IYJ vs. HWAY

Last updated Aug 4, 2026

IYJ (iShares U.S. Industrials ETF) and HWAY (Themes US Infrastructure ETF) are both exchange-traded funds - IYJ is a Industrials Equities fund tracking the Dow Jones U.S. Industrials Index, while HWAY is a Infrastructure Equities fund tracking the Solactive United States Infrastructure Index. Both are passively managed. Over the past year, IYJ returned 17.95% vs 32.92% for HWAY. Their correlation of 0.87 means they have usually moved in the same direction. 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 12.88% return, which is significantly lower than HWAY's 22.94% return.

IYJ

• 1D: 1.71%
• 1M: 0.11%
• 6M: 7.11%
• YTD: 12.88%
• 1Y: 17.95%
• 3Y*: 16.91%
• 5Y*: 9.36%
• 10Y*: 12.57%
• ALL TIME*: 8.09%

HWAY

• 1D: 0.00%
• 1M: -0.03%
• 6M: 12.94%
• YTD: 22.94%
• 1Y: 32.92%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 25.86%

*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
IYJ iShares U.S. Industrials ETF	$23.95M	$14.74M	$15.31M

IYJ vs. HWAY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
IYJ iShares U.S. Industrials ETF	12.88%	11.94%	5.21%
HWAY Themes US Infrastructure ETF	22.94%	19.99%	4.42%

Correlation

The correlation between IYJ and HWAY is 0.84, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.84
Correlation (All Time) Calculated using the full available price history since Sep 12, 2024	0.87

The correlation between IYJ and HWAY has been stable across timeframes, ranging from 0.84 to 0.87 - a consistent structural relationship.

IYJ vs. HWAY - Sectors Allocation Comparison

Sectors	IYJ	HWAY
Industrials	65.6%	77.9%
Financial Services	17.3%	-
Technology	7.1%	0.0%
Basic Materials	4.5%	20.9%
Utilities	3.3%	0.1%
Consumer Cyclical	1.6%	0.5%
Healthcare	0.4%	-
Consumer Defensive	0.0%	0.0%
Communication Services	-	-
Energy	-	0.2%
Real Estate	-	-

Return for Risk

IYJ vs. HWAY — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

IYJ

IYJ Risk / Return Rank: 44
IYJ Sharpe Ratio Rank: 44
IYJ Sortino Ratio Rank: 44
IYJ Omega Ratio Rank: 40
IYJ Calmar Ratio Rank: 43
IYJ Martin Ratio Rank: 49

HWAY

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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.

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.

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.

	IYJ	HWAY	Difference
Sharpe ratio: Return per unit of total volatility	1.13	1.45	-0.32
Sortino ratio: Return per unit of downside risk	1.66	2.11	-0.45
Omega ratio: Gain probability vs. loss probability	1.20	1.25	-0.05
Calmar ratio: Return relative to maximum drawdown	1.58	2.36	-0.78
Martin ratio: Return relative to average drawdown	5.80	7.98	-2.19

IYJ vs. HWAY - Sharpe Ratio Comparison

The current IYJ Sharpe Ratio is 1.13, which is comparable to the HWAY Sharpe Ratio of 1.45. 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.

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	-0.47%	-4.57%	+4.10%
Average Drawdown Average peak-to-trough decline	-11.15%	-5.20%	-5.95%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.10%	3.73%	-0.63%

Volatility

IYJ vs. HWAY - Volatility Comparison

iShares U.S. Industrials ETF (IYJ) and Themes US Infrastructure ETF (HWAY) have volatilities of 4.71% and 4.71%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. 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	4.71%	4.71%	0.00%
Volatility (6M) Calculated over the trailing 6-month period	12.78%	16.68%	-3.90%
Volatility (1Y) Calculated over the trailing 1-year period	16.00%	20.52%	-4.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.18%	22.22%	-4.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.90%	22.22%	-2.32%

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 0.70%, while HWAY has not paid dividends to shareholders.

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	0.70%	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 0.84, 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 (4.71%) compared to IYJ (4.71%). 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 32.92% vs 17.95% for IYJ. On fees, HWAY is cheaper at 0.29% per year. Their volatility is very similar. 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 32.92% return vs 17.95%. 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 0.70% for IYJ.

What is the main difference between IYJ and HWAY?

IYJ is categorized as Industrials Equities, while HWAY is Infrastructure Equities. 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 (1.45 vs 1.13), 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.