NFRA vs SPEM: Holdings Overlap
NFRAFlexShares STOXX Global Broad Infrastructure Index Fund
FlexShares · 185 holdings · $3.0B · as of 2026-04-30
SPEMState Street® SPDR® Portfolio Emerging Markets ETF
State Street (SPDR) · 2776 holdings · $17.4B · as of 2026-08-06
Holdings snapshots are 98 days apart (NFRA: 2026-04-30, SPEM: 2026-08-06). 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 NFRA and SPEM?
FlexShares STOXX Global Broad Infrastructure Index Fund (NFRA, by FlexShares) holds 185 positions; State Street® SPDR® Portfolio Emerging Markets ETF (SPEM, by State Street (SPDR)) holds 2776. They have 16 holdings in common, and by portfolio weight the two funds are 1.6% identical. In practical terms the pair is essentially distinct, holding almost none of the same securities.
- Overlap by Weight
- 1.6%Sum of the smaller weight of each shared holding
- Shared Holdings
- 16NFRA holds 185 · SPEM holds 2776
- Weight in Shared Holdings
- NFRA 6%·SPEM 2%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 NFRA
169 of 185 positions (93.7% of the fund) are not held by SPEM. Showing the top 30 by weight.
Only in SPEM
2760 of 2776 positions (107.3% of the fund) are not held by NFRA. Showing the top 30 by weight.
Sector Breakdown
| Sector | NFRA | SPEM |
|---|---|---|
| Industrials | 25.7% | 1.5% |
| Information Technology | 0.9% | 25.3% |
| Utilities | 24.9% | 0.9% |
| Communication Services | 23.2% | 5.4% |
| Financials | 0.0% | 15.1% |
| Other Sectors | 16.4% | 17.1% |
| Unclassified | 8.4% | 43.5% |
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 (8% of NFRA, 40% of SPEM).
Performance
| Fund | 1M | YTD | 1Y | 3Y (ann.) | 5Y (ann.) | 10Y (ann.) | Yield |
|---|---|---|---|---|---|---|---|
| NFRA | +1.4% | +10.0% | +12.8% | +12.9% | +6.1% | +6.9% | 5.63% |
| SPEM | +2.8% | +13.1% | +22.8% | +17.3% | +7.2% | +8.6% | 2.48% |
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 NFRA vs SPEM →
Shared Holdings(16)
The top 10 shared positions account for 90% of the overlap, led by BHARTI, ADSEZ and APHS.
 BHARTIBharti Airtel Ltd. | 1.60% | 0.55% | 0.55% |
|---|---|---|---|
 ADSEZAdani Ports & Special Economic Zone Ltd. | 0.73% | 0.14% | 0.14% |
 APHSApollo Hospitals Enterprise Ltd. | 0.44% | 0.14% | 0.14% |
 SBSP3Cia de Saneamento Basico do Estado de Sao Paulo SABESP | 0.73% | 0.13% | 0.13% |
 144China Merchants Port Holdings Co. Ltd. | 0.12% | 0.10% | 0.10% |
 RDOR3Rede D'Or Sao Luiz SA | 0.28% | 0.10% | 0.10% |
 GAPBGrupo Aeroportuario del Pacifico SAB de CV, Class B | 0.48% | 0.08% | 0.08% |
 ASURBGrupo Aeroportuario del Sureste SAB de CV, Class B | 0.24% | 0.07% | 0.07% |
 MAXHEALTMax Healthcare Institute Ltd. | 0.34% | 0.06% | 0.06% |
 270Guangdong Investment Ltd. | 0.13% | 0.04% | 0.04% |
 371Beijing Enterprises Water Group Ltd. | 0.07% | 0.04% | 0.04% |
 JE2Jiangsu Expressway Co. Ltd., Class H | 0.08% | 0.04% | 0.04% |
 IHHIHH Healthcare Bhd. | 0.21% | 0.04% | 0.04% |
 MOTV3Motiva Infraestrutura de Mobilidade SA | 0.17% | 0.02% | 0.02% |
 PETGASPetronas Gas Bhd. | 0.04% | 0.01% | 0.01% |
 152Shenzhen International Holdings Ltd. | 0.06% | 0.01% | 0.01% |
Frequently Asked Questions
How much do NFRA and SPEM overlap?
NFRA and SPEM overlap by 1.6% of portfolio weight. They share 16 holdings (NFRA holds 185 positions and SPEM holds 2776), based on each fund's latest SEC-reported holdings.
Is it redundant to own both NFRA and SPEM?
The two portfolios are 1.6% identical by weight. Owning both is genuine diversification: the funds hold almost none of the same securities.
What are the biggest shared holdings of NFRA and SPEM?
The largest positions held by both funds are BHARTI, ADSEZ, APHS, SBSP3 and 144. Together the top 10 shared positions account for 90% of the total overlap.
What does NFRA own that SPEM doesn't?
169 positions (93.7% of NFRA) are unique to NFRA, led by 9984, CP and DTE. In the other direction, 2760 positions (107.3% of SPEM) are unique to SPEM.