SIJ vs. HWAY
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 -32.54% vs 43.58% 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
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Returns By Period
In the year-to-date period, SIJ achieves a -22.92% return, which is significantly lower than HWAY's 23.55% return.
SIJ
- 1D
- -2.08%
- 1M
- -4.03%
- YTD
- -22.92%
- 6M
- -23.42%
- 1Y
- -32.54%
- 3Y*
- -30.36%
- 5Y*
- -18.85%
- 10Y*
- -27.76%
HWAY
- 1D
- 0.59%
- 1M
- 1.70%
- YTD
- 23.55%
- 6M
- 21.63%
- 1Y
- 43.58%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SIJ vs. HWAY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
SIJ ProShares UltraShort Industrials | -22.92% | -29.33% | -3.56% |
HWAY Themes US Infrastructure ETF | 23.55% | 19.99% | 3.39% |
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 13, 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.
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Return for Risk
SIJ vs. HWAY — Risk / Return Rank
SIJ
HWAY
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.
| SIJ | HWAY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.26 | ||
| Sortino ratioReturn per unit of downside risk | -4.53 | ||
| Omega ratioGain probability vs. loss probability | 0.84 | 1.37 | -0.54 |
| Calmar ratioReturn relative to maximum drawdown | -0.92 | 3.47 | -4.39 |
| Martin ratioReturn relative to average drawdown | -1.56 | 12.80 | -14.36 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| SIJ | HWAY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.03 | 2.22 | -3.26 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.53 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.70 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.63 | 1.26 | -1.89 |
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.
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Drawdown Indicators
| SIJ | HWAY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.93% | -25.96% | -73.97% |
Max Drawdown (1Y)Largest decline over 1 year | -35.40% | -12.63% | -22.77% |
Max Drawdown (3Y)Largest decline over 3 years | -69.84% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -76.49% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -96.54% | — | — |
Current DrawdownCurrent decline from peak | -99.93% | -0.68% | -99.25% |
Average DrawdownAverage peak-to-trough decline | -86.74% | -5.37% | -81.37% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 20.92% | 3.41% | +17.51% |
Volatility
SIJ vs. HWAY - Volatility Comparison
ProShares UltraShort Industrials (SIJ) has a higher volatility of 10.27% compared to Themes US Infrastructure ETF (HWAY) at 7.08%. 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.
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Volatility by Period
| SIJ | HWAY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.27% | 7.08% | +3.19% |
Volatility (6M)Calculated over the trailing 6-month period | 26.40% | 16.31% | +10.09% |
Volatility (1Y)Calculated over the trailing 1-year period | 31.55% | 19.69% | +11.86% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 35.85% | 22.40% | +13.45% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 39.62% | 22.40% | +17.22% |
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 5.87%, more than HWAY's 1.04% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
HWAY Themes US Infrastructure ETF | 1.04% | 1.29% | 0.22% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SIJ ProShares UltraShort Industrials | 5.87% | 5.38% | 5.99% | 4.90% | 0.00% | 0.00% | 0.00% | 1.49% | 0.39% |
Frequently Asked Questions
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.
SIJ has higher volatility (10.27%) compared to HWAY (7.08%). In terms of maximum drawdown, SIJ dropped -99.93% vs HWAY's -25.96%.
On 1-year performance, HWAY leads with 43.58% vs -32.54% for SIJ. On fees, HWAY is cheaper at 0.29% per year. On volatility, HWAY has been the lower-risk option at 7.08%. 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 43.58% return vs -32.54%. 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 0.95% for SIJ.
SIJ has the higher dividend yield at 5.87%, compared with 1.04% for 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.
HWAY currently has the higher Sharpe Ratio (2.22 vs -1.03), 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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