PAVE vs. HWAY

Last updated Jun 25, 2026

PAVE (Global X US Infrastructure Development ETF) and HWAY (Themes US Infrastructure ETF) are both Industrials Equities funds - PAVE tracks the INDXX U.S. Infrastructure Development Index while HWAY tracks the Solactive United States Infrastructure Index. Both are passively managed. Over the past year, PAVE returned 36.66% vs 42.54% for HWAY. With a 0.96 correlation, they move nearly in lockstep. PAVE charges 0.47%/yr vs 0.29%/yr for HWAY.

Performance

PAVE vs. HWAY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Global X US Infrastructure Development ETF (PAVE) 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, PAVE achieves a 22.22% return, which is significantly lower than HWAY's 25.73% return.

PAVE

• 1D: 1.04%
• 1M: 6.32%
• YTD: 22.22%
• 6M: 19.45%
• 1Y: 36.66%
• 3Y*: 25.73%
• 5Y*: 18.54%
• 10Y*: —

HWAY

• 1D: 1.17%
• 1M: 7.06%
• YTD: 25.73%
• 6M: 23.01%
• 1Y: 42.54%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PAVE vs. HWAY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
PAVE Global X US Infrastructure Development ETF	22.22%	19.36%	7.50%
HWAY Themes US Infrastructure ETF	25.73%	19.99%	4.42%

Correlation

The correlation between PAVE and HWAY is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.97
Correlation (All Time) Calculated using the full available price history since Sep 12, 2024	0.96

The correlation between PAVE and HWAY has been stable across timeframes, ranging from 0.96 to 0.97 - a consistent structural relationship.

PAVE vs. HWAY - Sectors Allocation Comparison

Sectors	PAVE	HWAY
Industrials	75.9%	79.8%
Basic Materials	19.5%	18.1%
Utilities	3.1%	0.1%
Technology	1.0%	0.3%
Consumer Defensive	0.2%	0.0%
Energy	0.2%	0.2%
Communication Services	-	-
Consumer Cyclical	-	1.2%
Financial Services	-	-
Healthcare	-	-
Real Estate	-	-

Return for Risk

PAVE vs. HWAY — Risk / Return Rank

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

PAVE

PAVE Risk / Return Rank: 64
PAVE Sharpe Ratio Rank: 64
PAVE Sortino Ratio Rank: 64
PAVE Omega Ratio Rank: 57
PAVE Calmar Ratio Rank: 68
PAVE Martin Ratio Rank: 68

HWAY

HWAY Risk / Return Rank: 74
HWAY Sharpe Ratio Rank: 76
HWAY Sortino Ratio Rank: 75
HWAY Omega Ratio Rank: 67
HWAY Calmar Ratio Rank: 76
HWAY Martin Ratio Rank: 75

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.

PAVE vs. HWAY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X US Infrastructure Development ETF (PAVE) 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.

	PAVE	HWAY	Difference
Sharpe ratio: Return per unit of total volatility	1.88	2.11	-0.23
Sortino ratio: Return per unit of downside risk	2.64	2.91	-0.27
Omega ratio: Gain probability vs. loss probability	1.32	1.35	-0.03
Calmar ratio: Return relative to maximum drawdown	3.09	3.38	-0.29
Martin ratio: Return relative to average drawdown	11.23	12.44	-1.21

PAVE vs. HWAY - Sharpe Ratio Comparison

The current PAVE Sharpe Ratio is 1.88, which is comparable to the HWAY Sharpe Ratio of 2.11. The chart below compares the historical Sharpe Ratios of PAVE 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

PAVE vs. HWAY - Drawdown Comparison

The maximum PAVE drawdown since its inception was -44.08%, which is greater than HWAY's maximum drawdown of -25.96%. Use the drawdown chart below to compare losses from any high point for PAVE and HWAY.

Drawdown Indicators

	PAVE	HWAY	Difference
Max Drawdown Largest peak-to-trough decline	-44.08%	-25.96%	-18.12%
Max Drawdown (1Y) Largest decline over 1 year	-11.91%	-12.63%	+0.72%
Max Drawdown (3Y) Largest decline over 3 years	-26.23%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-26.23%	—	—
Current Drawdown Current decline from peak	-1.40%	-1.04%	-0.36%
Average Drawdown Average peak-to-trough decline	-6.21%	-5.24%	-0.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.27%	3.43%	-0.16%

Volatility

PAVE vs. HWAY - Volatility Comparison

Global X US Infrastructure Development ETF (PAVE) has a higher volatility of 7.04% compared to Themes US Infrastructure ETF (HWAY) at 6.61%. This indicates that PAVE'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

	PAVE	HWAY	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.04%	6.61%	+0.43%
Volatility (6M) Calculated over the trailing 6-month period	15.92%	16.71%	-0.79%
Volatility (1Y) Calculated over the trailing 1-year period	19.60%	20.29%	-0.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.66%	22.45%	-0.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.39%	22.45%	+1.94%

PAVE vs. HWAY - Expense Ratio Comparison

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

Dividends

PAVE vs. HWAY - Dividend Comparison

PAVE's dividend yield for the trailing twelve months is around 0.75%, less than HWAY's 1.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
HWAY Themes US Infrastructure ETF	1.03%	1.29%	0.22%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
PAVE Global X US Infrastructure Development ETF	0.75%	0.92%	0.54%	0.68%	0.84%	0.48%	0.44%	0.67%	0.78%	0.30%

Frequently Asked Questions

Can I hold both PAVE and HWAY in my portfolio?

With a correlation of 0.97, PAVE and HWAY move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, PAVE or HWAY?

PAVE has higher volatility (7.04%) compared to HWAY (6.61%). In terms of maximum drawdown, PAVE dropped -44.08% vs HWAY's -25.96%.

Which ETF is better, PAVE or HWAY?

On 1-year performance, HWAY leads with 42.54% vs 36.66% for PAVE. On fees, HWAY is cheaper at 0.29% per year. On volatility, HWAY has been the lower-risk option at 6.61%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PAVE or HWAY?

Over the 1-year period, HWAY has performed better with a 42.54% return vs 36.66%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PAVE or HWAY?

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

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

HWAY has the higher dividend yield at 1.03%, compared with 0.75% for PAVE.

What is the main difference between PAVE and HWAY?

PAVE tracks INDXX U.S. Infrastructure Development Index, while HWAY tracks Solactive United States Infrastructure Index. They also come from different issuers: Global X and Themes. Their fees differ too: 0.47% for PAVE and 0.29% for HWAY.

Which has better risk-adjusted returns?

HWAY currently has the higher Sharpe Ratio (2.11 vs 1.88), 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.