IFRA vs. HVAC

Last updated Jun 4, 2026

IFRA (iShares U.S. Infrastructure ETF) and HVAC (AdvisorShares HVAC and Industrials ETF) are both Industrials Equities funds. IFRA is passively managed, while HVAC is actively managed. Over the past year, IFRA returned 28.44% vs 59.65% for HVAC. A 0.77 correlation means they provide meaningful diversification when combined. IFRA charges 0.30%/yr vs 1.00%/yr for HVAC.

Performance

IFRA vs. HVAC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares U.S. Infrastructure ETF (IFRA) and AdvisorShares HVAC and Industrials ETF (HVAC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IFRA achieves a 16.86% return, which is significantly lower than HVAC's 36.48% return.

IFRA

• 1D: 0.20%
• 1M: -1.29%
• YTD: 16.86%
• 6M: 16.28%
• 1Y: 28.44%
• 3Y*: 20.10%
• 5Y*: 13.03%
• 10Y*: —

HVAC

• 1D: 1.91%
• 1M: 6.24%
• YTD: 36.48%
• 6M: 32.88%
• 1Y: 59.65%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

IFRA vs. HVAC - Yearly Performance Comparison

	2026 (YTD)	2025
IFRA iShares U.S. Infrastructure ETF	16.86%	13.62%
HVAC AdvisorShares HVAC and Industrials ETF	36.48%	24.04%

Correlation

The correlation between IFRA and HVAC is 0.73, 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	0.73
Correlation (All Time) Calculated using the full available price history since Feb 5, 2025	0.77

The correlation between IFRA and HVAC has been stable across timeframes, ranging from 0.73 to 0.77 - a consistent structural relationship.

IFRA vs. HVAC - Sectors Allocation Comparison

Sectors	IFRA	HVAC
Industrials	39.4%	67.0%
Utilities	37.7%	7.4%
Basic Materials	14.7%	-
Energy	7.9%	-
Consumer Cyclical	0.0%	4.5%
Consumer Defensive	0.0%	-
Communication Services	-	-
Financial Services	-	-
Healthcare	-	-
Real Estate	-	2.8%
Technology	-	16.9%

Return for Risk

IFRA vs. HVAC — Risk / Return Rank

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

IFRA

IFRA Risk / Return Rank: 60
IFRA Sharpe Ratio Rank: 56
IFRA Sortino Ratio Rank: 59
IFRA Omega Ratio Rank: 52
IFRA Calmar Ratio Rank: 67
IFRA Martin Ratio Rank: 68

HVAC

HVAC Risk / Return Rank: 68
HVAC Sharpe Ratio Rank: 66
HVAC Sortino Ratio Rank: 59
HVAC Omega Ratio Rank: 60
HVAC Calmar Ratio Rank: 79
HVAC Martin Ratio Rank: 75

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.

IFRA vs. HVAC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares U.S. Infrastructure ETF (IFRA) and AdvisorShares HVAC and Industrials ETF (HVAC). 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.

	IFRA	HVAC	Difference
Sharpe ratio: Return per unit of total volatility	1.94	2.19	-0.25
Sortino ratio: Return per unit of downside risk	2.85	2.75	+0.10
Omega ratio: Gain probability vs. loss probability	1.33	1.36	-0.03
Calmar ratio: Return relative to maximum drawdown	3.40	4.04	-0.64
Martin ratio: Return relative to average drawdown	12.70	14.29	-1.59
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IFRA vs. HVAC - Sharpe Ratio Comparison

The current IFRA Sharpe Ratio is 1.94, which is comparable to the HVAC Sharpe Ratio of 2.19. The chart below compares the historical Sharpe Ratios of IFRA and HVAC, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	IFRA	HVAC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.94	2.19	-0.25
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.73	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.63	1.67	-1.03

Drawdowns

IFRA vs. HVAC - Drawdown Comparison

The maximum IFRA drawdown since its inception was -41.06%, which is greater than HVAC's maximum drawdown of -21.22%. Use the drawdown chart below to compare losses from any high point for IFRA and HVAC.

Drawdown Indicators

	IFRA	HVAC	Difference
Max Drawdown Largest peak-to-trough decline	-41.06%	-21.22%	-19.84%
Max Drawdown (1Y) Largest decline over 1 year	-8.40%	-14.83%	+6.43%
Max Drawdown (3Y) Largest decline over 3 years	-19.93%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-19.93%	—	—
Current Drawdown Current decline from peak	-2.66%	-0.60%	-2.06%
Average Drawdown Average peak-to-trough decline	-5.14%	-3.95%	-1.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.25%	4.19%	-1.94%

Volatility

IFRA vs. HVAC - Volatility Comparison

The current volatility for iShares U.S. Infrastructure ETF (IFRA) is 4.89%, while AdvisorShares HVAC and Industrials ETF (HVAC) has a volatility of 11.09%. This indicates that IFRA experiences smaller price fluctuations and is considered to be less risky than HVAC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IFRA	HVAC	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.89%	11.09%	-6.20%
Volatility (6M) Calculated over the trailing 6-month period	11.32%	22.96%	-11.64%
Volatility (1Y) Calculated over the trailing 1-year period	14.79%	27.43%	-12.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.92%	29.39%	-11.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.38%	29.39%	-8.01%

IFRA vs. HVAC - Expense Ratio Comparison

IFRA has a 0.30% expense ratio, which is lower than HVAC's 1.00% expense ratio.

Dividends

IFRA vs. HVAC - Dividend Comparison

IFRA's dividend yield for the trailing twelve months is around 1.59%, more than HVAC's 0.14% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
HVAC AdvisorShares HVAC and Industrials ETF	0.14%	0.19%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
IFRA iShares U.S. Infrastructure ETF	1.59%	1.84%	1.75%	1.98%	1.98%	1.63%	2.08%	1.68%	2.50%

Frequently Asked Questions

Can I hold both IFRA and HVAC in my portfolio?

IFRA and HVAC have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IFRA or HVAC?

HVAC has higher volatility (11.09%) compared to IFRA (4.89%). In terms of maximum drawdown, IFRA dropped -41.06% vs HVAC's -21.22%.

Which ETF is better, IFRA or HVAC?

On 1-year performance, HVAC leads with 59.65% vs 28.44% for IFRA. On fees, IFRA is cheaper at 0.30% per year. On volatility, IFRA has been the lower-risk option at 4.89%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IFRA or HVAC?

Over the 1-year period, HVAC has performed better with a 59.65% return vs 28.44%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IFRA or HVAC?

IFRA is cheaper with a 0.30% expense ratio, compared with 1.00% for HVAC.

Which ETF pays a higher dividend yield, IFRA or HVAC?

IFRA has the higher dividend yield at 1.59%, compared with 0.14% for HVAC.

What is the main difference between IFRA and HVAC?

They also come from different issuers: iShares and AdvisorShares. Their fees differ too: 0.30% for IFRA and 1.00% for HVAC.

Which has better risk-adjusted returns?

HVAC currently has the higher Sharpe Ratio (2.19 vs 1.94), 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.