HWAY vs. SUPL

Last updated Jul 17, 2026

HWAY (Themes US Infrastructure ETF) and SUPL (ProShares Supply Chain Logistics ETF) are both Industrials Equities funds - HWAY tracks the Solactive United States Infrastructure Index while SUPL tracks the FactSet Supply Chain Logistics Index - Benchmark TR Net. Both are passively managed. Over the past year, HWAY returned 32.87% vs 30.20% for SUPL. A 0.74 correlation means they provide meaningful diversification when combined. HWAY charges 0.29%/yr vs 0.58%/yr for SUPL.

Performance

HWAY vs. SUPL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Themes US Infrastructure ETF (HWAY) and ProShares Supply Chain Logistics ETF (SUPL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with HWAY having a 21.76% return and SUPL slightly higher at 22.63%.

HWAY

• 1D: 0.41%
• 1M: -2.99%
• 6M: 13.07%
• YTD: 21.76%
• 1Y: 32.87%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SUPL

• 1D: 2.34%
• 1M: 3.44%
• 6M: 17.17%
• YTD: 22.63%
• 1Y: 30.20%
• 3Y*: 10.66%
• 5Y*: —
• 10Y*: —

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

HWAY vs. SUPL - Yearly Performance Comparison

	2026 (YTD)	2025	2024
HWAY Themes US Infrastructure ETF	21.76%	19.99%	4.42%
SUPL ProShares Supply Chain Logistics ETF	22.63%	9.25%	-2.42%

Correlation

The correlation between HWAY and SUPL is 0.68, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.68
Correlation (All Time) Calculated using the full available price history since Sep 12, 2024	0.74

The correlation between HWAY and SUPL has been stable across timeframes, ranging from 0.68 to 0.74 - a consistent structural relationship.

HWAY vs. SUPL - Sectors Allocation Comparison

Sectors	HWAY	SUPL
Industrials	78.7%	58.3%
Basic Materials	18.8%	-
Consumer Cyclical	1.6%	-
Technology	0.2%	1.8%
Energy	0.2%	4.6%
Utilities	0.1%	2.8%
Consumer Defensive	0.0%	-
Communication Services	-	-
Financial Services	-	-
Healthcare	-	4.1%
Real Estate	-	-

Return for Risk

HWAY vs. SUPL — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

HWAY

HWAY Risk / Return Rank: 61
HWAY Sharpe Ratio Rank: 60
HWAY Sortino Ratio Rank: 61
HWAY Omega Ratio Rank: 53
HWAY Calmar Ratio Rank: 66
HWAY Martin Ratio Rank: 65

SUPL

SUPL Risk / Return Rank: 70
SUPL Sharpe Ratio Rank: 71
SUPL Sortino Ratio Rank: 68
SUPL Omega Ratio Rank: 69
SUPL Calmar Ratio Rank: 76
SUPL Martin Ratio Rank: 66

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. SUPL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Themes US Infrastructure ETF (HWAY) and ProShares Supply Chain Logistics ETF (SUPL). 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	SUPL	Difference
Sharpe ratio: Return per unit of total volatility	1.61	1.83	-0.22
Sortino ratio: Return per unit of downside risk	2.30	2.48	-0.18
Omega ratio: Gain probability vs. loss probability	1.27	1.33	-0.06
Calmar ratio: Return relative to maximum drawdown	2.62	3.11	-0.49
Martin ratio: Return relative to average drawdown	9.13	9.40	-0.27

HWAY vs. SUPL - Sharpe Ratio Comparison

The current HWAY Sharpe Ratio is 1.61, which is comparable to the SUPL Sharpe Ratio of 1.83. The chart below compares the historical Sharpe Ratios of HWAY and SUPL, 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. SUPL - Drawdown Comparison

The maximum HWAY drawdown since its inception was -25.96%, which is greater than SUPL's maximum drawdown of -24.42%. Use the drawdown chart below to compare losses from any high point for HWAY and SUPL.

Drawdown Indicators

	HWAY	SUPL	Difference
Max Drawdown Largest peak-to-trough decline	-25.96%	-24.42%	-1.54%
Max Drawdown (1Y) Largest decline over 1 year	-12.63%	-9.76%	-2.87%
Max Drawdown (3Y) Largest decline over 3 years	—	-21.71%	—
Current Drawdown Current decline from peak	-5.49%	0.00%	-5.49%
Average Drawdown Average peak-to-trough decline	-5.20%	-5.86%	+0.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.61%	3.22%	+0.39%

Volatility

HWAY vs. SUPL - Volatility Comparison

Themes US Infrastructure ETF (HWAY) has a higher volatility of 5.79% compared to ProShares Supply Chain Logistics ETF (SUPL) at 5.22%. This indicates that HWAY's price experiences larger fluctuations and is considered to be riskier than SUPL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HWAY	SUPL	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.79%	5.22%	+0.57%
Volatility (6M) Calculated over the trailing 6-month period	16.88%	13.55%	+3.33%
Volatility (1Y) Calculated over the trailing 1-year period	20.56%	16.61%	+3.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.37%	18.94%	+3.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.37%	18.94%	+3.43%

HWAY vs. SUPL - Expense Ratio Comparison

HWAY has a 0.29% expense ratio, which is lower than SUPL's 0.58% expense ratio.

Dividends

HWAY vs. SUPL - Dividend Comparison

HWAY's dividend yield for the trailing twelve months is around 1.06%, less than SUPL's 2.40% yield.

Position	TTM	2025	2024	2023	2022
HWAY Themes US Infrastructure ETF	1.06%	1.29%	0.22%	0.00%	0.00%
SUPL ProShares Supply Chain Logistics ETF	2.40%	3.03%	4.78%	4.71%	3.00%

Frequently Asked Questions

Can I hold both HWAY and SUPL in my portfolio?

HWAY and SUPL have a correlation of 0.68, 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 SUPL?

HWAY has higher volatility (5.79%) compared to SUPL (5.22%). In terms of maximum drawdown, HWAY dropped -25.96% vs SUPL's -24.42%.

Which ETF is better, HWAY or SUPL?

On 1-year performance, HWAY leads with 32.87% vs 30.20% for SUPL. On fees, HWAY is cheaper at 0.29% per year. On volatility, SUPL has been the lower-risk option at 5.22%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HWAY or SUPL?

Over the 1-year period, HWAY has performed better with a 32.87% return vs 30.20%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HWAY or SUPL?

HWAY is cheaper with a 0.29% expense ratio, compared with 0.58% for SUPL.

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

SUPL has the higher dividend yield at 2.40%, compared with 1.06% for HWAY.

What is the main difference between HWAY and SUPL?

HWAY tracks Solactive United States Infrastructure Index, while SUPL tracks FactSet Supply Chain Logistics Index - Benchmark TR Net. They also come from different issuers: Themes and ProShares. Their fees differ too: 0.29% for HWAY and 0.58% for SUPL.

Which has better risk-adjusted returns?

SUPL currently has the higher Sharpe Ratio (1.83 vs 1.61), 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.