ENFR vs. HWAY
ENFR (Alerian Energy Infrastructure ETF) and HWAY (Themes US Infrastructure ETF) are both Infrastructure Equities funds - ENFR tracks the Alerian Midstream Energy Select Index while HWAY tracks the Solactive United States Infrastructure Index. Both are passively managed. Over the past year, ENFR returned 28.20% vs 32.92% for HWAY. Their 0.22 correlation means their historical movements had little consistent relationship. ENFR charges 0.35%/yr vs 0.29%/yr for HWAY.
Performance
ENFR vs. HWAY - Performance Comparison
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Returns By Period
In the year-to-date period, ENFR achieves a 27.46% return, which is significantly higher than HWAY's 22.94% return.
ENFR
- 1D
- -0.63%
- 1M
- 3.26%
- 6M
- 20.04%
- YTD
- 27.46%
- 1Y
- 28.20%
- 3Y*
- 26.81%
- 5Y*
- 22.10%
- 10Y*
- 11.73%
- ALL TIME*
- 8.53%
HWAY
- 1D
- 0.00%
- 1M
- -0.03%
- 6M
- 12.94%
- 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) |
|---|---|---|---|
| $5.48M | $4.07M | $3.20M | |
| $22.82K | $23.54K | $29.88K |
ENFR vs. HWAY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
ENFR Alerian Energy Infrastructure ETF | 27.46% | 5.88% | 14.33% |
HWAY Themes US Infrastructure ETF | 22.94% | 19.99% | 4.42% |
Correlation
The correlation between ENFR and HWAY is 0.03, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.03 |
Correlation (All Time) Calculated using the full available price history since Sep 12, 2024 | 0.22 |
The correlation between ENFR and HWAY shifts across timeframes, from 0.03 (1 year) to 0.22 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
ENFR vs. HWAY — Risk / Return Rank
ENFR
HWAY
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
ENFR vs. HWAY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Alerian Energy Infrastructure ETF (ENFR) 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.
| ENFR | HWAY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.41 | ||
| Sortino ratioReturn per unit of downside risk | +0.46 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 1.25 | +0.07 |
| Calmar ratioReturn relative to maximum drawdown | 3.28 | 2.36 | +0.92 |
| Martin ratioReturn relative to average drawdown | 8.01 | 7.98 | +0.03 |
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Drawdowns
ENFR vs. HWAY - Drawdown Comparison
The maximum ENFR drawdown since its inception was -68.28%, which is greater than HWAY's maximum drawdown of -25.96%. Use the drawdown chart below to compare losses from any high point for ENFR and HWAY.
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Drawdown Indicators
| ENFR | HWAY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -68.28% | -25.96% | -42.32% |
Max Drawdown (1Y)Largest decline over 1 year | -8.64% | -12.63% | +3.99% |
Max Drawdown (3Y)Largest decline over 3 years | -15.58% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -20.29% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -62.64% | — | — |
Current DrawdownCurrent decline from peak | -3.18% | -4.57% | +1.39% |
Average DrawdownAverage peak-to-trough decline | -15.82% | -5.20% | -10.62% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.53% | 3.73% | -0.20% |
Volatility
ENFR vs. HWAY - Volatility Comparison
Alerian Energy Infrastructure ETF (ENFR) has a higher volatility of 5.48% compared to Themes US Infrastructure ETF (HWAY) at 4.71%. This indicates that ENFR'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.
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Volatility by Period
| ENFR | HWAY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.48% | 4.71% | +0.77% |
Volatility (6M)Calculated over the trailing 6-month period | 12.31% | 16.68% | -4.37% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.26% | 20.52% | -5.26% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.20% | 22.22% | -3.02% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 24.65% | 22.22% | +2.43% |
ENFR vs. HWAY - Expense Ratio Comparison
ENFR has a 0.35% expense ratio, which is higher than HWAY's 0.29% expense ratio.
Dividends
ENFR vs. HWAY - Dividend Comparison
ENFR's dividend yield for the trailing twelve months is around 3.94%, while HWAY has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ENFR Alerian Energy Infrastructure ETF | 3.94% | 4.77% | 4.41% | 5.48% | 5.23% | 7.86% | 7.57% | 5.81% | 3.98% | 2.98% | 3.31% | 3.34% |
HWAY Themes US Infrastructure ETF | 1.05% | 1.29% | 0.22% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
ENFR and HWAY have a correlation of 0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ENFR has higher volatility (5.48%) compared to HWAY (4.71%). In terms of maximum drawdown, ENFR dropped -68.28% vs HWAY's -25.96%.
On 1-year performance, HWAY leads with 32.92% vs 28.20% for ENFR. 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.
Over the 1-year period, HWAY has performed better with a 32.92% return vs 28.20%. 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 0.35% for ENFR.
ENFR has the higher dividend yield at 3.94%, compared with 1.05% for HWAY.
ENFR tracks Alerian Midstream Energy Select Index, while HWAY tracks Solactive United States Infrastructure Index. They also come from different issuers: SS&C and Themes. Their fees differ too: 0.35% for ENFR and 0.29% for HWAY.
ENFR currently has the higher Sharpe Ratio (1.86 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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