Themes US Infrastructure ETF (HWAY) belongs to the Industrials Equities category. Below you'll find alternative ETFs from the same category, ranked by key criteria, plus funds that investors commonly compare with HWAY. Use the tables to find lower-cost options, better risk-adjusted returns, or a closer substitute for your current allocation.
Cheapest Alternatives to HWAY
HWAY charges 0.29% annually. There are 3 ETFs in the Industrials Equities category with lower expense ratios, going as low as 0.08%.
| Symbol | Name | Expense Ratio | AUM | Inception | |
|---|---|---|---|---|---|
| Industrial Select Sector SPDR Fund | 0.08% | 32.51B | Dec 1998 | HWAY vs XLI | |
| Fidelity MSCI Industrials Index ETF | 0.08% | 2.10B | Oct 2013 | HWAY vs FIDU | |
| Vanguard Industrials ETF | 0.09% | 8.40B | Sep 2004 | HWAY vs VIS | |
| Invesco S&P SmallCap Industrials ETF | 0.29% | 187.33M | Apr 2010 | HWAY vs PSCI | |
| iShares U.S. Infrastructure ETF | 0.30% | 4.26B | Apr 2018 | HWAY vs IFRA |
Best Risk-Adjusted Alternatives to HWAY
HWAY has a PortfoliosLab risk / return rank of 71. There are 3 ETFs in the Industrials Equities category with higher risk-adjusted ranks, going as high as 84.
| Symbol | Name | Risk / Return Rank | AUM | Inception | |
|---|---|---|---|---|---|
| SPDR S&P Kensho Final Frontiers ETF | 84 | 245.14M | Oct 2018 | HWAY vs ROKT | |
| iShares U.S. Manufacturing ETF | 75 | 59.67M | Jul 2024 | HWAY vs MADE | |
| Invesco DWA Industrials Momentum ETF | 72 | 472.08M | Oct 2006 | HWAY vs PRN | |
| First Trust Alerian U.S. NextGen Infrastructure ET... | 71 | 35.89M | Oct 2008 | HWAY vs RBLD | |
| iShares U.S. Infrastructure ETF | 68 | 4.26B | Apr 2018 | HWAY vs IFRA |
Top Performing HWAY Alternatives (YTD)
HWAY is at 24.28% YTD. There are 3 ETFs in the Industrials Equities category with higher YTD returns, going as high as 45.08%.
| Symbol | Name | YTD Return | AUM | Inception | |
|---|---|---|---|---|---|
| Invesco DWA Industrials Momentum ETF | 45.08% | 472.08M | Oct 2006 | HWAY vs PRN | |
| SPDR S&P Kensho Final Frontiers ETF | 34.05% | 245.14M | Oct 2018 | HWAY vs ROKT | |
| AdvisorShares HVAC and Industrials ETF | 33.33% | 13.43M | Feb 2025 | HWAY vs HVAC | |
| iShares U.S. Manufacturing ETF | 22.67% | 59.67M | Jul 2024 | HWAY vs MADE | |
| Global X US Infrastructure Development ETF | 20.97% | 14.28B | Mar 2017 | HWAY vs PAVE |
Lowest Volatility Alternatives to HWAY
HWAY has 20.30% 1-year volatility. There are 22 ETFs in the Industrials Equities category with lower 1-year volatility, going as low as 10.41%.
| Symbol | Name | Volatility 1Y | AUM | Inception | |
|---|---|---|---|---|---|
| ProShares DJ Brookfield Global Infrastructure ETF | 10.41% | 174.09M | Mar 2014 | HWAY vs TOLZ | |
| iShares Global Infrastructure ETF | 10.56% | 10.84B | Dec 2007 | HWAY vs IGF | |
| Russell Investments Global Infrastructure ETF | 10.64% | — | May 2025 | HWAY vs RIFR | |
| State Street Industrial Select Sector SPDR Premium... | 12.19% | 6.95M | Jul 2025 | HWAY vs XLII | |
| VanEck Vectors Environmental Services ETF | 13.73% | 98.24M | Oct 2006 | HWAY vs EVX |
Lowest Drawdown Alternatives to HWAY
HWAY has a 1-year max drawdown of -12.63%. There are 18 ETFs in the Industrials Equities category with shallower 1-year drawdowns, going as shallow as -5.18%.
| Symbol | Name | Max Drawdown 1Y | AUM | Inception | |
|---|---|---|---|---|---|
| ProShares DJ Brookfield Global Infrastructure ETF | -5.18% | 174.09M | Mar 2014 | HWAY vs TOLZ | |
| iShares Global Infrastructure ETF | -5.87% | 10.84B | Dec 2007 | HWAY vs IGF | |
| Russell Investments Global Infrastructure ETF | -6.80% | — | May 2025 | HWAY vs RIFR | |
| First Trust Alerian U.S. NextGen Infrastructure ET... | -7.19% | 35.89M | Oct 2008 | HWAY vs RBLD | |
| iShares U.S. Infrastructure ETF | -8.40% | 4.26B | Apr 2018 | HWAY vs IFRA |
Other ETFs from Themes
The 10 most viewed Themes ETFs shown here include NATO, GSIB, URAN and span 10 categories. AUM among these funds goes as high as $61M.
| Symbol | Name | Category | Risk / Return Rank | YTD Return | AUM | Inception | |
|---|---|---|---|---|---|---|---|
| Themes Transatlantic Defense ETF | Aerospace & Defense | 23 | 4.58% | — | Oct 2024 | HWAY vs NATO | |
| Themes Global Systemically Important Banks ETF | Financials Equities | 80 | 16.30% | 24.99M | Dec 2023 | HWAY vs GSIB | |
| Themes Uranium & Nuclear ETF | Uranium, Alternative Energy Equities | 13 | -3.44% | — | Sep 2024 | HWAY vs URAN | |
| Themes Humanoid Robotics ETF | Robotics, Technology Equities | 48 | 14.95% | 61.27M | Apr 2024 | HWAY vs BOTT | |
| Themes Gold Miners ETF | Gold, Precious Metals | 25 | -13.29% | 28.41M | Dec 2023 | HWAY vs AUMI | |
| Themes Silver Miners ETF | Silver, Precious Metals | 45 | -4.46% | 13.36M | May 2024 | HWAY vs AGMI | |
| Themes Generative Artificial Intelligence ETF | Technology Equities | 16 | -2.18% | 34.96M | Dec 2023 | HWAY vs WISE | |
| Themes Cybersecurity ETF | Technology Equities | 19 | 24.10% | 4.61M | Dec 2023 | HWAY vs SPAM | |
| Themes US Small Cap Cash Flow Champions ETF | Small Cap Value Equities | 72 | 17.06% | 3.04M | Dec 2023 | HWAY vs SMCF | |
| Themes Cloud Computing ETF | Technology Equities | 6 | -8.39% | 2.49M | Dec 2023 | HWAY vs CLOD |
Often Compared With HWAY
Investors most often compare HWAY with FOWF, EFRA, ITA. These 20 comparison targets span 8 categories, based on PortfoliosLab usage data.
Compare HWAY with Any Fund or Stock
Compare HWAY with any ETF, mutual fund, or stock using PortfoliosLab's comparison tool.
Pair HWAY with funds that move differently
Themes US Infrastructure ETF alternatives help with substitution. Diversifiers are the next step when you want funds with lower historical correlation to HWAY.
Explore HWAY Diversifiers