DVIN vs. HWAY

Last updated Jun 4, 2026

DVIN (WEBs Industrials XLI Defined Volatility ETF) and HWAY (Themes US Infrastructure ETF) are both Industrials Equities funds - DVIN tracks the Syntax Defined Volatility XLI Index while HWAY tracks the Solactive United States Infrastructure Index. Both are passively managed. Their correlation of 0.91 suggests significant overlap in exposure. DVIN charges 0.89%/yr vs 0.29%/yr for HWAY.

Performance

DVIN vs. HWAY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in WEBs Industrials XLI Defined Volatility ETF (DVIN) and Themes US Infrastructure ETF (HWAY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DVIN achieves a 15.30% return, which is significantly lower than HWAY's 22.83% return.

DVIN

• 1D: 0.06%
• 1M: 2.41%
• YTD: 15.30%
• 6M: 16.15%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

HWAY

• 1D: 0.93%
• 1M: 3.11%
• YTD: 22.83%
• 6M: 21.62%
• 1Y: 42.60%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

DVIN vs. HWAY - Yearly Performance Comparison

	2026 (YTD)	2025
DVIN WEBs Industrials XLI Defined Volatility ETF	15.30%	-1.06%
HWAY Themes US Infrastructure ETF	22.83%	5.59%

Correlation

The correlation between DVIN and HWAY is 0.91, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jul 24, 2025	0.91

Return for Risk

DVIN vs. HWAY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

HWAY

HWAY Risk / Return Rank: 66
HWAY Sharpe Ratio Rank: 67
HWAY Sortino Ratio Rank: 67
HWAY Omega Ratio Rank: 61
HWAY Calmar Ratio Rank: 69
HWAY Martin Ratio Rank: 69

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

DVIN vs. HWAY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for WEBs Industrials XLI Defined Volatility ETF (DVIN) 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	DVIN	HWAY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.17	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.65	1.25	-0.60

Drawdowns

DVIN vs. HWAY - Drawdown Comparison

The maximum DVIN drawdown since its inception was -18.47%, smaller than the maximum HWAY drawdown of -25.96%. Use the drawdown chart below to compare losses from any high point for DVIN and HWAY.

Drawdown Indicators

	DVIN	HWAY	Difference
Max Drawdown Largest peak-to-trough decline	-18.47%	-25.96%	+7.49%
Max Drawdown (1Y) Largest decline over 1 year	—	-12.63%	—
Current Drawdown Current decline from peak	-7.59%	-1.26%	-6.33%
Average Drawdown Average peak-to-trough decline	-5.00%	-5.38%	+0.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	3.41%	—

Volatility

Volatility by Period

	DVIN	HWAY	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	7.31%	—
Volatility (6M) Calculated over the trailing 6-month period	—	16.31%	—
Volatility (1Y) Calculated over the trailing 1-year period	25.60%	19.75%	+5.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.60%	22.42%	+3.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.60%	22.42%	+3.18%

DVIN vs. HWAY - Expense Ratio Comparison

DVIN has a 0.89% expense ratio, which is higher than HWAY's 0.29% expense ratio.

Dividends

DVIN vs. HWAY - Dividend Comparison

DVIN has not paid dividends to shareholders, while HWAY's dividend yield for the trailing twelve months is around 1.05%.

Position	TTM	2025	2024
DVIN WEBs Industrials XLI Defined Volatility ETF	0.00%	0.00%	0.00%
HWAY Themes US Infrastructure ETF	1.05%	1.29%	0.22%

Frequently Asked Questions

Can I hold both DVIN and HWAY in my portfolio?

With a correlation of 0.91, DVIN and HWAY move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which ETF is better, DVIN or HWAY?

On fees, HWAY is cheaper at 0.29% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, DVIN or HWAY?

HWAY is cheaper with a 0.29% expense ratio, compared with 0.89% for DVIN.

Which ETF pays a higher dividend yield, DVIN or HWAY?

HWAY has the higher dividend yield at 1.05%, compared with 0.00% for DVIN.

What is the main difference between DVIN and HWAY?

DVIN tracks Syntax Defined Volatility XLI Index, while HWAY tracks Solactive United States Infrastructure Index. They also come from different issuers: WEBs and Themes. Their fees differ too: 0.89% for DVIN and 0.29% for HWAY.