NFRA vs. HWAY

Last updated Aug 2, 2026

NFRA (FlexShares STOXX Global Broad Infrastructure Index Fund) and HWAY (Themes US Infrastructure ETF) are both Infrastructure Equities funds - NFRA tracks the STOXX Global Broad Infrastructure Index while HWAY tracks the Solactive United States Infrastructure Index. Both are passively managed. Over the past year, NFRA returned 13.70% vs 32.92% for HWAY. Their 0.53 correlation means they have sometimes moved together and sometimes differently. NFRA charges 0.47%/yr vs 0.29%/yr for HWAY.

Performance

NFRA vs. HWAY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FlexShares STOXX Global Broad Infrastructure Index Fund (NFRA) 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, NFRA achieves a 8.91% return, which is significantly lower than HWAY's 22.94% return.

NFRA

• 1D: -0.33%
• 1M: 1.08%
• 6M: 5.98%
• YTD: 8.91%
• 1Y: 13.70%
• 3Y*: 11.88%
• 5Y*: 5.93%
• 10Y*: 6.83%
• ALL TIME*: 6.90%

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
NFRA FlexShares STOXX Global Broad Infrastructure Index Fund	$3.34M	$2.60M	$4.28M

NFRA vs. HWAY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
NFRA FlexShares STOXX Global Broad Infrastructure Index Fund	8.91%	18.42%	-5.67%
HWAY Themes US Infrastructure ETF	22.94%	19.99%	4.42%

Correlation

The correlation between NFRA and HWAY is 0.52, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.52
Correlation (All Time) Calculated using the full available price history since Sep 12, 2024	0.53

The correlation between NFRA and HWAY has been stable across timeframes, ranging from 0.52 to 0.53 - a consistent structural relationship.

NFRA vs. HWAY - Sectors Allocation Comparison

Sectors	NFRA	HWAY
Industrials	33.4%	77.9%
Utilities	24.5%	0.1%
Communication Services	22.4%	-
Energy	9.1%	0.2%
Real Estate	4.7%	-
Healthcare	4.5%	-
Technology	1.3%	0.0%
Consumer Cyclical	0.3%	0.5%
Consumer Defensive	0.1%	0.0%
Financial Services	0.0%	-
Basic Materials	-	20.9%

Return for Risk

NFRA vs. HWAY — Risk / Return Rank

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

NFRA

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

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.

NFRA vs. HWAY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FlexShares STOXX Global Broad Infrastructure Index Fund (NFRA) 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.

	NFRA	HWAY	Difference
Sharpe ratio: Return per unit of total volatility	1.36	1.45	-0.09
Sortino ratio: Return per unit of downside risk	1.97	2.11	-0.14
Omega ratio: Gain probability vs. loss probability	1.25	1.25	0.00
Calmar ratio: Return relative to maximum drawdown	1.94	2.36	-0.42
Martin ratio: Return relative to average drawdown	5.78	7.98	-2.20

NFRA vs. HWAY - Sharpe Ratio Comparison

The current NFRA Sharpe Ratio is 1.36, which is comparable to the HWAY Sharpe Ratio of 1.45. The chart below compares the historical Sharpe Ratios of NFRA 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

NFRA vs. HWAY - Drawdown Comparison

The maximum NFRA drawdown since its inception was -32.49%, which is greater than HWAY's maximum drawdown of -25.96%. Use the drawdown chart below to compare losses from any high point for NFRA and HWAY.

Drawdown Indicators

	NFRA	HWAY	Difference
Max Drawdown Largest peak-to-trough decline	-32.49%	-25.96%	-6.53%
Max Drawdown (1Y) Largest decline over 1 year	-7.28%	-12.63%	+5.35%
Max Drawdown (3Y) Largest decline over 3 years	-9.16%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-22.75%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-32.49%	—	—
Current Drawdown Current decline from peak	-2.16%	-4.57%	+2.41%
Average Drawdown Average peak-to-trough decline	-4.50%	-5.20%	+0.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.44%	3.73%	-1.29%

Volatility

NFRA vs. HWAY - Volatility Comparison

The current volatility for FlexShares STOXX Global Broad Infrastructure Index Fund (NFRA) is 2.42%, while Themes US Infrastructure ETF (HWAY) has a volatility of 4.71%. This indicates that NFRA experiences smaller price fluctuations and is considered to be less risky than HWAY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NFRA	HWAY	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.42%	4.71%	-2.29%
Volatility (6M) Calculated over the trailing 6-month period	8.44%	16.68%	-8.24%
Volatility (1Y) Calculated over the trailing 1-year period	10.38%	20.52%	-10.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.95%	22.22%	-9.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.87%	22.22%	-7.35%

NFRA vs. HWAY - Expense Ratio Comparison

NFRA has a 0.47% expense ratio, which is higher than HWAY's 0.29% expense ratio.

Dividends

NFRA vs. HWAY - Dividend Comparison

NFRA's dividend yield for the trailing twelve months is around 5.68%, 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%
NFRA FlexShares STOXX Global Broad Infrastructure Index Fund	5.68%	6.00%	3.33%	2.57%	2.28%	2.71%	2.22%	2.27%	3.06%	2.81%	2.98%	2.47%

Frequently Asked Questions

Can I hold both NFRA and HWAY in my portfolio?

NFRA and HWAY have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NFRA or HWAY?

HWAY has higher volatility (4.71%) compared to NFRA (2.42%). In terms of maximum drawdown, NFRA dropped -32.49% vs HWAY's -25.96%.

Which ETF is better, NFRA or HWAY?

On 1-year performance, HWAY leads with 32.92% vs 13.70% for NFRA. On fees, HWAY is cheaper at 0.29% per year. On volatility, NFRA has been the lower-risk option at 2.42%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NFRA or HWAY?

Over the 1-year period, HWAY has performed better with a 32.92% return vs 13.70%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NFRA or HWAY?

HWAY is cheaper with a 0.29% expense ratio, compared with 0.47% for NFRA.

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

NFRA has the higher dividend yield at 5.68%, compared with 1.05% for HWAY.

What is the main difference between NFRA and HWAY?

NFRA tracks STOXX Global Broad Infrastructure Index, while HWAY tracks Solactive United States Infrastructure Index. They also come from different issuers: FlexShares and Themes. Their fees differ too: 0.47% for NFRA and 0.29% for HWAY.

Which has better risk-adjusted returns?

HWAY currently has the higher Sharpe Ratio (1.45 vs 1.36), 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.