NFLY vs. HWAY

Last updated Jul 14, 2026

NFLY (YieldMax NFLX Option Income Strategy ETF) and HWAY (Themes US Infrastructure ETF) are both exchange-traded funds - NFLY is a Derivative Income fund actively managed by YieldMax, while HWAY is a Industrials Equities fund tracking the Solactive United States Infrastructure Index. NFLY is actively managed, while HWAY is passively managed. Over the past year, NFLY returned -34.29% vs 30.53% for HWAY. At a 0.03 correlation, their price movements are largely independent. NFLY charges 0.99%/yr vs 0.29%/yr for HWAY.

Performance

NFLY vs. HWAY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in YieldMax NFLX Option Income Strategy ETF (NFLY) 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, NFLY achieves a -17.03% return, which is significantly lower than HWAY's 20.94% return.

NFLY

• 1D: 1.15%
• 1M: -8.16%
• 6M: -13.66%
• YTD: -17.03%
• 1Y: -34.29%
• 3Y*: —
• 5Y*: —
• 10Y*: —

HWAY

• 1D: -0.97%
• 1M: -2.40%
• 6M: 14.27%
• YTD: 20.94%
• 1Y: 30.53%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

NFLY vs. HWAY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
NFLY YieldMax NFLX Option Income Strategy ETF	-17.03%	1.66%	26.47%
HWAY Themes US Infrastructure ETF	20.94%	19.99%	4.42%

Correlation

The correlation between NFLY and HWAY is -0.18, 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	-0.18
Correlation (All Time) Calculated using the full available price history since Sep 12, 2024	0.03

The correlation between NFLY and HWAY shifts across timeframes, from -0.18 (1 year) to 0.03 (all time), reflecting how their relationship changes across market environments.

Return for Risk

NFLY vs. HWAY — Risk / Return Rank

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

NFLY

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

HWAY

HWAY Risk / Return Rank: 57
HWAY Sharpe Ratio Rank: 55
HWAY Sortino Ratio Rank: 56
HWAY Omega Ratio Rank: 50
HWAY Calmar Ratio Rank: 62
HWAY Martin Ratio Rank: 62

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.

NFLY vs. HWAY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax NFLX Option Income Strategy ETF (NFLY) 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.

	NFLY	HWAY	Difference
Sharpe ratio: Return per unit of total volatility	-1.20	1.49	-2.69
Sortino ratio: Return per unit of downside risk	-1.76	2.16	-3.92
Omega ratio: Gain probability vs. loss probability	0.77	1.25	-0.48
Calmar ratio: Return relative to maximum drawdown	-0.92	2.43	-3.35
Martin ratio: Return relative to average drawdown	-1.64	8.60	-10.25

NFLY vs. HWAY - Sharpe Ratio Comparison

The current NFLY Sharpe Ratio is -1.20, which is lower than the HWAY Sharpe Ratio of 1.49. The chart below compares the historical Sharpe Ratios of NFLY 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

NFLY vs. HWAY - Drawdown Comparison

The maximum NFLY drawdown since its inception was -39.68%, which is greater than HWAY's maximum drawdown of -25.96%. Use the drawdown chart below to compare losses from any high point for NFLY and HWAY.

Drawdown Indicators

	NFLY	HWAY	Difference
Max Drawdown Largest peak-to-trough decline	-39.68%	-25.96%	-13.72%
Max Drawdown (1Y) Largest decline over 1 year	-37.23%	-12.63%	-24.60%
Current Drawdown Current decline from peak	-38.39%	-6.13%	-32.26%
Average Drawdown Average peak-to-trough decline	-9.46%	-5.20%	-4.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	20.92%	3.56%	+17.36%

Volatility

NFLY vs. HWAY - Volatility Comparison

YieldMax NFLX Option Income Strategy ETF (NFLY) has a higher volatility of 9.46% compared to Themes US Infrastructure ETF (HWAY) at 6.58%. This indicates that NFLY'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

	NFLY	HWAY	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.46%	6.58%	+2.88%
Volatility (6M) Calculated over the trailing 6-month period	22.09%	16.93%	+5.16%
Volatility (1Y) Calculated over the trailing 1-year period	28.68%	20.64%	+8.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	28.36%	22.44%	+5.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.36%	22.44%	+5.92%

NFLY vs. HWAY - Expense Ratio Comparison

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

Dividends

NFLY vs. HWAY - Dividend Comparison

NFLY's dividend yield for the trailing twelve months is around 64.97%, more than HWAY's 1.07% yield.

Position	TTM	2025	2024	2023
HWAY Themes US Infrastructure ETF	1.07%	1.29%	0.22%	0.00%
NFLY YieldMax NFLX Option Income Strategy ETF	64.97%	61.53%	49.91%	11.84%

Frequently Asked Questions

Can I hold both NFLY and HWAY in my portfolio?

NFLY and HWAY have a correlation of -0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NFLY or HWAY?

NFLY has higher volatility (9.46%) compared to HWAY (6.58%). In terms of maximum drawdown, NFLY dropped -39.68% vs HWAY's -25.96%.

Which ETF is better, NFLY or HWAY?

On 1-year performance, HWAY leads with 30.53% vs -34.29% for NFLY. On fees, HWAY is cheaper at 0.29% per year. On volatility, HWAY has been the lower-risk option at 6.58%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NFLY or HWAY?

Over the 1-year period, HWAY has performed better with a 30.53% return vs -34.29%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NFLY or HWAY?

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

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

NFLY has the higher dividend yield at 64.97%, compared with 1.07% for HWAY.

What is the main difference between NFLY and HWAY?

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

Which has better risk-adjusted returns?

HWAY currently has the higher Sharpe Ratio (1.49 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.