IPAV vs. HWAY

Last updated Jun 4, 2026

IPAV (Global X Infrastructure Development ex-U.S. ETF) and HWAY (Themes US Infrastructure ETF) are both Industrials Equities funds - IPAV tracks the Global X Infrastructure Development ex-U.S. Index while HWAY tracks the Solactive United States Infrastructure Index. Both are passively managed. Over the past year, IPAV returned 29.12% vs 42.60% for HWAY. A 0.62 correlation means they provide meaningful diversification when combined. IPAV charges 0.55%/yr vs 0.29%/yr for HWAY.

Performance

IPAV vs. HWAY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Global X Infrastructure Development ex-U.S. ETF (IPAV) 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, IPAV achieves a 13.76% return, which is significantly lower than HWAY's 22.83% return.

IPAV

• 1D: -0.76%
• 1M: -0.53%
• YTD: 13.76%
• 6M: 16.75%
• 1Y: 29.12%
• 3Y*: —
• 5Y*: —
• 10Y*: —

HWAY

• 1D: 0.93%
• 1M: 3.11%
• YTD: 22.83%
• 6M: 21.62%
• 1Y: 42.60%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

IPAV vs. HWAY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
IPAV Global X Infrastructure Development ex-U.S. ETF	13.76%	29.77%	-5.43%
HWAY Themes US Infrastructure ETF	22.83%	19.99%	3.39%

Correlation

The correlation between IPAV and HWAY is 0.61, 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	0.61
Correlation (All Time) Calculated using the full available price history since Sep 13, 2024	0.62

The correlation between IPAV and HWAY has been stable across timeframes, ranging from 0.61 to 0.62 - a consistent structural relationship.

IPAV vs. HWAY - Sectors Allocation Comparison

Sectors	IPAV	HWAY
Industrials	47.4%	79.7%
Basic Materials	45.5%	18.2%
Real Estate	3.3%	-
Communication Services	2.6%	-
Energy	1.2%	0.2%
Consumer Cyclical	-	1.2%
Consumer Defensive	-	0.0%
Financial Services	-	-
Healthcare	-	-
Technology	-	0.2%
Utilities	-	0.1%

Return for Risk

IPAV vs. HWAY — Risk / Return Rank

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

IPAV

IPAV Risk / Return Rank: 48
IPAV Sharpe Ratio Rank: 51
IPAV Sortino Ratio Rank: 52
IPAV Omega Ratio Rank: 50
IPAV Calmar Ratio Rank: 41
IPAV Martin Ratio Rank: 46

HWAY

HWAY Risk / Return Rank: 66
HWAY Sharpe Ratio Rank: 67
HWAY Sortino Ratio Rank: 67
HWAY Omega Ratio Rank: 61
HWAY Calmar Ratio Rank: 69
HWAY Martin Ratio Rank: 69

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.

IPAV vs. HWAY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X Infrastructure Development ex-U.S. ETF (IPAV) 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.

	IPAV	HWAY	Difference
Sharpe ratio: Return per unit of total volatility	1.71	2.17	-0.46
Sortino ratio: Return per unit of downside risk	2.49	3.03	-0.54
Omega ratio: Gain probability vs. loss probability	1.31	1.37	-0.06
Calmar ratio: Return relative to maximum drawdown	2.00	3.39	-1.39
Martin ratio: Return relative to average drawdown	7.38	12.51	-5.13
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IPAV vs. HWAY - Sharpe Ratio Comparison

The current IPAV Sharpe Ratio is 1.71, which is comparable to the HWAY Sharpe Ratio of 2.17. The chart below compares the historical Sharpe Ratios of IPAV 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.

Sharpe Ratios by Period

	IPAV	HWAY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.71	2.17	-0.46
Sharpe Ratio (All Time) Calculated using the full available price history	1.13	1.25	-0.12

Drawdowns

IPAV vs. HWAY - Drawdown Comparison

The maximum IPAV drawdown since its inception was -14.59%, smaller than the maximum HWAY drawdown of -25.96%. Use the drawdown chart below to compare losses from any high point for IPAV and HWAY.

Drawdown Indicators

	IPAV	HWAY	Difference
Max Drawdown Largest peak-to-trough decline	-14.59%	-25.96%	+11.37%
Max Drawdown (1Y) Largest decline over 1 year	-14.59%	-12.63%	-1.96%
Current Drawdown Current decline from peak	-5.07%	-1.26%	-3.81%
Average Drawdown Average peak-to-trough decline	-3.53%	-5.38%	+1.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.95%	3.41%	+0.54%

Volatility

IPAV vs. HWAY - Volatility Comparison

The current volatility for Global X Infrastructure Development ex-U.S. ETF (IPAV) is 6.49%, while Themes US Infrastructure ETF (HWAY) has a volatility of 7.31%. This indicates that IPAV 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

	IPAV	HWAY	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.49%	7.31%	-0.82%
Volatility (6M) Calculated over the trailing 6-month period	14.59%	16.31%	-1.72%
Volatility (1Y) Calculated over the trailing 1-year period	17.08%	19.75%	-2.67%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.69%	22.42%	-4.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.69%	22.42%	-4.73%

IPAV vs. HWAY - Expense Ratio Comparison

IPAV has a 0.55% expense ratio, which is higher than HWAY's 0.29% expense ratio.

Dividends

IPAV vs. HWAY - Dividend Comparison

IPAV's dividend yield for the trailing twelve months is around 1.13%, more than HWAY's 1.05% yield.

Position	TTM	2025	2024
HWAY Themes US Infrastructure ETF	1.05%	1.29%	0.22%
IPAV Global X Infrastructure Development ex-U.S. ETF	1.13%	1.29%	0.31%

Frequently Asked Questions

Can I hold both IPAV and HWAY in my portfolio?

IPAV and HWAY have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IPAV or HWAY?

HWAY has higher volatility (7.31%) compared to IPAV (6.49%). In terms of maximum drawdown, IPAV dropped -14.59% vs HWAY's -25.96%.

Which ETF is better, IPAV or HWAY?

On 1-year performance, HWAY leads with 42.60% vs 29.12% for IPAV. On fees, HWAY is cheaper at 0.29% per year. On volatility, IPAV has been the lower-risk option at 6.49%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IPAV or HWAY?

Over the 1-year period, HWAY has performed better with a 42.60% return vs 29.12%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IPAV or HWAY?

HWAY is cheaper with a 0.29% expense ratio, compared with 0.55% for IPAV.

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

IPAV has the higher dividend yield at 1.13%, compared with 1.05% for HWAY.

What is the main difference between IPAV and HWAY?

IPAV tracks Global X Infrastructure Development ex-U.S. Index, while HWAY tracks Solactive United States Infrastructure Index. They also come from different issuers: Global X and Themes. Their fees differ too: 0.55% for IPAV and 0.29% for HWAY.

Which has better risk-adjusted returns?

HWAY currently has the higher Sharpe Ratio (2.17 vs 1.71), 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.