HWAY vs. AUMI

Last updated Jun 4, 2026

HWAY (Themes US Infrastructure ETF) and AUMI (Themes Gold Miners ETF) are both exchange-traded funds - HWAY is a Industrials Equities fund tracking the Solactive United States Infrastructure Index, while AUMI is a Gold fund tracking the Solactive Global Pure Gold Miners Index. Both are passively managed. Over the past year, HWAY returned 42.60% vs 48.97% for AUMI. At a 0.18 correlation, their price movements are largely independent. HWAY charges 0.29%/yr vs 0.35%/yr for AUMI.

Performance

HWAY vs. AUMI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Themes US Infrastructure ETF (HWAY) and Themes Gold Miners ETF (AUMI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HWAY achieves a 22.83% return, which is significantly higher than AUMI's -5.96% return.

HWAY

• 1D: 0.93%
• 1M: 3.11%
• YTD: 22.83%
• 6M: 21.62%
• 1Y: 42.60%
• 3Y*: —
• 5Y*: —
• 10Y*: —

AUMI

• 1D: -2.93%
• 1M: -3.79%
• YTD: -5.96%
• 6M: -0.21%
• 1Y: 48.97%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

HWAY vs. AUMI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
HWAY Themes US Infrastructure ETF	22.83%	19.99%	3.39%
AUMI Themes Gold Miners ETF	-5.96%	164.18%	-1.99%

Correlation

The correlation between HWAY and AUMI is 0.30, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.30
Correlation (All Time) Calculated using the full available price history since Sep 13, 2024	0.18

The correlation between HWAY and AUMI shifts across timeframes, from 0.18 (all time) to 0.30 (1 year), reflecting how their relationship changes across market environments.

HWAY vs. AUMI - Sectors Allocation Comparison

Sectors	HWAY	AUMI
Industrials	79.7%	-
Basic Materials	18.2%	99.5%
Consumer Cyclical	1.2%	-
Technology	0.2%	-
Energy	0.2%	-
Utilities	0.1%	-
Consumer Defensive	0.0%	-
Communication Services	-	0.2%
Financial Services	-	-
Healthcare	-	-
Real Estate	-	-

Return for Risk

HWAY vs. AUMI — Risk / Return Rank

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

HWAY

HWAY Risk / Return Rank: 66
HWAY Sharpe Ratio Rank: 67
HWAY Sortino Ratio Rank: 67
HWAY Omega Ratio Rank: 61
HWAY Calmar Ratio Rank: 69
HWAY Martin Ratio Rank: 69

AUMI

AUMI Risk / Return Rank: 28
AUMI Sharpe Ratio Rank: 28
AUMI Sortino Ratio Rank: 27
AUMI Omega Ratio Rank: 29
AUMI Calmar Ratio Rank: 31
AUMI Martin Ratio Rank: 28

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.

HWAY vs. AUMI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Themes US Infrastructure ETF (HWAY) and Themes Gold Miners ETF (AUMI). 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.

	HWAY	AUMI	Difference
Sharpe ratio Return per unit of total volatility	2.17	1.03	+1.15
Sortino ratio Return per unit of downside risk	3.03	1.48	+1.55
Omega ratio Gain probability vs. loss probability	1.37	1.20	+0.16
Calmar ratio Return relative to maximum drawdown	3.39	1.54	+1.85
Martin ratio Return relative to average drawdown	12.51	3.94	+8.57
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HWAY vs. AUMI - Sharpe Ratio Comparison

The current HWAY Sharpe Ratio is 2.17, which is higher than the AUMI Sharpe Ratio of 1.03. The chart below compares the historical Sharpe Ratios of HWAY and AUMI, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	HWAY	AUMI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.17	1.03	+1.15
Sharpe Ratio (All Time) Calculated using the full available price history	1.25	1.55	-0.30

Drawdowns

HWAY vs. AUMI - Drawdown Comparison

The maximum HWAY drawdown since its inception was -25.96%, smaller than the maximum AUMI drawdown of -31.88%. Use the drawdown chart below to compare losses from any high point for HWAY and AUMI.

Drawdown Indicators

	HWAY	AUMI	Difference
Max Drawdown Largest peak-to-trough decline	-25.96%	-31.88%	+5.92%
Max Drawdown (1Y) Largest decline over 1 year	-12.63%	-31.88%	+19.25%
Current Drawdown Current decline from peak	-1.26%	-29.25%	+27.99%
Average Drawdown Average peak-to-trough decline	-5.38%	-7.06%	+1.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.41%	12.46%	-9.05%

Volatility

HWAY vs. AUMI - Volatility Comparison

The current volatility for Themes US Infrastructure ETF (HWAY) is 7.31%, while Themes Gold Miners ETF (AUMI) has a volatility of 14.46%. This indicates that HWAY experiences smaller price fluctuations and is considered to be less risky than AUMI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HWAY	AUMI	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.31%	14.46%	-7.15%
Volatility (6M) Calculated over the trailing 6-month period	16.31%	38.54%	-22.23%
Volatility (1Y) Calculated over the trailing 1-year period	19.75%	47.95%	-28.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.42%	41.57%	-19.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.42%	41.57%	-19.15%

HWAY vs. AUMI - Expense Ratio Comparison

HWAY has a 0.29% expense ratio, which is lower than AUMI's 0.35% expense ratio.

Dividends

HWAY vs. AUMI - Dividend Comparison

HWAY's dividend yield for the trailing twelve months is around 1.05%, more than AUMI's 0.92% yield.

Position	TTM	2025	2024
AUMI Themes Gold Miners ETF	0.92%	0.86%	1.84%
HWAY Themes US Infrastructure ETF	1.05%	1.29%	0.22%

Frequently Asked Questions

Can I hold both HWAY and AUMI in my portfolio?

HWAY and AUMI have a correlation of 0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HWAY or AUMI?

AUMI has higher volatility (14.46%) compared to HWAY (7.31%). In terms of maximum drawdown, HWAY dropped -25.96% vs AUMI's -31.88%.

Which ETF is better, HWAY or AUMI?

On 1-year performance, AUMI leads with 48.97% vs 42.60% for HWAY. On fees, HWAY is cheaper at 0.29% per year. On volatility, HWAY has been the lower-risk option at 7.31%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HWAY or AUMI?

Over the 1-year period, AUMI has performed better with a 48.97% return vs 42.60%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HWAY or AUMI?

HWAY is cheaper with a 0.29% expense ratio, compared with 0.35% for AUMI.

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

HWAY has the higher dividend yield at 1.05%, compared with 0.92% for AUMI.

What is the main difference between HWAY and AUMI?

HWAY is categorized as Industrials Equities, while AUMI is Gold. HWAY tracks Solactive United States Infrastructure Index, while AUMI tracks Solactive Global Pure Gold Miners Index. Their fees differ too: 0.29% for HWAY and 0.35% for AUMI.

Which has better risk-adjusted returns?

HWAY currently has the higher Sharpe Ratio (2.17 vs 1.03), 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.