FIDU vs. HWAY

Last updated Jun 24, 2026

FIDU (Fidelity MSCI Industrials Index ETF) and HWAY (Themes US Infrastructure ETF) are both Industrials Equities funds - FIDU tracks the MSCI USA IMI Industrials Index while HWAY tracks the Solactive United States Infrastructure Index. Both are passively managed. Over the past year, FIDU returned 28.52% vs 42.65% for HWAY. Their correlation of 0.92 suggests significant overlap in exposure. FIDU charges 0.08%/yr vs 0.29%/yr for HWAY.

Performance

FIDU vs. HWAY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity MSCI Industrials Index ETF (FIDU) 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, FIDU achieves a 17.16% return, which is significantly lower than HWAY's 24.28% return.

FIDU

• 1D: -2.11%
• 1M: 3.50%
• YTD: 17.16%
• 6M: 15.32%
• 1Y: 28.52%
• 3Y*: 22.24%
• 5Y*: 13.69%
• 10Y*: 14.77%

HWAY

• 1D: -2.18%
• 1M: 5.82%
• YTD: 24.28%
• 6M: 21.92%
• 1Y: 42.65%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FIDU vs. HWAY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
FIDU Fidelity MSCI Industrials Index ETF	17.16%	18.61%	4.01%
HWAY Themes US Infrastructure ETF	24.28%	19.99%	4.42%

Correlation

The correlation between FIDU and HWAY is 0.93, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.93
Correlation (All Time) Calculated using the full available price history since Sep 12, 2024	0.92

The correlation between FIDU and HWAY has been stable across timeframes, ranging from 0.92 to 0.93 - a consistent structural relationship.

FIDU vs. HWAY - Sectors Allocation Comparison

Sectors	FIDU	HWAY
Industrials	90.3%	79.8%
Utilities	4.1%	0.1%
Technology	4.0%	0.3%
Consumer Cyclical	1.0%	1.2%
Energy	0.1%	0.2%
Basic Materials	0.1%	18.1%
Real Estate	0.0%	-
Communication Services	0.0%	-
Healthcare	0.0%	-
Financial Services	0.0%	-
Consumer Defensive	-	0.0%

Return for Risk

FIDU vs. HWAY — Risk / Return Rank

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

FIDU

FIDU Risk / Return Rank: 50
FIDU Sharpe Ratio Rank: 50
FIDU Sortino Ratio Rank: 50
FIDU Omega Ratio Rank: 45
FIDU Calmar Ratio Rank: 49
FIDU Martin Ratio Rank: 57

HWAY

HWAY Risk / Return Rank: 71
HWAY Sharpe Ratio Rank: 72
HWAY Sortino Ratio Rank: 71
HWAY Omega Ratio Rank: 64
HWAY Calmar Ratio Rank: 73
HWAY Martin Ratio Rank: 73

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.

FIDU vs. HWAY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity MSCI Industrials Index ETF (FIDU) 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.

	FIDU	HWAY	Difference
Sharpe ratio: Return per unit of total volatility	1.65	2.11	-0.46
Sortino ratio: Return per unit of downside risk	2.35	2.92	-0.57
Omega ratio: Gain probability vs. loss probability	1.28	1.35	-0.07
Calmar ratio: Return relative to maximum drawdown	2.34	3.39	-1.05
Martin ratio: Return relative to average drawdown	9.63	12.47	-2.84

FIDU vs. HWAY - Sharpe Ratio Comparison

The current FIDU Sharpe Ratio is 1.65, which is comparable to the HWAY Sharpe Ratio of 2.11. The chart below compares the historical Sharpe Ratios of FIDU 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

FIDU vs. HWAY - Drawdown Comparison

The maximum FIDU drawdown since its inception was -42.31%, which is greater than HWAY's maximum drawdown of -25.96%. Use the drawdown chart below to compare losses from any high point for FIDU and HWAY.

Drawdown Indicators

	FIDU	HWAY	Difference
Max Drawdown Largest peak-to-trough decline	-42.31%	-25.96%	-16.35%
Max Drawdown (1Y) Largest decline over 1 year	-12.23%	-12.63%	+0.40%
Max Drawdown (3Y) Largest decline over 3 years	-20.52%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-22.87%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-42.31%	—	—
Current Drawdown Current decline from peak	-2.11%	-2.18%	+0.07%
Average Drawdown Average peak-to-trough decline	-4.79%	-5.25%	+0.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.97%	3.43%	-0.46%

Volatility

FIDU vs. HWAY - Volatility Comparison

Fidelity MSCI Industrials Index ETF (FIDU) and Themes US Infrastructure ETF (HWAY) have volatilities of 6.54% and 6.59%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FIDU	HWAY	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.54%	6.59%	-0.05%
Volatility (6M) Calculated over the trailing 6-month period	14.32%	16.68%	-2.36%
Volatility (1Y) Calculated over the trailing 1-year period	17.40%	20.30%	-2.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.40%	22.46%	-4.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.34%	22.46%	-2.12%

FIDU vs. HWAY - Expense Ratio Comparison

FIDU has a 0.08% expense ratio, which is lower than HWAY's 0.29% expense ratio.

Dividends

FIDU vs. HWAY - Dividend Comparison

FIDU's dividend yield for the trailing twelve months is around 0.94%, less than HWAY's 1.04% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FIDU Fidelity MSCI Industrials Index ETF	0.94%	1.02%	1.42%	1.42%	1.48%	1.12%	1.28%	1.73%	1.99%	1.60%	1.63%	1.98%
HWAY Themes US Infrastructure ETF	1.04%	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

Can I hold both FIDU and HWAY in my portfolio?

With a correlation of 0.93, FIDU 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 is riskier, FIDU or HWAY?

HWAY has higher volatility (6.59%) compared to FIDU (6.54%). In terms of maximum drawdown, FIDU dropped -42.31% vs HWAY's -25.96%.

Which ETF is better, FIDU or HWAY?

On 1-year performance, HWAY leads with 42.65% vs 28.52% for FIDU. On fees, FIDU is cheaper at 0.08% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FIDU or HWAY?

Over the 1-year period, HWAY has performed better with a 42.65% return vs 28.52%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FIDU or HWAY?

FIDU is cheaper with a 0.08% expense ratio, compared with 0.29% for HWAY.

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

HWAY has the higher dividend yield at 1.04%, compared with 0.94% for FIDU.

What is the main difference between FIDU and HWAY?

FIDU tracks MSCI USA IMI Industrials Index, while HWAY tracks Solactive United States Infrastructure Index. They also come from different issuers: Fidelity and Themes. Their fees differ too: 0.08% for FIDU and 0.29% for HWAY.

Which has better risk-adjusted returns?

HWAY currently has the higher Sharpe Ratio (2.11 vs 1.65), 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.