HWAY vs. IVEP

Last updated Aug 4, 2026

HWAY (Themes US Infrastructure ETF) and IVEP (Dan IVES Wedbush AI Power & Infrastructure ETF) are both exchange-traded funds - HWAY is a Infrastructure Equities fund tracking the Solactive United States Infrastructure Index, while IVEP is a Industrials Equities fund tracking the Solactive Wedbush AI Power & Infrastructure Index. Both are passively managed. Their 0.64 correlation means they have sometimes moved together and sometimes differently. 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: 0.00%
• 1M: -0.03%
• 6M: 12.94%
• YTD: 22.94%
• 1Y: 32.92%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 25.86%

IVEP

• 1D: 2.37%
• 1M: -1.20%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

*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)
HWAY Themes US Infrastructure ETF	$22.82K	$23.54K	$29.88K
IVEP Dan IVES Wedbush AI Power & Infrastructure ETF	$584.23K	$598.82K	$857.59K

HWAY vs. IVEP - Yearly Performance Comparison

	2026 (YTD)
HWAY Themes US Infrastructure ETF	13.57%
IVEP Dan IVES Wedbush AI Power & Infrastructure ETF	0.73%

Correlation

The correlation between HWAY and IVEP is 0.64, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (All Time) Calculated using the full available price history since Apr 8, 2026	0.64

HWAY vs. IVEP - Sectors Allocation Comparison

Sectors	HWAY	IVEP
Industrials	77.9%	45.4%
Basic Materials	20.9%	2.2%
Consumer Cyclical	0.5%	-
Energy	0.2%	12.5%
Utilities	0.1%	22.3%
Consumer Defensive	0.0%	-
Technology	0.0%	7.6%
Communication Services	-	-
Financial Services	-	-
Healthcare	-	-
Real Estate	-	10.1%

Return for Risk

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	1.45	—	—
Sortino ratio: Return per unit of downside risk	2.11	—	—
Omega ratio: Gain probability vs. loss probability	1.25	—	—
Calmar ratio: Return relative to maximum drawdown	2.36	—	—
Martin ratio: Return relative to average drawdown	7.98	—	—

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 -17.54%. 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%	-17.54%	-8.42%
Max Drawdown (1Y) Largest decline over 1 year	-12.63%	—	—
Current Drawdown Current decline from peak	-4.57%	-9.78%	+5.21%
Average Drawdown Average peak-to-trough decline	-5.20%	-5.07%	-0.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.73%	—	—

Volatility

Volatility by Period

	HWAY	IVEP	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.71%	—	—
Volatility (6M) Calculated over the trailing 6-month period	16.68%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	20.52%	31.49%	-10.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.22%	31.49%	-9.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.22%	31.49%	-9.27%

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

Neither HWAY nor IVEP has paid dividends to shareholders.

Position	TTM	2025	2024
HWAY Themes US Infrastructure ETF	1.05%	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 0.64, 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 1.05%, compared with 0.00% for IVEP.

What is the main difference between HWAY and IVEP?

HWAY is categorized as Infrastructure Equities, while IVEP is Industrials Equities. 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.