NFRA vs SPY: Holdings Overlap
NFRAFlexShares STOXX Global Broad Infrastructure Index Fund
FlexShares · 185 holdings · $3.0B · as of 2026-04-30
SPYState Street® SPDR® S&P 500® ETF Trust
State Street (SPDR) · 504 holdings · $812.0B · as of 2026-08-06
Holdings snapshots are 98 days apart (NFRA: 2026-04-30, SPY: 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 SPY?
FlexShares STOXX Global Broad Infrastructure Index Fund (NFRA, by FlexShares) holds 185 positions; State Street® SPDR® S&P 500® ETF Trust (SPY, by State Street (SPDR)) holds 504. They have 35 holdings in common, and by portfolio weight the two funds are 3.9% identical. In practical terms the pair is essentially distinct, holding almost none of the same securities.
- Overlap by Weight
- 3.9%Sum of the smaller weight of each shared holding
- Shared Holdings
- 35NFRA holds 185 · SPY holds 504
- Weight in Shared Holdings
- NFRA 36%·SPY 4%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
150 of 185 positions (63.8% of the fund) are not held by SPY. Showing the top 30 by weight.
Sector Breakdown
| Sector | NFRA | SPY |
|---|---|---|
| Information Technology | 0.9% | 37.6% |
| Industrials | 25.7% | 8.8% |
| Utilities | 24.9% | 2.0% |
| Communication Services | 23.2% | 9.7% |
| Financials | 0.0% | 12.3% |
| Other Sectors | 16.4% | 29.5% |
| Unclassified | 8.4% | 0.0% |
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, 0% of SPY).
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% |
| SPY | +3.4% | +14.0% | +23.7% | +21.2% | +13.3% | +15.3% | 0.97% |
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 SPY →
Shared Holdings(35)
The top 10 shared positions account for 50% of the overlap, led by VZ, NEE and UNP.
 VZVerizon Communications Inc. COM | 2.67% | 0.30% | 0.30% |
|---|---|---|---|
 NEENextEra Energy Inc COM | 2.69% | 0.27% | 0.27% |
 UNPUnion Pacific Corporation COM | 2.11% | 0.26% | 0.26% |
 TAT&T Inc COM | 2.40% | 0.25% | 0.25% |
 SOSouthern Co. (The) | 1.40% | 0.16% | 0.16% |
 EQIXEquinix, Inc. COM | 1.41% | 0.16% | 0.16% |
 DUKDuke Energy Corp COM NEW | 1.33% | 0.15% | 0.15% |
 CSXCSX Corporation COM | 1.12% | 0.14% | 0.14% |
 CMCSAComcast Corporation CL A | 1.27% | 0.14% | 0.14% |
 WMBWilliams Companies Inc. (The) COM | 1.23% | 0.13% | 0.13% |
 WMWaste Management, Inc. COM | 1.15% | 0.13% | 0.13% |
 TMUST-Mobile US Inc COM | 1.34% | 0.13% | 0.13% |
 CEGConstellation Energy Corp. COM | 1.40% | 0.13% | 0.13% |
 AMTAmerican Tower Corporation COM | 1.13% | 0.12% | 0.12% |
 NSCNorfolk Southern Corporation COM | 0.94% | 0.12% | 0.12% |
 AEPAmerican Electric Power Co, Inc. COM | 0.98% | 0.10% | 0.10% |
 DLRDigital Realty Trust Inc. COM | 0.86% | 0.10% | 0.10% |
 HCAHCA Healthcare Inc COM | 0.88% | 0.10% | 0.10% |
 KMIKinder Morgan, Inc. COM | 0.84% | 0.09% | 0.09% |
 DDominion Energy Inc COM | 0.73% | 0.09% | 0.09% |
 TRGPTarga Resources Corp. COM | 0.73% | 0.09% | 0.09% |
 OKEOneok Inc. COM | 0.76% | 0.08% | 0.08% |
 SRESempra COM | 0.82% | 0.08% | 0.08% |
 ETREntergy Corporation COM | 0.70% | 0.07% | 0.07% |
 XELXcel Energy Inc COM | 0.65% | 0.07% | 0.07% |
Frequently Asked Questions
How much do NFRA and SPY overlap?
NFRA and SPY overlap by 3.9% of portfolio weight. They share 35 holdings (NFRA holds 185 positions and SPY holds 504), based on each fund's latest SEC-reported holdings.
Is it redundant to own both NFRA and SPY?
The two portfolios are 3.9% 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 SPY?
The largest positions held by both funds are VZ, NEE, UNP, T and SO. Together the top 10 shared positions account for 50% of the total overlap.
What does NFRA own that SPY doesn't?
150 positions (63.8% of NFRA) are unique to NFRA, led by 9984, CP and DTE. In the other direction, 469 positions (96.0% of SPY) are unique to SPY.