VGUS vs. HWAY

Last updated Jun 3, 2026

VGUS (Vanguard Ultra-Short Treasury ETF) and HWAY (Themes US Infrastructure ETF) are both exchange-traded funds - VGUS is a Ultrashort Bond fund tracking the Bloomberg Short Treasury Index, while HWAY is a Industrials Equities fund tracking the Solactive United States Infrastructure Index. Both are passively managed. Over the past year, VGUS returned 3.93% vs 43.70% for HWAY. At a correlation of -0.18, they often move in opposite directions. VGUS charges 0.07%/yr vs 0.29%/yr for HWAY.

Performance

VGUS vs. HWAY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Ultra-Short Treasury ETF (VGUS) 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, VGUS achieves a 1.43% return, which is significantly lower than HWAY's 21.69% return.

VGUS

• 1D: 0.00%
• 1M: 0.29%
• YTD: 1.43%
• 6M: 1.75%
• 1Y: 3.93%
• 3Y*: —
• 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)

VGUS vs. HWAY - Yearly Performance Comparison

	2026 (YTD)	2025
VGUS Vanguard Ultra-Short Treasury ETF	1.43%	3.77%
HWAY Themes US Infrastructure ETF	21.69%	14.10%

Correlation

The correlation between VGUS and HWAY is -0.16, 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	-0.16
Correlation (All Time) Calculated using the full available price history since Feb 12, 2025	-0.18

Return for Risk

VGUS vs. HWAY — Risk / Return Rank

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

VGUS

VGUS Risk / Return Rank: 100
VGUS Sharpe Ratio Rank: 100
VGUS Sortino Ratio Rank: 100
VGUS Omega Ratio Rank: 100
VGUS Calmar Ratio Rank: 99
VGUS Martin Ratio Rank: 100

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.

VGUS vs. HWAY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Ultra-Short Treasury ETF (VGUS) 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.

	VGUS	HWAY	Difference
Sharpe ratio Return per unit of total volatility	11.97	2.23	+9.74
Sortino ratio Return per unit of downside risk	34.67	3.09	+31.58
Omega ratio Gain probability vs. loss probability	10.52	1.37	+9.15
Calmar ratio Return relative to maximum drawdown	54.40	3.50	+50.91
Martin ratio Return relative to average drawdown	412.24	12.93	+399.31
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VGUS vs. HWAY - Sharpe Ratio Comparison

The current VGUS Sharpe Ratio is 11.97, which is higher than the HWAY Sharpe Ratio of 2.23. The chart below compares the historical Sharpe Ratios of VGUS 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

	VGUS	HWAY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	11.97	2.23	+9.74
Sharpe Ratio (All Time) Calculated using the full available price history	11.71	1.22	+10.49

Drawdowns

VGUS vs. HWAY - Drawdown Comparison

The maximum VGUS drawdown since its inception was -0.07%, smaller than the maximum HWAY drawdown of -25.96%. Use the drawdown chart below to compare losses from any high point for VGUS and HWAY.

Drawdown Indicators

	VGUS	HWAY	Difference
Max Drawdown Largest peak-to-trough decline	-0.07%	-25.96%	+25.89%
Max Drawdown (1Y) Largest decline over 1 year	-0.07%	-12.63%	+12.56%
Current Drawdown Current decline from peak	0.00%	-2.17%	+2.17%
Average Drawdown Average peak-to-trough decline	-0.00%	-5.39%	+5.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.01%	3.41%	-3.40%

Volatility

VGUS vs. HWAY - Volatility Comparison

The current volatility for Vanguard Ultra-Short Treasury ETF (VGUS) is 0.11%, while Themes US Infrastructure ETF (HWAY) has a volatility of 7.37%. This indicates that VGUS 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

	VGUS	HWAY	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.11%	7.37%	-7.26%
Volatility (6M) Calculated over the trailing 6-month period	0.18%	16.33%	-16.15%
Volatility (1Y) Calculated over the trailing 1-year period	0.33%	19.73%	-19.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.34%	22.44%	-22.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.34%	22.44%	-22.10%

VGUS vs. HWAY - Expense Ratio Comparison

VGUS has a 0.07% expense ratio, which is lower than HWAY's 0.29% expense ratio.

Dividends

VGUS vs. HWAY - Dividend Comparison

VGUS's dividend yield for the trailing twelve months is around 3.61%, more than HWAY's 1.06% yield.

Position	TTM	2025	2024
HWAY Themes US Infrastructure ETF	1.06%	1.29%	0.22%
VGUS Vanguard Ultra-Short Treasury ETF	3.61%	3.12%	0.00%

Frequently Asked Questions

Can I hold both VGUS and HWAY in my portfolio?

VGUS and HWAY have a correlation of -0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VGUS or HWAY?

HWAY has higher volatility (7.37%) compared to VGUS (0.11%). In terms of maximum drawdown, VGUS dropped -0.07% vs HWAY's -25.96%.

Which ETF is better, VGUS or HWAY?

On 1-year performance, HWAY leads with 43.70% vs 3.93% for VGUS. On fees, VGUS is cheaper at 0.07% per year. On volatility, VGUS has been the lower-risk option at 0.11%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VGUS or HWAY?

Over the 1-year period, HWAY has performed better with a 43.70% return vs 3.93%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VGUS or HWAY?

VGUS is cheaper with a 0.07% expense ratio, compared with 0.29% for HWAY.

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

VGUS has the higher dividend yield at 3.61%, compared with 1.06% for HWAY.

What is the main difference between VGUS and HWAY?

VGUS is categorized as Ultrashort Bond, while HWAY is Industrials Equities. VGUS tracks Bloomberg Short Treasury Index, while HWAY tracks Solactive United States Infrastructure Index. They also come from different issuers: Vanguard and Themes. Their fees differ too: 0.07% for VGUS and 0.29% for HWAY.

Which has better risk-adjusted returns?

VGUS currently has the higher Sharpe Ratio (11.97 vs 2.23), 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.