MLPX vs. HWAY

Last updated Aug 2, 2026

MLPX (Global X MLP & Energy Infrastructure ETF) and HWAY (Themes US Infrastructure ETF) are both Infrastructure Equities funds - MLPX tracks the Solactive MLP & Energy Infrastructure Index while HWAY tracks the Solactive United States Infrastructure Index. Both are passively managed. Over the past year, MLPX returned 26.87% vs 32.92% for HWAY. Their 0.24 correlation means their historical movements had little consistent relationship. MLPX charges 0.45%/yr vs 0.29%/yr for HWAY.

Performance

MLPX vs. HWAY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Global X MLP & Energy Infrastructure ETF (MLPX) 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, MLPX achieves a 26.75% return, which is significantly higher than HWAY's 22.94% return.

MLPX

• 1D: 0.31%
• 1M: 2.91%
• 6M: 17.40%
• YTD: 26.75%
• 1Y: 26.87%
• 3Y*: 26.63%
• 5Y*: 22.92%
• 10Y*: 12.35%
• ALL TIME*: 9.35%

HWAY

• 1D: 0.00%
• 1M: -0.03%
• 6M: 14.83%
• 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
MLPX Global X MLP & Energy Infrastructure ETF	$36.85M	$35.99M	$31.05M

MLPX vs. HWAY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
MLPX Global X MLP & Energy Infrastructure ETF	26.75%	4.96%	15.93%
HWAY Themes US Infrastructure ETF	22.94%	19.99%	4.42%

Correlation

The correlation between MLPX and HWAY is 0.07, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.07
Correlation (All Time) Calculated using the full available price history since Sep 12, 2024	0.24

The correlation between MLPX and HWAY shifts across timeframes, from 0.07 (1 year) to 0.24 (all time), reflecting how their relationship changes across market environments.

MLPX vs. HWAY - Sectors Allocation Comparison

Sectors	MLPX	HWAY
Energy	99.6%	0.2%
Utilities	0.4%	0.1%
Industrials	0.3%	77.9%
Basic Materials	-	20.9%
Communication Services	-	-
Consumer Cyclical	-	0.5%
Consumer Defensive	-	0.0%
Financial Services	-	-
Healthcare	-	-
Real Estate	-	-
Technology	-	0.0%

Return for Risk

MLPX vs. HWAY — Risk / Return Rank

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

MLPX

MLPX Risk / Return Rank: 74
MLPX Sharpe Ratio Rank: 75
MLPX Sortino Ratio Rank: 76
MLPX Omega Ratio Rank: 70
MLPX Calmar Ratio Rank: 85
MLPX Martin Ratio Rank: 64

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.

MLPX vs. HWAY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X MLP & Energy Infrastructure ETF (MLPX) 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.

	MLPX	HWAY	Difference
Sharpe ratio: Return per unit of total volatility	1.71	1.45	+0.25
Sortino ratio: Return per unit of downside risk	2.41	2.11	+0.30
Omega ratio: Gain probability vs. loss probability	1.29	1.25	+0.04
Calmar ratio: Return relative to maximum drawdown	3.27	2.36	+0.91
Martin ratio: Return relative to average drawdown	7.63	7.98	-0.35

MLPX vs. HWAY - Sharpe Ratio Comparison

The current MLPX Sharpe Ratio is 1.71, which is comparable to the HWAY Sharpe Ratio of 1.45. The chart below compares the historical Sharpe Ratios of MLPX 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

MLPX vs. HWAY - Drawdown Comparison

The maximum MLPX drawdown since its inception was -70.67%, which is greater than HWAY's maximum drawdown of -25.96%. Use the drawdown chart below to compare losses from any high point for MLPX and HWAY.

Drawdown Indicators

	MLPX	HWAY	Difference
Max Drawdown Largest peak-to-trough decline	-70.67%	-25.96%	-44.71%
Max Drawdown (1Y) Largest decline over 1 year	-8.18%	-12.63%	+4.45%
Max Drawdown (3Y) Largest decline over 3 years	-16.77%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-19.72%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-64.70%	—	—
Current Drawdown Current decline from peak	-3.27%	-4.57%	+1.30%
Average Drawdown Average peak-to-trough decline	-16.47%	-5.20%	-11.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.49%	3.73%	-0.24%

Volatility

MLPX vs. HWAY - Volatility Comparison

Global X MLP & Energy Infrastructure ETF (MLPX) has a higher volatility of 5.46% compared to Themes US Infrastructure ETF (HWAY) at 4.71%. This indicates that MLPX'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

	MLPX	HWAY	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.46%	4.71%	+0.75%
Volatility (6M) Calculated over the trailing 6-month period	12.52%	16.68%	-4.16%
Volatility (1Y) Calculated over the trailing 1-year period	15.68%	20.52%	-4.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.90%	22.22%	-2.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.14%	22.22%	+3.92%

MLPX vs. HWAY - Expense Ratio Comparison

MLPX has a 0.45% expense ratio, which is higher than HWAY's 0.29% expense ratio.

Dividends

MLPX vs. HWAY - Dividend Comparison

MLPX's dividend yield for the trailing twelve months is around 4.05%, 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%
MLPX Global X MLP & Energy Infrastructure ETF	4.05%	4.88%	4.30%	5.22%	5.23%	5.98%	8.32%	5.78%	5.77%	4.36%	5.50%	4.81%

Frequently Asked Questions

Can I hold both MLPX and HWAY in my portfolio?

MLPX and HWAY have a correlation of 0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MLPX or HWAY?

MLPX has higher volatility (5.46%) compared to HWAY (4.71%). In terms of maximum drawdown, MLPX dropped -70.67% vs HWAY's -25.96%.

Which ETF is better, MLPX or HWAY?

On 1-year performance, HWAY leads with 32.92% vs 26.87% for MLPX. On fees, HWAY is cheaper at 0.29% per year. On volatility, HWAY has been the lower-risk option at 4.71%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MLPX or HWAY?

Over the 1-year period, HWAY has performed better with a 32.92% return vs 26.87%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MLPX or HWAY?

HWAY is cheaper with a 0.29% expense ratio, compared with 0.45% for MLPX.

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

MLPX has the higher dividend yield at 4.05%, compared with 1.05% for HWAY.

What is the main difference between MLPX and HWAY?

MLPX tracks Solactive MLP & Energy Infrastructure Index, while HWAY tracks Solactive United States Infrastructure Index. They also come from different issuers: Global X and Themes. Their fees differ too: 0.45% for MLPX and 0.29% for HWAY.

Which has better risk-adjusted returns?

MLPX currently has the higher Sharpe Ratio (1.71 vs 1.45), 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.