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POWR vs. HWAY
Performance
Return for Risk
Drawdowns
Volatility
Dividends

POWR vs. HWAY

Last updated Aug 2, 2026
Documentation

POWR (iShares U.S. Power Infrastructure ETF) and HWAY (Themes US Infrastructure ETF) are both Infrastructure Equities funds - POWR tracks the S&P U.S. Power Infrastructure Select Index while HWAY tracks the Solactive United States Infrastructure Index. Both are passively managed. Over the past year, POWR returned 16.38% vs 32.92% for HWAY. Their 0.50 correlation means they have sometimes moved together and sometimes differently. POWR charges 0.40%/yr vs 0.29%/yr for HWAY.

Performance

POWR vs. HWAY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares U.S. Power Infrastructure ETF (POWR) and Themes US Infrastructure ETF (HWAY). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, POWR achieves a 12.12% return, which is significantly lower than HWAY's 22.94% return.

POWR

1D
0.77%
1M
-3.78%
6M
6.76%
YTD
12.12%
1Y
16.38%
3Y*
7.49%
5Y*
15.95%
10Y*
8.36%
ALL TIME*
4.05%

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

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

HWAY

Themes US Infrastructure ETF
$22.82K$23.54K$29.88K

POWR

iShares U.S. Power Infrastructure ETF
$5.98M$6.98M$7.47M

POWR vs. HWAY - Yearly Performance Comparison

2026 (YTD)20252024
POWR
iShares U.S. Power Infrastructure ETF		12.12%10.81%-1.44%
HWAY
Themes US Infrastructure ETF		22.94%19.99%4.42%

Correlation

The correlation between POWR and HWAY is 0.60, 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.

0.60

Correlation (All Time)
Calculated using the full available price history since Sep 12, 2024

0.50

The correlation between POWR and HWAY has been stable across timeframes, ranging from 0.50 to 0.60 - a consistent structural relationship.

POWR vs. HWAY - Sectors Allocation Comparison

Sectors
POWR
HWAY

Utilities

58.2%
0.1%

Industrials

23.7%
77.9%

Energy

12.4%
0.2%

Technology

5.4%
0.0%

Basic Materials

0.1%
20.9%

Communication Services

-

-

Consumer Cyclical

-

0.5%

Consumer Defensive

-

0.0%

Financial Services

-

-

Healthcare

-

-

Real Estate

-

-

Utilities

POWR
58.2%
HWAY
0.1%

Industrials

POWR
23.7%
HWAY
77.9%

Energy

POWR
12.4%
HWAY
0.2%

Technology

POWR
5.4%
HWAY
0.0%

Basic Materials

POWR
0.1%
HWAY
20.9%

Communication Services

POWR

-

HWAY

-

Consumer Cyclical

POWR

-

HWAY
0.5%

Consumer Defensive

POWR

-

HWAY
0.0%

Financial Services

POWR

-

HWAY

-

Healthcare

POWR

-

HWAY

-

Real Estate

POWR

-

HWAY

-

Compare stocks, funds, or ETFs

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iShares U.S. Power Infrastructure ETF

Themes US Infrastructure ETF

Often compared with POWR:
POWR vs. GRIDPOWR vs. AIPOPOWR vs. XLUPOWR vs. PAVEPOWR vs. ZAPPOWR vs. VPUPOWR vs. XLUI
Often compared with HWAY:
HWAY vs. MADEHWAY vs. FOWFHWAY vs. XLIHWAY vs. EVXHWAY vs. FIDUHWAY vs. EFRAHWAY vs. WISE

Return for Risk

POWR vs. HWAY — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
POWR
POWR Risk / Return Rank: 3939
Overall Rank
POWR Sharpe Ratio Rank: 3535
Sharpe Ratio Rank
POWR Sortino Ratio Rank: 3434
Sortino Ratio Rank
POWR Omega Ratio Rank: 3333
Omega Ratio Rank
POWR Calmar Ratio Rank: 4343
Calmar Ratio Rank
POWR Martin Ratio Rank: 4747
Martin Ratio Rank
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.

POWR vs. HWAY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares U.S. Power Infrastructure ETF (POWR) 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.

POWRHWAYDifference
Sharpe ratioReturn per unit of total volatility
0.87
1.45

-0.58

Sortino ratioReturn per unit of downside risk
1.28
2.11

-0.83

Omega ratioGain probability vs. loss probability

1.16

1.25

-0.09

Calmar ratioReturn relative to maximum drawdown

1.54

2.36

-0.82

Martin ratioReturn relative to average drawdown

5.38

7.98

-2.60

POWR vs. HWAY - Sharpe Ratio Comparison

The current POWR Sharpe Ratio is 0.87, which is lower than the HWAY Sharpe Ratio of 1.45. The chart below compares the historical Sharpe Ratios of POWR 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.

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Drawdowns

POWR vs. HWAY - Drawdown Comparison

The maximum POWR drawdown since its inception was -65.98%, which is greater than HWAY's maximum drawdown of -25.96%. Use the drawdown chart below to compare losses from any high point for POWR and HWAY.

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Drawdown Indicators

POWRHWAYDifference

Max Drawdown

Largest peak-to-trough decline

-65.98%

-25.96%

-40.02%

Max Drawdown (1Y)

Largest decline over 1 year

-9.77%

-12.63%

+2.86%

Max Drawdown (3Y)

Largest decline over 3 years

-23.14%

—

—

Max Drawdown (5Y)

Largest decline over 5 years

-25.09%

—

—

Max Drawdown (10Y)

Largest decline over 10 years

-63.42%

—

—

Current Drawdown

Current decline from peak

-6.78%

-4.57%

-2.21%

Average Drawdown

Average peak-to-trough decline

-17.99%

-5.20%

-12.79%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.79%

3.73%

-0.94%

Volatility

POWR vs. HWAY - Volatility Comparison

iShares U.S. Power Infrastructure ETF (POWR) has a higher volatility of 5.12% compared to Themes US Infrastructure ETF (HWAY) at 4.71%. This indicates that POWR'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.

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Volatility by Period

POWRHWAYDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.12%

4.71%

+0.41%

Volatility (6M)

Calculated over the trailing 6-month period

13.54%

16.68%

-3.14%

Volatility (1Y)

Calculated over the trailing 1-year period

17.26%

20.52%

-3.26%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

22.93%

22.22%

+0.71%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

25.50%

22.22%

+3.28%

POWR vs. HWAY - Expense Ratio Comparison

POWR has a 0.40% expense ratio, which is higher than HWAY's 0.29% expense ratio.

Dividends

POWR vs. HWAY - Dividend Comparison

POWR's dividend yield for the trailing twelve months is around 5.75%, while HWAY has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
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%
POWR
iShares U.S. Power Infrastructure ETF		5.75%7.56%4.36%4.16%4.82%3.94%3.96%5.71%3.17%3.11%2.75%3.42%

Frequently Asked Questions

POWR and HWAY have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

POWR has higher volatility (5.12%) compared to HWAY (4.71%). In terms of maximum drawdown, POWR dropped -65.98% vs HWAY's -25.96%.

On 1-year performance, HWAY leads with 32.92% vs 16.38% for POWR. On fees, HWAY is cheaper at 0.29% per year. On volatility, HWAY has been the lower-risk option at 4.71%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 1-year period, HWAY has performed better with a 32.92% return vs 16.38%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

HWAY is cheaper with a 0.29% expense ratio, compared with 0.40% for POWR.

POWR has the higher dividend yield at 5.75%, compared with 1.05% for HWAY.

POWR tracks S&P U.S. Power Infrastructure Select Index, while HWAY tracks Solactive United States Infrastructure Index. They also come from different issuers: iShares and Themes. Their fees differ too: 0.40% for POWR and 0.29% for HWAY.

HWAY currently has the higher Sharpe Ratio (1.45 vs 0.87), 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.

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