SEA vs. HWAY

Last updated Jun 4, 2026

SEA (U.S. Global Sea to Sky Cargo ETF) and HWAY (Themes US Infrastructure ETF) are both Industrials Equities funds - SEA tracks the U.S. Global Sea to Sky Cargo Index - Benchmark TR Gross while HWAY tracks the Solactive United States Infrastructure Index. Both are passively managed. Over the past year, SEA returned 30.09% vs 42.60% for HWAY. At a 0.47 correlation, their price movements are largely independent. SEA charges 0.60%/yr vs 0.29%/yr for HWAY.

Performance

SEA vs. HWAY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in U.S. Global Sea to Sky Cargo ETF (SEA) 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, SEA achieves a 20.79% return, which is significantly lower than HWAY's 22.83% return.

SEA

• 1D: -0.80%
• 1M: 0.23%
• YTD: 20.79%
• 6M: 21.12%
• 1Y: 30.09%
• 3Y*: 18.52%
• 5Y*: —
• 10Y*: —

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)

SEA vs. HWAY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SEA U.S. Global Sea to Sky Cargo ETF	20.79%	16.78%	-8.62%
HWAY Themes US Infrastructure ETF	22.83%	19.99%	3.39%

Correlation

The correlation between SEA and HWAY is 0.51, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.51
Correlation (All Time) Calculated using the full available price history since Sep 13, 2024	0.47

The correlation between SEA and HWAY has been stable across timeframes, ranging from 0.47 to 0.51 - a consistent structural relationship.

SEA vs. HWAY - Sectors Allocation Comparison

Sectors	SEA	HWAY
Industrials	82.7%	79.7%
Energy	17.3%	0.2%
Communication Services	0.0%	-
Basic Materials	-	18.2%
Consumer Cyclical	-	1.2%
Consumer Defensive	-	0.0%
Financial Services	-	-
Healthcare	-	-
Real Estate	-	-
Utilities	-	0.1%
Technology	-1.6%	0.2%

Return for Risk

SEA vs. HWAY — Risk / Return Rank

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

SEA

SEA Risk / Return Rank: 56
SEA Sharpe Ratio Rank: 54
SEA Sortino Ratio Rank: 54
SEA Omega Ratio Rank: 51
SEA Calmar Ratio Rank: 57
SEA Martin Ratio Rank: 64

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.

SEA vs. HWAY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for U.S. Global Sea to Sky Cargo ETF (SEA) 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.

	SEA	HWAY	Difference
Sharpe ratio: Return per unit of total volatility	1.86	2.17	-0.32
Sortino ratio: Return per unit of downside risk	2.62	3.03	-0.41
Omega ratio: Gain probability vs. loss probability	1.32	1.37	-0.04
Calmar ratio: Return relative to maximum drawdown	2.83	3.39	-0.56
Martin ratio: Return relative to average drawdown	11.52	12.51	-0.99
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SEA vs. HWAY - Sharpe Ratio Comparison

The current SEA Sharpe Ratio is 1.86, which is comparable to the HWAY Sharpe Ratio of 2.17. The chart below compares the historical Sharpe Ratios of SEA 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

	SEA	HWAY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.86	2.17	-0.32
Sharpe Ratio (All Time) Calculated using the full available price history	0.39	1.25	-0.85

Drawdowns

SEA vs. HWAY - Drawdown Comparison

The maximum SEA drawdown since its inception was -39.53%, which is greater than HWAY's maximum drawdown of -25.96%. Use the drawdown chart below to compare losses from any high point for SEA and HWAY.

Drawdown Indicators

	SEA	HWAY	Difference
Max Drawdown Largest peak-to-trough decline	-39.53%	-25.96%	-13.57%
Max Drawdown (1Y) Largest decline over 1 year	-10.67%	-12.63%	+1.96%
Max Drawdown (3Y) Largest decline over 3 years	-32.42%	—	—
Current Drawdown Current decline from peak	-3.07%	-1.26%	-1.81%
Average Drawdown Average peak-to-trough decline	-14.31%	-5.38%	-8.93%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.62%	3.41%	-0.79%

Volatility

SEA vs. HWAY - Volatility Comparison

The current volatility for U.S. Global Sea to Sky Cargo ETF (SEA) is 5.17%, while Themes US Infrastructure ETF (HWAY) has a volatility of 7.31%. This indicates that SEA 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

	SEA	HWAY	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.17%	7.31%	-2.14%
Volatility (6M) Calculated over the trailing 6-month period	12.01%	16.31%	-4.30%
Volatility (1Y) Calculated over the trailing 1-year period	16.28%	19.75%	-3.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.67%	22.42%	-0.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.67%	22.42%	-0.75%

SEA vs. HWAY - Expense Ratio Comparison

SEA has a 0.60% expense ratio, which is higher than HWAY's 0.29% expense ratio.

Dividends

SEA vs. HWAY - Dividend Comparison

SEA's dividend yield for the trailing twelve months is around 5.59%, more than HWAY's 1.05% yield.

Position	TTM	2025	2024	2023	2022
HWAY Themes US Infrastructure ETF	1.05%	1.29%	0.22%	0.00%	0.00%
SEA U.S. Global Sea to Sky Cargo ETF	5.59%	6.76%	18.47%	9.85%	18.73%

Frequently Asked Questions

Can I hold both SEA and HWAY in my portfolio?

SEA and HWAY have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SEA or HWAY?

HWAY has higher volatility (7.31%) compared to SEA (5.17%). In terms of maximum drawdown, SEA dropped -39.53% vs HWAY's -25.96%.

Which ETF is better, SEA or HWAY?

On 1-year performance, HWAY leads with 42.60% vs 30.09% for SEA. On fees, HWAY is cheaper at 0.29% per year. On volatility, SEA has been the lower-risk option at 5.17%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SEA or HWAY?

Over the 1-year period, HWAY has performed better with a 42.60% return vs 30.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SEA or HWAY?

HWAY is cheaper with a 0.29% expense ratio, compared with 0.60% for SEA.

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

SEA has the higher dividend yield at 5.59%, compared with 1.05% for HWAY.

What is the main difference between SEA and HWAY?

SEA tracks U.S. Global Sea to Sky Cargo Index - Benchmark TR Gross, while HWAY tracks Solactive United States Infrastructure Index. They also come from different issuers: US Global and Themes. Their fees differ too: 0.60% for SEA and 0.29% for HWAY.

Which has better risk-adjusted returns?

HWAY currently has the higher Sharpe Ratio (2.17 vs 1.86), 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.