NFRA vs SPY
FlexShares STOXX Global Broad Infrastructure Index Fund vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. SPY offers more diversification with 505 holdings.
Side-by-Side Comparison
| Metric | NFRA | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.47% | 0.09% | |
| AUM | $3.0B | $821.1B | |
| Dividend Yield | 5.67% | 1.01% | |
| Holdings | 217 | 505 | |
| YTD Return | +9.74% | +12.22% | |
| 1Y Return | +10.63% | +20.83% | |
| 3Y Return (annualized) | +13.86% | +21.70% | |
| 5Y Return (annualized) | +5.97% | +12.98% | |
| Volatility (annualized) | 12.6% | 15.3% | |
| Max Drawdown | -32.9% | -56.5% | |
| Fund Family | Flexshares Trust | State Street Investment Management | |
| Category | Equity | Equity | |
| Inception | Oct 8, 2013 | Jan 22, 1993 |
NFRA vs SPY Performance
FlexShares STOXX Global Broad Infrastructure Index Fund (NFRA) is a ETF from Flexshares Trust and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year NFRA returned +10.63% while SPY returned +20.83%. Year to date, NFRA is up 9.74% versus a gain of 12.22% for SPY.
Over three years, NFRA compounded at +13.86% per year against +21.70% for SPY; over five years the annualized figures are +5.97% and +12.98% respectively. Across the full 13-year window we track, SPY has the edge at +8.79% annualized vs +5.41%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.3% compared with 12.6% for NFRA. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -32.9% for NFRA and -56.5% for SPY. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at 0.81. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
NFRA charges 0.47% per year while SPY charges 0.09%. On a $10,000 position that is $47 vs $9 annually, a gap of $38 per year that compounds over a long holding period. On income, NFRA currently yields 5.67% against 1.01% for SPY.
Holdings Overlap
NFRA and SPY share 35 holdings out of 644 unique holdings combined, representing a 3.8% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, NFRA or SPY?
NFRA has an expense ratio of 0.47% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $38 per year of difference.
Which performed better, NFRA or SPY?
Over the past year NFRA returned +10.63% vs +20.83% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (13 years), NFRA annualized +5.41% vs +8.79% for SPY. Past performance does not guarantee future results.
Which is riskier, NFRA or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 12.6% for NFRA. Worst drawdown: NFRA -32.9% vs SPY -56.5%.
Should I hold both NFRA and SPY?
NFRA and SPY have a monthly-return correlation of 0.81, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between NFRA and SPY?
NFRA and SPY share 35 common holdings with a 3.8% weight overlap. Combined, they hold 644 unique securities.
Which pays a higher dividend, NFRA or SPY?
NFRA yields 5.67% while SPY yields 1.01%, so NFRA currently pays the higher dividend yield.
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