NBET vs. HWAY

Last updated Aug 2, 2026

NBET (Neuberger Berman Energy Transition & Infrastructure ETF) and HWAY (Themes US Infrastructure ETF) are both Infrastructure Equities funds. NBET is actively managed, while HWAY is passively managed. Over the past year, NBET returned 27.68% vs 32.92% for HWAY. Their 0.32 correlation means their historical movements had little consistent relationship. NBET charges 0.65%/yr vs 0.29%/yr for HWAY.

Performance

NBET vs. HWAY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Neuberger Berman Energy Transition & Infrastructure ETF (NBET) 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, NBET achieves a 24.97% return, which is significantly higher than HWAY's 22.94% return.

NBET

• 1D: 0.93%
• 1M: 3.95%
• 6M: 14.68%
• YTD: 24.97%
• 1Y: 27.68%
• 3Y*: 19.60%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 13.70%

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
NBET Neuberger Berman Energy Transition & Infrastructure ETF	$197.04K	$221.77K	$179.90K

NBET vs. HWAY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
NBET Neuberger Berman Energy Transition & Infrastructure ETF	24.97%	5.87%	12.32%
HWAY Themes US Infrastructure ETF	22.94%	19.99%	4.42%

Correlation

The correlation between NBET and HWAY is 0.13, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.13
Correlation (All Time) Calculated using the full available price history since Sep 12, 2024	0.32

The correlation between NBET and HWAY shifts across timeframes, from 0.13 (1 year) to 0.32 (all time), reflecting how their relationship changes across market environments.

NBET vs. HWAY - Sectors Allocation Comparison

Sectors	NBET	HWAY
Energy	88.9%	0.2%
Utilities	8.6%	0.1%
Industrials	2.6%	77.9%
Basic Materials	0.9%	20.9%
Communication Services	-	-
Consumer Cyclical	-	0.5%
Consumer Defensive	-	0.0%
Financial Services	-	-
Healthcare	-	-
Real Estate	-	-
Technology	-	0.0%

Return for Risk

NBET vs. HWAY — Risk / Return Rank

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

NBET

NBET Risk / Return Rank: 74
NBET Sharpe Ratio Rank: 77
NBET Sortino Ratio Rank: 74
NBET Omega Ratio Rank: 68
NBET Calmar Ratio Rank: 85
NBET Martin Ratio Rank: 66

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.

NBET vs. HWAY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Neuberger Berman Energy Transition & Infrastructure ETF (NBET) 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.

	NBET	HWAY	Difference
Sharpe ratio: Return per unit of total volatility	1.77	1.45	+0.32
Sortino ratio: Return per unit of downside risk	2.40	2.11	+0.30
Omega ratio: Gain probability vs. loss probability	1.29	1.25	+0.04
Calmar ratio: Return relative to maximum drawdown	3.30	2.36	+0.94
Martin ratio: Return relative to average drawdown	8.03	7.98	+0.05

NBET vs. HWAY - Sharpe Ratio Comparison

The current NBET Sharpe Ratio is 1.77, which is comparable to the HWAY Sharpe Ratio of 1.45. The chart below compares the historical Sharpe Ratios of NBET 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

NBET vs. HWAY - Drawdown Comparison

The maximum NBET drawdown since its inception was -18.72%, smaller than the maximum HWAY drawdown of -25.96%. Use the drawdown chart below to compare losses from any high point for NBET and HWAY.

Drawdown Indicators

	NBET	HWAY	Difference
Max Drawdown Largest peak-to-trough decline	-18.72%	-25.96%	+7.24%
Max Drawdown (1Y) Largest decline over 1 year	-8.00%	-12.63%	+4.63%
Max Drawdown (3Y) Largest decline over 3 years	-17.38%	—	—
Current Drawdown Current decline from peak	-3.76%	-4.57%	+0.81%
Average Drawdown Average peak-to-trough decline	-5.06%	-5.20%	+0.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.30%	3.73%	-0.43%

Volatility

NBET vs. HWAY - Volatility Comparison

Neuberger Berman Energy Transition & Infrastructure ETF (NBET) has a higher volatility of 5.11% compared to Themes US Infrastructure ETF (HWAY) at 4.71%. This indicates that NBET'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

	NBET	HWAY	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.11%	4.71%	+0.40%
Volatility (6M) Calculated over the trailing 6-month period	11.79%	16.68%	-4.89%
Volatility (1Y) Calculated over the trailing 1-year period	14.92%	20.52%	-5.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.43%	22.22%	-2.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.43%	22.22%	-2.79%

NBET vs. HWAY - Expense Ratio Comparison

NBET has a 0.65% expense ratio, which is higher than HWAY's 0.29% expense ratio.

Dividends

NBET vs. HWAY - Dividend Comparison

NBET's dividend yield for the trailing twelve months is around 2.41%, while HWAY has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022
HWAY Themes US Infrastructure ETF	1.05%	1.29%	0.22%	0.00%	0.00%
NBET Neuberger Berman Energy Transition & Infrastructure ETF	2.41%	2.70%	2.43%	1.22%	0.87%

Frequently Asked Questions

Can I hold both NBET and HWAY in my portfolio?

NBET and HWAY have a correlation of 0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NBET or HWAY?

NBET has higher volatility (5.11%) compared to HWAY (4.71%). In terms of maximum drawdown, NBET dropped -18.72% vs HWAY's -25.96%.

Which ETF is better, NBET or HWAY?

On 1-year performance, HWAY leads with 32.92% vs 27.68% for NBET. 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, NBET or HWAY?

Over the 1-year period, HWAY has performed better with a 32.92% return vs 27.68%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NBET or HWAY?

HWAY is cheaper with a 0.29% expense ratio, compared with 0.65% for NBET.

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

NBET has the higher dividend yield at 2.41%, compared with 1.05% for HWAY.

What is the main difference between NBET and HWAY?

They also come from different issuers: Neuberger Berman and Themes. Their fees differ too: 0.65% for NBET and 0.29% for HWAY.

Which has better risk-adjusted returns?

NBET currently has the higher Sharpe Ratio (1.77 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.