Services	-	22.4%
Healthcare	-	4.5%

Return for Risk

TOLZ vs. NFRA — Risk / Return Rank

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

TOLZ

TOLZ Risk / Return Rank: 71
TOLZ Sharpe Ratio Rank: 67
TOLZ Sortino Ratio Rank: 69
TOLZ Omega Ratio Rank: 62
TOLZ Calmar Ratio Rank: 84
TOLZ Martin Ratio Rank: 72

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

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.

TOLZ vs. NFRA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares DJ Brookfield Global Infrastructure ETF (TOLZ) and FlexShares STOXX Global Broad Infrastructure Index Fund (NFRA). 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.

	TOLZ	NFRA	Difference
Sharpe ratio: Return per unit of total volatility	1.55	1.36	+0.19
Sortino ratio: Return per unit of downside risk	2.24	1.97	+0.27
Omega ratio: Gain probability vs. loss probability	1.27	1.25	+0.02
Calmar ratio: Return relative to maximum drawdown	3.20	1.94	+1.26
Martin ratio: Return relative to average drawdown	8.87	5.78	+3.08

TOLZ vs. NFRA - Sharpe Ratio Comparison

The current TOLZ Sharpe Ratio is 1.55, which is comparable to the NFRA Sharpe Ratio of 1.36. The chart below compares the historical Sharpe Ratios of TOLZ and NFRA, 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

TOLZ vs. NFRA - Drawdown Comparison

The maximum TOLZ drawdown since its inception was -39.33%, which is greater than NFRA's maximum drawdown of -32.49%. Use the drawdown chart below to compare losses from any high point for TOLZ and NFRA.

Drawdown Indicators

	TOLZ	NFRA	Difference
Max Drawdown Largest peak-to-trough decline	-39.33%	-32.49%	-6.84%
Max Drawdown (1Y) Largest decline over 1 year	-5.18%	-7.28%	+2.10%
Max Drawdown (3Y) Largest decline over 3 years	-9.26%	-9.16%	-0.10%
Max Drawdown (5Y) Largest decline over 5 years	-21.85%	-22.75%	+0.90%
Max Drawdown (10Y) Largest decline over 10 years	-39.33%	-32.49%	-6.84%
Current Drawdown Current decline from peak	-2.30%	-2.16%	-0.14%
Average Drawdown Average peak-to-trough decline	-6.57%	-4.50%	-2.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.86%	2.44%	-0.58%

Volatility

TOLZ vs. NFRA - Volatility Comparison

ProShares DJ Brookfield Global Infrastructure ETF (TOLZ) has a higher volatility of 3.58% compared to FlexShares STOXX Global Broad Infrastructure Index Fund (NFRA) at 2.42%. This indicates that TOLZ's price experiences larger fluctuations and is considered to be riskier than NFRA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TOLZ	NFRA	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.58%	2.42%	+1.16%
Volatility (6M) Calculated over the trailing 6-month period	8.79%	8.44%	+0.35%
Volatility (1Y) Calculated over the trailing 1-year period	10.70%	10.38%	+0.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.03%	12.95%	+1.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.23%	14.87%	+1.36%

TOLZ vs. NFRA - Expense Ratio Comparison

TOLZ has a 0.46% expense ratio, which is lower than NFRA's 0.47% expense ratio.

Dividends

TOLZ vs. NFRA - Dividend Comparison

TOLZ's dividend yield for the trailing twelve months is around 2.97%, less than NFRA's 5.68% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
TOLZ ProShares DJ Brookfield Global Infrastructure ETF	2.97%	3.99%	3.53%	3.34%	3.01%	3.28%	3.16%	2.96%	3.63%	3.30%	2.62%	3.67%

Frequently Asked Questions

Can I hold both TOLZ and NFRA in my portfolio?

TOLZ and NFRA have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TOLZ or NFRA?

TOLZ has higher volatility (3.58%) compared to NFRA (2.42%). In terms of maximum drawdown, TOLZ dropped -39.33% vs NFRA's -32.49%.

Which ETF is better, TOLZ or NFRA?

On 10-year performance, TOLZ leads with 7.50% vs 6.83% for NFRA. On fees, TOLZ is cheaper at 0.46% 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, TOLZ or NFRA?

Over the 10-year period, TOLZ has performed better with a 7.50% return vs 6.83%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TOLZ or NFRA?

TOLZ is cheaper with a 0.46% expense ratio, compared with 0.47% for NFRA.

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

NFRA has the higher dividend yield at 5.68%, compared with 2.97% for TOLZ.

What is the main difference between TOLZ and NFRA?

TOLZ tracks Dow Jones Brookfield Global Infrastructure Composite Index, while NFRA tracks STOXX Global Broad Infrastructure Index. They also come from different issuers: ProShares and FlexShares. Their fees differ too: 0.46% for TOLZ and 0.47% for NFRA.

Which has better risk-adjusted returns?

TOLZ currently has the higher Sharpe Ratio (1.55 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.