IBID vs. HWAY

Last updated Jul 14, 2026

IBID (iShares iBonds Oct 2027 Term TIPS ETF) and HWAY (Themes US Infrastructure ETF) are both exchange-traded funds - IBID is a Inflation-Protected Bonds fund tracking the ICE 2027 Maturity US Inflation-Linked Treasury Index, while HWAY is a Industrials Equities fund tracking the Solactive United States Infrastructure Index. Both are passively managed. Over the past year, IBID returned 3.98% vs 30.53% for HWAY. At a correlation of -0.16, they often move in opposite directions. IBID charges 0.10%/yr vs 0.29%/yr for HWAY.

Performance

IBID vs. HWAY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares iBonds Oct 2027 Term TIPS ETF (IBID) and Themes US Infrastructure ETF (HWAY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IBID achieves a 2.35% return, which is significantly lower than HWAY's 20.94% return.

IBID

• 1D: 0.06%
• 1M: -0.06%
• 6M: 2.28%
• YTD: 2.35%
• 1Y: 3.98%
• 3Y*: —
• 5Y*: —
• 10Y*: —

HWAY

• 1D: -0.97%
• 1M: -2.40%
• 6M: 14.27%
• YTD: 20.94%
• 1Y: 30.53%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

IBID vs. HWAY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
IBID iShares iBonds Oct 2027 Term TIPS ETF	2.35%	5.66%	0.45%
HWAY Themes US Infrastructure ETF	20.94%	19.99%	4.42%

Correlation

The correlation between IBID and HWAY is -0.24, 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	-0.24
Correlation (All Time) Calculated using the full available price history since Sep 12, 2024	-0.16

Return for Risk

IBID vs. HWAY — Risk / Return Rank

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

IBID

IBID Risk / Return Rank: 96
IBID Sharpe Ratio Rank: 96
IBID Sortino Ratio Rank: 97
IBID Omega Ratio Rank: 97
IBID Calmar Ratio Rank: 96
IBID Martin Ratio Rank: 96

HWAY

HWAY Risk / Return Rank: 57
HWAY Sharpe Ratio Rank: 55
HWAY Sortino Ratio Rank: 56
HWAY Omega Ratio Rank: 50
HWAY Calmar Ratio Rank: 62
HWAY Martin Ratio Rank: 62

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.

IBID vs. HWAY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares iBonds Oct 2027 Term TIPS ETF (IBID) and Themes US Infrastructure ETF (HWAY). 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.

	IBID	HWAY	Difference
Sharpe ratio: Return per unit of total volatility	3.23	1.49	+1.75
Sortino ratio: Return per unit of downside risk	5.45	2.16	+3.29
Omega ratio: Gain probability vs. loss probability	1.72	1.25	+0.47
Calmar ratio: Return relative to maximum drawdown	7.26	2.43	+4.83
Martin ratio: Return relative to average drawdown	25.39	8.60	+16.79

IBID vs. HWAY - Sharpe Ratio Comparison

The current IBID Sharpe Ratio is 3.23, which is higher than the HWAY Sharpe Ratio of 1.49. The chart below compares the historical Sharpe Ratios of IBID and HWAY, 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

IBID vs. HWAY - Drawdown Comparison

The maximum IBID drawdown since its inception was -1.28%, smaller than the maximum HWAY drawdown of -25.96%. Use the drawdown chart below to compare losses from any high point for IBID and HWAY.

Drawdown Indicators

	IBID	HWAY	Difference
Max Drawdown Largest peak-to-trough decline	-1.28%	-25.96%	+24.68%
Max Drawdown (1Y) Largest decline over 1 year	-0.55%	-12.63%	+12.08%
Current Drawdown Current decline from peak	-0.14%	-6.13%	+5.99%
Average Drawdown Average peak-to-trough decline	-0.23%	-5.20%	+4.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.16%	3.56%	-3.40%

Volatility

IBID vs. HWAY - Volatility Comparison

The current volatility for iShares iBonds Oct 2027 Term TIPS ETF (IBID) is 0.39%, while Themes US Infrastructure ETF (HWAY) has a volatility of 6.58%. This indicates that IBID experiences smaller price fluctuations and is considered to be less risky than HWAY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IBID	HWAY	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.39%	6.58%	-6.19%
Volatility (6M) Calculated over the trailing 6-month period	0.90%	16.93%	-16.03%
Volatility (1Y) Calculated over the trailing 1-year period	1.24%	20.64%	-19.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.23%	22.44%	-20.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.23%	22.44%	-20.21%

IBID vs. HWAY - Expense Ratio Comparison

IBID has a 0.10% expense ratio, which is lower than HWAY's 0.29% expense ratio.

Dividends

IBID vs. HWAY - Dividend Comparison

IBID's dividend yield for the trailing twelve months is around 4.90%, more than HWAY's 1.07% yield.

Position	TTM	2025	2024	2023
HWAY Themes US Infrastructure ETF	1.07%	1.29%	0.22%	0.00%
IBID iShares iBonds Oct 2027 Term TIPS ETF	4.90%	4.43%	4.24%	0.81%

Frequently Asked Questions

Can I hold both IBID and HWAY in my portfolio?

IBID and HWAY have a correlation of -0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IBID or HWAY?

HWAY has higher volatility (6.58%) compared to IBID (0.39%). In terms of maximum drawdown, IBID dropped -1.28% vs HWAY's -25.96%.

Which ETF is better, IBID or HWAY?

On 1-year performance, HWAY leads with 30.53% vs 3.98% for IBID. On fees, IBID is cheaper at 0.10% per year. On volatility, IBID has been the lower-risk option at 0.39%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IBID or HWAY?

Over the 1-year period, HWAY has performed better with a 30.53% return vs 3.98%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IBID or HWAY?

IBID is cheaper with a 0.10% expense ratio, compared with 0.29% for HWAY.

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

IBID has the higher dividend yield at 4.90%, compared with 1.07% for HWAY.

What is the main difference between IBID and HWAY?

IBID is categorized as Inflation-Protected Bonds, while HWAY is Industrials Equities. IBID tracks ICE 2027 Maturity US Inflation-Linked Treasury Index, while HWAY tracks Solactive United States Infrastructure Index. They also come from different issuers: iShares and Themes. Their fees differ too: 0.10% for IBID and 0.29% for HWAY.

Which has better risk-adjusted returns?

IBID currently has the higher Sharpe Ratio (3.23 vs 1.49), 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.