HWAY vs. BKGI

Last updated Aug 4, 2026

HWAY (Themes US Infrastructure ETF) and BKGI (Bny Mellon Global Infrastructure Income ETF) are both Infrastructure Equities funds. HWAY is passively managed, while BKGI is actively managed. Over the past year, HWAY returned 32.92% vs 19.81% for BKGI. Their 0.37 correlation means their historical movements had little consistent relationship. HWAY charges 0.29%/yr vs 0.65%/yr for BKGI.

Performance

HWAY vs. BKGI - Performance Comparison

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

Returns By Period

In the year-to-date period, HWAY achieves a 22.94% return, which is significantly higher than BKGI's 13.98% return.

HWAY

• 1D: 0.00%
• 1M: -0.03%
• 6M: 12.94%
• YTD: 22.94%
• 1Y: 32.92%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 25.86%

BKGI

• 1D: -0.22%
• 1M: 1.32%
• 6M: 9.50%
• YTD: 13.98%
• 1Y: 19.81%
• 3Y*: 22.16%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 21.85%

*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)
BKGI Bny Mellon Global Infrastructure Income ETF	$18.35M	$14.92M	$11.64M
HWAY Themes US Infrastructure ETF	$22.82K	$23.54K	$29.88K

HWAY vs. BKGI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
HWAY Themes US Infrastructure ETF	22.94%	19.99%	4.42%
BKGI Bny Mellon Global Infrastructure Income ETF	13.98%	37.53%	-2.02%

Correlation

The correlation between HWAY and BKGI is 0.38, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.38
Correlation (All Time) Calculated using the full available price history since Sep 12, 2024	0.37

HWAY vs. BKGI - Sectors Allocation Comparison

Sectors	HWAY	BKGI
Industrials	77.9%	11.5%
Basic Materials	20.9%	-
Consumer Cyclical	0.5%	-
Energy	0.2%	21.1%
Utilities	0.1%	46.0%
Consumer Defensive	0.0%	-
Technology	0.0%	-
Communication Services	-	2.5%
Financial Services	-	-
Healthcare	-	-
Real Estate	-	19.0%

Return for Risk

HWAY vs. BKGI — Risk / Return Rank

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

HWAY

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

BKGI

BKGI Risk / Return Rank: 75
BKGI Sharpe Ratio Rank: 73
BKGI Sortino Ratio Rank: 72
BKGI Omega Ratio Rank: 72
BKGI Calmar Ratio Rank: 84
BKGI Martin Ratio Rank: 75

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.

HWAY vs. BKGI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Themes US Infrastructure ETF (HWAY) and Bny Mellon Global Infrastructure Income ETF (BKGI). 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	BKGI	Difference
Sharpe ratio: Return per unit of total volatility	1.45	1.72	-0.27
Sortino ratio: Return per unit of downside risk	2.11	2.41	-0.30
Omega ratio: Gain probability vs. loss probability	1.25	1.31	-0.06
Calmar ratio: Return relative to maximum drawdown	2.36	3.23	-0.87
Martin ratio: Return relative to average drawdown	7.98	9.62	-1.64

HWAY vs. BKGI - Sharpe Ratio Comparison

The current HWAY Sharpe Ratio is 1.45, which is comparable to the BKGI Sharpe Ratio of 1.72. The chart below compares the historical Sharpe Ratios of HWAY and BKGI, 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

HWAY vs. BKGI - Drawdown Comparison

The maximum HWAY drawdown since its inception was -25.96%, which is greater than BKGI's maximum drawdown of -14.79%. Use the drawdown chart below to compare losses from any high point for HWAY and BKGI.

Drawdown Indicators

	HWAY	BKGI	Difference
Max Drawdown Largest peak-to-trough decline	-25.96%	-14.79%	-11.17%
Max Drawdown (1Y) Largest decline over 1 year	-12.63%	-6.16%	-6.47%
Max Drawdown (3Y) Largest decline over 3 years	—	-11.37%	—
Current Drawdown Current decline from peak	-4.57%	-2.00%	-2.57%
Average Drawdown Average peak-to-trough decline	-5.20%	-2.54%	-2.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.73%	2.06%	+1.67%

Volatility

HWAY vs. BKGI - Volatility Comparison

Themes US Infrastructure ETF (HWAY) has a higher volatility of 4.71% compared to Bny Mellon Global Infrastructure Income ETF (BKGI) at 2.77%. This indicates that HWAY's price experiences larger fluctuations and is considered to be riskier than BKGI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HWAY	BKGI	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.71%	2.77%	+1.94%
Volatility (6M) Calculated over the trailing 6-month period	16.68%	9.54%	+7.14%
Volatility (1Y) Calculated over the trailing 1-year period	20.52%	11.60%	+8.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.22%	13.94%	+8.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.22%	13.94%	+8.28%

HWAY vs. BKGI - Expense Ratio Comparison

HWAY has a 0.29% expense ratio, which is lower than BKGI's 0.65% expense ratio.

Dividends

HWAY vs. BKGI - Dividend Comparison

HWAY has not paid dividends to shareholders, while BKGI's dividend yield for the trailing twelve months is around 2.90%.

Position	TTM	2025	2024	2023	2022
BKGI Bny Mellon Global Infrastructure Income ETF	2.90%	2.65%	4.55%	4.55%	0.53%
HWAY Themes US Infrastructure ETF	1.05%	1.29%	0.22%	0.00%	0.00%

Frequently Asked Questions

Can I hold both HWAY and BKGI in my portfolio?

HWAY and BKGI have a correlation of 0.38, 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 BKGI?

HWAY has higher volatility (4.71%) compared to BKGI (2.77%). In terms of maximum drawdown, HWAY dropped -25.96% vs BKGI's -14.79%.

Which ETF is better, HWAY or BKGI?

On 1-year performance, HWAY leads with 32.92% vs 19.81% for BKGI. On fees, HWAY is cheaper at 0.29% per year. On volatility, BKGI has been the lower-risk option at 2.77%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HWAY or BKGI?

Over the 1-year period, HWAY has performed better with a 32.92% return vs 19.81%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HWAY or BKGI?

HWAY is cheaper with a 0.29% expense ratio, compared with 0.65% for BKGI.

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

BKGI has the higher dividend yield at 2.90%, compared with 1.05% for HWAY.

What is the main difference between HWAY and BKGI?

They also come from different issuers: Themes and BNY Mellon. Their fees differ too: 0.29% for HWAY and 0.65% for BKGI.

Which has better risk-adjusted returns?

BKGI currently has the higher Sharpe Ratio (1.72 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.