RBLD vs. HWAY

Last updated Jun 4, 2026

RBLD (First Trust Alerian U.S. NextGen Infrastructure ETF) and HWAY (Themes US Infrastructure ETF) are both Industrials Equities funds - RBLD tracks the Alerian US NextGen Infrastructure Index - Benchmark TR Net while HWAY tracks the Solactive United States Infrastructure Index. Both are passively managed. Over the past year, RBLD returned 28.68% vs 42.60% for HWAY. Their correlation of 0.87 suggests significant overlap in exposure. RBLD charges 0.65%/yr vs 0.29%/yr for HWAY.

Performance

RBLD vs. HWAY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Alerian U.S. NextGen Infrastructure ETF (RBLD) 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, RBLD achieves a 19.89% return, which is significantly lower than HWAY's 22.83% return.

RBLD

• 1D: -0.36%
• 1M: 0.95%
• YTD: 19.89%
• 6M: 18.51%
• 1Y: 28.68%
• 3Y*: 22.72%
• 5Y*: 10.76%
• 10Y*: 8.40%

HWAY

• 1D: 0.93%
• 1M: 3.11%
• YTD: 22.83%
• 6M: 21.62%
• 1Y: 42.60%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

RBLD vs. HWAY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
RBLD First Trust Alerian U.S. NextGen Infrastructure ETF	19.89%	13.99%	4.08%
HWAY Themes US Infrastructure ETF	22.83%	19.99%	3.39%

Correlation

The correlation between RBLD and HWAY is 0.88, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.88
Correlation (All Time) Calculated using the full available price history since Sep 13, 2024	0.87

The correlation between RBLD and HWAY has been stable across timeframes, ranging from 0.87 to 0.88 - a consistent structural relationship.

RBLD vs. HWAY - Sectors Allocation Comparison

Sectors	RBLD	HWAY
Industrials	41.6%	79.7%
Utilities	28.6%	0.1%
Energy	9.3%	0.2%
Technology	9.2%	0.2%
Basic Materials	6.2%	18.2%
Real Estate	5.0%	-
Communication Services	1.0%	-
Consumer Cyclical	-	1.2%
Consumer Defensive	-	0.0%
Financial Services	-	-
Healthcare	-	-

Return for Risk

RBLD vs. HWAY — Risk / Return Rank

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

RBLD

RBLD Risk / Return Rank: 68
RBLD Sharpe Ratio Rank: 65
RBLD Sortino Ratio Rank: 63
RBLD Omega Ratio Rank: 61
RBLD Calmar Ratio Rank: 79
RBLD Martin Ratio Rank: 74

HWAY

HWAY Risk / Return Rank: 66
HWAY Sharpe Ratio Rank: 67
HWAY Sortino Ratio Rank: 67
HWAY Omega Ratio Rank: 61
HWAY Calmar Ratio Rank: 69
HWAY Martin Ratio Rank: 69

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.

RBLD vs. HWAY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Alerian U.S. NextGen Infrastructure ETF (RBLD) 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.

	RBLD	HWAY	Difference
Sharpe ratio: Return per unit of total volatility	2.15	2.17	-0.03
Sortino ratio: Return per unit of downside risk	2.93	3.03	-0.10
Omega ratio: Gain probability vs. loss probability	1.37	1.37	0.00
Calmar ratio: Return relative to maximum drawdown	4.01	3.39	+0.62
Martin ratio: Return relative to average drawdown	13.80	12.51	+1.29
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

RBLD vs. HWAY - Sharpe Ratio Comparison

The current RBLD Sharpe Ratio is 2.15, which is comparable to the HWAY Sharpe Ratio of 2.17. The chart below compares the historical Sharpe Ratios of RBLD 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.

Sharpe Ratios by Period

	RBLD	HWAY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.15	2.17	-0.03
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.64	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.45	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.38	1.25	-0.86

Drawdowns

RBLD vs. HWAY - Drawdown Comparison

The maximum RBLD drawdown since its inception was -50.07%, which is greater than HWAY's maximum drawdown of -25.96%. Use the drawdown chart below to compare losses from any high point for RBLD and HWAY.

Drawdown Indicators

	RBLD	HWAY	Difference
Max Drawdown Largest peak-to-trough decline	-50.07%	-25.96%	-24.11%
Max Drawdown (1Y) Largest decline over 1 year	-7.19%	-12.63%	+5.44%
Max Drawdown (3Y) Largest decline over 3 years	-19.14%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-23.71%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-50.07%	—	—
Current Drawdown Current decline from peak	-0.71%	-1.26%	+0.55%
Average Drawdown Average peak-to-trough decline	-10.84%	-5.38%	-5.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.08%	3.41%	-1.33%

Volatility

RBLD vs. HWAY - Volatility Comparison

The current volatility for First Trust Alerian U.S. NextGen Infrastructure ETF (RBLD) is 4.27%, while Themes US Infrastructure ETF (HWAY) has a volatility of 7.31%. This indicates that RBLD 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

	RBLD	HWAY	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.27%	7.31%	-3.04%
Volatility (6M) Calculated over the trailing 6-month period	10.39%	16.31%	-5.92%
Volatility (1Y) Calculated over the trailing 1-year period	13.45%	19.75%	-6.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.82%	22.42%	-5.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.73%	22.42%	-3.69%

RBLD vs. HWAY - Expense Ratio Comparison

RBLD has a 0.65% expense ratio, which is higher than HWAY's 0.29% expense ratio.

Dividends

RBLD vs. HWAY - Dividend Comparison

RBLD's dividend yield for the trailing twelve months is around 1.01%, less than HWAY's 1.05% yield.

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%
RBLD First Trust Alerian U.S. NextGen Infrastructure ETF	1.01%	1.19%	1.31%	1.16%	2.10%	1.45%	2.88%	1.84%	1.74%	1.49%	2.01%	1.17%

Frequently Asked Questions

Can I hold both RBLD and HWAY in my portfolio?

RBLD and HWAY have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, RBLD or HWAY?

HWAY has higher volatility (7.31%) compared to RBLD (4.27%). In terms of maximum drawdown, RBLD dropped -50.07% vs HWAY's -25.96%.

Which ETF is better, RBLD or HWAY?

On 1-year performance, HWAY leads with 42.60% vs 28.68% for RBLD. On fees, HWAY is cheaper at 0.29% per year. On volatility, RBLD has been the lower-risk option at 4.27%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, RBLD or HWAY?

Over the 1-year period, HWAY has performed better with a 42.60% return vs 28.68%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, RBLD or HWAY?

HWAY is cheaper with a 0.29% expense ratio, compared with 0.65% for RBLD.

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

HWAY has the higher dividend yield at 1.05%, compared with 1.01% for RBLD.

What is the main difference between RBLD and HWAY?

RBLD tracks Alerian US NextGen Infrastructure Index - Benchmark TR Net, while HWAY tracks Solactive United States Infrastructure Index. They also come from different issuers: First Trust and Themes. Their fees differ too: 0.65% for RBLD and 0.29% for HWAY.

Which has better risk-adjusted returns?

HWAY currently has the higher Sharpe Ratio (2.17 vs 2.15), 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.