AAXJ vs NFRA: Holdings Overlap
AAXJiShares MSCI All Country Asia ex Japan ETF
iShares · 916 holdings · $3.8B · as of 2026-04-30
NFRAFlexShares STOXX Global Broad Infrastructure Index Fund
FlexShares · 185 holdings · $3.0B · as of 2026-04-30
How similar are AAXJ and NFRA?
iShares MSCI All Country Asia ex Japan ETF (AAXJ, by iShares) holds 916 positions; FlexShares STOXX Global Broad Infrastructure Index Fund (NFRA, by FlexShares) holds 185. They have 18 holdings in common, and by portfolio weight the two funds are 1.4% identical. In practical terms the pair is essentially distinct, holding almost none of the same securities.
- Overlap by Weight
- 1.4%Sum of the smaller weight of each shared holding
- Shared Holdings
- 18AAXJ holds 916 · NFRA holds 185
- Weight in Shared Holdings
- AAXJ 1%·NFRA 6%Share of each fund's weight in stocks both funds own
Based on each fund's latest official holdings. How is this calculated?
What makes each fund different
Only in AAXJ
898 of 916 positions (98.3% of the fund) are not held by NFRA. Showing the top 30 by weight.
Only in NFRA
167 of 185 positions (93.0% of the fund) are not held by AAXJ. Showing the top 30 by weight.
Sector Breakdown
| Sector | AAXJ | NFRA |
|---|---|---|
| Information Technology | 39.6% | 0.9% |
| Industrials | 3.5% | 25.7% |
| Utilities | 1.0% | 24.9% |
| Communication Services | 6.4% | 23.2% |
| Financials | 13.9% | 0.0% |
| Other Sectors | 15.3% | 16.4% |
| Unclassified | 20.0% | 8.4% |
Share of each fund's portfolio weight by GICS-style sector, compiled from issuer fund data and our own classification of the holdings, not the issuers' published sector charts. “Unclassified” is weight we could not classify (20% of AAXJ, 8% of NFRA).
Performance
| Fund | 1M | YTD | 1Y | 3Y (ann.) | 5Y (ann.) | 10Y (ann.) | Yield |
|---|---|---|---|---|---|---|---|
| AAXJ | -0.6% | +22.4% | +35.6% | +20.9% | +7.3% | +8.9% | 1.36% |
| NFRA | +1.4% | +10.0% | +12.8% | +12.9% | +6.1% | +6.9% | 5.63% |
Total returns including dividends, from adjusted daily closes as of 2026-08-07. 3Y/5Y/10Y are annualized. Yield is trailing-12-month distributions over the last close. Past performance does not predict future results.
Project the growth of $10,000 in AAXJ vs NFRA →
Shared Holdings(18)
The top 10 shared positions account for 82% of the overlap, led by BHARTI, ICT and ADSEZ.
 BHARTIBharti Airtel Ltd. | 0.48% | 1.60% | 0.48% |
|---|---|---|---|
 ICTInternational Container Terminal Services, Inc. | 0.11% | 0.81% | 0.11% |
 ADSEZAdani Ports & Special Economic Zone Ltd. | 0.09% | 0.73% | 0.09% |
 APHSApollo Hospitals Enterprise Ltd. | 0.08% | 0.44% | 0.08% |
 MAXHEALTMax Healthcare Institute Ltd. | 0.08% | 0.34% | 0.08% |
 AOT-RAirports of Thailand PCL | 0.07% | 0.32% | 0.07% |
 66MTR Corp. Ltd. | 0.06% | 0.32% | 0.06% |
 BDMS-RBangkok Dusit Medical Services PCL | 0.06% | 0.36% | 0.06% |
 6823HKT Trust & HKT Ltd. | 0.06% | 0.17% | 0.06% |
 2Y11China Tower Corp. Ltd., Class H | 0.06% | 0.17% | 0.06% |
 INDUSTOWIndus Towers Ltd. | 0.05% | 0.16% | 0.05% |
 IHHIHH Healthcare Bhd. | 0.05% | 0.21% | 0.05% |
 PETGASPetronas Gas Bhd. | 0.04% | 0.04% | 0.04% |
| Bumrungrad Hospital PCL | 0.03% | 0.20% | 0.03% |
 270Guangdong Investment Ltd. | 0.03% | 0.13% | 0.03% |
 GMRAIRPOGMR Airports Ltd. | 0.03% | 0.17% | 0.03% |
 144China Merchants Port Holdings Co. Ltd. | 0.02% | 0.12% | 0.02% |
 JE2Jiangsu Expressway Co. Ltd., Class H | 0.01% | 0.08% | 0.01% |
Frequently Asked Questions
How much do AAXJ and NFRA overlap?
AAXJ and NFRA overlap by 1.4% of portfolio weight. They share 18 holdings (AAXJ holds 916 positions and NFRA holds 185), based on each fund's latest SEC-reported holdings.
Is it redundant to own both AAXJ and NFRA?
The two portfolios are 1.4% identical by weight. Owning both is genuine diversification: the funds hold almost none of the same securities.
What are the biggest shared holdings of AAXJ and NFRA?
The largest positions held by both funds are BHARTI, ICT, ADSEZ, APHS and MAXHEALT. Together the top 10 shared positions account for 82% of the total overlap.
What does AAXJ own that NFRA doesn't?
898 positions (98.3% of AAXJ) are unique to AAXJ, led by TSMWF, 005930 and 000660. In the other direction, 167 positions (93.0% of NFRA) are unique to NFRA.