HWAY vs. IVEP

Last updated Jun 24, 2026

HWAY (Themes US Infrastructure ETF) and IVEP (Dan IVES Wedbush AI Power & Infrastructure ETF) are both Industrials Equities funds - HWAY tracks the Solactive United States Infrastructure Index while IVEP tracks the Solactive Wedbush AI Power & Infrastructure Index. Both are passively managed. A 0.68 correlation means they provide meaningful diversification when combined. HWAY charges 0.29%/yr vs 0.75%/yr for IVEP.

Performance

HWAY vs. IVEP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Themes US Infrastructure ETF (HWAY) and Dan IVES Wedbush AI Power & Infrastructure ETF (IVEP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

HWAY

• 1D: -2.18%
• 1M: 5.82%
• YTD: 24.28%
• 6M: 21.92%
• 1Y: 42.65%
• 3Y*: —
• 5Y*: —
• 10Y*: —

IVEP

• 1D: -4.10%
• 1M: -1.11%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

HWAY vs. IVEP - Yearly Performance Comparison

	2026 (YTD)
HWAY Themes US Infrastructure ETF	14.81%
IVEP Dan IVES Wedbush AI Power & Infrastructure ETF	7.06%

Correlation

The correlation between HWAY and IVEP is 0.68, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Apr 8, 2026	0.68

HWAY vs. IVEP - Sectors Allocation Comparison

Sectors	HWAY	IVEP
Industrials	79.8%	43.6%
Basic Materials	18.1%	2.4%
Consumer Cyclical	1.2%	-
Technology	0.3%	7.7%
Energy	0.2%	13.0%
Utilities	0.1%	22.5%
Consumer Defensive	0.0%	-
Communication Services	-	-
Financial Services	-	-
Healthcare	-	-
Real Estate	-	10.9%

Return for Risk

HWAY vs. IVEP — Risk / Return Rank

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

HWAY

HWAY Risk / Return Rank: 71
HWAY Sharpe Ratio Rank: 72
HWAY Sortino Ratio Rank: 71
HWAY Omega Ratio Rank: 64
HWAY Calmar Ratio Rank: 73
HWAY Martin Ratio Rank: 73

IVEP

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

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. IVEP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Themes US Infrastructure ETF (HWAY) and Dan IVES Wedbush AI Power & Infrastructure ETF (IVEP). 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	IVEP	Difference
Sharpe ratio: Return per unit of total volatility	2.11	—	—
Sortino ratio: Return per unit of downside risk	2.92	—	—
Omega ratio: Gain probability vs. loss probability	1.35	—	—
Calmar ratio: Return relative to maximum drawdown	3.39	—	—
Martin ratio: Return relative to average drawdown	12.47	—	—

Drawdowns

HWAY vs. IVEP - Drawdown Comparison

The maximum HWAY drawdown since its inception was -25.96%, which is greater than IVEP's maximum drawdown of -10.90%. Use the drawdown chart below to compare losses from any high point for HWAY and IVEP.

Drawdown Indicators

	HWAY	IVEP	Difference
Max Drawdown Largest peak-to-trough decline	-25.96%	-10.90%	-15.06%
Max Drawdown (1Y) Largest decline over 1 year	-12.63%	—	—
Current Drawdown Current decline from peak	-2.18%	-4.10%	+1.92%
Average Drawdown Average peak-to-trough decline	-5.25%	-2.78%	-2.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.43%	—	—

Volatility

Volatility by Period

	HWAY	IVEP	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.59%	—	—
Volatility (6M) Calculated over the trailing 6-month period	16.68%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	20.30%	29.34%	-9.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.46%	29.34%	-6.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.46%	29.34%	-6.88%

HWAY vs. IVEP - Expense Ratio Comparison

HWAY has a 0.29% expense ratio, which is lower than IVEP's 0.75% expense ratio.

Dividends

HWAY vs. IVEP - Dividend Comparison

HWAY's dividend yield for the trailing twelve months is around 1.04%, while IVEP has not paid dividends to shareholders.

Position	TTM	2025	2024
HWAY Themes US Infrastructure ETF	1.04%	1.29%	0.22%
IVEP Dan IVES Wedbush AI Power & Infrastructure ETF	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both HWAY and IVEP in my portfolio?

HWAY and IVEP have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, HWAY or IVEP?

On fees, HWAY is cheaper at 0.29% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, HWAY or IVEP?

HWAY is cheaper with a 0.29% expense ratio, compared with 0.75% for IVEP.

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

HWAY has the higher dividend yield at 1.04%, compared with 0.00% for IVEP.

What is the main difference between HWAY and IVEP?

HWAY tracks Solactive United States Infrastructure Index, while IVEP tracks Solactive Wedbush AI Power & Infrastructure Index. They also come from different issuers: Themes and Wedbush. Their fees differ too: 0.29% for HWAY and 0.75% for IVEP.