HWAY vs. HVAC

Last updated Jun 4, 2026

HWAY (Themes US Infrastructure ETF) and HVAC (AdvisorShares HVAC and Industrials ETF) are both Industrials Equities funds. HWAY is passively managed, while HVAC is actively managed. Over the past year, HWAY returned 42.60% vs 59.65% for HVAC. Their correlation of 0.84 suggests significant overlap in exposure. HWAY charges 0.29%/yr vs 1.00%/yr for HVAC.

Performance

HWAY vs. HVAC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Themes US Infrastructure ETF (HWAY) and AdvisorShares HVAC and Industrials ETF (HVAC). 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 lower than HVAC's 36.48% return.

HWAY

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

HVAC

• 1D: 1.91%
• 1M: 6.24%
• YTD: 36.48%
• 6M: 32.88%
• 1Y: 59.65%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

HWAY vs. HVAC - Yearly Performance Comparison

	2026 (YTD)	2025
HWAY Themes US Infrastructure ETF	22.83%	14.94%
HVAC AdvisorShares HVAC and Industrials ETF	36.48%	24.04%

Correlation

The correlation between HWAY and HVAC is 0.82, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.82
Correlation (All Time) Calculated using the full available price history since Feb 5, 2025	0.84

The correlation between HWAY and HVAC has been stable across timeframes, ranging from 0.82 to 0.84 - a consistent structural relationship.

HWAY vs. HVAC - Sectors Allocation Comparison

Sectors	HWAY	HVAC
Industrials	79.7%	67.0%
Basic Materials	18.2%	-
Consumer Cyclical	1.2%	4.5%
Technology	0.2%	16.9%
Energy	0.2%	-
Utilities	0.1%	7.4%
Consumer Defensive	0.0%	-
Communication Services	-	-
Financial Services	-	-
Healthcare	-	-
Real Estate	-	2.8%

Return for Risk

HWAY vs. HVAC — 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

HVAC

HVAC Risk / Return Rank: 68
HVAC Sharpe Ratio Rank: 66
HVAC Sortino Ratio Rank: 59
HVAC Omega Ratio Rank: 60
HVAC Calmar Ratio Rank: 79
HVAC Martin Ratio Rank: 75

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. HVAC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Themes US Infrastructure ETF (HWAY) and AdvisorShares HVAC and Industrials ETF (HVAC). 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	HVAC	Difference
Sharpe ratio Return per unit of total volatility	2.17	2.19	-0.02
Sortino ratio Return per unit of downside risk	3.03	2.75	+0.28
Omega ratio Gain probability vs. loss probability	1.37	1.36	0.00
Calmar ratio Return relative to maximum drawdown	3.39	4.04	-0.65
Martin ratio Return relative to average drawdown	12.51	14.29	-1.78
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. HVAC - Sharpe Ratio Comparison

The current HWAY Sharpe Ratio is 2.17, which is comparable to the HVAC Sharpe Ratio of 2.19. The chart below compares the historical Sharpe Ratios of HWAY and HVAC, 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	HVAC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.17	2.19	-0.02
Sharpe Ratio (All Time) Calculated using the full available price history	1.25	1.67	-0.42

Drawdowns

HWAY vs. HVAC - Drawdown Comparison

The maximum HWAY drawdown since its inception was -25.96%, which is greater than HVAC's maximum drawdown of -21.22%. Use the drawdown chart below to compare losses from any high point for HWAY and HVAC.

Drawdown Indicators

	HWAY	HVAC	Difference
Max Drawdown Largest peak-to-trough decline	-25.96%	-21.22%	-4.74%
Max Drawdown (1Y) Largest decline over 1 year	-12.63%	-14.83%	+2.20%
Current Drawdown Current decline from peak	-1.26%	-0.60%	-0.66%
Average Drawdown Average peak-to-trough decline	-5.38%	-3.95%	-1.43%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.41%	4.19%	-0.78%

Volatility

HWAY vs. HVAC - Volatility Comparison

The current volatility for Themes US Infrastructure ETF (HWAY) is 7.31%, while AdvisorShares HVAC and Industrials ETF (HVAC) has a volatility of 11.09%. This indicates that HWAY experiences smaller price fluctuations and is considered to be less risky than HVAC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HWAY	HVAC	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.31%	11.09%	-3.78%
Volatility (6M) Calculated over the trailing 6-month period	16.31%	22.96%	-6.65%
Volatility (1Y) Calculated over the trailing 1-year period	19.75%	27.43%	-7.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.42%	29.39%	-6.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.42%	29.39%	-6.97%

HWAY vs. HVAC - Expense Ratio Comparison

HWAY has a 0.29% expense ratio, which is lower than HVAC's 1.00% expense ratio.

Dividends

HWAY vs. HVAC - Dividend Comparison

HWAY's dividend yield for the trailing twelve months is around 1.05%, more than HVAC's 0.14% yield.

Position	TTM	2025	2024
HVAC AdvisorShares HVAC and Industrials ETF	0.14%	0.19%	0.00%
HWAY Themes US Infrastructure ETF	1.05%	1.29%	0.22%

Frequently Asked Questions

Can I hold both HWAY and HVAC in my portfolio?

HWAY and HVAC have a correlation of 0.82, 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 HVAC?

HVAC has higher volatility (11.09%) compared to HWAY (7.31%). In terms of maximum drawdown, HWAY dropped -25.96% vs HVAC's -21.22%.

Which ETF is better, HWAY or HVAC?

On 1-year performance, HVAC leads with 59.65% 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 HVAC?

Over the 1-year period, HVAC has performed better with a 59.65% 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 HVAC?

HWAY is cheaper with a 0.29% expense ratio, compared with 1.00% for HVAC.

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

HWAY has the higher dividend yield at 1.05%, compared with 0.14% for HVAC.

What is the main difference between HWAY and HVAC?

They also come from different issuers: Themes and AdvisorShares. Their fees differ too: 0.29% for HWAY and 1.00% for HVAC.

Which has better risk-adjusted returns?

HVAC currently has the higher Sharpe Ratio (2.19 vs 2.17), 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.