GRID vs. HWAY

Last updated Aug 4, 2026

GRID (First Trust NASDAQ Clean Edge Smart Grid Infrastructure Index Fund) and HWAY (Themes US Infrastructure ETF) are both Infrastructure Equities funds - GRID tracks the Nasdaq Clean Edge Smart Grid Infrastructure Index while HWAY tracks the Solactive United States Infrastructure Index. Both are passively managed. Over the past year, GRID returned 30.04% vs 32.92% for HWAY. Their 0.73 correlation means they have sometimes moved together and sometimes differently. GRID charges 0.70%/yr vs 0.29%/yr for HWAY.

Performance

GRID vs. HWAY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust NASDAQ Clean Edge Smart Grid Infrastructure Index Fund (GRID) 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, GRID achieves a 19.50% return, which is significantly lower than HWAY's 22.94% return.

GRID

• 1D: 1.49%
• 1M: -1.17%
• 6M: 10.03%
• YTD: 19.50%
• 1Y: 30.04%
• 3Y*: 22.76%
• 5Y*: 14.44%
• 10Y*: 18.61%
• ALL TIME*: 12.60%

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)
GRID First Trust NASDAQ Clean Edge Smart Grid Infrastructure Index Fund	$102.61M	$99.71M	$138.67M
HWAY Themes US Infrastructure ETF	$22.82K	$23.54K	$29.88K

GRID vs. HWAY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
GRID First Trust NASDAQ Clean Edge Smart Grid Infrastructure Index Fund	19.50%	29.65%	0.18%
HWAY Themes US Infrastructure ETF	22.94%	19.99%	4.42%

Correlation

The correlation between GRID and HWAY is 0.69, 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.	0.69
Correlation (All Time) Calculated using the full available price history since Sep 12, 2024	0.73

The correlation between GRID and HWAY has been stable across timeframes, ranging from 0.69 to 0.73 - a consistent structural relationship.

GRID vs. HWAY - Sectors Allocation Comparison

Sectors	GRID	HWAY
Industrials	23.6%	77.9%
Technology	12.6%	0.0%
Utilities	3.9%	0.1%
Consumer Cyclical	2.4%	0.5%
Energy	1.6%	0.2%
Basic Materials	0.8%	20.9%
Communication Services	-	-
Consumer Defensive	-	0.0%
Financial Services	-	-
Healthcare	-	-
Real Estate	-	-

Return for Risk

GRID vs. HWAY — Risk / Return Rank

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

GRID

GRID Risk / Return Rank: 53
GRID Sharpe Ratio Rank: 52
GRID Sortino Ratio Rank: 51
GRID Omega Ratio Rank: 51
GRID Calmar Ratio Rank: 52
GRID Martin Ratio Rank: 56

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.

GRID vs. HWAY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust NASDAQ Clean Edge Smart Grid Infrastructure Index Fund (GRID) 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.

	GRID	HWAY	Difference
Sharpe ratio: Return per unit of total volatility	1.31	1.45	-0.15
Sortino ratio: Return per unit of downside risk	1.83	2.11	-0.28
Omega ratio: Gain probability vs. loss probability	1.24	1.25	-0.01
Calmar ratio: Return relative to maximum drawdown	1.91	2.36	-0.45
Martin ratio: Return relative to average drawdown	6.77	7.98	-1.21

GRID vs. HWAY - Sharpe Ratio Comparison

The current GRID Sharpe Ratio is 1.31, which is comparable to the HWAY Sharpe Ratio of 1.45. The chart below compares the historical Sharpe Ratios of GRID 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

GRID vs. HWAY - Drawdown Comparison

The maximum GRID drawdown since its inception was -40.56%, which is greater than HWAY's maximum drawdown of -25.96%. Use the drawdown chart below to compare losses from any high point for GRID and HWAY.

Drawdown Indicators

	GRID	HWAY	Difference
Max Drawdown Largest peak-to-trough decline	-40.56%	-25.96%	-14.60%
Max Drawdown (1Y) Largest decline over 1 year	-15.82%	-12.63%	-3.19%
Max Drawdown (3Y) Largest decline over 3 years	-20.62%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-29.64%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-40.56%	—	—
Current Drawdown Current decline from peak	-8.53%	-4.57%	-3.96%
Average Drawdown Average peak-to-trough decline	-8.42%	-5.20%	-3.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.45%	3.73%	+0.72%

Volatility

GRID vs. HWAY - Volatility Comparison

First Trust NASDAQ Clean Edge Smart Grid Infrastructure Index Fund (GRID) has a higher volatility of 8.94% compared to Themes US Infrastructure ETF (HWAY) at 4.71%. This indicates that GRID'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

	GRID	HWAY	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.94%	4.71%	+4.23%
Volatility (6M) Calculated over the trailing 6-month period	20.34%	16.68%	+3.66%
Volatility (1Y) Calculated over the trailing 1-year period	23.13%	20.52%	+2.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.70%	22.22%	-0.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.83%	22.22%	+0.61%

GRID vs. HWAY - Expense Ratio Comparison

GRID has a 0.70% expense ratio, which is higher than HWAY's 0.29% expense ratio.

Dividends

GRID vs. HWAY - Dividend Comparison

GRID's dividend yield for the trailing twelve months is around 0.79%, while HWAY has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GRID First Trust NASDAQ Clean Edge Smart Grid Infrastructure Index Fund	0.79%	1.01%	1.06%	1.23%	1.26%	0.63%	0.68%	1.26%	1.28%	1.07%	1.07%	1.23%
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 GRID and HWAY in my portfolio?

GRID and HWAY have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GRID or HWAY?

GRID has higher volatility (8.94%) compared to HWAY (4.71%). In terms of maximum drawdown, GRID dropped -40.56% vs HWAY's -25.96%.

Which ETF is better, GRID or HWAY?

On 1-year performance, HWAY leads with 32.92% vs 30.04% for GRID. 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, GRID or HWAY?

Over the 1-year period, HWAY has performed better with a 32.92% return vs 30.04%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GRID or HWAY?

HWAY is cheaper with a 0.29% expense ratio, compared with 0.70% for GRID.

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

HWAY has the higher dividend yield at 1.05%, compared with 0.79% for GRID.

What is the main difference between GRID and HWAY?

GRID tracks Nasdaq Clean Edge Smart Grid Infrastructure Index, while HWAY tracks Solactive United States Infrastructure Index. They also come from different issuers: First Trust and Themes. Their fees differ too: 0.70% for GRID and 0.29% for HWAY.

Which has better risk-adjusted returns?

HWAY currently has the higher Sharpe Ratio (1.45 vs 1.31), 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.