HWAY vs. WISE

Last updated Aug 2, 2026

HWAY (Themes US Infrastructure ETF) and WISE (Themes Generative Artificial Intelligence ETF) are both exchange-traded funds - HWAY is a Infrastructure Equities fund tracking the Solactive United States Infrastructure Index, while WISE is a Artificial Intelligence fund tracking the Solactive Generative Artificial Intelligence Index - Benchmark TR Gross. Both are passively managed. Over the past year, HWAY returned 32.92% vs -3.15% for WISE. Their 0.49 correlation means their historical movements had little consistent relationship. HWAY charges 0.29%/yr vs 0.35%/yr for WISE.

Performance

HWAY vs. WISE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Themes US Infrastructure ETF (HWAY) and Themes Generative Artificial Intelligence ETF (WISE). 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 WISE's -12.05% return.

HWAY

• 1D: 0.00%
• 1M: -0.03%
• 6M: 14.83%
• YTD: 22.94%
• 1Y: 32.92%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 25.86%

WISE

• 1D: 2.08%
• 1M: -6.95%
• 6M: -9.01%
• YTD: -12.05%
• 1Y: -3.15%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 14.08%

*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
WISE Themes Generative Artificial Intelligence ETF	$174.31K	$417.19K	$446.26K

HWAY vs. WISE - Yearly Performance Comparison

	2026 (YTD)	2025	2024
HWAY Themes US Infrastructure ETF	22.94%	19.99%	4.42%
WISE Themes Generative Artificial Intelligence ETF	-12.05%	5.88%	36.96%

Correlation

The correlation between HWAY and WISE is 0.41, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.41
Correlation (All Time) Calculated using the full available price history since Sep 12, 2024	0.49

HWAY vs. WISE - Sectors Allocation Comparison

Sectors	HWAY	WISE
Industrials	77.9%	1.3%
Basic Materials	20.9%	-
Consumer Cyclical	0.5%	3.5%
Energy	0.2%	-
Utilities	0.1%	0.2%
Consumer Defensive	0.0%	-
Technology	0.0%	91.3%
Communication Services	-	2.9%
Financial Services	-	-
Healthcare	-	0.8%
Real Estate	-	-

Return for Risk

HWAY vs. WISE — 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.

WISE

WISE Risk / Return Rank: 9
WISE Sharpe Ratio Rank: 8
WISE Sortino Ratio Rank: 9
WISE Omega Ratio Rank: 9
WISE Calmar Ratio Rank: 8
WISE Martin Ratio Rank: 8

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. WISE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Themes US Infrastructure ETF (HWAY) and Themes Generative Artificial Intelligence ETF (WISE). 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	WISE	Difference
Sharpe ratio: Return per unit of total volatility	1.45	-0.16	+1.61
Sortino ratio: Return per unit of downside risk	2.11	0.01	+2.09
Omega ratio: Gain probability vs. loss probability	1.25	1.00	+0.25
Calmar ratio: Return relative to maximum drawdown	2.36	-0.16	+2.52
Martin ratio: Return relative to average drawdown	7.98	-0.34	+8.33

HWAY vs. WISE - Sharpe Ratio Comparison

The current HWAY Sharpe Ratio is 1.45, which is higher than the WISE Sharpe Ratio of -0.16. The chart below compares the historical Sharpe Ratios of HWAY and WISE, 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. WISE - Drawdown Comparison

The maximum HWAY drawdown since its inception was -25.96%, smaller than the maximum WISE drawdown of -39.15%. Use the drawdown chart below to compare losses from any high point for HWAY and WISE.

Drawdown Indicators

	HWAY	WISE	Difference
Max Drawdown Largest peak-to-trough decline	-25.96%	-39.15%	+13.19%
Max Drawdown (1Y) Largest decline over 1 year	-12.63%	-34.08%	+21.45%
Current Drawdown Current decline from peak	-4.57%	-25.13%	+20.56%
Average Drawdown Average peak-to-trough decline	-5.20%	-12.32%	+7.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.73%	16.22%	-12.49%

Volatility

HWAY vs. WISE - Volatility Comparison

The current volatility for Themes US Infrastructure ETF (HWAY) is 4.71%, while Themes Generative Artificial Intelligence ETF (WISE) has a volatility of 11.38%. This indicates that HWAY experiences smaller price fluctuations and is considered to be less risky than WISE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HWAY	WISE	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.71%	11.38%	-6.67%
Volatility (6M) Calculated over the trailing 6-month period	16.68%	27.21%	-10.53%
Volatility (1Y) Calculated over the trailing 1-year period	20.52%	34.88%	-14.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.22%	34.01%	-11.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.22%	34.01%	-11.79%

HWAY vs. WISE - Expense Ratio Comparison

HWAY has a 0.29% expense ratio, which is lower than WISE's 0.35% expense ratio.

Dividends

HWAY vs. WISE - Dividend Comparison

HWAY has not paid dividends to shareholders, while WISE's dividend yield for the trailing twelve months is around 4.69%.

Position	TTM	2025	2024
HWAY Themes US Infrastructure ETF	1.05%	1.29%	0.22%
WISE Themes Generative Artificial Intelligence ETF	4.69%	4.12%	0.00%

Frequently Asked Questions

Can I hold both HWAY and WISE in my portfolio?

HWAY and WISE have a correlation of 0.41, 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 WISE?

WISE has higher volatility (11.38%) compared to HWAY (4.71%). In terms of maximum drawdown, HWAY dropped -25.96% vs WISE's -39.15%.

Which ETF is better, HWAY or WISE?

On 1-year performance, HWAY leads with 32.92% vs -3.15% for WISE. On fees, HWAY is cheaper at 0.29% per year. On volatility, HWAY has been the lower-risk option at 4.71%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HWAY or WISE?

Over the 1-year period, HWAY has performed better with a 32.92% return vs -3.15%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HWAY or WISE?

HWAY is cheaper with a 0.29% expense ratio, compared with 0.35% for WISE.

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

WISE has the higher dividend yield at 4.69%, compared with 1.05% for HWAY.

What is the main difference between HWAY and WISE?

HWAY is categorized as Infrastructure Equities, while WISE is Artificial Intelligence. HWAY tracks Solactive United States Infrastructure Index, while WISE tracks Solactive Generative Artificial Intelligence Index - Benchmark TR Gross. Their fees differ too: 0.29% for HWAY and 0.35% for WISE.

Which has better risk-adjusted returns?

HWAY currently has the higher Sharpe Ratio (1.45 vs -0.16), 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.