GII vs. HWAY

Last updated Aug 2, 2026

GII (SPDR S&P Global Infrastructure ETF) and HWAY (Themes US Infrastructure ETF) are both Infrastructure Equities funds - GII tracks the S&P Global Infrastructure while HWAY tracks the Solactive United States Infrastructure Index. Both are passively managed. Over the past year, GII returned 16.01% vs 32.92% for HWAY. Their 0.48 correlation means their historical movements had little consistent relationship. GII charges 0.40%/yr vs 0.29%/yr for HWAY.

Performance

GII vs. HWAY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR S&P Global Infrastructure ETF (GII) 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, GII achieves a 10.17% return, which is significantly lower than HWAY's 22.94% return.

GII

• 1D: -0.38%
• 1M: 0.09%
• 6M: 4.95%
• YTD: 10.17%
• 1Y: 16.01%
• 3Y*: 16.15%
• 5Y*: 11.07%
• 10Y*: 8.20%
• ALL TIME*: 5.55%

HWAY

• 1D: 0.00%
• 1M: -0.03%
• 6M: 14.83%
• 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)
GII SPDR S&P Global Infrastructure ETF	$3.26M	$4.04M	$4.11M
HWAY Themes US Infrastructure ETF	$22.82K	$23.54K	$29.88K

GII vs. HWAY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
GII SPDR S&P Global Infrastructure ETF	10.17%	21.79%	0.86%
HWAY Themes US Infrastructure ETF	22.94%	19.99%	4.42%

Correlation

The correlation between GII and HWAY is 0.48, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.48
Correlation (All Time) Calculated using the full available price history since Sep 12, 2024	0.48

GII vs. HWAY - Sectors Allocation Comparison

Sectors	GII	HWAY
Utilities	27.3%	0.1%
Industrials	22.9%	77.9%
Energy	21.6%	0.2%
Financial Services	4.7%	-
Technology	4.4%	0.0%
Communication Services	0.3%	-
Real Estate	0.1%	-
Basic Materials	-	20.9%
Consumer Cyclical	-	0.5%
Consumer Defensive	-	0.0%
Healthcare	-	-

Return for Risk

GII vs. HWAY — Risk / Return Rank

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

GII

GII Risk / Return Rank: 67
GII Sharpe Ratio Rank: 65
GII Sortino Ratio Rank: 64
GII Omega Ratio Rank: 64
GII Calmar Ratio Rank: 78
GII Martin Ratio Rank: 62

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.

GII vs. HWAY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P Global Infrastructure ETF (GII) 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.

	GII	HWAY	Difference
Sharpe ratio: Return per unit of total volatility	1.50	1.45	+0.05
Sortino ratio: Return per unit of downside risk	2.13	2.11	+0.02
Omega ratio: Gain probability vs. loss probability	1.27	1.25	+0.02
Calmar ratio: Return relative to maximum drawdown	2.77	2.36	+0.41
Martin ratio: Return relative to average drawdown	7.45	7.98	-0.53

GII vs. HWAY - Sharpe Ratio Comparison

The current GII Sharpe Ratio is 1.50, which is comparable to the HWAY Sharpe Ratio of 1.45. The chart below compares the historical Sharpe Ratios of GII 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

GII vs. HWAY - Drawdown Comparison

The maximum GII drawdown since its inception was -50.98%, which is greater than HWAY's maximum drawdown of -25.96%. Use the drawdown chart below to compare losses from any high point for GII and HWAY.

Drawdown Indicators

	GII	HWAY	Difference
Max Drawdown Largest peak-to-trough decline	-50.98%	-25.96%	-25.02%
Max Drawdown (1Y) Largest decline over 1 year	-5.94%	-12.63%	+6.69%
Max Drawdown (3Y) Largest decline over 3 years	-11.38%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-20.67%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-42.84%	—	—
Current Drawdown Current decline from peak	-2.39%	-4.57%	+2.18%
Average Drawdown Average peak-to-trough decline	-11.44%	-5.20%	-6.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.20%	3.73%	-1.53%

Volatility

GII vs. HWAY - Volatility Comparison

The current volatility for SPDR S&P Global Infrastructure ETF (GII) is 2.72%, while Themes US Infrastructure ETF (HWAY) has a volatility of 4.71%. This indicates that GII 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.

Volatility by Period

	GII	HWAY	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.72%	4.71%	-1.99%
Volatility (6M) Calculated over the trailing 6-month period	9.16%	16.68%	-7.52%
Volatility (1Y) Calculated over the trailing 1-year period	10.98%	20.52%	-9.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.06%	22.22%	-8.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.03%	22.22%	-5.19%

GII vs. HWAY - Expense Ratio Comparison

GII has a 0.40% expense ratio, which is higher than HWAY's 0.29% expense ratio.

Dividends

GII vs. HWAY - Dividend Comparison

GII's dividend yield for the trailing twelve months is around 2.66%, while HWAY has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GII SPDR S&P Global Infrastructure ETF	2.66%	3.17%	3.23%	3.70%	3.07%	2.37%	2.66%	3.39%	3.31%	3.38%	3.11%	3.54%
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

Can I hold both GII and HWAY in my portfolio?

GII and HWAY have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GII or HWAY?

HWAY has higher volatility (4.71%) compared to GII (2.72%). In terms of maximum drawdown, GII dropped -50.98% vs HWAY's -25.96%.

Which ETF is better, GII or HWAY?

On 1-year performance, HWAY leads with 32.92% vs 16.01% for GII. On fees, HWAY is cheaper at 0.29% per year. On volatility, GII has been the lower-risk option at 2.72%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GII or HWAY?

Over the 1-year period, HWAY has performed better with a 32.92% return vs 16.01%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GII or HWAY?

HWAY is cheaper with a 0.29% expense ratio, compared with 0.40% for GII.

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

GII has the higher dividend yield at 2.66%, compared with 1.05% for HWAY.

What is the main difference between GII and HWAY?

GII tracks S&P Global Infrastructure, while HWAY tracks Solactive United States Infrastructure Index. They also come from different issuers: State Street and Themes. Their fees differ too: 0.40% for GII and 0.29% for HWAY.

Which has better risk-adjusted returns?

GII currently has the higher Sharpe Ratio (1.50 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.