ELFY vs. HWAY

Last updated Aug 4, 2026

ELFY (ALPS Electrification Infrastructure ETF) and HWAY (Themes US Infrastructure ETF) are both Infrastructure Equities funds - ELFY tracks the Ladenburg Thalmann Electrification Infrastructure Index while HWAY tracks the Solactive United States Infrastructure Index. Both are passively managed. Over the past year, ELFY returned 23.88% vs 32.92% for HWAY. Their 0.76 correlation means they have sometimes moved together and sometimes differently. ELFY charges 0.50%/yr vs 0.29%/yr for HWAY.

Performance

ELFY vs. HWAY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ALPS Electrification Infrastructure ETF (ELFY) 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, ELFY achieves a 18.04% return, which is significantly lower than HWAY's 22.94% return.

ELFY

• 1D: 1.43%
• 1M: -3.83%
• 6M: 9.13%
• YTD: 18.04%
• 1Y: 23.88%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 42.33%

HWAY

• 1D: 0.00%
• 1M: -0.03%
• 6M: 12.94%
• YTD: 22.94%
• 1Y: 32.92%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 25.86%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
ELFY ALPS Electrification Infrastructure ETF	$1.73M	$2.33M	$2.21M
HWAY Themes US Infrastructure ETF	$22.82K	$23.54K	$29.88K

ELFY vs. HWAY - Yearly Performance Comparison

	2026 (YTD)	2025
ELFY ALPS Electrification Infrastructure ETF	18.04%	34.72%
HWAY Themes US Infrastructure ETF	22.94%	30.02%

Correlation

The correlation between ELFY and HWAY is 0.77, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.77
Correlation (All Time) Calculated using the full available price history since Apr 10, 2025	0.76

The correlation between ELFY and HWAY has been stable across timeframes, ranging from 0.76 to 0.77 - a consistent structural relationship.

ELFY vs. HWAY - Sectors Allocation Comparison

Sectors	ELFY	HWAY
Utilities	40.0%	0.1%
Industrials	26.0%	77.9%
Energy	16.0%	0.2%
Technology	12.8%	0.0%
Basic Materials	4.4%	20.9%
Consumer Cyclical	0.6%	0.5%
Financial Services	0.1%	-
Communication Services	-	-
Consumer Defensive	-	0.0%
Healthcare	-	-
Real Estate	-	-

Return for Risk

ELFY vs. HWAY — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

ELFY

ELFY Risk / Return Rank: 46
ELFY Sharpe Ratio Rank: 45
ELFY Sortino Ratio Rank: 44
ELFY Omega Ratio Rank: 42
ELFY Calmar Ratio Rank: 48
ELFY Martin Ratio Rank: 53

HWAY

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

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

ELFY vs. HWAY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ALPS Electrification Infrastructure ETF (ELFY) 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.

	ELFY	HWAY	Difference
Sharpe ratio: Return per unit of total volatility	1.16	1.45	-0.30
Sortino ratio: Return per unit of downside risk	1.66	2.11	-0.45
Omega ratio: Gain probability vs. loss probability	1.20	1.25	-0.04
Calmar ratio: Return relative to maximum drawdown	1.76	2.36	-0.60
Martin ratio: Return relative to average drawdown	6.40	7.98	-1.58

ELFY vs. HWAY - Sharpe Ratio Comparison

The current ELFY Sharpe Ratio is 1.16, which is comparable to the HWAY Sharpe Ratio of 1.45. The chart below compares the historical Sharpe Ratios of ELFY and HWAY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

ELFY vs. HWAY - Drawdown Comparison

The maximum ELFY drawdown since its inception was -13.61%, smaller than the maximum HWAY drawdown of -25.96%. Use the drawdown chart below to compare losses from any high point for ELFY and HWAY.

Drawdown Indicators

	ELFY	HWAY	Difference
Max Drawdown Largest peak-to-trough decline	-13.61%	-25.96%	+12.35%
Max Drawdown (1Y) Largest decline over 1 year	-13.61%	-12.63%	-0.98%
Current Drawdown Current decline from peak	-9.16%	-4.57%	-4.59%
Average Drawdown Average peak-to-trough decline	-2.12%	-5.20%	+3.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.74%	3.73%	+0.01%

Volatility

ELFY vs. HWAY - Volatility Comparison

ALPS Electrification Infrastructure ETF (ELFY) has a higher volatility of 6.75% compared to Themes US Infrastructure ETF (HWAY) at 4.71%. This indicates that ELFY's price experiences larger fluctuations and is considered to be riskier than HWAY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ELFY	HWAY	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.75%	4.71%	+2.04%
Volatility (6M) Calculated over the trailing 6-month period	17.01%	16.68%	+0.33%
Volatility (1Y) Calculated over the trailing 1-year period	20.80%	20.52%	+0.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.06%	22.22%	-2.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.06%	22.22%	-2.16%

ELFY vs. HWAY - Expense Ratio Comparison

ELFY has a 0.50% expense ratio, which is higher than HWAY's 0.29% expense ratio.

Dividends

ELFY vs. HWAY - Dividend Comparison

ELFY's dividend yield for the trailing twelve months is around 1.04%, while HWAY has not paid dividends to shareholders.

Position	TTM	2025	2024
ELFY ALPS Electrification Infrastructure ETF	1.04%	0.76%	0.00%
HWAY Themes US Infrastructure ETF	1.05%	1.29%	0.22%

Frequently Asked Questions

Can I hold both ELFY and HWAY in my portfolio?

ELFY and HWAY have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ELFY or HWAY?

ELFY has higher volatility (6.75%) compared to HWAY (4.71%). In terms of maximum drawdown, ELFY dropped -13.61% vs HWAY's -25.96%.

Which ETF is better, ELFY or HWAY?

On 1-year performance, HWAY leads with 32.92% vs 23.88% for ELFY. On fees, HWAY is cheaper at 0.29% per year. On volatility, HWAY has been the lower-risk option at 4.71%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ELFY or HWAY?

Over the 1-year period, HWAY has performed better with a 32.92% return vs 23.88%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ELFY or HWAY?

HWAY is cheaper with a 0.29% expense ratio, compared with 0.50% for ELFY.

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

HWAY has the higher dividend yield at 1.05%, compared with 1.04% for ELFY.

What is the main difference between ELFY and HWAY?

ELFY tracks Ladenburg Thalmann Electrification Infrastructure Index, while HWAY tracks Solactive United States Infrastructure Index. They also come from different issuers: ALPS and Themes. Their fees differ too: 0.50% for ELFY and 0.29% for HWAY.

Which has better risk-adjusted returns?

HWAY currently has the higher Sharpe Ratio (1.45 vs 1.16), 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.