MADE vs. HWAY

Last updated Jun 7, 2026

MADE (iShares U.S. Manufacturing ETF) and HWAY (Themes US Infrastructure ETF) are both Industrials Equities funds - MADE tracks the S&P U.S. Manufacturing Select Index while HWAY tracks the Solactive United States Infrastructure Index. Both are passively managed. Over the past year, MADE returned 44.16% vs 39.96% for HWAY. Their correlation of 0.90 suggests significant overlap in exposure. MADE charges 0.40%/yr vs 0.29%/yr for HWAY.

Performance

MADE vs. HWAY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares U.S. Manufacturing ETF (MADE) 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, MADE achieves a 19.00% return, which is significantly lower than HWAY's 21.76% return.

MADE

• 1D: -3.56%
• 1M: 1.08%
• YTD: 19.00%
• 6M: 19.13%
• 1Y: 44.16%
• 3Y*: —
• 5Y*: —
• 10Y*: —

HWAY

• 1D: -1.45%
• 1M: 0.43%
• YTD: 21.76%
• 6M: 20.36%
• 1Y: 39.96%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MADE vs. HWAY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
MADE iShares U.S. Manufacturing ETF	19.00%	27.34%	4.27%
HWAY Themes US Infrastructure ETF	21.76%	19.99%	3.39%

Correlation

The correlation between MADE and HWAY is 0.90, 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	0.90
Correlation (All Time) Calculated using the full available price history since Sep 13, 2024	0.90

The correlation between MADE and HWAY has been stable across timeframes, ranging from 0.90 to 0.90 - a consistent structural relationship.

MADE vs. HWAY - Sectors Allocation Comparison

Sectors	MADE	HWAY
Industrials	72.6%	79.7%
Technology	16.9%	0.2%
Consumer Cyclical	8.4%	1.2%
Energy	1.8%	0.2%
Utilities	0.1%	0.1%
Basic Materials	-	18.2%
Communication Services	-	-
Consumer Defensive	-	0.0%
Financial Services	-	-
Healthcare	-	-
Real Estate	-	-

Return for Risk

MADE vs. HWAY — Risk / Return Rank

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

MADE

MADE Risk / Return Rank: 72
MADE Sharpe Ratio Rank: 72
MADE Sortino Ratio Rank: 69
MADE Omega Ratio Rank: 65
MADE Calmar Ratio Rank: 72
MADE Martin Ratio Rank: 80

HWAY

HWAY Risk / Return Rank: 68
HWAY Sharpe Ratio Rank: 69
HWAY Sortino Ratio Rank: 69
HWAY Omega Ratio Rank: 63
HWAY Calmar Ratio Rank: 70
HWAY Martin Ratio Rank: 70

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.

MADE vs. HWAY - Risk-Adjusted Trends Comparison

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

	MADE	HWAY	Difference
Sharpe ratio: Return per unit of total volatility	2.21	2.11	+0.10
Sortino ratio: Return per unit of downside risk	2.95	2.94	+0.01
Omega ratio: Gain probability vs. loss probability	1.37	1.35	+0.02
Calmar ratio: Return relative to maximum drawdown	3.42	3.29	+0.13
Martin ratio: Return relative to average drawdown	14.93	12.15	+2.77
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MADE vs. HWAY - Sharpe Ratio Comparison

The current MADE Sharpe Ratio is 2.21, which is comparable to the HWAY Sharpe Ratio of 2.11. The chart below compares the historical Sharpe Ratios of MADE 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

	MADE	HWAY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.21	2.11	+0.10
Sharpe Ratio (All Time) Calculated using the full available price history	1.17	1.21	-0.04

Drawdowns

MADE vs. HWAY - Drawdown Comparison

The maximum MADE drawdown since its inception was -23.79%, smaller than the maximum HWAY drawdown of -25.96%. Use the drawdown chart below to compare losses from any high point for MADE and HWAY.

Drawdown Indicators

	MADE	HWAY	Difference
Max Drawdown Largest peak-to-trough decline	-23.79%	-25.96%	+2.17%
Max Drawdown (1Y) Largest decline over 1 year	-13.43%	-12.63%	-0.80%
Current Drawdown Current decline from peak	-3.56%	-2.12%	-1.44%
Average Drawdown Average peak-to-trough decline	-3.81%	-5.36%	+1.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.07%	3.42%	-0.35%

Volatility

MADE vs. HWAY - Volatility Comparison

iShares U.S. Manufacturing ETF (MADE) has a higher volatility of 7.89% compared to Themes US Infrastructure ETF (HWAY) at 6.81%. This indicates that MADE's price experiences larger fluctuations and is considered to be riskier than HWAY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MADE	HWAY	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.89%	6.81%	+1.08%
Volatility (6M) Calculated over the trailing 6-month period	17.39%	16.34%	+1.05%
Volatility (1Y) Calculated over the trailing 1-year period	20.79%	19.75%	+1.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.42%	22.40%	+0.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.42%	22.40%	+0.02%

MADE vs. HWAY - Expense Ratio Comparison

MADE has a 0.40% expense ratio, which is higher than HWAY's 0.29% expense ratio.

Dividends

MADE vs. HWAY - Dividend Comparison

MADE's dividend yield for the trailing twelve months is around 0.67%, less than HWAY's 1.06% yield.

Position	TTM	2025	2024
HWAY Themes US Infrastructure ETF	1.06%	1.29%	0.22%
MADE iShares U.S. Manufacturing ETF	0.67%	0.89%	0.34%

Frequently Asked Questions

Can I hold both MADE and HWAY in my portfolio?

MADE and HWAY have a correlation of 0.90, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MADE or HWAY?

MADE has higher volatility (7.89%) compared to HWAY (6.81%). In terms of maximum drawdown, MADE dropped -23.79% vs HWAY's -25.96%.

Which ETF is better, MADE or HWAY?

On 1-year performance, MADE leads with 44.16% vs 39.96% for HWAY. On fees, HWAY is cheaper at 0.29% per year. On volatility, HWAY has been the lower-risk option at 6.81%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MADE or HWAY?

Over the 1-year period, MADE has performed better with a 44.16% return vs 39.96%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MADE or HWAY?

HWAY is cheaper with a 0.29% expense ratio, compared with 0.40% for MADE.

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

HWAY has the higher dividend yield at 1.06%, compared with 0.67% for MADE.

What is the main difference between MADE and HWAY?

MADE tracks S&P U.S. Manufacturing Select Index, while HWAY tracks Solactive United States Infrastructure Index. They also come from different issuers: iShares and Themes. Their fees differ too: 0.40% for MADE and 0.29% for HWAY.

Which has better risk-adjusted returns?

MADE currently has the higher Sharpe Ratio (2.21 vs 2.11), 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.