NFRX vs. HWAY
NFRX (Harrison Street Infrastructure Active ETF) and HWAY (Themes US Infrastructure ETF) are both Infrastructure Equities funds. NFRX is actively managed, while HWAY is passively managed. Their 0.43 correlation means their historical movements had little consistent relationship. NFRX charges 0.80%/yr vs 0.29%/yr for HWAY.
Performance
NFRX vs. HWAY - Performance Comparison
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Returns By Period
NFRX
- 1D
- -0.52%
- 1M
- -0.90%
- 6M
- 7.29%
- YTD
- —
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- —
HWAY
- 1D
- 0.00%
- 1M
- -0.03%
- 6M
- 14.83%
- YTD
- 22.94%
- 1Y
- 32.92%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 25.86%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $22.82K | $23.54K | $29.88K | |
| $1.29K | $1.57K | $3.59K |
NFRX vs. HWAY - Yearly Performance Comparison
| 2026 (YTD) | |
|---|---|
NFRX Harrison Street Infrastructure Active ETF | 7.78% |
HWAY Themes US Infrastructure ETF | 13.72% |
Correlation
The correlation between NFRX and HWAY is 0.43, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Jan 30, 2026 | 0.43 |
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Return for Risk
NFRX vs. HWAY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Harrison Street Infrastructure Active ETF (NFRX) 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.
| NFRX | HWAY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 1.25 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 2.36 | — |
| Martin ratioReturn relative to average drawdown | — | 7.98 | — |
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Drawdowns
NFRX vs. HWAY - Drawdown Comparison
The maximum NFRX drawdown since its inception was -7.26%, smaller than the maximum HWAY drawdown of -25.96%. Use the drawdown chart below to compare losses from any high point for NFRX and HWAY.
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Drawdown Indicators
| NFRX | HWAY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -7.26% | -25.96% | +18.70% |
Max Drawdown (1Y)Largest decline over 1 year | — | -12.63% | — |
Current DrawdownCurrent decline from peak | -2.62% | -4.57% | +1.95% |
Average DrawdownAverage peak-to-trough decline | -2.46% | -5.20% | +2.74% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 3.73% | — |
Volatility
NFRX vs. HWAY - Volatility Comparison
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Volatility by Period
| NFRX | HWAY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 4.71% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 16.68% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 13.50% | 20.52% | -7.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.50% | 22.22% | -8.72% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.50% | 22.22% | -8.72% |
NFRX vs. HWAY - Expense Ratio Comparison
NFRX has a 0.80% expense ratio, which is higher than HWAY's 0.29% expense ratio.
Dividends
NFRX vs. HWAY - Dividend Comparison
NFRX's dividend yield for the trailing twelve months is around 0.99%, while HWAY has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
HWAY Themes US Infrastructure ETF | 1.05% | 1.29% | 0.22% |
NFRX Harrison Street Infrastructure Active ETF | 0.99% | 0.00% | 0.00% |
Frequently Asked Questions
NFRX and HWAY have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, HWAY is cheaper at 0.29% per year. The better choice depends on whether you care most about return, fees, risk, or income.
HWAY is cheaper with a 0.29% expense ratio, compared with 0.80% for NFRX.
HWAY has the higher dividend yield at 1.05%, compared with 0.99% for NFRX.
They also come from different issuers: Harrison Street and Themes. Their fees differ too: 0.80% for NFRX and 0.29% for HWAY.
Find the right allocation for NFRX and HWAY
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