IYJ vs. HWAY

Last updated Jun 4, 2026

IYJ (iShares U.S. Industrials ETF) and HWAY (Themes US Infrastructure ETF) are both Industrials Equities funds - IYJ tracks the Dow Jones U.S. Industrials Index while HWAY tracks the Solactive United States Infrastructure Index. Both are passively managed. Over the past year, IYJ returned 12.86% vs 42.60% for HWAY. Their correlation of 0.88 suggests significant overlap in exposure. IYJ charges 0.38%/yr vs 0.29%/yr for HWAY.

Performance

IYJ vs. HWAY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares U.S. Industrials ETF (IYJ) 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, IYJ achieves a 5.81% return, which is significantly lower than HWAY's 22.83% return.

IYJ

• 1D: -0.62%
• 1M: 0.44%
• YTD: 5.81%
• 6M: 7.55%
• 1Y: 12.86%
• 3Y*: 16.95%
• 5Y*: 7.87%
• 10Y*: 12.31%

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)

IYJ vs. HWAY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
IYJ iShares U.S. Industrials ETF	5.81%	11.94%	4.32%
HWAY Themes US Infrastructure ETF	22.83%	19.99%	3.39%

Correlation

The correlation between IYJ and HWAY is 0.87, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.87
Correlation (All Time) Calculated using the full available price history since Sep 13, 2024	0.88

The correlation between IYJ and HWAY has been stable across timeframes, ranging from 0.87 to 0.88 - a consistent structural relationship.

IYJ vs. HWAY - Sectors Allocation Comparison

Sectors	IYJ	HWAY
Industrials	66.6%	79.7%
Financial Services	17.0%	-
Technology	6.6%	0.2%
Basic Materials	4.0%	18.2%
Utilities	3.6%	0.1%
Consumer Cyclical	1.7%	1.2%
Healthcare	0.4%	-
Communication Services	-	-
Consumer Defensive	-	0.0%
Energy	-	0.2%
Real Estate	-	-

Return for Risk

IYJ vs. HWAY — Risk / Return Rank

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

IYJ

IYJ Risk / Return Rank: 25
IYJ Sharpe Ratio Rank: 24
IYJ Sortino Ratio Rank: 24
IYJ Omega Ratio Rank: 22
IYJ Calmar Ratio Rank: 24
IYJ Martin Ratio Rank: 28

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.

IYJ vs. HWAY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares U.S. Industrials ETF (IYJ) 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.

	IYJ	HWAY	Difference
Sharpe ratio Return per unit of total volatility	0.86	2.17	-1.31
Sortino ratio Return per unit of downside risk	1.32	3.03	-1.71
Omega ratio Gain probability vs. loss probability	1.15	1.37	-0.21
Calmar ratio Return relative to maximum drawdown	1.13	3.39	-2.26
Martin ratio Return relative to average drawdown	4.10	12.51	-8.41
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IYJ vs. HWAY - Sharpe Ratio Comparison

The current IYJ Sharpe Ratio is 0.86, which is lower than the HWAY Sharpe Ratio of 2.17. The chart below compares the historical Sharpe Ratios of IYJ 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

	IYJ	HWAY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.86	2.17	-1.31
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.44	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.62	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.37	1.25	-0.88

Drawdowns

IYJ vs. HWAY - Drawdown Comparison

The maximum IYJ drawdown since its inception was -61.97%, which is greater than HWAY's maximum drawdown of -25.96%. Use the drawdown chart below to compare losses from any high point for IYJ and HWAY.

Drawdown Indicators

	IYJ	HWAY	Difference
Max Drawdown Largest peak-to-trough decline	-61.97%	-25.96%	-36.01%
Max Drawdown (1Y) Largest decline over 1 year	-11.39%	-12.63%	+1.24%
Max Drawdown (3Y) Largest decline over 3 years	-19.67%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-26.24%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-40.20%	—	—
Current Drawdown Current decline from peak	-3.24%	-1.26%	-1.98%
Average Drawdown Average peak-to-trough decline	-11.21%	-5.38%	-5.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.14%	3.41%	-0.27%

Volatility

IYJ vs. HWAY - Volatility Comparison

The current volatility for iShares U.S. Industrials ETF (IYJ) is 4.05%, while Themes US Infrastructure ETF (HWAY) has a volatility of 7.31%. This indicates that IYJ 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

	IYJ	HWAY	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.05%	7.31%	-3.26%
Volatility (6M) Calculated over the trailing 6-month period	11.88%	16.31%	-4.43%
Volatility (1Y) Calculated over the trailing 1-year period	15.05%	19.75%	-4.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.04%	22.42%	-4.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.87%	22.42%	-2.55%

IYJ vs. HWAY - Expense Ratio Comparison

IYJ has a 0.38% expense ratio, which is higher than HWAY's 0.29% expense ratio.

Dividends

IYJ vs. HWAY - Dividend Comparison

IYJ's dividend yield for the trailing twelve months is around 0.78%, less than HWAY's 1.05% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HWAY Themes US Infrastructure ETF	1.05%	1.29%	0.22%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
IYJ iShares U.S. Industrials ETF	0.78%	0.83%	0.88%	1.05%	1.05%	0.76%	1.01%	1.32%	1.43%	1.29%	1.38%	1.53%

Frequently Asked Questions

Can I hold both IYJ and HWAY in my portfolio?

IYJ and HWAY have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IYJ or HWAY?

HWAY has higher volatility (7.31%) compared to IYJ (4.05%). In terms of maximum drawdown, IYJ dropped -61.97% vs HWAY's -25.96%.

Which ETF is better, IYJ or HWAY?

On 1-year performance, HWAY leads with 42.60% vs 12.86% for IYJ. On fees, HWAY is cheaper at 0.29% per year. On volatility, IYJ has been the lower-risk option at 4.05%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IYJ or HWAY?

Over the 1-year period, HWAY has performed better with a 42.60% return vs 12.86%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IYJ or HWAY?

HWAY is cheaper with a 0.29% expense ratio, compared with 0.38% for IYJ.

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

HWAY has the higher dividend yield at 1.05%, compared with 0.78% for IYJ.

What is the main difference between IYJ and HWAY?

IYJ tracks Dow Jones U.S. Industrials Index, while HWAY tracks Solactive United States Infrastructure Index. They also come from different issuers: iShares and Themes. Their fees differ too: 0.38% for IYJ and 0.29% for HWAY.

Which has better risk-adjusted returns?

HWAY currently has the higher Sharpe Ratio (2.17 vs 0.86), 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.