Themes US Infrastructure ETF (HWAY) belongs to the Infrastructure 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. No ETFs in the Infrastructure Equities category have lower expense ratios; the lowest-cost alternatives shown here go as low as 0.30%.
| Symbol | Name | Expense Ratio | AUM | Inception | |
|---|---|---|---|---|---|
| iShares U.S. Infrastructure ETF | 0.30% | 4.55B | Apr 2018 | HWAY vs IFRA | |
| Alerian Energy Infrastructure ETF | 0.35% | 519.57M | Oct 2013 | HWAY vs ENFR | |
| Xtrackers US Green Infrastructure Select Equity ET... | 0.35% | 612.04K | Jul 2023 | HWAY vs UPGR | |
| iShares Global Infrastructure ETF | 0.39% | 10.93B | Dec 2007 | HWAY vs IGF | |
| SPDR S&P Global Infrastructure ETF | 0.40% | 941.89M | Jan 2007 | HWAY vs GII |
Best Risk-Adjusted Alternatives to HWAY
Among 26 ETFs in the Infrastructure Equities category with risk / return rank data, the top risk-adjusted alternatives shown here go as high as 81.
| Symbol | Name | Risk / Return Rank | AUM | Inception | |
|---|---|---|---|---|---|
| Invesco SteelPath MLP & Energy Infrastructure ETF | 81 | 65.42M | Feb 2025 | HWAY vs PIPE | |
| First Trust North American Energy Infrastructure F... | 80 | 4.13B | Jun 2012 | HWAY vs EMLP | |
| Alerian Energy Infrastructure ETF | 76 | 519.57M | Oct 2013 | HWAY vs ENFR | |
| Bny Mellon Global Infrastructure Income ETF | 75 | 1.31B | Nov 2022 | HWAY vs BKGI | |
| Amplify Samsung U.S. Natural Gas Infrastructure ET... | 74 | 9.23M | May 2025 | HWAY vs USNG |
Top Performing HWAY Alternatives (YTD)
Among 29 ETFs in the Infrastructure Equities category with YTD return data, the top-performing alternatives shown here go as high as 28.11%.
| Symbol | Name | YTD Return | AUM | Inception | |
|---|---|---|---|---|---|
| Invesco SteelPath MLP & Energy Infrastructure ETF | 28.11% | 65.42M | Feb 2025 | HWAY vs PIPE | |
| Alerian Energy Infrastructure ETF | 27.46% | 519.57M | Oct 2013 | HWAY vs ENFR | |
| ETRACS Alerian MLP Infrastructure Index ETN Series... | 26.71% | 231.17M | Oct 2015 | HWAY vs MLPB | |
| Amplify Samsung U.S. Natural Gas Infrastructure ET... | 25.88% | 9.23M | May 2025 | HWAY vs USNG | |
| Global X MLP & Energy Infrastructure ETF | 25.38% | 3.64B | Aug 2013 | HWAY vs MLPX |
Lowest Volatility Alternatives to HWAY
Among 32 ETFs in the Infrastructure Equities category with 1-year volatility data, the lowest-volatility alternatives shown here go as low as 10.32%.
| Symbol | Name | Volatility 1Y | AUM | Inception | |
|---|---|---|---|---|---|
| iShares Infrastructure Active ETF | 10.32% | — | Jul 2025 | HWAY vs BILT | |
| First Trust North American Energy Infrastructure F... | 10.35% | 4.13B | Jun 2012 | HWAY vs EMLP | |
| FlexShares STOXX Global Broad Infrastructure Index... | 10.40% | 3.00B | Oct 2013 | HWAY vs NFRA | |
| ProShares DJ Brookfield Global Infrastructure ETF | 10.71% | 176.36M | Mar 2014 | HWAY vs TOLZ | |
| iShares Global Infrastructure ETF | 10.72% | 10.93B | Dec 2007 | HWAY vs IGF |
Lowest Drawdown Alternatives to HWAY
Among 26 ETFs in the Infrastructure Equities category with 1-year drawdown data, the lowest-drawdown alternatives shown here go as shallow as -4.94%.
| Symbol | Name | Max Drawdown 1Y | AUM | Inception | |
|---|---|---|---|---|---|
| First Trust North American Energy Infrastructure F... | -4.94% | 4.13B | Jun 2012 | HWAY vs EMLP | |
| ProShares DJ Brookfield Global Infrastructure ETF | -5.18% | 176.36M | Mar 2014 | HWAY vs TOLZ | |
| iShares Infrastructure Active ETF | -5.38% | — | Jul 2025 | HWAY vs BILT | |
| iShares Global Infrastructure ETF | -5.87% | 10.93B | Dec 2007 | HWAY vs IGF | |
| SPDR S&P Global Infrastructure ETF | -5.94% | 941.89M | Jan 2007 | HWAY vs GII |
Other ETFs from Themes
The 10 most viewed Themes ETFs shown here include NATO, GSIB, URAN and span 12 categories. AUM among these funds goes as high as $57M.
| Symbol | Name | Category | Risk / Return Rank | YTD Return | AUM | Inception | |
|---|---|---|---|---|---|---|---|
| Themes Transatlantic Defense ETF | Aerospace & Defense | 33 | 11.23% | — | Oct 2024 | HWAY vs NATO | |
| Themes Global Systemically Important Banks ETF | Financials Equities | 91 | 23.08% | 48.36M | Dec 2023 | HWAY vs GSIB | |
| Themes Uranium & Nuclear ETF | Uranium, Alternative Energy Equities, Energy Equities | 13 | -10.15% | — | Sep 2024 | HWAY vs URAN | |
| Themes Humanoid Robotics ETF | Robotics, Technology Equities | 32 | 0.20% | 56.52M | Apr 2024 | HWAY vs BOTT | |
| Themes Gold Miners ETF | Gold, Precious Metals | 36 | -14.59% | 20.51M | Dec 2023 | HWAY vs AUMI | |
| Themes Silver Miners ETF | Silver, Precious Metals | 54 | -5.79% | 10.47M | May 2024 | HWAY vs AGMI | |
| Themes Generative Artificial Intelligence ETF | Artificial Intelligence, Technology Equities | 12 | -8.91% | 26.54M | Dec 2023 | HWAY vs WISE | |
| Themes Cybersecurity ETF | Technology Equities | 43 | 37.75% | 4.84M | Dec 2023 | HWAY vs SPAM | |
| Themes US Small Cap Cash Flow Champions ETF | Small Cap Value Equities | 92 | 24.28% | 3.23M | Dec 2023 | HWAY vs SMCF | |
| Themes Cloud Computing ETF | Technology Equities | 11 | 2.56% | 1.91M | Dec 2023 | HWAY vs CLOD |
Often Compared With HWAY
Investors most often compare HWAY with MADE, FOWF, XLI. These 20 comparison targets span 3 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