IEMG vs NFRA: Holdings Overlap
IEMGiShares Core MSCI Emerging Markets ETF
iShares · 2697 holdings · $156.6B · as of 2026-05-31
NFRAFlexShares STOXX Global Broad Infrastructure Index Fund
FlexShares · 185 holdings · $3.0B · as of 2026-04-30
Holdings snapshots are 31 days apart (IEMG: 2026-05-31, NFRA: 2026-04-30). Weights and index membership change between snapshots, so the true current overlap is typically higher than shown. For funds tracking the same index, the gap can be 5–15 points.
How similar are IEMG and NFRA?
iShares Core MSCI Emerging Markets ETF (IEMG, by iShares) holds 2697 positions; FlexShares STOXX Global Broad Infrastructure Index Fund (NFRA, by FlexShares) holds 185. They have 32 holdings in common, and by portfolio weight the two funds are 1.3% identical. In practical terms the pair is essentially distinct, holding almost none of the same securities.
- Overlap by Weight
- 1.3%Sum of the smaller weight of each shared holding
- Shared Holdings
- 32IEMG holds 2697 · NFRA holds 185
- Weight in Shared Holdings
- IEMG 1%·NFRA 9%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 IEMG
2665 of 2697 positions (98.4% of the fund) are not held by NFRA. Showing the top 30 by weight.
Only in NFRA
153 of 185 positions (90.6% of the fund) are not held by IEMG. Showing the top 30 by weight.
Sector Breakdown
| Sector | IEMG | NFRA |
|---|---|---|
| Information Technology | 36.2% | 0.9% |
| Industrials | 2.4% | 25.7% |
| Utilities | 0.8% | 24.9% |
| Communication Services | 4.6% | 23.2% |
| Financials | 11.0% | 0.0% |
| Other Sectors | 14.1% | 16.4% |
| Unclassified | 30.7% | 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 (31% of IEMG, 8% of NFRA).
Performance
| Fund | 1M | YTD | 1Y | 3Y (ann.) | 5Y (ann.) | 10Y (ann.) | Yield |
|---|---|---|---|---|---|---|---|
| IEMG | +0.3% | +19.9% | +33.4% | +20.1% | +7.8% | +9.0% | 2.25% |
| 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 IEMG vs NFRA →
Shared Holdings(32)
The top 10 shared positions account for 69% of the overlap, led by BHARTI, SBSP3 and ICT.
 BHARTIBharti Airtel Ltd. | 0.34% | 1.60% | 0.34% |
|---|---|---|---|
 SBSP3Cia de Saneamento Basico do Estado de Sao Paulo SABESP | 0.09% | 0.73% | 0.09% |
 ICTInternational Container Terminal Services, Inc. | 0.09% | 0.81% | 0.09% |
 ADSEZAdani Ports & Special Economic Zone Ltd. | 0.07% | 0.73% | 0.07% |
 APHSApollo Hospitals Enterprise Ltd. | 0.06% | 0.44% | 0.06% |
 GAPBGrupo Aeroportuario del Pacifico SAB de CV, Class B | 0.06% | 0.48% | 0.06% |
 MAXHEALTMax Healthcare Institute Ltd. | 0.05% | 0.34% | 0.05% |
 AOT-RAirports of Thailand PCL | 0.05% | 0.32% | 0.05% |
 BDMS-RBangkok Dusit Medical Services PCL | 0.04% | 0.36% | 0.04% |
 INDUSTOWIndus Towers Ltd. | 0.04% | 0.16% | 0.04% |
 RDOR3Rede D'Or Sao Luiz SA | 0.04% | 0.28% | 0.04% |
 2Y11China Tower Corp. Ltd., Class H | 0.04% | 0.17% | 0.04% |
 ASURBGrupo Aeroportuario del Sureste SAB de CV, Class B | 0.04% | 0.24% | 0.04% |
 IHHIHH Healthcare Bhd. | 0.04% | 0.21% | 0.04% |
| Grupo Aeroportuario del Centro Norte SAB de CV, Class B | 0.02% | 0.17% | 0.02% |
 RAIL3Rumo SA | 0.02% | 0.21% | 0.02% |
 PETGASPetronas Gas Bhd. | 0.02% | 0.04% | 0.02% |
| Bumrungrad Hospital PCL | 0.02% | 0.20% | 0.02% |
| Promotora y Operadora de Infraestructura SAB de CV | 0.02% | 0.13% | 0.02% |
 270Guangdong Investment Ltd. | 0.02% | 0.13% | 0.02% |
 GMRAIRPOGMR Airports Ltd. | 0.02% | 0.17% | 0.02% |
 MOTV3Motiva Infraestrutura de Mobilidade SA | 0.02% | 0.17% | 0.02% |
| Cia de Saneamento de Minas Gerais Copasa MG | 0.02% | 0.10% | 0.02% |
 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 IEMG and NFRA overlap?
IEMG and NFRA overlap by 1.3% of portfolio weight. They share 32 holdings (IEMG holds 2697 positions and NFRA holds 185), based on each fund's latest SEC-reported holdings.
Is it redundant to own both IEMG and NFRA?
The two portfolios are 1.3% identical by weight. Owning both is genuine diversification: the funds hold almost none of the same securities.
What are the biggest shared holdings of IEMG and NFRA?
The largest positions held by both funds are BHARTI, SBSP3, ICT, ADSEZ and APHS. Together the top 10 shared positions account for 69% of the total overlap.
What does IEMG own that NFRA doesn't?
2665 positions (98.4% of IEMG) are unique to IEMG, led by TSMWF, 005930 and 000660. In the other direction, 153 positions (90.6% of NFRA) are unique to NFRA.