VPU vs. NFRA

Last updated Jun 26, 2026

VPU (Vanguard Utilities ETF) and NFRA (FlexShares STOXX Global Broad Infrastructure Index Fund) are both Utilities Equities funds - VPU tracks the MSCI US Investable Market Utilities 25/50 Index while NFRA tracks the STOXX Global Broad Infrastructure Index. Both are passively managed. Over the past 10 years, VPU returned 9.30%/yr vs 7.43%/yr for NFRA. A 0.63 correlation means they provide meaningful diversification when combined. VPU charges 0.09%/yr vs 0.47%/yr for NFRA.

Performance

VPU vs. NFRA - Performance Comparison

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

Returns By Period

The year-to-date returns for both stocks are quite close, with VPU having a 8.52% return and NFRA slightly lower at 8.42%. Over the past 10 years, VPU has outperformed NFRA with an annualized return of 9.30%, while NFRA has yielded a comparatively lower 7.43% annualized return.

VPU

• 1D: 0.66%
• 1M: 1.44%
• YTD: 8.52%
• 6M: 8.11%
• 1Y: 16.97%
• 3Y*: 15.09%
• 5Y*: 10.47%
• 10Y*: 9.30%

NFRA

• 1D: 0.73%
• 1M: -2.12%
• YTD: 8.42%
• 6M: 8.24%
• 1Y: 13.81%
• 3Y*: 12.29%
• 5Y*: 5.76%
• 10Y*: 7.43%

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

VPU vs. NFRA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VPU Vanguard Utilities ETF	8.52%	16.46%	23.04%	-7.45%	1.06%	17.40%	-0.74%	24.89%	4.38%	12.44%
NFRA FlexShares STOXX Global Broad Infrastructure Index Fund	8.42%	18.42%	4.76%	8.96%	-10.11%	9.61%	2.24%	26.27%	-7.74%	15.92%

Correlation

The correlation between VPU and NFRA is 0.56, 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	0.56
Correlation (3Y) Calculated over the trailing 3-year period	0.68
Correlation (5Y) Calculated over the trailing 5-year period	0.70
Correlation (10Y) Calculated over the trailing 10-year period	0.64
Correlation (All Time) Calculated using the full available price history since Oct 9, 2013	0.63

The correlation between VPU and NFRA shifts across timeframes, from 0.56 (1 year) to 0.70 (5 years), reflecting how their relationship changes across market environments.

VPU vs. NFRA - Sectors Allocation Comparison

Sectors	VPU	NFRA
Utilities	99.3%	24.7%
Energy	0.5%	11.7%
Industrials	0.2%	26.8%
Basic Materials	-	-
Communication Services	-	20.5%
Consumer Cyclical	-	0.3%
Consumer Defensive	-	0.1%
Financial Services	-	0.7%
Healthcare	-	4.1%
Real Estate	-	4.7%
Technology	-	1.6%

Return for Risk

VPU vs. NFRA — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

VPU

VPU Risk / Return Rank: 36
VPU Sharpe Ratio Rank: 37
VPU Sortino Ratio Rank: 34
VPU Omega Ratio Rank: 34
VPU Calmar Ratio Rank: 43
VPU Martin Ratio Rank: 31

NFRA

NFRA Risk / Return Rank: 42
NFRA Sharpe Ratio Rank: 43
NFRA Sortino Ratio Rank: 42
NFRA Omega Ratio Rank: 41
NFRA Calmar Ratio Rank: 43
NFRA Martin Ratio Rank: 41

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.

VPU vs. NFRA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Utilities ETF (VPU) 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.

	VPU	NFRA	Difference
Sharpe ratio: Return per unit of total volatility	1.19	1.34	-0.15
Sortino ratio: Return per unit of downside risk	1.64	1.92	-0.27
Omega ratio: Gain probability vs. loss probability	1.21	1.24	-0.03
Calmar ratio: Return relative to maximum drawdown	1.91	1.90	+0.01
Martin ratio: Return relative to average drawdown	4.07	5.86	-1.79

VPU vs. NFRA - Sharpe Ratio Comparison

The current VPU Sharpe Ratio is 1.19, which is comparable to the NFRA Sharpe Ratio of 1.34. The chart below compares the historical Sharpe Ratios of VPU 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

VPU vs. NFRA - Drawdown Comparison

The maximum VPU drawdown since its inception was -46.31%, which is greater than NFRA's maximum drawdown of -32.49%. Use the drawdown chart below to compare losses from any high point for VPU and NFRA.

Drawdown Indicators

	VPU	NFRA	Difference
Max Drawdown Largest peak-to-trough decline	-46.31%	-32.49%	-13.82%
Max Drawdown (1Y) Largest decline over 1 year	-8.90%	-7.28%	-1.62%
Max Drawdown (3Y) Largest decline over 3 years	-17.34%	-11.15%	-6.19%
Max Drawdown (5Y) Largest decline over 5 years	-25.15%	-22.75%	-2.40%
Max Drawdown (10Y) Largest decline over 10 years	-36.42%	-32.49%	-3.93%
Current Drawdown Current decline from peak	-2.46%	-2.61%	+0.15%
Average Drawdown Average peak-to-trough decline	-7.78%	-4.52%	-3.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.18%	2.36%	+1.82%

Volatility

VPU vs. NFRA - Volatility Comparison

Vanguard Utilities ETF (VPU) has a higher volatility of 5.22% compared to FlexShares STOXX Global Broad Infrastructure Index Fund (NFRA) at 2.91%. This indicates that VPU'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

	VPU	NFRA	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.22%	2.91%	+2.31%
Volatility (6M) Calculated over the trailing 6-month period	11.47%	8.48%	+2.99%
Volatility (1Y) Calculated over the trailing 1-year period	14.42%	10.45%	+3.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.03%	12.97%	+4.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.14%	14.89%	+4.25%

VPU vs. NFRA - Expense Ratio Comparison

VPU has a 0.09% expense ratio, which is lower than NFRA's 0.47% expense ratio.

Dividends

VPU vs. NFRA - Dividend Comparison

VPU's dividend yield for the trailing twelve months is around 3.23%, less than NFRA's 5.71% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NFRA FlexShares STOXX Global Broad Infrastructure Index Fund	5.71%	6.00%	3.33%	2.57%	2.28%	2.71%	2.22%	2.27%	3.06%	2.81%	2.98%	2.47%
VPU Vanguard Utilities ETF	3.23%	2.73%	3.02%	3.49%	2.98%	2.70%	3.17%	2.83%	3.23%	3.18%	3.19%	3.63%

Frequently Asked Questions

Can I hold both VPU and NFRA in my portfolio?

VPU and NFRA have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VPU or NFRA?

VPU has higher volatility (5.22%) compared to NFRA (2.91%). In terms of maximum drawdown, VPU dropped -46.31% vs NFRA's -32.49%.

Which ETF is better, VPU or NFRA?

On 10-year performance, VPU leads with 9.30% vs 7.43% for NFRA. On fees, VPU is cheaper at 0.09% per year. On volatility, NFRA has been the lower-risk option at 2.91%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VPU or NFRA?

Over the 10-year period, VPU has performed better with a 9.30% return vs 7.43%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VPU or NFRA?

VPU is cheaper with a 0.09% expense ratio, compared with 0.47% for NFRA.

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

NFRA has the higher dividend yield at 5.71%, compared with 3.23% for VPU.

What is the main difference between VPU and NFRA?

VPU tracks MSCI US Investable Market Utilities 25/50 Index, while NFRA tracks STOXX Global Broad Infrastructure Index. They also come from different issuers: Vanguard and FlexShares. Their fees differ too: 0.09% for VPU and 0.47% for NFRA.

Which has better risk-adjusted returns?

NFRA currently has the higher Sharpe Ratio (1.34 vs 1.19), 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.