HWAY vs. MLPB
HWAY (Themes US Infrastructure ETF) and MLPB (ETRACS Alerian MLP Infrastructure Index ETN Series B) are both Infrastructure Equities funds - HWAY tracks the Solactive United States Infrastructure Index while MLPB tracks the Alerian MLP Infrastructure Index. Both are passively managed. Over the past year, HWAY returned 32.92% vs 25.73% for MLPB. Their 0.25 correlation means their historical movements had little consistent relationship. HWAY charges 0.29%/yr vs 0.85%/yr for MLPB.
Performance
HWAY vs. MLPB - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, HWAY achieves a 22.94% return, which is significantly lower than MLPB's 26.71% return.
HWAY
- 1D
- 0.00%
- 1M
- -0.03%
- 6M
- 12.94%
- YTD
- 22.94%
- 1Y
- 32.92%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 25.86%
MLPB
- 1D
- 0.07%
- 1M
- 7.25%
- 6M
- 18.96%
- YTD
- 26.71%
- 1Y
- 25.73%
- 3Y*
- 22.35%
- 5Y*
- 23.19%
- 10Y*
- 8.90%
- ALL TIME*
- 7.53%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $22.82K | $23.54K | $29.88K | |
| $105.22K | $111.18K | $133.63K |
HWAY vs. MLPB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
HWAY Themes US Infrastructure ETF | 22.94% | 19.99% | 4.42% |
MLPB ETRACS Alerian MLP Infrastructure Index ETN Series B | 26.71% | 7.40% | 6.55% |
Correlation
The correlation between HWAY and MLPB is 0.04, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.04 |
Correlation (All Time) Calculated using the full available price history since Sep 12, 2024 | 0.25 |
Over the past year, the correlation between HWAY and MLPB has dropped to 0.04 - well below their long-term average of 0.25, suggesting their price drivers have been diverging.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
HWAY vs. MLPB — Risk / Return Rank
HWAY
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
MLPB
HWAY vs. MLPB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Themes US Infrastructure ETF (HWAY) and ETRACS Alerian MLP Infrastructure Index ETN Series B (MLPB). 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 | MLPB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.39 | ||
| Sortino ratioReturn per unit of downside risk | -0.46 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 1.31 | -0.07 |
| Calmar ratioReturn relative to maximum drawdown | 2.36 | 2.79 | -0.43 |
| Martin ratioReturn relative to average drawdown | 7.98 | 7.44 | +0.54 |
Loading charts...
Drawdowns
HWAY vs. MLPB - Drawdown Comparison
The maximum HWAY drawdown since its inception was -25.96%, smaller than the maximum MLPB drawdown of -71.93%. Use the drawdown chart below to compare losses from any high point for HWAY and MLPB.
Loading charts...
Drawdown Indicators
| HWAY | MLPB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -25.96% | -71.93% | +45.97% |
Max Drawdown (1Y)Largest decline over 1 year | -12.63% | -9.28% | -3.35% |
Max Drawdown (3Y)Largest decline over 3 years | — | -16.49% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -20.41% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -71.93% | — |
Current DrawdownCurrent decline from peak | -4.57% | 0.00% | -4.57% |
Average DrawdownAverage peak-to-trough decline | -5.20% | -14.66% | +9.46% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.73% | 3.47% | +0.26% |
Volatility
HWAY vs. MLPB - Volatility Comparison
Themes US Infrastructure ETF (HWAY) and ETRACS Alerian MLP Infrastructure Index ETN Series B (MLPB) have volatilities of 4.71% and 4.61%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| HWAY | MLPB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.71% | 4.61% | +0.10% |
Volatility (6M)Calculated over the trailing 6-month period | 16.68% | 11.09% | +5.59% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.52% | 14.08% | +6.44% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.22% | 19.61% | +2.61% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.22% | 27.21% | -4.99% |
HWAY vs. MLPB - Expense Ratio Comparison
HWAY has a 0.29% expense ratio, which is lower than MLPB's 0.85% expense ratio.
Dividends
HWAY vs. MLPB - Dividend Comparison
HWAY has not paid dividends to shareholders, while MLPB's dividend yield for the trailing twelve months is around 5.69%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
MLPB ETRACS Alerian MLP Infrastructure Index ETN Series B | 5.69% | 6.51% | 5.95% | 6.37% | 6.00% | 6.98% | 11.93% | 7.98% | 8.11% | 7.23% | 6.85% |
Frequently Asked Questions
HWAY and MLPB have a correlation of 0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HWAY has higher volatility (4.71%) compared to MLPB (4.61%). In terms of maximum drawdown, HWAY dropped -25.96% vs MLPB's -71.93%.
On 1-year performance, HWAY leads with 32.92% vs 25.73% for MLPB. On fees, HWAY is cheaper at 0.29% per year. On volatility, MLPB has been the lower-risk option at 4.61%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, HWAY has performed better with a 32.92% return vs 25.73%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
HWAY is cheaper with a 0.29% expense ratio, compared with 0.85% for MLPB.
MLPB has the higher dividend yield at 5.69%, compared with 1.05% for HWAY.
HWAY tracks Solactive United States Infrastructure Index, while MLPB tracks Alerian MLP Infrastructure Index. They also come from different issuers: Themes and UBS. Their fees differ too: 0.29% for HWAY and 0.85% for MLPB.
MLPB currently has the higher Sharpe Ratio (1.84 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.
Find the right allocation for HWAY and MLPB
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer