NFLW vs. HWAY

Last updated Jul 17, 2026

NFLW (Roundhill NFLX WeeklyPay ETF) and HWAY (Themes US Infrastructure ETF) are both exchange-traded funds - NFLW is a Derivative Income fund actively managed by Roundhill, while HWAY is a Industrials Equities fund tracking the Solactive United States Infrastructure Index. NFLW is actively managed, while HWAY is passively managed. Over the past year, NFLW returned -48.89% vs 32.87% for HWAY. At a correlation of -0.15, they often move in opposite directions. NFLW charges 0.99%/yr vs 0.29%/yr for HWAY.

Performance

NFLW vs. HWAY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Roundhill NFLX WeeklyPay ETF (NFLW) 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, NFLW achieves a -26.22% return, which is significantly lower than HWAY's 21.76% return.

NFLW

• 1D: 0.85%
• 1M: -7.21%
• 6M: -20.56%
• YTD: -26.22%
• 1Y: -48.89%
• 3Y*: —
• 5Y*: —
• 10Y*: —

HWAY

• 1D: 0.41%
• 1M: -2.99%
• 6M: 13.07%
• YTD: 21.76%
• 1Y: 32.87%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

NFLW vs. HWAY - Yearly Performance Comparison

	2026 (YTD)	2025
NFLW Roundhill NFLX WeeklyPay ETF	-26.22%	-29.54%
HWAY Themes US Infrastructure ETF	21.76%	16.23%

Correlation

The correlation between NFLW and HWAY is -0.17, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.17
Correlation (All Time) Calculated using the full available price history since Jun 18, 2025	-0.15

NFLW vs. HWAY - Sectors Allocation Comparison

Sectors	NFLW	HWAY
Communication Services	12.8%	-
Basic Materials	-	18.8%
Consumer Cyclical	-	1.6%
Consumer Defensive	-	0.0%
Energy	-	0.2%
Financial Services	-	-
Healthcare	-	-
Industrials	-	78.7%
Real Estate	-	-
Technology	-	0.2%
Utilities	-	0.1%

Return for Risk

NFLW vs. HWAY — Risk / Return Rank

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

NFLW

NFLW Risk / Return Rank: 1
NFLW Sharpe Ratio Rank: 1
NFLW Sortino Ratio Rank: 1
NFLW Omega Ratio Rank: 1
NFLW Calmar Ratio Rank: 1
NFLW Martin Ratio Rank: 0

HWAY

HWAY Risk / Return Rank: 61
HWAY Sharpe Ratio Rank: 60
HWAY Sortino Ratio Rank: 61
HWAY Omega Ratio Rank: 53
HWAY Calmar Ratio Rank: 66
HWAY Martin Ratio Rank: 65

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.

NFLW vs. HWAY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Roundhill NFLX WeeklyPay ETF (NFLW) 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.

	NFLW	HWAY	Difference
Sharpe ratio: Return per unit of total volatility	-1.20	1.61	-2.80
Sortino ratio: Return per unit of downside risk	-1.90	2.30	-4.20
Omega ratio: Gain probability vs. loss probability	0.76	1.27	-0.51
Calmar ratio: Return relative to maximum drawdown	-0.94	2.62	-3.55
Martin ratio: Return relative to average drawdown	-1.59	9.13	-10.72

NFLW vs. HWAY - Sharpe Ratio Comparison

The current NFLW Sharpe Ratio is -1.20, which is lower than the HWAY Sharpe Ratio of 1.61. The chart below compares the historical Sharpe Ratios of NFLW 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

NFLW vs. HWAY - Drawdown Comparison

The maximum NFLW drawdown since its inception was -55.10%, which is greater than HWAY's maximum drawdown of -25.96%. Use the drawdown chart below to compare losses from any high point for NFLW and HWAY.

Drawdown Indicators

	NFLW	HWAY	Difference
Max Drawdown Largest peak-to-trough decline	-55.10%	-25.96%	-29.14%
Max Drawdown (1Y) Largest decline over 1 year	-52.27%	-12.63%	-39.64%
Current Drawdown Current decline from peak	-53.01%	-5.49%	-47.52%
Average Drawdown Average peak-to-trough decline	-29.35%	-5.20%	-24.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	30.82%	3.61%	+27.21%

Volatility

NFLW vs. HWAY - Volatility Comparison

Roundhill NFLX WeeklyPay ETF (NFLW) has a higher volatility of 13.72% compared to Themes US Infrastructure ETF (HWAY) at 5.79%. This indicates that NFLW'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

	NFLW	HWAY	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.72%	5.79%	+7.93%
Volatility (6M) Calculated over the trailing 6-month period	31.76%	16.88%	+14.88%
Volatility (1Y) Calculated over the trailing 1-year period	40.96%	20.56%	+20.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	40.30%	22.37%	+17.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	40.30%	22.37%	+17.93%

NFLW vs. HWAY - Expense Ratio Comparison

NFLW has a 0.99% expense ratio, which is higher than HWAY's 0.29% expense ratio.

Dividends

NFLW vs. HWAY - Dividend Comparison

NFLW's dividend yield for the trailing twelve months is around 82.21%, more than HWAY's 1.06% yield.

Position	TTM	2025	2024
HWAY Themes US Infrastructure ETF	1.06%	1.29%	0.22%
NFLW Roundhill NFLX WeeklyPay ETF	82.21%	38.89%	0.00%

Frequently Asked Questions

Can I hold both NFLW and HWAY in my portfolio?

NFLW and HWAY have a correlation of -0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NFLW or HWAY?

NFLW has higher volatility (13.72%) compared to HWAY (5.79%). In terms of maximum drawdown, NFLW dropped -55.10% vs HWAY's -25.96%.

Which ETF is better, NFLW or HWAY?

On 1-year performance, HWAY leads with 32.87% vs -48.89% for NFLW. On fees, HWAY is cheaper at 0.29% per year. On volatility, HWAY has been the lower-risk option at 5.79%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NFLW or HWAY?

Over the 1-year period, HWAY has performed better with a 32.87% return vs -48.89%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NFLW or HWAY?

HWAY is cheaper with a 0.29% expense ratio, compared with 0.99% for NFLW.

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

NFLW has the higher dividend yield at 82.21%, compared with 1.06% for HWAY.

What is the main difference between NFLW and HWAY?

NFLW is categorized as Derivative Income, while HWAY is Industrials Equities. They also come from different issuers: Roundhill and Themes. Their fees differ too: 0.99% for NFLW and 0.29% for HWAY.

Which has better risk-adjusted returns?

HWAY currently has the higher Sharpe Ratio (1.61 vs -1.20), 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.