HWAY vs. UGA
HWAY (Themes US Infrastructure ETF) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - HWAY is a Industrials Equities fund tracking the Solactive United States Infrastructure Index, while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. Both are passively managed. Over the past year, HWAY returned 43.58% vs 79.48% for UGA. At a correlation of -0.06, they often move in opposite directions. HWAY charges 0.29%/yr vs 0.75%/yr for UGA.
Performance
HWAY vs. UGA - Performance Comparison
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Returns By Period
In the year-to-date period, HWAY achieves a 23.55% return, which is significantly lower than UGA's 70.69% return.
HWAY
- 1D
- 0.59%
- 1M
- 1.70%
- YTD
- 23.55%
- 6M
- 21.63%
- 1Y
- 43.58%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
UGA
- 1D
- -2.73%
- 1M
- -12.25%
- YTD
- 70.69%
- 6M
- 59.72%
- 1Y
- 79.48%
- 3Y*
- 20.80%
- 5Y*
- 24.41%
- 10Y*
- 14.27%
HWAY vs. UGA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
HWAY Themes US Infrastructure ETF | 23.55% | 19.99% | 3.39% |
UGA United States Gasoline Fund LP | 70.69% | -2.00% | 9.06% |
Correlation
The correlation between HWAY and UGA is -0.22, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.22 |
Correlation (All Time) Calculated using the full available price history since Sep 13, 2024 | -0.06 |
The correlation between HWAY and UGA shifts across timeframes, from -0.22 (1 year) to -0.06 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
HWAY vs. UGA — Risk / Return Rank
HWAY
UGA
HWAY vs. UGA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Themes US Infrastructure ETF (HWAY) and United States Gasoline Fund LP (UGA). 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 | UGA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.05 | ||
| Sortino ratioReturn per unit of downside risk | +0.38 | ||
| Omega ratioGain probability vs. loss probability | 1.37 | 1.37 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 3.47 | 5.37 | -1.90 |
| Martin ratioReturn relative to average drawdown | 12.80 | 12.86 | -0.06 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| HWAY | UGA | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.22 | 2.27 | -0.05 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.71 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.38 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.26 | 0.12 | +1.15 |
Drawdowns
HWAY vs. UGA - Drawdown Comparison
The maximum HWAY drawdown since its inception was -25.96%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for HWAY and UGA.
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Drawdown Indicators
| HWAY | UGA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -25.96% | -86.59% | +60.63% |
Max Drawdown (1Y)Largest decline over 1 year | -12.63% | -14.88% | +2.25% |
Max Drawdown (3Y)Largest decline over 3 years | — | -26.68% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -38.11% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -75.89% | — |
Current DrawdownCurrent decline from peak | -0.68% | -14.75% | +14.07% |
Average DrawdownAverage peak-to-trough decline | -5.37% | -36.76% | +31.39% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.41% | 6.20% | -2.79% |
Volatility
HWAY vs. UGA - Volatility Comparison
The current volatility for Themes US Infrastructure ETF (HWAY) is 7.08%, while United States Gasoline Fund LP (UGA) has a volatility of 11.64%. This indicates that HWAY experiences smaller price fluctuations and is considered to be less risky than UGA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HWAY | UGA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.08% | 11.64% | -4.56% |
Volatility (6M)Calculated over the trailing 6-month period | 16.31% | 30.48% | -14.17% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.69% | 35.27% | -15.58% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.40% | 34.40% | -12.00% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.40% | 37.27% | -14.87% |
HWAY vs. UGA - Expense Ratio Comparison
HWAY has a 0.29% expense ratio, which is lower than UGA's 0.75% expense ratio.
Dividends
HWAY vs. UGA - Dividend Comparison
HWAY's dividend yield for the trailing twelve months is around 1.04%, while UGA has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
HWAY Themes US Infrastructure ETF | 1.04% | 1.29% | 0.22% |
UGA United States Gasoline Fund LP | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
HWAY and UGA have a correlation of -0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UGA has higher volatility (11.64%) compared to HWAY (7.08%). In terms of maximum drawdown, HWAY dropped -25.96% vs UGA's -86.59%.
On 1-year performance, UGA leads with 79.48% vs 43.58% for HWAY. On fees, HWAY is cheaper at 0.29% per year. On volatility, HWAY has been the lower-risk option at 7.08%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, UGA has performed better with a 79.48% return vs 43.58%. 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 0.75% for UGA.
HWAY has the higher dividend yield at 1.04%, compared with 0.00% for UGA.
HWAY is categorized as Industrials Equities, while UGA is Oil & Gas. HWAY tracks Solactive United States Infrastructure Index, while UGA tracks Front Month Unleaded Gasoline. They also come from different issuers: Themes and Concierge Technologies. Their fees differ too: 0.29% for HWAY and 0.75% for UGA.
UGA currently has the higher Sharpe Ratio (2.27 vs 2.22), 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.
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