Do NFRA and PAVE hold the same stocks?

By their latest filings, 6% of their books are the same securities at the same weight, which is mostly different names. Overlap is the sum of the smaller weight of every security they share.

Which is more different from the S&P 500, NFRA or PAVE?

NFRA has 36% of its weight in S&P 500 names and PAVE has 64%, so PAVE differs more from the index.

Which is cheaper, NFRA or PAVE?

NFRA and PAVE both charge 0.47% a year, so neither is cheaper. Fees come from each fund's prospectus.

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NFRA vs PAVE: which is really different?

NFRA and PAVE hold 6% of their weight in the same names, and PAVE returned +13.2% over the year. Northern Trust STOXX Global Broad Infrastructure ETF and Global X U.S. Infrastructure Development ETF.

Both cost 0.47% a year; their one-year returns differ by 7.7 points; PAVE is 4.5 times larger.

	NFRA	PAVE
Expense ratio	0.47%	0.47%
Net assets, NFRA as of Jul 31, 2026 and PAVE as of Oct 8, 2026	$3.0bn	$13.6bn
Total return, 1 year	+5.5%	+13.2%
What it tracks	Infrastructure	Infrastructure
Holdings in common	6%
S&P 500, total return, 1 year	+17.3%
Against the S&P 500, 1 year	behind by 11.7 pts	behind by 4.1 pts
Below its all-time high	5.5%, high on Feb 27, 2026	10.8%, high on Jun 25, 2026

Holdings in common uses holdings dated Jul 31, 2026 and Oct 8, 2026.

35.8%

NFRA in the S&P 500

63.9%

PAVE in the S&P 500

+5.5%

NFRA total return, 1 year

+13.2%

PAVE total return, 1 year

NFRA · 1 year to Oct 9, 202664% of its weight is outside the S&P 500

36% of NFRA's weight is in S&P 500 companies and 64% is outside the index. Holdings as of Jul 31, 2026.

PAVE · 1 year to Oct 9, 202636% of its weight is outside the S&P 500

64% of PAVE's weight is in S&P 500 companies and 36% is outside the index. Holdings as of Oct 8, 2026.

ETFIQ Off-Index Score · PAVE scores higherHow much of it is not the index it is sold as an alternative to?

NFRA 35.3

PAVE 40.2

0.1, the lowest in this set92.3, the highest

A percentile among the 391 thematic ETFs with a holdings filing. All thematic ETFs ranked by it → How it is computed →

What they hold in common

By the books each fund has filed, NFRA and PAVE hold 6% of their money in the same securities at the same weight. Above 50%, holding both is close to holding one of them twice. Holdings dated Jul 31, 2026 and Oct 8, 2026.

50%

half

6% in common

Positions both hold, largest shared weight first

Holding NFRA PAVE

Union Pacific Corp. 2.40% 2.96%

CSX Corp. 1.29% 2.91%

Norfolk Southern Corp. 1.04% 2.95%

Sempra 0.80% 2.77%

Only in NFRA

Canadian Pacific Kansas City Ltd. 3.74%

SoftBank Group Corp. 3.51%

Canadian National Railway Co. 3.34%

Deutsche Post AG 2.97%

Deutsche Telekom AG 2.83%

Verizon Communications, Inc. 2.70%

NextEra Energy, Inc. 2.51%

Iberdrola SA 2.30%

Only in PAVE

EMERSON ELECTRIC CO 3.56%

FASTENAL CO 3.55%

DEERE & CO 3.47%

QUANTA SERVICES INC 3.40%

EATON CORP PLC 3.31%

NUCOR CORP 3.31%

TRANE TECHNOLOGIES PLC 3.18%

PARKER HANNIFIN CORP 3.11%

6% of the two portfolios are the same securities at the same weight.

Performance, window by window

	Total return		vs the S&P 500		vs the Nasdaq-100
Window	NFRA	PAVE	NFRA	PAVE	NFRA	PAVE
3 months	−3.7%	−5.7%	−7.1 pts	−9.1 pts	−7.4 pts	−9.4 pts
6 months	−2.5%	−2.0%	−17.7 pts	−17.2 pts	−25.7 pts	−25.2 pts
1 year	+5.5%	+13.2%	−11.7 pts	−4.1 pts	−18.1 pts	−10.4 pts
3 years	+45.2%	+78.0%	−40.6 pts	−7.8 pts	−62.1 pts	−29.3 pts
Since launch NFRA Oct 2013 · PAVE Mar 2017	+127.4%	+285.0%	−358.0 pts	+1.6 pts	−857.4 pts	−228.9 pts

Source: ETFIQ. Open the live comparison on ETFIQ →

On the same fields

NFRA

Northern Trust STOXX Global Broad Infrastructure ETF · Holds 179 stocks in infrastructure, 36% of its weight in S&P 500 companies

PAVE

Global X U.S. Infrastructure Development ETF · Holds 100 stocks in infrastructure, 64% of its weight in S&P 500 companies

Issuer Northern Trust Global X

Theme Infrastructure Infrastructure

In the S&P 500 35.8% 63.9%

Active share vs the S&P 500 96.1% 97.2%

In the Nasdaq-100 7.4% 6.5%

Holdings 179 100

Top ten, share of the fund 28.6% 32.9%

Expense ratio 0.47% 0.47%

Fee for the differing part 0.49% 0.48%

Total return, 1 year +5.5% +13.2%

vs the S&P 500 −11.7 pts −4.1 pts

vs the Nasdaq-100 −18.1 pts −10.4 pts

Below its high −5.5% −10.8%

Net assets, NFRA as of Jul 31, 2026 and PAVE as of Oct 8, 2026 $3.0bn $13.6bn

As of Oct 9, 2026. Source: ETFIQ.

NFRA in plain words

By weight, 36% of NFRA's portfolio is stocks that are also in the S&P 500; its active share against the S&P 500 is 96%. The top ten holdings are 29% of the fund across 179 positions, as filed for Jul 31, 2026. Over the year to Oct 9, 2026 the fund returned +5.5% with distributions reinvested against +17.3% for the S&P 500, so a holder was behind by 11.7 pts. It sits 5.5% below its all-time high of Feb 27, 2026.

PAVE in plain words

By weight, 64% of PAVE's portfolio is stocks that are also in the S&P 500; its active share against the S&P 500 is 97%. The top ten holdings are 33% of the fund across 100 positions, as published by its issuer for Oct 8, 2026. Over the year to Oct 9, 2026 the fund returned +13.2% with distributions reinvested against +17.3% for the S&P 500, so a holder was behind by 4.1 pts. It sits 10.8% below its all-time high of Jun 25, 2026.

Questions people ask

Do NFRA and PAVE hold the same stocks?: By their latest filings, 6% of their books are the same securities at the same weight, which is mostly different names. Overlap is the sum of the smaller weight of every security they share.
Which is more different from the S&P 500, NFRA or PAVE?: NFRA has 36% of its weight in S&P 500 names and PAVE has 64%, so PAVE differs more from the index.
Which is cheaper, NFRA or PAVE?: NFRA and PAVE both charge 0.47% a year, so neither is cheaper. Fees come from each fund's prospectus.

Other comparisons

NFRA vs TOLZ NFRA vs NFRX NFRA vs RIFR NFRA vs RBLD PAVE vs BKGI PAVE vs GII PAVE vs TOLZ PAVE vs BLDX

NFRA on its own →PAVE on its own →How every figure is computed →Standards and sources →

Where these figures came from

NFRA filings on SEC EDGAR ↗NFRA prospectus with the expense ratio (SEC) ↗PAVE filings on SEC EDGAR ↗PAVE prospectus with the expense ratio (SEC) ↗Global X page for PAVE ↗

ETFIQ links to the documents behind every figure; a link is not an endorsement. A comparison is not a recommendation.

How this is computed

It is a position in a set, not a rating, and neither end of it is a recommendation.

Weight overlap is an ETFIQ calculation: for every security both funds hold, the smaller of the two weights, summed.

Every figure is an ETFIQ calculation with distributions reinvested.

Cite this page

ETFIQ, NFRA against PAVE, data as of Oct 9, 2026. https://etfiq.com/compare/themes/nfra-vs-pave

Open data

Free to use with attribution for figures ETFIQ computes; issuer data stays under its owner's terms.