SUPL vs. HWAY

Last updated Jun 3, 2026

SUPL (ProShares Supply Chain Logistics ETF) and HWAY (Themes US Infrastructure ETF) are both Industrials Equities funds - SUPL tracks the FactSet Supply Chain Logistics Index - Benchmark TR Net while HWAY tracks the Solactive United States Infrastructure Index. Both are passively managed. Over the past year, SUPL returned 28.98% vs 43.70% for HWAY. A 0.77 correlation means they provide meaningful diversification when combined. SUPL charges 0.58%/yr vs 0.29%/yr for HWAY.

Performance

SUPL vs. HWAY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Supply Chain Logistics ETF (SUPL) 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, SUPL achieves a 18.43% return, which is significantly lower than HWAY's 21.69% return.

SUPL

• 1D: 0.07%
• 1M: 3.30%
• YTD: 18.43%
• 6M: 21.89%
• 1Y: 28.98%
• 3Y*: 11.82%
• 5Y*: —
• 10Y*: —

HWAY

• 1D: 1.88%
• 1M: 0.99%
• YTD: 21.69%
• 6M: 22.27%
• 1Y: 43.70%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SUPL vs. HWAY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SUPL ProShares Supply Chain Logistics ETF	18.43%	9.25%	-3.25%
HWAY Themes US Infrastructure ETF	21.69%	19.99%	3.39%

Correlation

The correlation between SUPL and HWAY is 0.74, 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	0.74
Correlation (All Time) Calculated using the full available price history since Sep 13, 2024	0.77

The correlation between SUPL and HWAY has been stable across timeframes, ranging from 0.74 to 0.77 - a consistent structural relationship.

SUPL vs. HWAY - Sectors Allocation Comparison

Sectors	SUPL	HWAY
Industrials	59.7%	79.7%
Energy	4.6%	0.2%
Healthcare	3.4%	-
Utilities	3.3%	0.1%
Technology	1.4%	0.2%
Basic Materials	-	18.2%
Communication Services	-	-
Consumer Cyclical	-	1.2%
Consumer Defensive	-	0.0%
Financial Services	-	-
Real Estate	-	-

Return for Risk

SUPL vs. HWAY — Risk / Return Rank

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

SUPL

SUPL Risk / Return Rank: 53
SUPL Sharpe Ratio Rank: 52
SUPL Sortino Ratio Rank: 50
SUPL Omega Ratio Rank: 50
SUPL Calmar Ratio Rank: 59
SUPL Martin Ratio Rank: 55

HWAY

HWAY Risk / Return Rank: 66
HWAY Sharpe Ratio Rank: 65
HWAY Sortino Ratio Rank: 65
HWAY Omega Ratio Rank: 60
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.

SUPL vs. HWAY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Supply Chain Logistics ETF (SUPL) 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.

	SUPL	HWAY	Difference
Sharpe ratio Return per unit of total volatility	1.81	2.23	-0.42
Sortino ratio Return per unit of downside risk	2.48	3.09	-0.62
Omega ratio Gain probability vs. loss probability	1.32	1.37	-0.05
Calmar ratio Return relative to maximum drawdown	3.01	3.50	-0.49
Martin ratio Return relative to average drawdown	9.56	12.93	-3.37
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SUPL vs. HWAY - Sharpe Ratio Comparison

The current SUPL Sharpe Ratio is 1.81, which is comparable to the HWAY Sharpe Ratio of 2.23. The chart below compares the historical Sharpe Ratios of SUPL 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

	SUPL	HWAY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.81	2.23	-0.42
Sharpe Ratio (All Time) Calculated using the full available price history	0.40	1.22	-0.82

Drawdowns

SUPL vs. HWAY - Drawdown Comparison

The maximum SUPL drawdown since its inception was -24.42%, smaller than the maximum HWAY drawdown of -25.96%. Use the drawdown chart below to compare losses from any high point for SUPL and HWAY.

Drawdown Indicators

	SUPL	HWAY	Difference
Max Drawdown Largest peak-to-trough decline	-24.42%	-25.96%	+1.54%
Max Drawdown (1Y) Largest decline over 1 year	-9.76%	-12.63%	+2.87%
Max Drawdown (3Y) Largest decline over 3 years	-21.71%	—	—
Current Drawdown Current decline from peak	0.00%	-2.17%	+2.17%
Average Drawdown Average peak-to-trough decline	-5.97%	-5.39%	-0.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.07%	3.41%	-0.34%

Volatility

SUPL vs. HWAY - Volatility Comparison

The current volatility for ProShares Supply Chain Logistics ETF (SUPL) is 6.12%, while Themes US Infrastructure ETF (HWAY) has a volatility of 7.37%. This indicates that SUPL 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

	SUPL	HWAY	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.12%	7.37%	-1.25%
Volatility (6M) Calculated over the trailing 6-month period	12.81%	16.33%	-3.52%
Volatility (1Y) Calculated over the trailing 1-year period	16.09%	19.73%	-3.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.94%	22.44%	-3.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.94%	22.44%	-3.50%

SUPL vs. HWAY - Expense Ratio Comparison

SUPL has a 0.58% expense ratio, which is higher than HWAY's 0.29% expense ratio.

Dividends

SUPL vs. HWAY - Dividend Comparison

SUPL's dividend yield for the trailing twelve months is around 2.65%, more than HWAY's 1.06% yield.

Position	TTM	2025	2024	2023	2022
HWAY Themes US Infrastructure ETF	1.06%	1.29%	0.22%	0.00%	0.00%
SUPL ProShares Supply Chain Logistics ETF	2.65%	3.03%	4.78%	4.71%	3.00%

Frequently Asked Questions

Can I hold both SUPL and HWAY in my portfolio?

SUPL and HWAY have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SUPL or HWAY?

HWAY has higher volatility (7.37%) compared to SUPL (6.12%). In terms of maximum drawdown, SUPL dropped -24.42% vs HWAY's -25.96%.

Which ETF is better, SUPL or HWAY?

On 1-year performance, HWAY leads with 43.70% vs 28.98% for SUPL. On fees, HWAY is cheaper at 0.29% per year. On volatility, SUPL has been the lower-risk option at 6.12%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SUPL or HWAY?

Over the 1-year period, HWAY has performed better with a 43.70% return vs 28.98%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SUPL or HWAY?

HWAY is cheaper with a 0.29% expense ratio, compared with 0.58% for SUPL.

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

SUPL has the higher dividend yield at 2.65%, compared with 1.06% for HWAY.

What is the main difference between SUPL and HWAY?

SUPL tracks FactSet Supply Chain Logistics Index - Benchmark TR Net, while HWAY tracks Solactive United States Infrastructure Index. They also come from different issuers: ProShares and Themes. Their fees differ too: 0.58% for SUPL and 0.29% for HWAY.

Which has better risk-adjusted returns?

HWAY currently has the higher Sharpe Ratio (2.23 vs 1.81), 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.