HWAY vs. IYJ

Last updated Jun 4, 2026

HWAY (Themes US Infrastructure ETF) and IYJ (iShares U.S. Industrials ETF) are both Industrials Equities funds - HWAY tracks the Solactive United States Infrastructure Index while IYJ tracks the Dow Jones U.S. Industrials Index. Both are passively managed. Over the past year, HWAY returned 42.60% vs 12.86% for IYJ. Their correlation of 0.88 suggests significant overlap in exposure. HWAY charges 0.29%/yr vs 0.38%/yr for IYJ.

Performance

HWAY vs. IYJ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Themes US Infrastructure ETF (HWAY) and iShares U.S. Industrials ETF (IYJ). 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 higher than IYJ's 5.81% return.

HWAY

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

IYJ

• 1D: -0.62%
• 1M: 0.44%
• YTD: 5.81%
• 6M: 7.55%
• 1Y: 12.86%
• 3Y*: 16.95%
• 5Y*: 7.87%
• 10Y*: 12.31%

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

HWAY vs. IYJ - Yearly Performance Comparison

	2026 (YTD)	2025	2024
HWAY Themes US Infrastructure ETF	22.83%	19.99%	3.39%
IYJ iShares U.S. Industrials ETF	5.81%	11.94%	4.32%

Correlation

The correlation between HWAY and IYJ is 0.87, 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	0.87
Correlation (All Time) Calculated using the full available price history since Sep 13, 2024	0.88

The correlation between HWAY and IYJ has been stable across timeframes, ranging from 0.87 to 0.88 - a consistent structural relationship.

HWAY vs. IYJ - Sectors Allocation Comparison

Sectors	HWAY	IYJ
Industrials	79.7%	66.6%
Basic Materials	18.2%	4.0%
Consumer Cyclical	1.2%	1.7%
Technology	0.2%	6.6%
Energy	0.2%	-
Utilities	0.1%	3.6%
Consumer Defensive	0.0%	-
Communication Services	-	-
Financial Services	-	17.0%
Healthcare	-	0.4%
Real Estate	-	-

Return for Risk

HWAY vs. IYJ — 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

IYJ

IYJ Risk / Return Rank: 25
IYJ Sharpe Ratio Rank: 24
IYJ Sortino Ratio Rank: 24
IYJ Omega Ratio Rank: 22
IYJ Calmar Ratio Rank: 24
IYJ Martin Ratio Rank: 28

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. IYJ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Themes US Infrastructure ETF (HWAY) and iShares U.S. Industrials ETF (IYJ). 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	IYJ	Difference
Sharpe ratio Return per unit of total volatility	2.17	0.86	+1.31
Sortino ratio Return per unit of downside risk	3.03	1.32	+1.71
Omega ratio Gain probability vs. loss probability	1.37	1.15	+0.21
Calmar ratio Return relative to maximum drawdown	3.39	1.13	+2.26
Martin ratio Return relative to average drawdown	12.51	4.10	+8.41
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. IYJ - Sharpe Ratio Comparison

The current HWAY Sharpe Ratio is 2.17, which is higher than the IYJ Sharpe Ratio of 0.86. The chart below compares the historical Sharpe Ratios of HWAY and IYJ, 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	IYJ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.17	0.86	+1.31
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.44	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.62	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.25	0.37	+0.88

Drawdowns

HWAY vs. IYJ - Drawdown Comparison

The maximum HWAY drawdown since its inception was -25.96%, smaller than the maximum IYJ drawdown of -61.97%. Use the drawdown chart below to compare losses from any high point for HWAY and IYJ.

Drawdown Indicators

	HWAY	IYJ	Difference
Max Drawdown Largest peak-to-trough decline	-25.96%	-61.97%	+36.01%
Max Drawdown (1Y) Largest decline over 1 year	-12.63%	-11.39%	-1.24%
Max Drawdown (3Y) Largest decline over 3 years	—	-19.67%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-26.24%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-40.20%	—
Current Drawdown Current decline from peak	-1.26%	-3.24%	+1.98%
Average Drawdown Average peak-to-trough decline	-5.38%	-11.21%	+5.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.41%	3.14%	+0.27%

Volatility

HWAY vs. IYJ - Volatility Comparison

Themes US Infrastructure ETF (HWAY) has a higher volatility of 7.31% compared to iShares U.S. Industrials ETF (IYJ) at 4.05%. This indicates that HWAY's price experiences larger fluctuations and is considered to be riskier than IYJ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HWAY	IYJ	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.31%	4.05%	+3.26%
Volatility (6M) Calculated over the trailing 6-month period	16.31%	11.88%	+4.43%
Volatility (1Y) Calculated over the trailing 1-year period	19.75%	15.05%	+4.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.42%	18.04%	+4.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.42%	19.87%	+2.55%

HWAY vs. IYJ - Expense Ratio Comparison

HWAY has a 0.29% expense ratio, which is lower than IYJ's 0.38% expense ratio.

Dividends

HWAY vs. IYJ - Dividend Comparison

HWAY's dividend yield for the trailing twelve months is around 1.05%, more than IYJ's 0.78% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HWAY Themes US Infrastructure ETF	1.05%	1.29%	0.22%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
IYJ iShares U.S. Industrials ETF	0.78%	0.83%	0.88%	1.05%	1.05%	0.76%	1.01%	1.32%	1.43%	1.29%	1.38%	1.53%

Frequently Asked Questions

Can I hold both HWAY and IYJ in my portfolio?

HWAY and IYJ have a correlation of 0.87, 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 IYJ?

HWAY has higher volatility (7.31%) compared to IYJ (4.05%). In terms of maximum drawdown, HWAY dropped -25.96% vs IYJ's -61.97%.

Which ETF is better, HWAY or IYJ?

On 1-year performance, HWAY leads with 42.60% vs 12.86% for IYJ. On fees, HWAY is cheaper at 0.29% per year. On volatility, IYJ has been the lower-risk option at 4.05%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HWAY or IYJ?

Over the 1-year period, HWAY has performed better with a 42.60% return vs 12.86%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HWAY or IYJ?

HWAY is cheaper with a 0.29% expense ratio, compared with 0.38% for IYJ.

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

HWAY has the higher dividend yield at 1.05%, compared with 0.78% for IYJ.

What is the main difference between HWAY and IYJ?

HWAY tracks Solactive United States Infrastructure Index, while IYJ tracks Dow Jones U.S. Industrials Index. They also come from different issuers: Themes and iShares. Their fees differ too: 0.29% for HWAY and 0.38% for IYJ.

Which has better risk-adjusted returns?

HWAY currently has the higher Sharpe Ratio (2.17 vs 0.86), 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.