HWAY vs. RIFR

Last updated Aug 4, 2026

HWAY (Themes US Infrastructure ETF) and RIFR (Russell Investments Global Infrastructure ETF) are both Infrastructure Equities funds. HWAY is passively managed, while RIFR is actively managed. Over the past year, HWAY returned 32.92% vs 14.39% for RIFR. Their 0.42 correlation means their historical movements had little consistent relationship. HWAY charges 0.29%/yr vs 0.59%/yr for RIFR.

Performance

HWAY vs. RIFR - Performance Comparison

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

Returns By Period

In the year-to-date period, HWAY achieves a 22.94% return, which is significantly higher than RIFR's 11.66% return.

HWAY

• 1D: 0.00%
• 1M: -0.03%
• 6M: 12.94%
• YTD: 22.94%
• 1Y: 32.92%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 25.86%

RIFR

• 1D: -0.29%
• 1M: -0.12%
• 6M: 8.51%
• YTD: 11.66%
• 1Y: 14.39%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 15.90%

*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
RIFR Russell Investments Global Infrastructure ETF	$128.49K	$119.38K	$145.75K

HWAY vs. RIFR - Yearly Performance Comparison

	2026 (YTD)	2025
HWAY Themes US Infrastructure ETF	22.94%	16.24%
RIFR Russell Investments Global Infrastructure ETF	11.66%	7.25%

Correlation

The correlation between HWAY and RIFR is 0.43, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.43
Correlation (All Time) Calculated using the full available price history since May 14, 2025	0.42

Return for Risk

HWAY vs. RIFR — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

HWAY

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

RIFR

RIFR Risk / Return Rank: 50
RIFR Sharpe Ratio Rank: 50
RIFR Sortino Ratio Rank: 49
RIFR Omega Ratio Rank: 47
RIFR Calmar Ratio Rank: 55
RIFR Martin Ratio Rank: 51

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

HWAY vs. RIFR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Themes US Infrastructure ETF (HWAY) and Russell Investments Global Infrastructure ETF (RIFR). 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	RIFR	Difference
Sharpe ratio: Return per unit of total volatility	1.45	1.34	+0.11
Sortino ratio: Return per unit of downside risk	2.11	1.90	+0.21
Omega ratio: Gain probability vs. loss probability	1.25	1.24	+0.01
Calmar ratio: Return relative to maximum drawdown	2.36	2.12	+0.24
Martin ratio: Return relative to average drawdown	7.98	6.44	+1.54

HWAY vs. RIFR - Sharpe Ratio Comparison

The current HWAY Sharpe Ratio is 1.45, which is comparable to the RIFR Sharpe Ratio of 1.34. The chart below compares the historical Sharpe Ratios of HWAY and RIFR, 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. RIFR - Drawdown Comparison

The maximum HWAY drawdown since its inception was -25.96%, which is greater than RIFR's maximum drawdown of -6.80%. Use the drawdown chart below to compare losses from any high point for HWAY and RIFR.

Drawdown Indicators

	HWAY	RIFR	Difference
Max Drawdown Largest peak-to-trough decline	-25.96%	-6.80%	-19.16%
Max Drawdown (1Y) Largest decline over 1 year	-12.63%	-6.80%	-5.83%
Current Drawdown Current decline from peak	-4.57%	-1.50%	-3.07%
Average Drawdown Average peak-to-trough decline	-5.20%	-1.62%	-3.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.73%	2.24%	+1.49%

Volatility

HWAY vs. RIFR - Volatility Comparison

Themes US Infrastructure ETF (HWAY) has a higher volatility of 4.71% compared to Russell Investments Global Infrastructure ETF (RIFR) at 2.53%. This indicates that HWAY's price experiences larger fluctuations and is considered to be riskier than RIFR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HWAY	RIFR	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.71%	2.53%	+2.18%
Volatility (6M) Calculated over the trailing 6-month period	16.68%	8.92%	+7.76%
Volatility (1Y) Calculated over the trailing 1-year period	20.52%	10.82%	+9.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.22%	10.68%	+11.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.22%	10.68%	+11.54%

HWAY vs. RIFR - Expense Ratio Comparison

HWAY has a 0.29% expense ratio, which is lower than RIFR's 0.59% expense ratio.

Dividends

HWAY vs. RIFR - Dividend Comparison

HWAY has not paid dividends to shareholders, while RIFR's dividend yield for the trailing twelve months is around 0.87%.

Position	TTM	2025	2024
HWAY Themes US Infrastructure ETF	1.05%	1.29%	0.22%
RIFR Russell Investments Global Infrastructure ETF	0.87%	0.98%	0.00%

Frequently Asked Questions

Can I hold both HWAY and RIFR in my portfolio?

HWAY and RIFR have a correlation of 0.43, 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 RIFR?

HWAY has higher volatility (4.71%) compared to RIFR (2.53%). In terms of maximum drawdown, HWAY dropped -25.96% vs RIFR's -6.80%.

Which ETF is better, HWAY or RIFR?

On 1-year performance, HWAY leads with 32.92% vs 14.39% for RIFR. On fees, HWAY is cheaper at 0.29% per year. On volatility, RIFR has been the lower-risk option at 2.53%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HWAY or RIFR?

Over the 1-year period, HWAY has performed better with a 32.92% return vs 14.39%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HWAY or RIFR?

HWAY is cheaper with a 0.29% expense ratio, compared with 0.59% for RIFR.

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

HWAY has the higher dividend yield at 1.05%, compared with 0.87% for RIFR.

What is the main difference between HWAY and RIFR?

They also come from different issuers: Themes and Russell. Their fees differ too: 0.29% for HWAY and 0.59% for RIFR.

Which has better risk-adjusted returns?

HWAY currently has the higher Sharpe Ratio (1.45 vs 1.34), 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.