NFRA vs VEU: Holdings Overlap
NFRAFlexShares STOXX Global Broad Infrastructure Index Fund
FlexShares · 185 holdings · $3.0B · as of 2026-04-30
VEUVanguard FTSE All-world Ex-us Index Fund
Vanguard · 3855 holdings · $69.8B · as of 2026-04-30
How similar are NFRA and VEU?
FlexShares STOXX Global Broad Infrastructure Index Fund (NFRA, by FlexShares) holds 185 positions; Vanguard FTSE All-world Ex-us Index Fund (VEU, by Vanguard) holds 3855. They have 85 holdings in common, and by portfolio weight the two funds are 4.8% identical. In practical terms the pair is essentially distinct, holding almost none of the same securities.
- Overlap by Weight
- 4.8%Sum of the smaller weight of each shared holding
- Shared Holdings
- 85NFRA holds 185 · VEU holds 3855
- Weight in Shared Holdings
- NFRA 58%·VEU 5%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
100 of 185 positions (41.6% of the fund) are not held by VEU. Showing the top 30 by weight.
Sector Breakdown
| Sector | NFRA | VEU |
|---|---|---|
| Industrials | 25.7% | 11.7% |
| Utilities | 24.9% | 2.5% |
| Communication Services | 23.2% | 3.7% |
| Financials | 0.0% | 20.0% |
| Information Technology | 0.9% | 16.2% |
| Other Sectors | 16.4% | 27.4% |
| Unclassified | 8.4% | 17.4% |
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 (8% of NFRA, 18% of VEU).
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% |
| VEU | +2.8% | +16.6% | +28.4% | +19.2% | +9.6% | +9.9% | 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 VEU →
Shared Holdings(85)
The top 10 shared positions account for 51% of the overlap, led by IBE, 9984 and ENB.
 IBEIberdrola SA | 2.23% | 0.39% | 0.39% |
|---|---|---|---|
 9984SoftBank Group Corp. | 3.76% | 0.34% | 0.34% |
 ENBEnbridge Inc. COM | 1.86% | 0.31% | 0.31% |
 DTEDeutsche Telekom AG (Registered) | 3.22% | 0.28% | 0.28% |
 ENELEnel SpA | 1.39% | 0.23% | 0.23% |
 NG-National Grid plc | 1.43% | 0.23% | 0.23% |
 CPCanadian Pacific Kansas City Ltd. | 3.64% | 0.20% | 0.20% |
 TRPTC Energy Corp COM | 1.08% | 0.18% | 0.18% |
 CNICanadian National Railway Company COM | 2.94% | 0.16% | 0.16% |
 BHARTIBharti Airtel Ltd. | 1.60% | 0.15% | 0.15% |
 DHLDeutsche Post AG | 2.62% | 0.14% | 0.14% |
 EOANE.ON SE | 0.77% | 0.13% | 0.13% |
 RWERWE AG | 0.75% | 0.12% | 0.12% |
 9433KDDI Corp. | 1.35% | 0.12% | 0.12% |
 SSESSE plc | 0.66% | 0.11% | 0.11% |
 WCNWaste Connections, Inc. | 1.96% | 0.11% | 0.11% |
 TCLTransurban Group | 1.47% | 0.08% | 0.08% |
 PBAPembina Pipeline Corporation COM | 0.42% | 0.07% | 0.07% |
 9432NTT Inc. NPV | 1.43% | 0.07% | 0.07% |
 VIEVeolia Environnement SA | 1.32% | 0.06% | 0.06% |
 9020East Japan Railway Co. | 1.15% | 0.06% | 0.06% |
 ENGIEngie SA | 0.95% | 0.06% | 0.06% |
 SCMNSwisscom AG (Registered) | 0.61% | 0.05% | 0.05% |
 9022Central Japan Railway Co. | 1.08% | 0.05% | 0.05% |
 FREFresenius SE & Co. KGaA | 0.93% | 0.05% | 0.05% |
Frequently Asked Questions
How much do NFRA and VEU overlap?
NFRA and VEU overlap by 4.8% of portfolio weight. They share 85 holdings (NFRA holds 185 positions and VEU holds 3855), based on each fund's latest SEC-reported holdings.
Is it redundant to own both NFRA and VEU?
The two portfolios are 4.8% 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 VEU?
The largest positions held by both funds are IBE, 9984, ENB, DTE and ENEL. Together the top 10 shared positions account for 51% of the total overlap.
What does NFRA own that VEU doesn't?
100 positions (41.6% of NFRA) are unique to NFRA, led by NEE, VZ and T. In the other direction, 3770 positions (94.0% of VEU) are unique to VEU.