NFRA vs SPY
Northern Trust STOXX Global Broad Infrastructure ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, NFRA or SPY?
Large Cap Value against Large Cap Blend.
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. NFRA is less concentrated, with 28.3% of the fund in its ten largest positions against 37.8%.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | NFRA | SPY |
|---|---|---|
| Expense Ratio | 0.47% | 0.09%Best |
| AUM | $3.1B | $804.7B |
| Dividend Yield | 5.64% | 0.98% |
| Holdings | 216 | 505 |
| YTD Return | +7.70% | +10.96%Best |
| 1Y Return | +9.24% | +15.52%Best |
| 3Y Return (annualized) | +12.42% | +20.73%Best |
| 5Y Return (annualized) | +5.69% | +12.53%Best |
| Volatility (annualized) | 12.6%Best | 14.5% |
| Max Drawdown | -32.9%Best | -34.1% |
| $10,000 over 5 years | $13,188 | $18,044Best |
| Top 10 Weight | 28.3%Best | 37.8% |
| Fund Family | Northern Trust Asset Management | State Street Investment Management |
| Category | Equity | Equity |
| Style | Large Cap Value | Large Cap Blend |
| Inception | Oct 8, 2013 | Jan 22, 1993 |
Volatility and max drawdown are measured over the window both funds cover: Oct 9, 2013 to Sep 16, 2026 (12.9 years).
NFRA vs SPY growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view covers the 12.9 years both funds cover.
NFRA vs SPY Performance
Northern Trust STOXX Global Broad Infrastructure ETF (NFRA) is an ETF from Northern Trust Asset Management and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year NFRA returned +9.24% while SPY returned +15.52%. Year to date, NFRA is up 7.70% versus a gain of 10.96% for SPY.
Over three years, NFRA compounded at +12.42% per year against +20.73% for SPY; over five years the annualized figures are +5.69% and +12.53% respectively. Across the full 13-year window we track, SPY has the edge at +13.08% annualized vs +5.23%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 14.5% 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 -34.1% for SPY. Drawdown depth is what each fund did in the worst stretch of the window measured above.
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 5.64% against 0.98% for SPY.
Holdings Overlap
35.2% of NFRA's money is in holdings SPY also owns. 3.9% of SPY's money is in holdings NFRA also owns.
The two portfolios partly overlap.
35 positions in common, counted across the 174 positions we hold weights for in NFRA and 504 in SPY, against full books of 216 and 505.
What only one of them owns
Our book lists 462 positions for SPY that do not appear in our book for NFRA (95.4% of the fund), and 27 for NFRA that do not appear in SPY (4.5%).
Some of those will be the same company recorded under a different code in one of the two books, so the real difference in what you would own is no larger than this and may be smaller. We do not name the individual positions here for that reason.
Top Shared Holdings
| Stock | Weight in NFRA | Weight in SPY | Difference |
|---|---|---|---|
| VZVerizon Communic | 2.81% | 0.32% | 2.49% |
| TBBAt&t Inc | 2.42% | 0.27% | 2.15% |
| UNPUnion Pacific Corp | 2.41% | 0.26% | 2.15% |
| NEENextera Energy Inc | 2.32% | 0.26% | 2.06% |
| EQIXEquinix Inc. Real Estate Investment Trust | 1.40% | 0.15% | 1.25% |
| SOSouthern Co. | 1.33% | 0.15% | 1.18% |
| CMCSAComcast Corp-class A Cmcsa | 1.28% | 0.14% | 1.14% |
| CSXCsx Corp. | 1.26% | 0.14% | 1.12% |
| CEGConstellation Energy Corporation Com | 1.26% | 0.14% | 1.12% |
| DUKDuke Energy Corp | 1.26% | 0.14% | 1.12% |
35.2% of NFRA is already inside SPY.
You probably hold more than these two. Add the rest and see how much of the whole book is the same companies twice.
Free for up to 10 holdings. No account needed.
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, by $38 a year on a $10,000 investment.
Which performed better, NFRA or SPY?
Over the past year NFRA returned +9.24% vs +15.52% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (13 years), NFRA annualized +5.23% vs +13.08% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, NFRA or SPY?
SPY has been the more volatile fund at 14.5% annualized versus 12.6% for NFRA. Worst drawdown: NFRA -32.9% vs SPY -34.1%.
Should I hold both NFRA and SPY?
NFRA and SPY have a monthly-return correlation of 0.81, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
What is the holdings overlap between NFRA and SPY?
35.2% of NFRA's money is in holdings SPY also owns. 3.9% of SPY's is in holdings NFRA also owns. They hold 35 positions in common, counted across the 174 positions we hold weights for in NFRA and 504 in SPY.
Which pays a higher dividend, NFRA or SPY?
NFRA yields 5.64% while SPY yields 0.98%, so NFRA currently pays the higher dividend yield.
Is SPY better than NFRA?
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. NFRA is less concentrated, with 28.3% of the fund in its ten largest positions against 37.8%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.