NFRA vs USMV: Holdings Overlap
NFRAFlexShares STOXX Global Broad Infrastructure Index Fund
FlexShares · 185 holdings · $3.0B · as of 2026-04-30
USMViShares MSCI USA Min Vol Factor ETF
iShares · 170 holdings · $24.1B · as of 2026-04-30
How similar are NFRA and USMV?
FlexShares STOXX Global Broad Infrastructure Index Fund (NFRA, by FlexShares) holds 185 positions; iShares MSCI USA Min Vol Factor ETF (USMV, by iShares) holds 170. They have 16 holdings in common, and by portfolio weight the two funds are 11.7% identical. In practical terms the pair is lightly overlapping, with most of each portfolio distinct.
- Overlap by Weight
- 11.7%Sum of the smaller weight of each shared holding
- Shared Holdings
- 16NFRA holds 185 · USMV holds 170
- Weight in Shared Holdings
- NFRA 21%·USMV 13%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 (78.3% of the fund) are not held by USMV. Showing the top 30 by weight.
Sector Breakdown
| Sector | NFRA | USMV |
|---|---|---|
| Information Technology | 0.9% | 29.2% |
| Industrials | 25.7% | 6.9% |
| Utilities | 24.9% | 7.6% |
| Communication Services | 23.2% | 5.9% |
| Financials | 0.0% | 13.7% |
| Other Sectors | 16.4% | 36.4% |
| 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 USMV).
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% |
| USMV | +2.3% | +7.6% | +10.3% | +12.2% | +7.4% | +9.9% | 1.44% |
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 USMV →
Shared Holdings(16)
The top 10 shared positions account for 89% of the overlap, led by VZ, SO and DUK.
 VZVerizon Communications Inc. COM | 2.67% | 1.49% | 1.49% |
|---|---|---|---|
 SOSouthern Co. (The) | 1.40% | 1.53% | 1.40% |
 DUKDuke Energy Corp COM NEW | 1.33% | 1.55% | 1.33% |
 WCNWaste Connections, Inc. | 1.96% | 1.28% | 1.28% |
 TMUST-Mobile US Inc COM | 1.34% | 1.16% | 1.16% |
 WMWaste Management, Inc. COM | 1.15% | 1.47% | 1.15% |
 TAT&T Inc COM | 2.40% | 0.99% | 0.99% |
 RSGRepublic Services, Inc., Class A | 0.55% | 1.26% | 0.55% |
 AEPAmerican Electric Power Co, Inc. COM | 0.98% | 0.55% | 0.55% |
 XELXcel Energy Inc COM | 0.65% | 0.54% | 0.54% |
 WMBWilliams Companies Inc. (The) COM | 1.23% | 0.49% | 0.49% |
 DDominion Energy Inc COM | 0.73% | 0.25% | 0.25% |
 LNGCheniere Energy Inc COM NEW | 0.77% | 0.21% | 0.21% |
 HCAHCA Healthcare Inc COM | 0.88% | 0.17% | 0.17% |
 NEENextEra Energy Inc COM | 2.69% | 0.13% | 0.13% |
 AWKAmerican Water Works Company, Inc. COM | 0.33% | 0.05% | 0.05% |
Frequently Asked Questions
How much do NFRA and USMV overlap?
NFRA and USMV overlap by 11.7% of portfolio weight. They share 16 holdings (NFRA holds 185 positions and USMV holds 170), based on each fund's latest SEC-reported holdings.
Is it redundant to own both NFRA and USMV?
The two portfolios are 11.7% identical by weight. Owning both is not redundant. Most of each portfolio is distinct, so the funds can serve different roles.
What are the biggest shared holdings of NFRA and USMV?
The largest positions held by both funds are VZ, SO, DUK, WCN and TMUS. Together the top 10 shared positions account for 89% of the total overlap.
What does NFRA own that USMV doesn't?
169 positions (78.3% of NFRA) are unique to NFRA, led by 9984, CP and DTE. In the other direction, 154 positions (86.6% of USMV) are unique to USMV.