TPZ vs. HWAY

Last updated Aug 5, 2026

TPZ (Tortoise Electrification Infrastructure ETF) and HWAY (Themes US Infrastructure ETF) are both Infrastructure Equities funds. TPZ is actively managed, while HWAY is passively managed. Over the past year, TPZ returned 3.96% vs 31.72% for HWAY. Their 0.40 correlation means their historical movements had little consistent relationship. TPZ charges 0.85%/yr vs 0.29%/yr for HWAY.

Performance

TPZ vs. HWAY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Tortoise Electrification Infrastructure ETF (TPZ) 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, TPZ achieves a 6.91% return, which is significantly lower than HWAY's 22.94% return.

TPZ

• 1D: -0.44%
• 1M: -1.48%
• 6M: 3.90%
• YTD: 6.91%
• 1Y: 3.96%
• 3Y*: 22.25%
• 5Y*: 18.69%
• 10Y*: 8.30%
• ALL TIME*: 7.92%

HWAY

• 1D: 0.00%
• 1M: -0.03%
• 6M: 10.84%
• YTD: 22.94%
• 1Y: 31.72%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 25.86%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
HWAY Themes US Infrastructure ETF	$22.82K	$23.54K	$29.88K
TPZ Tortoise Electrification Infrastructure ETF	$293.05K	$219.78K	$220.84K

TPZ vs. HWAY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
TPZ Tortoise Electrification Infrastructure ETF	6.91%	5.67%	13.84%
HWAY Themes US Infrastructure ETF	22.94%	19.99%	4.42%

Correlation

The correlation between TPZ and HWAY is 0.32, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.32
Correlation (All Time) Calculated using the full available price history since Sep 12, 2024	0.40

TPZ vs. HWAY - Sectors Allocation Comparison

Sectors	TPZ	HWAY
Energy	51.8%	0.2%
Utilities	43.6%	0.1%
Industrials	4.6%	77.9%
Basic Materials	-	20.9%
Communication Services	-	-
Consumer Cyclical	-	0.5%
Consumer Defensive	-	0.0%
Financial Services	-	-
Healthcare	-	-
Real Estate	-	-
Technology	-	0.0%

Return for Risk

TPZ vs. HWAY — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

TPZ

TPZ Risk / Return Rank: 17
TPZ Sharpe Ratio Rank: 16
TPZ Sortino Ratio Rank: 15
TPZ Omega Ratio Rank: 14
TPZ Calmar Ratio Rank: 19
TPZ Martin Ratio Rank: 19

HWAY

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

TPZ vs. HWAY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Tortoise Electrification Infrastructure ETF (TPZ) 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.

	TPZ	HWAY	Difference
Sharpe ratio: Return per unit of total volatility	0.28	1.45	-1.17
Sortino ratio: Return per unit of downside risk	0.49	2.11	-1.62
Omega ratio: Gain probability vs. loss probability	1.06	1.25	-0.19
Calmar ratio: Return relative to maximum drawdown	0.60	2.36	-1.76
Martin ratio: Return relative to average drawdown	1.38	7.98	-6.60

TPZ vs. HWAY - Sharpe Ratio Comparison

The current TPZ Sharpe Ratio is 0.28, which is lower than the HWAY Sharpe Ratio of 1.45. The chart below compares the historical Sharpe Ratios of TPZ 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

TPZ vs. HWAY - Drawdown Comparison

The maximum TPZ drawdown since its inception was -78.17%, which is greater than HWAY's maximum drawdown of -25.96%. Use the drawdown chart below to compare losses from any high point for TPZ and HWAY.

Drawdown Indicators

	TPZ	HWAY	Difference
Max Drawdown Largest peak-to-trough decline	-78.17%	-25.96%	-52.21%
Max Drawdown (1Y) Largest decline over 1 year	-6.63%	-12.63%	+6.00%
Max Drawdown (3Y) Largest decline over 3 years	-17.78%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-17.78%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-77.04%	—	—
Current Drawdown Current decline from peak	-5.57%	-4.57%	-1.00%
Average Drawdown Average peak-to-trough decline	-11.85%	-5.20%	-6.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.99%	3.73%	-0.74%

Volatility

TPZ vs. HWAY - Volatility Comparison

Tortoise Electrification Infrastructure ETF (TPZ) and Themes US Infrastructure ETF (HWAY) have volatilities of 4.75% and 4.71%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TPZ	HWAY	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.75%	4.71%	+0.04%
Volatility (6M) Calculated over the trailing 6-month period	11.20%	16.68%	-5.48%
Volatility (1Y) Calculated over the trailing 1-year period	14.15%	20.52%	-6.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.67%	22.22%	-4.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.73%	22.22%	+5.51%

TPZ vs. HWAY - Expense Ratio Comparison

TPZ has a 0.85% expense ratio, which is higher than HWAY's 0.29% expense ratio.

Dividends

TPZ vs. HWAY - Dividend Comparison

TPZ's dividend yield for the trailing twelve months is around 3.49%, while HWAY has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HWAY Themes US Infrastructure ETF	1.05%	1.29%	0.22%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
TPZ Tortoise Electrification Infrastructure ETF	3.49%	3.99%	5.88%	8.99%	9.52%	4.77%	8.80%	8.84%	9.41%	7.28%	6.88%	9.68%

Frequently Asked Questions

Can I hold both TPZ and HWAY in my portfolio?

TPZ and HWAY have a correlation of 0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TPZ or HWAY?

TPZ has higher volatility (4.75%) compared to HWAY (4.71%). In terms of maximum drawdown, TPZ dropped -78.17% vs HWAY's -25.96%.

Which ETF is better, TPZ or HWAY?

On 1-year performance, HWAY leads with 31.72% vs 3.96% for TPZ. On fees, HWAY is cheaper at 0.29% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TPZ or HWAY?

Over the 1-year period, HWAY has performed better with a 31.72% return vs 3.96%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TPZ or HWAY?

HWAY is cheaper with a 0.29% expense ratio, compared with 0.85% for TPZ.

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

TPZ has the higher dividend yield at 3.49%, compared with 1.05% for HWAY.

What is the main difference between TPZ and HWAY?

They also come from different issuers: Tortoise and Themes. Their fees differ too: 0.85% for TPZ and 0.29% for HWAY.

Which has better risk-adjusted returns?

HWAY currently has the higher Sharpe Ratio (1.45 vs 0.28), 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.