TOLZ vs. HWAY

Last updated Jun 23, 2026

TOLZ (ProShares DJ Brookfield Global Infrastructure ETF) and HWAY (Themes US Infrastructure ETF) are both Industrials Equities funds - TOLZ tracks the Dow Jones Brookfield Global Infrastructure Composite Index while HWAY tracks the Solactive United States Infrastructure Index. Both are passively managed. Over the past year, TOLZ returned 16.22% vs 47.92% for HWAY. At a 0.36 correlation, their price movements are largely independent. TOLZ charges 0.46%/yr vs 0.29%/yr for HWAY.

Performance

TOLZ vs. HWAY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares DJ Brookfield Global Infrastructure ETF (TOLZ) 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, TOLZ achieves a 11.11% return, which is significantly lower than HWAY's 27.05% return.

TOLZ

• 1D: 0.45%
• 1M: -3.18%
• YTD: 11.11%
• 6M: 12.03%
• 1Y: 16.22%
• 3Y*: 14.79%
• 5Y*: 8.61%
• 10Y*: 7.84%

HWAY

• 1D: 1.12%
• 1M: 8.18%
• YTD: 27.05%
• 6M: 24.73%
• 1Y: 47.92%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TOLZ vs. HWAY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
TOLZ ProShares DJ Brookfield Global Infrastructure ETF	11.11%	14.76%	-0.84%
HWAY Themes US Infrastructure ETF	27.05%	19.99%	4.42%

Correlation

The correlation between TOLZ and HWAY is 0.31, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.31
Correlation (All Time) Calculated using the full available price history since Sep 12, 2024	0.36

TOLZ vs. HWAY - Sectors Allocation Comparison

Sectors	TOLZ	HWAY
Energy	36.0%	0.2%
Utilities	22.2%	0.1%
Real Estate	7.9%	-
Industrials	5.1%	79.8%
Consumer Defensive	4.4%	0.0%
Financial Services	1.9%	-
Consumer Cyclical	0.8%	1.2%
Technology	0.4%	0.3%
Basic Materials	-	18.1%
Communication Services	-	-
Healthcare	-	-

Return for Risk

TOLZ vs. HWAY — Risk / Return Rank

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

TOLZ

TOLZ Risk / Return Rank: 51
TOLZ Sharpe Ratio Rank: 46
TOLZ Sortino Ratio Rank: 46
TOLZ Omega Ratio Rank: 43
TOLZ Calmar Ratio Rank: 65
TOLZ Martin Ratio Rank: 54

HWAY

HWAY Risk / Return Rank: 75
HWAY Sharpe Ratio Rank: 78
HWAY Sortino Ratio Rank: 76
HWAY Omega Ratio Rank: 68
HWAY Calmar Ratio Rank: 77
HWAY Martin Ratio Rank: 76

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.

TOLZ vs. HWAY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares DJ Brookfield Global Infrastructure ETF (TOLZ) 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.

	TOLZ	HWAY	Difference
Sharpe ratio: Return per unit of total volatility	1.57	2.39	-0.82
Sortino ratio: Return per unit of downside risk	2.25	3.25	-0.99
Omega ratio: Gain probability vs. loss probability	1.27	1.39	-0.12
Calmar ratio: Return relative to maximum drawdown	3.15	3.81	-0.67
Martin ratio: Return relative to average drawdown	9.12	14.03	-4.91

TOLZ vs. HWAY - Sharpe Ratio Comparison

The current TOLZ Sharpe Ratio is 1.57, which is lower than the HWAY Sharpe Ratio of 2.39. The chart below compares the historical Sharpe Ratios of TOLZ 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

TOLZ vs. HWAY - Drawdown Comparison

The maximum TOLZ drawdown since its inception was -39.33%, which is greater than HWAY's maximum drawdown of -25.96%. Use the drawdown chart below to compare losses from any high point for TOLZ and HWAY.

Drawdown Indicators

	TOLZ	HWAY	Difference
Max Drawdown Largest peak-to-trough decline	-39.33%	-25.96%	-13.37%
Max Drawdown (1Y) Largest decline over 1 year	-5.18%	-12.63%	+7.45%
Max Drawdown (3Y) Largest decline over 3 years	-11.94%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-21.85%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-39.33%	—	—
Current Drawdown Current decline from peak	-3.30%	0.00%	-3.30%
Average Drawdown Average peak-to-trough decline	-6.61%	-5.25%	-1.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.78%	3.43%	-1.65%

Volatility

TOLZ vs. HWAY - Volatility Comparison

The current volatility for ProShares DJ Brookfield Global Infrastructure ETF (TOLZ) is 3.17%, while Themes US Infrastructure ETF (HWAY) has a volatility of 6.08%. This indicates that TOLZ 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

	TOLZ	HWAY	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.17%	6.08%	-2.91%
Volatility (6M) Calculated over the trailing 6-month period	8.28%	16.52%	-8.24%
Volatility (1Y) Calculated over the trailing 1-year period	10.40%	20.21%	-9.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.98%	22.42%	-8.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.26%	22.42%	-6.16%

TOLZ vs. HWAY - Expense Ratio Comparison

TOLZ has a 0.46% expense ratio, which is higher than HWAY's 0.29% expense ratio.

Dividends

TOLZ vs. HWAY - Dividend Comparison

TOLZ's dividend yield for the trailing twelve months is around 3.67%, more than HWAY's 1.02% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HWAY Themes US Infrastructure ETF	1.02%	1.29%	0.22%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
TOLZ ProShares DJ Brookfield Global Infrastructure ETF	3.67%	3.99%	3.53%	3.34%	3.01%	3.28%	3.16%	2.96%	3.63%	3.30%	2.62%	3.67%

Frequently Asked Questions

Can I hold both TOLZ and HWAY in my portfolio?

TOLZ and HWAY have a correlation of 0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TOLZ or HWAY?

HWAY has higher volatility (6.08%) compared to TOLZ (3.17%). In terms of maximum drawdown, TOLZ dropped -39.33% vs HWAY's -25.96%.

Which ETF is better, TOLZ or HWAY?

On 1-year performance, HWAY leads with 47.92% vs 16.22% for TOLZ. On fees, HWAY is cheaper at 0.29% per year. On volatility, TOLZ has been the lower-risk option at 3.17%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TOLZ or HWAY?

Over the 1-year period, HWAY has performed better with a 47.92% return vs 16.22%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TOLZ or HWAY?

HWAY is cheaper with a 0.29% expense ratio, compared with 0.46% for TOLZ.

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

TOLZ has the higher dividend yield at 3.67%, compared with 1.02% for HWAY.

What is the main difference between TOLZ and HWAY?

TOLZ tracks Dow Jones Brookfield Global Infrastructure Composite Index, while HWAY tracks Solactive United States Infrastructure Index. They also come from different issuers: ProShares and Themes. Their fees differ too: 0.46% for TOLZ and 0.29% for HWAY.

Which has better risk-adjusted returns?

HWAY currently has the higher Sharpe Ratio (2.39 vs 1.57), 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.