UPGR vs. NFRA

Last updated Aug 4, 2026

UPGR (Xtrackers US Green Infrastructure Select Equity ETF) and NFRA (FlexShares STOXX Global Broad Infrastructure Index Fund) are both Infrastructure Equities funds - UPGR tracks the Solactive United States Green Infrastructure ESG Screened Index - Benchmark TR Gross while NFRA tracks the STOXX Global Broad Infrastructure Index. Both are passively managed. Over the past 3 years, UPGR returned 2.07%/yr vs 12.91%/yr for NFRA. Their 0.50 correlation means they have sometimes moved together and sometimes differently. UPGR charges 0.35%/yr vs 0.47%/yr for NFRA.

Performance

UPGR vs. NFRA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Xtrackers US Green Infrastructure Select Equity ETF (UPGR) 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, UPGR achieves a 2.89% return, which is significantly lower than NFRA's 9.49% return.

UPGR

• 1D: 2.39%
• 1M: -7.60%
• 6M: -6.42%
• YTD: 2.89%
• 1Y: 31.84%
• 3Y*: 2.07%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 0.18%

NFRA

• 1D: 0.53%
• 1M: 1.61%
• 6M: 6.94%
• YTD: 9.49%
• 1Y: 14.30%
• 3Y*: 12.91%
• 5Y*: 6.03%
• 10Y*: 6.88%
• ALL TIME*: 6.94%

*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	$3.37M	$2.66M	$4.22M
UPGR Xtrackers US Green Infrastructure Select Equity ETF	$5.80K	$13.09K	$34.38K

UPGR vs. NFRA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
UPGR Xtrackers US Green Infrastructure Select Equity ETF	2.89%	35.25%	-14.72%	-15.29%
NFRA FlexShares STOXX Global Broad Infrastructure Index Fund	9.49%	18.42%	4.76%	3.13%

Correlation

The correlation between UPGR and NFRA is 0.44, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.44
Correlation (3Y) Balances recent behavior with more history.	0.51
Correlation (All Time) Calculated using the full available price history since Jul 13, 2023	0.50

The correlation between UPGR and NFRA has been stable across timeframes, ranging from 0.44 to 0.51 - a consistent structural relationship.

UPGR vs. NFRA - Sectors Allocation Comparison

Sectors	UPGR	NFRA
Industrials	54.6%	33.4%
Basic Materials	11.8%	-
Technology	10.9%	1.3%
Consumer Cyclical	9.3%	0.3%
Utilities	8.7%	24.5%
Consumer Defensive	2.8%	0.1%
Energy	1.6%	9.1%
Financial Services	0.2%	0.0%
Communication Services	-	22.4%
Healthcare	-	4.5%
Real Estate	-	4.7%

Return for Risk

UPGR vs. NFRA — Risk / Return Rank

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

UPGR

UPGR Risk / Return Rank: 37
UPGR Sharpe Ratio Rank: 37
UPGR Sortino Ratio Rank: 38
UPGR Omega Ratio Rank: 35
UPGR Calmar Ratio Rank: 39
UPGR Martin Ratio Rank: 36

NFRA

NFRA Risk / Return Rank: 53
NFRA Sharpe Ratio Rank: 56
NFRA Sortino Ratio Rank: 55
NFRA Omega Ratio Rank: 54
NFRA Calmar Ratio Rank: 53
NFRA Martin Ratio Rank: 49

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.

UPGR vs. NFRA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Xtrackers US Green Infrastructure Select Equity ETF (UPGR) 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.

	UPGR	NFRA	Difference
Sharpe ratio: Return per unit of total volatility	0.97	1.38	-0.41
Sortino ratio: Return per unit of downside risk	1.48	2.00	-0.52
Omega ratio: Gain probability vs. loss probability	1.17	1.25	-0.08
Calmar ratio: Return relative to maximum drawdown	1.41	1.97	-0.56
Martin ratio: Return relative to average drawdown	3.72	5.87	-2.15

UPGR vs. NFRA - Sharpe Ratio Comparison

The current UPGR Sharpe Ratio is 0.97, which is comparable to the NFRA Sharpe Ratio of 1.38. The chart below compares the historical Sharpe Ratios of UPGR 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

UPGR vs. NFRA - Drawdown Comparison

The maximum UPGR drawdown since its inception was -46.60%, which is greater than NFRA's maximum drawdown of -32.49%. Use the drawdown chart below to compare losses from any high point for UPGR and NFRA.

Drawdown Indicators

	UPGR	NFRA	Difference
Max Drawdown Largest peak-to-trough decline	-46.60%	-32.49%	-14.11%
Max Drawdown (1Y) Largest decline over 1 year	-22.71%	-7.28%	-15.43%
Max Drawdown (3Y) Largest decline over 3 years	-42.58%	-9.16%	-33.42%
Max Drawdown (5Y) Largest decline over 5 years	—	-22.75%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-32.49%	—
Current Drawdown Current decline from peak	-17.86%	-1.65%	-16.21%
Average Drawdown Average peak-to-trough decline	-20.11%	-4.50%	-15.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.58%	2.44%	+6.14%

Volatility

UPGR vs. NFRA - Volatility Comparison

Xtrackers US Green Infrastructure Select Equity ETF (UPGR) has a higher volatility of 10.96% compared to FlexShares STOXX Global Broad Infrastructure Index Fund (NFRA) at 1.93%. This indicates that UPGR'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

	UPGR	NFRA	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.96%	1.93%	+9.03%
Volatility (6M) Calculated over the trailing 6-month period	24.21%	8.45%	+15.76%
Volatility (1Y) Calculated over the trailing 1-year period	32.99%	10.40%	+22.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	31.09%	12.96%	+18.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	31.09%	14.87%	+16.22%

UPGR vs. NFRA - Expense Ratio Comparison

UPGR has a 0.35% expense ratio, which is lower than NFRA's 0.47% expense ratio.

Dividends

UPGR vs. NFRA - Dividend Comparison

UPGR's dividend yield for the trailing twelve months is around 0.31%, less than NFRA's 5.65% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NFRA FlexShares STOXX Global Broad Infrastructure Index Fund	5.65%	6.00%	3.33%	2.57%	2.28%	2.71%	2.22%	2.27%	3.06%	2.81%	2.98%	2.47%
UPGR Xtrackers US Green Infrastructure Select Equity ETF	0.31%	0.39%	1.16%	0.32%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both UPGR and NFRA in my portfolio?

UPGR and NFRA have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UPGR or NFRA?

UPGR has higher volatility (10.96%) compared to NFRA (1.93%). In terms of maximum drawdown, UPGR dropped -46.60% vs NFRA's -32.49%.

Which ETF is better, UPGR or NFRA?

On 3-year performance, NFRA leads with 12.91% vs 2.07% for UPGR. On fees, UPGR is cheaper at 0.35% per year. On volatility, NFRA has been the lower-risk option at 1.93%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UPGR or NFRA?

Over the 3-year period, NFRA has performed better with a 12.91% return vs 2.07%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UPGR or NFRA?

UPGR is cheaper with a 0.35% expense ratio, compared with 0.47% for NFRA.

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

NFRA has the higher dividend yield at 5.65%, compared with 0.31% for UPGR.

What is the main difference between UPGR and NFRA?

UPGR tracks Solactive United States Green Infrastructure ESG Screened Index - Benchmark TR Gross, while NFRA tracks STOXX Global Broad Infrastructure Index. They also come from different issuers: Xtrackers and FlexShares. Their fees differ too: 0.35% for UPGR and 0.47% for NFRA.

Which has better risk-adjusted returns?

NFRA currently has the higher Sharpe Ratio (1.38 vs 0.97), 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.