MISL vs. HWAY

Last updated Jun 4, 2026

MISL (First Trust Indxx Aerospace & Defense ETF) and HWAY (Themes US Infrastructure ETF) are both Industrials Equities funds - MISL tracks the Indxx US Aerospace & Defense Index - Benchmark TR Gross while HWAY tracks the Solactive United States Infrastructure Index. Both are passively managed. Over the past year, MISL returned 32.38% vs 42.60% for HWAY. A 0.59 correlation means they provide meaningful diversification when combined. MISL charges 0.60%/yr vs 0.29%/yr for HWAY.

Performance

MISL vs. HWAY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Indxx Aerospace & Defense ETF (MISL) 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, MISL achieves a 7.59% return, which is significantly lower than HWAY's 22.83% return.

MISL

• 1D: -2.71%
• 1M: 5.48%
• YTD: 7.59%
• 6M: 13.84%
• 1Y: 32.38%
• 3Y*: 28.35%
• 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)

MISL vs. HWAY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
MISL First Trust Indxx Aerospace & Defense ETF	7.59%	41.24%	-0.58%
HWAY Themes US Infrastructure ETF	22.83%	19.99%	3.39%

Correlation

The correlation between MISL and HWAY is 0.55, 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	0.55
Correlation (All Time) Calculated using the full available price history since Sep 13, 2024	0.59

The correlation between MISL and HWAY has been stable across timeframes, ranging from 0.55 to 0.59 - a consistent structural relationship.

MISL vs. HWAY - Sectors Allocation Comparison

Sectors	MISL	HWAY
Industrials	83.0%	79.7%
Technology	17.0%	0.2%
Basic Materials	-	18.2%
Communication Services	-	-
Consumer Cyclical	-	1.2%
Consumer Defensive	-	0.0%
Energy	-	0.2%
Financial Services	-	-
Healthcare	-	-
Real Estate	-	-
Utilities	-	0.1%

Return for Risk

MISL vs. HWAY — Risk / Return Rank

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

MISL

MISL Risk / Return Rank: 39
MISL Sharpe Ratio Rank: 40
MISL Sortino Ratio Rank: 41
MISL Omega Ratio Rank: 35
MISL Calmar Ratio Rank: 42
MISL Martin Ratio Rank: 35

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.

MISL vs. HWAY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Indxx Aerospace & Defense ETF (MISL) 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.

	MISL	HWAY	Difference
Sharpe ratio: Return per unit of total volatility	1.44	2.17	-0.73
Sortino ratio: Return per unit of downside risk	2.10	3.03	-0.93
Omega ratio: Gain probability vs. loss probability	1.24	1.37	-0.13
Calmar ratio: Return relative to maximum drawdown	2.07	3.39	-1.32
Martin ratio: Return relative to average drawdown	5.49	12.51	-7.02
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MISL vs. HWAY - Sharpe Ratio Comparison

The current MISL Sharpe Ratio is 1.44, which is lower than the HWAY Sharpe Ratio of 2.17. The chart below compares the historical Sharpe Ratios of MISL 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

	MISL	HWAY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.44	2.17	-0.73
Sharpe Ratio (All Time) Calculated using the full available price history	1.35	1.25	+0.10

Drawdowns

MISL vs. HWAY - Drawdown Comparison

The maximum MISL drawdown since its inception was -17.91%, smaller than the maximum HWAY drawdown of -25.96%. Use the drawdown chart below to compare losses from any high point for MISL and HWAY.

Drawdown Indicators

	MISL	HWAY	Difference
Max Drawdown Largest peak-to-trough decline	-17.91%	-25.96%	+8.05%
Max Drawdown (1Y) Largest decline over 1 year	-15.69%	-12.63%	-3.06%
Max Drawdown (3Y) Largest decline over 3 years	-17.91%	—	—
Current Drawdown Current decline from peak	-9.75%	-1.26%	-8.49%
Average Drawdown Average peak-to-trough decline	-3.50%	-5.38%	+1.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.91%	3.41%	+2.50%

Volatility

MISL vs. HWAY - Volatility Comparison

First Trust Indxx Aerospace & Defense ETF (MISL) has a higher volatility of 8.50% compared to Themes US Infrastructure ETF (HWAY) at 7.31%. This indicates that MISL'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

	MISL	HWAY	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.50%	7.31%	+1.19%
Volatility (6M) Calculated over the trailing 6-month period	19.14%	16.31%	+2.83%
Volatility (1Y) Calculated over the trailing 1-year period	22.60%	19.75%	+2.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.14%	22.42%	-3.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.14%	22.42%	-3.28%

MISL vs. HWAY - Expense Ratio Comparison

MISL has a 0.60% expense ratio, which is higher than HWAY's 0.29% expense ratio.

Dividends

MISL vs. HWAY - Dividend Comparison

MISL's dividend yield for the trailing twelve months is around 0.36%, less than HWAY's 1.05% yield.

Position	TTM	2025	2024	2023	2022
HWAY Themes US Infrastructure ETF	1.05%	1.29%	0.22%	0.00%	0.00%
MISL First Trust Indxx Aerospace & Defense ETF	0.36%	0.40%	0.74%	0.63%	0.08%

Frequently Asked Questions

Can I hold both MISL and HWAY in my portfolio?

MISL and HWAY have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MISL or HWAY?

MISL has higher volatility (8.50%) compared to HWAY (7.31%). In terms of maximum drawdown, MISL dropped -17.91% vs HWAY's -25.96%.

Which ETF is better, MISL or HWAY?

On 1-year performance, HWAY leads with 42.60% vs 32.38% for MISL. On fees, HWAY is cheaper at 0.29% per year. On volatility, HWAY has been the lower-risk option at 7.31%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MISL or HWAY?

Over the 1-year period, HWAY has performed better with a 42.60% return vs 32.38%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MISL or HWAY?

HWAY is cheaper with a 0.29% expense ratio, compared with 0.60% for MISL.

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

HWAY has the higher dividend yield at 1.05%, compared with 0.36% for MISL.

What is the main difference between MISL and HWAY?

MISL tracks Indxx US Aerospace & Defense Index - Benchmark TR Gross, while HWAY tracks Solactive United States Infrastructure Index. They also come from different issuers: First Trust and Themes. Their fees differ too: 0.60% for MISL and 0.29% for HWAY.

Which has better risk-adjusted returns?

HWAY currently has the higher Sharpe Ratio (2.17 vs 1.44), 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.