NFRA vs VWO: Holdings Overlap
NFRAFlexShares STOXX Global Broad Infrastructure Index Fund
FlexShares · 185 holdings · $3.0B · as of 2026-04-30
VWOVanguard Emerging Markets Stock Index Fund
Vanguard · 5015 holdings · $124.9B · as of 2026-04-30
How similar are NFRA and VWO?
FlexShares STOXX Global Broad Infrastructure Index Fund (NFRA, by FlexShares) holds 185 positions; Vanguard Emerging Markets Stock Index Fund (VWO, by Vanguard) holds 5015. They have 29 holdings in common, and by portfolio weight the two funds are 1.7% identical. In practical terms the pair is essentially distinct, holding almost none of the same securities.
- Overlap by Weight
- 1.7%Sum of the smaller weight of each shared holding
- Shared Holdings
- 29NFRA holds 185 · VWO holds 5015
- Weight in Shared Holdings
- NFRA 8%·VWO 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
156 of 185 positions (91.2% of the fund) are not held by VWO. Showing the top 30 by weight.
Only in VWO
4986 of 5015 positions (97.5% of the fund) are not held by NFRA. Showing the top 30 by weight.
Sector Breakdown
| Sector | NFRA | VWO |
|---|---|---|
| Industrials | 25.7% | 1.9% |
| Utilities | 24.9% | 1.1% |
| Information Technology | 0.9% | 23.7% |
| Communication Services | 23.2% | 5.7% |
| Financials | 0.0% | 12.6% |
| Other Sectors | 16.4% | 16.9% |
| Unclassified | 8.4% | 37.4% |
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, 38% of VWO).
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% |
| VWO | +2.7% | +12.6% | +22.3% | +16.6% | +6.6% | +7.9% | 2.29% |
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 VWO →
Shared Holdings(29)
The top 10 shared positions account for 76% of the overlap, led by BHARTI, ADSEZ and SBSP3.
 BHARTIBharti Airtel Ltd. | 1.60% | 0.51% | 0.51% |
|---|---|---|---|
 ADSEZAdani Ports & Special Economic Zone Ltd. | 0.73% | 0.12% | 0.12% |
 SBSP3Cia de Saneamento Basico do Estado de Sao Paulo SABESP | 0.73% | 0.11% | 0.11% |
 ICTInternational Container Terminal Services, Inc. | 0.81% | 0.11% | 0.11% |
 GAPBGrupo Aeroportuario del Pacifico SAB de CV, Class B | 0.48% | 0.09% | 0.09% |
 APHSApollo Hospitals Enterprise Ltd. | 0.44% | 0.07% | 0.07% |
 MAXHEALTMax Healthcare Institute Ltd. | 0.34% | 0.07% | 0.07% |
 RDOR3Rede D'Or Sao Luiz SA | 0.28% | 0.06% | 0.06% |
 IHHIHH Healthcare Bhd. | 0.21% | 0.06% | 0.06% |
 2Y11China Tower Corp. Ltd., Class H | 0.17% | 0.06% | 0.06% |
 INDUSTOWIndus Towers Ltd. | 0.16% | 0.05% | 0.05% |
 ASURBGrupo Aeroportuario del Sureste SAB de CV, Class B | 0.24% | 0.04% | 0.04% |
 PETGASPetronas Gas Bhd. | 0.04% | 0.04% | 0.04% |
 MOTV3Motiva Infraestrutura de Mobilidade SA | 0.17% | 0.03% | 0.03% |
 RAIL3Rumo SA | 0.21% | 0.03% | 0.03% |
| Grupo Aeroportuario del Centro Norte SAB de CV, Class B | 0.17% | 0.03% | 0.03% |
 270Guangdong Investment Ltd. | 0.13% | 0.02% | 0.02% |
| Promotora y Operadora de Infraestructura SAB de CV | 0.13% | 0.02% | 0.02% |
 GMRAIRPOGMR Airports Ltd. | 0.17% | 0.02% | 0.02% |
 144China Merchants Port Holdings Co. Ltd. | 0.12% | 0.02% | 0.02% |
| Cia de Saneamento de Minas Gerais Copasa MG | 0.10% | 0.02% | 0.02% |
 JE2Jiangsu Expressway Co. Ltd., Class H | 0.08% | 0.01% | 0.01% |
| Westports Holdings Bhd. | 0.08% | 0.01% | 0.01% |
 371Beijing Enterprises Water Group Ltd. | 0.07% | 0.01% | 0.01% |
 152Shenzhen International Holdings Ltd. | 0.06% | 0.01% | 0.01% |
Frequently Asked Questions
How much do NFRA and VWO overlap?
NFRA and VWO overlap by 1.7% of portfolio weight. They share 29 holdings (NFRA holds 185 positions and VWO holds 5015), based on each fund's latest SEC-reported holdings.
Is it redundant to own both NFRA and VWO?
The two portfolios are 1.7% 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 VWO?
The largest positions held by both funds are BHARTI, ADSEZ, SBSP3, ICT and GAPB. Together the top 10 shared positions account for 76% of the total overlap.
What does NFRA own that VWO doesn't?
156 positions (91.2% of NFRA) are unique to NFRA, led by 9984, CP and DTE. In the other direction, 4986 positions (97.5% of VWO) are unique to VWO.