HWAY vs. BILT
HWAY (Themes US Infrastructure ETF) and BILT (iShares Infrastructure Active ETF) are both Infrastructure Equities funds. HWAY is passively managed, while BILT is actively managed. Over the past year, HWAY returned 32.92% vs 17.39% for BILT. Their 0.39 correlation means their historical movements had little consistent relationship. HWAY charges 0.29%/yr vs 0.60%/yr for BILT.
Performance
HWAY vs. BILT - Performance Comparison
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Returns By Period
In the year-to-date period, HWAY achieves a 22.94% return, which is significantly higher than BILT's 13.73% return.
HWAY
- 1D
- 0.00%
- 1M
- -0.03%
- 6M
- 12.94%
- YTD
- 22.94%
- 1Y
- 32.92%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 25.86%
BILT
- 1D
- -0.50%
- 1M
- -1.54%
- 6M
- 9.37%
- YTD
- 13.73%
- 1Y
- 17.39%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 18.31%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $2.26M | $1.67M | $1.68M | |
| $22.82K | $23.54K | $29.88K |
HWAY vs. BILT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
HWAY Themes US Infrastructure ETF | 22.94% | 5.47% |
BILT iShares Infrastructure Active ETF | 13.73% | 4.16% |
Correlation
The correlation between HWAY and BILT is 0.40, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.40 |
Correlation (All Time) Calculated using the full available price history since Jul 31, 2025 | 0.39 |
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Return for Risk
HWAY vs. BILT — Risk / Return Rank
HWAY
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
BILT
HWAY vs. BILT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Themes US Infrastructure ETF (HWAY) and iShares Infrastructure Active ETF (BILT). 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.
| HWAY | BILT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.24 | ||
| Sortino ratioReturn per unit of downside risk | -0.27 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 1.30 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | 2.36 | 3.25 | -0.88 |
| Martin ratioReturn relative to average drawdown | 7.98 | 9.73 | -1.75 |
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Drawdowns
HWAY vs. BILT - Drawdown Comparison
The maximum HWAY drawdown since its inception was -25.96%, which is greater than BILT's maximum drawdown of -5.38%. Use the drawdown chart below to compare losses from any high point for HWAY and BILT.
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Drawdown Indicators
| HWAY | BILT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -25.96% | -5.38% | -20.58% |
Max Drawdown (1Y)Largest decline over 1 year | -12.63% | -5.38% | -7.25% |
Current DrawdownCurrent decline from peak | -4.57% | -2.73% | -1.84% |
Average DrawdownAverage peak-to-trough decline | -5.20% | -1.37% | -3.83% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.73% | 1.79% | +1.94% |
Volatility
HWAY vs. BILT - Volatility Comparison
Themes US Infrastructure ETF (HWAY) has a higher volatility of 4.71% compared to iShares Infrastructure Active ETF (BILT) at 2.62%. This indicates that HWAY's price experiences larger fluctuations and is considered to be riskier than BILT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HWAY | BILT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.71% | 2.62% | +2.09% |
Volatility (6M)Calculated over the trailing 6-month period | 16.68% | 8.46% | +8.22% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.52% | 10.32% | +10.20% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.22% | 10.30% | +11.92% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.22% | 10.30% | +11.92% |
HWAY vs. BILT - Expense Ratio Comparison
HWAY has a 0.29% expense ratio, which is lower than BILT's 0.60% expense ratio.
Dividends
HWAY vs. BILT - Dividend Comparison
HWAY has not paid dividends to shareholders, while BILT's dividend yield for the trailing twelve months is around 5.73%.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
BILT iShares Infrastructure Active ETF | 5.73% | 0.99% | 0.00% |
HWAY Themes US Infrastructure ETF | 1.05% | 1.29% | 0.22% |
Frequently Asked Questions
HWAY and BILT have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HWAY has higher volatility (4.71%) compared to BILT (2.62%). In terms of maximum drawdown, HWAY dropped -25.96% vs BILT's -5.38%.
On 1-year performance, HWAY leads with 32.92% vs 17.39% for BILT. On fees, HWAY is cheaper at 0.29% per year. On volatility, BILT has been the lower-risk option at 2.62%. 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 17.39%. 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 0.60% for BILT.
BILT has the higher dividend yield at 5.73%, compared with 1.05% for HWAY.
They also come from different issuers: Themes and iShares. Their fees differ too: 0.29% for HWAY and 0.60% for BILT.
BILT currently has the higher Sharpe Ratio (1.70 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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