BILT vs. HWAY
BILT (iShares Infrastructure Active ETF) and HWAY (Themes US Infrastructure ETF) are both Infrastructure Equities funds. BILT is actively managed, while HWAY is passively managed. Over the past year, BILT returned 17.98% vs 32.92% for HWAY. Their 0.39 correlation means their historical movements had little consistent relationship. BILT charges 0.60%/yr vs 0.29%/yr for HWAY.
Performance
BILT vs. HWAY - Performance Comparison
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Returns By Period
In the year-to-date period, BILT achieves a 14.30% return, which is significantly lower than HWAY's 22.94% return.
BILT
- 1D
- 0.11%
- 1M
- -1.05%
- 6M
- 8.99%
- YTD
- 14.30%
- 1Y
- 17.98%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 19.07%
HWAY
- 1D
- 0.00%
- 1M
- -0.03%
- 6M
- 14.83%
- YTD
- 22.94%
- 1Y
- 32.92%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 25.86%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $2.38M | $1.70M | $1.65M | |
| $22.82K | $23.54K | $29.88K |
BILT vs. HWAY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
BILT iShares Infrastructure Active ETF | 14.30% | 4.16% |
HWAY Themes US Infrastructure ETF | 22.94% | 5.47% |
Correlation
The correlation between BILT and HWAY is 0.39, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.39 |
Correlation (All Time) Calculated using the full available price history since Jul 31, 2025 | 0.39 |
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Return for Risk
BILT vs. HWAY — Risk / Return Rank
BILT
HWAY
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
BILT vs. HWAY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Infrastructure Active ETF (BILT) and Themes US Infrastructure ETF (HWAY). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| BILT | HWAY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.38 | ||
| Sortino ratioReturn per unit of downside risk | +0.45 | ||
| Omega ratioGain probability vs. loss probability | 1.33 | 1.25 | +0.08 |
| Calmar ratioReturn relative to maximum drawdown | 3.52 | 2.36 | +1.16 |
| Martin ratioReturn relative to average drawdown | 10.60 | 7.98 | +2.61 |
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Drawdowns
BILT vs. HWAY - Drawdown Comparison
The maximum BILT drawdown since its inception was -5.38%, smaller than the maximum HWAY drawdown of -25.96%. Use the drawdown chart below to compare losses from any high point for BILT and HWAY.
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Drawdown Indicators
| BILT | HWAY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -5.38% | -25.96% | +20.58% |
Max Drawdown (1Y)Largest decline over 1 year | -5.38% | -12.63% | +7.25% |
Current DrawdownCurrent decline from peak | -2.25% | -4.57% | +2.32% |
Average DrawdownAverage peak-to-trough decline | -1.36% | -5.20% | +3.84% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.78% | 3.73% | -1.95% |
Volatility
BILT vs. HWAY - Volatility Comparison
The current volatility for iShares Infrastructure Active ETF (BILT) is 3.10%, while Themes US Infrastructure ETF (HWAY) has a volatility of 4.71%. This indicates that BILT experiences smaller price fluctuations and is considered to be less risky than HWAY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BILT | HWAY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.10% | 4.71% | -1.61% |
Volatility (6M)Calculated over the trailing 6-month period | 8.44% | 16.68% | -8.24% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.31% | 20.52% | -10.21% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.31% | 22.22% | -11.91% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.31% | 22.22% | -11.91% |
BILT vs. HWAY - Expense Ratio Comparison
BILT has a 0.60% expense ratio, which is higher than HWAY's 0.29% expense ratio.
Dividends
BILT vs. HWAY - Dividend Comparison
BILT's dividend yield for the trailing twelve months is around 5.70%, while HWAY has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
BILT iShares Infrastructure Active ETF | 5.70% | 0.99% | 0.00% |
HWAY Themes US Infrastructure ETF | 1.05% | 1.29% | 0.22% |
Frequently Asked Questions
BILT and HWAY have a correlation of 0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HWAY has higher volatility (4.71%) compared to BILT (3.10%). In terms of maximum drawdown, BILT dropped -5.38% vs HWAY's -25.96%.
On 1-year performance, HWAY leads with 32.92% vs 17.98% for BILT. On fees, HWAY is cheaper at 0.29% per year. On volatility, BILT has been the lower-risk option at 3.10%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, HWAY has performed better with a 32.92% return vs 17.98%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
HWAY is cheaper with a 0.29% expense ratio, compared with 0.60% for BILT.
BILT has the higher dividend yield at 5.70%, compared with 1.05% for HWAY.
They also come from different issuers: iShares and Themes. Their fees differ too: 0.60% for BILT and 0.29% for HWAY.
BILT currently has the higher Sharpe Ratio (1.84 vs 1.45), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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