SIJ vs. HWAY

Last updated Jul 12, 2026

SIJ (ProShares UltraShort Industrials) and HWAY (Themes US Infrastructure ETF) are both exchange-traded funds - SIJ is a Leveraged Equities fund tracking the DJ Global United States (All) / Industrials -IND (-200%), while HWAY is a Industrials Equities fund tracking the Solactive United States Infrastructure Index. Both are passively managed. Over the past year, SIJ returned -32.13% vs 31.82% for HWAY. At a correlation of -0.88, they often move in opposite directions. SIJ charges 0.95%/yr vs 0.29%/yr for HWAY.

Performance

SIJ vs. HWAY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort Industrials (SIJ) 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, SIJ achieves a -28.55% return, which is significantly lower than HWAY's 22.12% return.

SIJ

• 1D: -1.30%
• 1M: -6.93%
• 6M: -21.99%
• YTD: -28.55%
• 1Y: -32.13%
• 3Y*: -28.25%
• 5Y*: -19.80%
• 10Y*: -27.81%

HWAY

• 1D: 0.76%
• 1M: -1.44%
• 6M: 16.14%
• YTD: 22.12%
• 1Y: 31.82%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SIJ vs. HWAY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SIJ ProShares UltraShort Industrials	-28.55%	-29.33%	-4.74%
HWAY Themes US Infrastructure ETF	22.12%	19.99%	4.42%

Correlation

The correlation between SIJ and HWAY is -0.87, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.87
Correlation (All Time) Calculated using the full available price history since Sep 12, 2024	-0.88

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

Return for Risk

SIJ vs. HWAY — Risk / Return Rank

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

SIJ

SIJ Risk / Return Rank: 2
SIJ Sharpe Ratio Rank: 2
SIJ Sortino Ratio Rank: 2
SIJ Omega Ratio Rank: 2
SIJ Calmar Ratio Rank: 2
SIJ Martin Ratio Rank: 0

HWAY

HWAY Risk / Return Rank: 58
HWAY Sharpe Ratio Rank: 57
HWAY Sortino Ratio Rank: 58
HWAY Omega Ratio Rank: 51
HWAY Calmar Ratio Rank: 62
HWAY Martin Ratio Rank: 63

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.

SIJ vs. HWAY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Industrials (SIJ) 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.

	SIJ	HWAY	Difference
Sharpe ratio: Return per unit of total volatility	-0.94	1.53	-2.47
Sortino ratio: Return per unit of downside risk	-1.29	2.21	-3.50
Omega ratio: Gain probability vs. loss probability	0.86	1.26	-0.40
Calmar ratio: Return relative to maximum drawdown	-0.85	2.49	-3.34
Martin ratio: Return relative to average drawdown	-1.64	8.88	-10.52

SIJ vs. HWAY - Sharpe Ratio Comparison

The current SIJ Sharpe Ratio is -0.94, which is lower than the HWAY Sharpe Ratio of 1.53. The chart below compares the historical Sharpe Ratios of SIJ 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

SIJ vs. HWAY - Drawdown Comparison

The maximum SIJ drawdown since its inception was -99.93%, which is greater than HWAY's maximum drawdown of -25.96%. Use the drawdown chart below to compare losses from any high point for SIJ and HWAY.

Drawdown Indicators

	SIJ	HWAY	Difference
Max Drawdown Largest peak-to-trough decline	-99.93%	-25.96%	-73.97%
Max Drawdown (1Y) Largest decline over 1 year	-37.53%	-12.63%	-24.90%
Max Drawdown (3Y) Largest decline over 3 years	-72.61%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-78.65%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-96.42%	—	—
Current Drawdown Current decline from peak	-99.93%	-5.21%	-94.72%
Average Drawdown Average peak-to-trough decline	-86.79%	-5.20%	-81.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	19.35%	3.54%	+15.81%

Volatility

SIJ vs. HWAY - Volatility Comparison

ProShares UltraShort Industrials (SIJ) has a higher volatility of 13.89% compared to Themes US Infrastructure ETF (HWAY) at 7.16%. This indicates that SIJ'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

	SIJ	HWAY	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.89%	7.16%	+6.73%
Volatility (6M) Calculated over the trailing 6-month period	28.40%	16.93%	+11.47%
Volatility (1Y) Calculated over the trailing 1-year period	33.95%	20.59%	+13.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.22%	22.45%	+13.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	39.65%	22.45%	+17.20%

SIJ vs. HWAY - Expense Ratio Comparison

SIJ has a 0.95% expense ratio, which is higher than HWAY's 0.29% expense ratio.

Dividends

SIJ vs. HWAY - Dividend Comparison

SIJ's dividend yield for the trailing twelve months is around 4.93%, more than HWAY's 1.06% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
HWAY Themes US Infrastructure ETF	1.06%	1.29%	0.22%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SIJ ProShares UltraShort Industrials	4.93%	5.38%	5.99%	4.90%	0.00%	0.00%	0.00%	1.49%	0.39%

Frequently Asked Questions

Can I hold both SIJ and HWAY in my portfolio?

SIJ and HWAY have a correlation of -0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SIJ or HWAY?

SIJ has higher volatility (13.89%) compared to HWAY (7.16%). In terms of maximum drawdown, SIJ dropped -99.93% vs HWAY's -25.96%.

Which ETF is better, SIJ or HWAY?

On 1-year performance, HWAY leads with 31.82% vs -32.13% for SIJ. On fees, HWAY is cheaper at 0.29% per year. On volatility, HWAY has been the lower-risk option at 7.16%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SIJ or HWAY?

Over the 1-year period, HWAY has performed better with a 31.82% return vs -32.13%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SIJ or HWAY?

HWAY is cheaper with a 0.29% expense ratio, compared with 0.95% for SIJ.

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

SIJ has the higher dividend yield at 4.93%, compared with 1.06% for HWAY.

What is the main difference between SIJ and HWAY?

SIJ is categorized as Leveraged Equities, while HWAY is Industrials Equities. SIJ tracks DJ Global United States (All) / Industrials -IND (-200%), while HWAY tracks Solactive United States Infrastructure Index. They also come from different issuers: ProShares and Themes. Their fees differ too: 0.95% for SIJ and 0.29% for HWAY.

Which has better risk-adjusted returns?

HWAY currently has the higher Sharpe Ratio (1.53 vs -0.94), 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.