USFR vs. HWAY
USFR (WisdomTree Floating Rate Treasury Fund) and HWAY (Themes US Infrastructure ETF) are both exchange-traded funds - USFR is a Government Bonds fund tracking the Bloomberg U.S. Treasury Floating Rate Bond Index, while HWAY is a Industrials Equities fund tracking the Solactive United States Infrastructure Index. Both are passively managed. Over the past year, USFR returned 4.03% vs 42.60% for HWAY. At a correlation of -0.08, they often move in opposite directions. USFR charges 0.15%/yr vs 0.29%/yr for HWAY.
Performance
USFR vs. HWAY - Performance Comparison
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Returns By Period
In the year-to-date period, USFR achieves a 1.60% return, which is significantly lower than HWAY's 22.83% return.
USFR
- 1D
- 0.02%
- 1M
- 0.29%
- YTD
- 1.60%
- 6M
- 1.98%
- 1Y
- 4.03%
- 3Y*
- 4.76%
- 5Y*
- 3.66%
- 10Y*
- 2.47%
HWAY
- 1D
- 0.93%
- 1M
- 3.11%
- YTD
- 22.83%
- 6M
- 21.62%
- 1Y
- 42.60%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
USFR vs. HWAY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
USFR WisdomTree Floating Rate Treasury Fund | 1.60% | 4.23% | 1.58% |
HWAY Themes US Infrastructure ETF | 22.83% | 19.99% | 3.39% |
Correlation
The correlation between USFR and HWAY is -0.18, 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 | -0.18 |
Correlation (All Time) Calculated using the full available price history since Sep 13, 2024 | -0.08 |
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Return for Risk
USFR vs. HWAY — Risk / Return Rank
USFR
HWAY
USFR vs. HWAY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for WisdomTree Floating Rate Treasury Fund (USFR) 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.
| USFR | HWAY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +12.94 | ||
| Sortino ratioReturn per unit of downside risk | +47.61 | ||
| Omega ratioGain probability vs. loss probability | 13.43 | 1.37 | +12.07 |
| Calmar ratioReturn relative to maximum drawdown | 203.42 | 3.39 | +200.03 |
| Martin ratioReturn relative to average drawdown | 787.84 | 12.51 | +775.33 |
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
| USFR | HWAY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 15.11 | 2.17 | +12.94 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 9.26 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 3.07 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.60 | 1.25 | +0.36 |
Drawdowns
USFR vs. HWAY - Drawdown Comparison
The maximum USFR drawdown since its inception was -1.36%, smaller than the maximum HWAY drawdown of -25.96%. Use the drawdown chart below to compare losses from any high point for USFR and HWAY.
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Drawdown Indicators
| USFR | HWAY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -1.36% | -25.96% | +24.60% |
Max Drawdown (1Y)Largest decline over 1 year | -0.02% | -12.63% | +12.61% |
Max Drawdown (3Y)Largest decline over 3 years | -0.06% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -0.18% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -0.80% | — | — |
Current DrawdownCurrent decline from peak | 0.00% | -1.26% | +1.26% |
Average DrawdownAverage peak-to-trough decline | -0.16% | -5.38% | +5.22% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.01% | 3.41% | -3.40% |
Volatility
USFR vs. HWAY - Volatility Comparison
The current volatility for WisdomTree Floating Rate Treasury Fund (USFR) is 0.06%, while Themes US Infrastructure ETF (HWAY) has a volatility of 7.31%. This indicates that USFR 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.
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Volatility by Period
| USFR | HWAY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.06% | 7.31% | -7.25% |
Volatility (6M)Calculated over the trailing 6-month period | 0.18% | 16.31% | -16.13% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.27% | 19.75% | -19.48% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.40% | 22.42% | -22.02% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.81% | 22.42% | -21.61% |
USFR vs. HWAY - Expense Ratio Comparison
USFR has a 0.15% expense ratio, which is lower than HWAY's 0.29% expense ratio.
Dividends
USFR vs. HWAY - Dividend Comparison
USFR's dividend yield for the trailing twelve months is around 3.91%, more than HWAY's 1.05% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
USFR WisdomTree Floating Rate Treasury Fund | 3.91% | 4.15% | 5.17% | 5.12% | 1.78% | 0.01% | 0.40% | 2.08% | 1.67% | 1.03% | 0.29% |
Frequently Asked Questions
USFR and HWAY have a correlation of -0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HWAY has higher volatility (7.31%) compared to USFR (0.06%). In terms of maximum drawdown, USFR dropped -1.36% vs HWAY's -25.96%.
On 1-year performance, HWAY leads with 42.60% vs 4.03% for USFR. On fees, USFR is cheaper at 0.15% per year. On volatility, USFR has been the lower-risk option at 0.06%. 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 42.60% return vs 4.03%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
USFR is cheaper with a 0.15% expense ratio, compared with 0.29% for HWAY.
USFR has the higher dividend yield at 3.91%, compared with 1.05% for HWAY.
USFR is categorized as Government Bonds, while HWAY is Industrials Equities. USFR tracks Bloomberg U.S. Treasury Floating Rate Bond Index, while HWAY tracks Solactive United States Infrastructure Index. They also come from different issuers: WisdomTree and Themes. Their fees differ too: 0.15% for USFR and 0.29% for HWAY.
USFR currently has the higher Sharpe Ratio (15.11 vs 2.17), 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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