Do NFRA and UPGR hold the same stocks?

By their latest filings, 2% 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 UPGR?

NFRA has 36% of its weight in S&P 500 names and UPGR has 23%, so UPGR differs more from the index.

Which is cheaper, NFRA or UPGR?

NFRA charges 0.47% a year and UPGR charges 0.35%, so UPGR is cheaper. Fees come from each fund's prospectus.

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NFRA vs UPGR: which is really different?

NFRA and UPGR hold 2% of their weight in the same names, and NFRA returned +5.5% over the year. Northern Trust STOXX Global Broad Infrastructure ETF and Xtrackers US Green Infrastructure Select Equity ETF.

UPGR costs 0.12 points a year less; their one-year returns differ by 16.7 points; NFRA is far larger, $3.0bn against $539,786.

	NFRA	UPGR
Expense ratio	0.47%	0.35%
Net assets, NFRA as of Jul 31, 2026 and UPGR as of Oct 8, 2026	$3.0bn	$539,786
Total return, 1 year	+5.5%	−11.2%
What it tracks	Infrastructure	Infrastructure
Holdings in common	2%
S&P 500, total return, 1 year	+17.3%
Against the S&P 500, 1 year	behind by 11.7 pts	behind by 28.5 pts
Below its all-time high	5.5%, high on Feb 27, 2026	26.8%, high on Jun 2, 2026

Holdings in common uses holdings dated May 29, 2026 and Jul 31, 2026.

35.8%

NFRA in the S&P 500

22.9%

UPGR in the S&P 500

+5.5%

NFRA total return, 1 year

−11.2%

UPGR 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.

UPGR · 1 year to Oct 9, 202677% of its weight is outside the S&P 500

23% of UPGR's weight is in S&P 500 companies and 77% is outside the index. Holdings as of May 29, 2026.

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

NFRA 35.3

UPGR 41.6

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 UPGR hold 2% 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 May 29, 2026 and Jul 31, 2026.

50%

half

2% in common

Positions both hold, largest shared weight first

Holding NFRA UPGR

Waste Management, Inc. 1.17% 1.71%

Republic Services, Inc. 0.57% 1.74%

Clean Harbors, Inc. 0.21% 1.75%

Casella Waste Systems, Inc. 0.08% 1.79%

PureCycle Technologies, Inc. 0.02% 4.29%

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%

Union Pacific Corp. 2.40%

Only in UPGR

FUELCELL ENERGY INC 6.23%

SHOALS TECHNOLOGIES GROUP INC 3.37%

BLOOM ENERGY CORP 3.35%

FIRST SOLAR INC 2.93%

ENERGY VAULT HOLDINGS INC 2.88%

QUANTUMSCAPE CORP 2.74%

PLUG POWER INC 2.72%

EOS ENERGY ENTERPRISES INC 2.67%

2% 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	UPGR	NFRA	UPGR	NFRA	UPGR
3 months	−3.7%	−14.2%	−7.1 pts	−17.6 pts	−7.4 pts	−17.9 pts
6 months	−2.5%	−9.7%	−17.7 pts	−24.8 pts	−25.7 pts	−32.9 pts
1 year	+5.5%	−11.2%	−11.7 pts	−28.5 pts	−18.1 pts	−34.8 pts
3 years	+45.2%	+13.7%	−40.6 pts	−72.1 pts	−62.1 pts	−93.6 pts
Since launch NFRA Oct 2013 · UPGR Jul 2023	+127.4%	−10.4%	−358.0 pts	−90.6 pts	−857.4 pts	−112.2 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

UPGR

Xtrackers US Green Infrastructure Select Equity ETF · Holds 45 stocks in infrastructure, 23% of its weight in S&P 500 companies

Issuer Northern Trust Xtrackers

Theme Infrastructure Infrastructure

In the S&P 500 35.8% 22.9%

Active share vs the S&P 500 96.1% 97.4%

In the Nasdaq-100 7.4% 2.4%

Holdings 179 45

Top ten, share of the fund 28.6% 33.8%

Expense ratio 0.47% 0.35%

Fee for the differing part 0.49% 0.36%

Total return, 1 year +5.5% −11.2%

vs the S&P 500 −11.7 pts −28.5 pts

vs the Nasdaq-100 −18.1 pts −34.8 pts

Below its high −5.5% −26.8%

Net assets, NFRA as of Jul 31, 2026 and UPGR as of Oct 8, 2026 $3.0bn $539,786

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.

UPGR in plain words

By weight, 23% of UPGR'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 34% of the fund across 45 positions, as filed for May 29, 2026. Over the year to Oct 9, 2026 the fund returned −11.2% with distributions reinvested against +17.3% for the S&P 500, so a holder was behind by 28.5 pts. It sits 26.8% below its all-time high of Jun 2, 2026.

Questions people ask

Do NFRA and UPGR hold the same stocks?: By their latest filings, 2% 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 UPGR?: NFRA has 36% of its weight in S&P 500 names and UPGR has 23%, so UPGR differs more from the index.
Which is cheaper, NFRA or UPGR?: NFRA charges 0.47% a year and UPGR charges 0.35%, so UPGR is cheaper. Fees come from each fund's prospectus.

Other comparisons

NFRA vs EFRA NFRA vs TOLZ NFRA vs IGF NFRA vs PAVE UPGR vs BKGI UPGR vs GII UPGR vs BLDX UPGR vs BILT

NFRA on its own →UPGR 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) ↗UPGR filings on SEC EDGAR ↗UPGR prospectus with the expense ratio (SEC) ↗Xtrackers website ↗

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 UPGR, data as of Oct 9, 2026. https://etfiq.com/compare/themes/nfra-vs-upgr

Open data

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