HWAY vs. PAVE

Last updated Jun 24, 2026

HWAY (Themes US Infrastructure ETF) and PAVE (Global X US Infrastructure Development ETF) are both Industrials Equities funds - HWAY tracks the Solactive United States Infrastructure Index while PAVE tracks the INDXX U.S. Infrastructure Development Index. Both are passively managed. Over the past year, HWAY returned 42.65% vs 37.00% for PAVE. With a 0.96 correlation, they move nearly in lockstep. HWAY charges 0.29%/yr vs 0.47%/yr for PAVE.

Performance

HWAY vs. PAVE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Themes US Infrastructure ETF (HWAY) and Global X US Infrastructure Development ETF (PAVE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HWAY achieves a 24.28% return, which is significantly higher than PAVE's 20.97% return.

HWAY

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

PAVE

• 1D: -2.41%
• 1M: 5.22%
• YTD: 20.97%
• 6M: 18.41%
• 1Y: 37.00%
• 3Y*: 25.30%
• 5Y*: 18.34%
• 10Y*: —

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

HWAY vs. PAVE - Yearly Performance Comparison

	2026 (YTD)	2025	2024
HWAY Themes US Infrastructure ETF	24.28%	19.99%	4.42%
PAVE Global X US Infrastructure Development ETF	20.97%	19.36%	7.50%

Correlation

The correlation between HWAY and PAVE is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.97
Correlation (All Time) Calculated using the full available price history since Sep 12, 2024	0.96

The correlation between HWAY and PAVE has been stable across timeframes, ranging from 0.96 to 0.97 - a consistent structural relationship.

HWAY vs. PAVE - Sectors Allocation Comparison

Sectors	HWAY	PAVE
Industrials	79.8%	75.9%
Basic Materials	18.1%	19.5%
Consumer Cyclical	1.2%	-
Technology	0.3%	1.0%
Energy	0.2%	0.2%
Utilities	0.1%	3.1%
Consumer Defensive	0.0%	0.2%
Communication Services	-	-
Financial Services	-	-
Healthcare	-	-
Real Estate	-	-

Return for Risk

HWAY vs. PAVE — 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

PAVE

PAVE Risk / Return Rank: 60
PAVE Sharpe Ratio Rank: 59
PAVE Sortino Ratio Rank: 59
PAVE Omega Ratio Rank: 53
PAVE Calmar Ratio Rank: 65
PAVE Martin Ratio Rank: 65

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. PAVE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Themes US Infrastructure ETF (HWAY) and Global X US Infrastructure Development ETF (PAVE). 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	PAVE	Difference
Sharpe ratio: Return per unit of total volatility	2.11	1.90	+0.22
Sortino ratio: Return per unit of downside risk	2.92	2.66	+0.25
Omega ratio: Gain probability vs. loss probability	1.35	1.32	+0.03
Calmar ratio: Return relative to maximum drawdown	3.39	3.12	+0.27
Martin ratio: Return relative to average drawdown	12.47	11.34	+1.13

HWAY vs. PAVE - Sharpe Ratio Comparison

The current HWAY Sharpe Ratio is 2.11, which is comparable to the PAVE Sharpe Ratio of 1.90. The chart below compares the historical Sharpe Ratios of HWAY and PAVE, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

HWAY vs. PAVE - Drawdown Comparison

The maximum HWAY drawdown since its inception was -25.96%, smaller than the maximum PAVE drawdown of -44.08%. Use the drawdown chart below to compare losses from any high point for HWAY and PAVE.

Drawdown Indicators

	HWAY	PAVE	Difference
Max Drawdown Largest peak-to-trough decline	-25.96%	-44.08%	+18.12%
Max Drawdown (1Y) Largest decline over 1 year	-12.63%	-11.91%	-0.72%
Max Drawdown (3Y) Largest decline over 3 years	—	-26.23%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-26.23%	—
Current Drawdown Current decline from peak	-2.18%	-2.41%	+0.23%
Average Drawdown Average peak-to-trough decline	-5.25%	-6.21%	+0.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.43%	3.27%	+0.16%

Volatility

HWAY vs. PAVE - Volatility Comparison

The current volatility for Themes US Infrastructure ETF (HWAY) is 6.59%, while Global X US Infrastructure Development ETF (PAVE) has a volatility of 7.01%. This indicates that HWAY experiences smaller price fluctuations and is considered to be less risky than PAVE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HWAY	PAVE	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.59%	7.01%	-0.42%
Volatility (6M) Calculated over the trailing 6-month period	16.68%	15.90%	+0.78%
Volatility (1Y) Calculated over the trailing 1-year period	20.30%	19.63%	+0.67%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.46%	21.67%	+0.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.46%	24.40%	-1.94%

HWAY vs. PAVE - Expense Ratio Comparison

HWAY has a 0.29% expense ratio, which is lower than PAVE's 0.47% expense ratio.

Dividends

HWAY vs. PAVE - Dividend Comparison

HWAY's dividend yield for the trailing twelve months is around 1.04%, more than PAVE's 0.76% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
HWAY Themes US Infrastructure ETF	1.04%	1.29%	0.22%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
PAVE Global X US Infrastructure Development ETF	0.76%	0.92%	0.54%	0.68%	0.84%	0.48%	0.44%	0.67%	0.78%	0.30%

Frequently Asked Questions

Can I hold both HWAY and PAVE in my portfolio?

With a correlation of 0.97, HWAY and PAVE move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, HWAY or PAVE?

PAVE has higher volatility (7.01%) compared to HWAY (6.59%). In terms of maximum drawdown, HWAY dropped -25.96% vs PAVE's -44.08%.

Which ETF is better, HWAY or PAVE?

On 1-year performance, HWAY leads with 42.65% vs 37.00% for PAVE. On fees, HWAY is cheaper at 0.29% per year. On volatility, HWAY has been the lower-risk option at 6.59%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HWAY or PAVE?

Over the 1-year period, HWAY has performed better with a 42.65% return vs 37.00%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HWAY or PAVE?

HWAY is cheaper with a 0.29% expense ratio, compared with 0.47% for PAVE.

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

HWAY has the higher dividend yield at 1.04%, compared with 0.76% for PAVE.

What is the main difference between HWAY and PAVE?

HWAY tracks Solactive United States Infrastructure Index, while PAVE tracks INDXX U.S. Infrastructure Development Index. They also come from different issuers: Themes and Global X. Their fees differ too: 0.29% for HWAY and 0.47% for PAVE.

Which has better risk-adjusted returns?

HWAY currently has the higher Sharpe Ratio (2.11 vs 1.90), 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.