VIS vs. HWAY

Last updated Jun 24, 2026

VIS (Vanguard Industrials ETF) and HWAY (Themes US Infrastructure ETF) are both Industrials Equities funds - VIS tracks the MSCI US Investable Market Industrials 25/50 Index while HWAY tracks the Solactive United States Infrastructure Index. Both are passively managed. Over the past year, VIS returned 28.65% vs 42.65% for HWAY. Their correlation of 0.92 suggests significant overlap in exposure. VIS charges 0.09%/yr vs 0.29%/yr for HWAY.

Performance

VIS vs. HWAY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Industrials ETF (VIS) 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, VIS achieves a 17.02% return, which is significantly lower than HWAY's 24.28% return.

VIS

• 1D: -2.14%
• 1M: 3.63%
• YTD: 17.02%
• 6M: 15.14%
• 1Y: 28.65%
• 3Y*: 22.20%
• 5Y*: 13.58%
• 10Y*: 14.60%

HWAY

• 1D: -2.18%
• 1M: 5.82%
• YTD: 24.28%
• 6M: 21.92%
• 1Y: 42.65%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

VIS vs. HWAY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
VIS Vanguard Industrials ETF	17.02%	18.57%	4.51%
HWAY Themes US Infrastructure ETF	24.28%	19.99%	4.42%

Correlation

The correlation between VIS and HWAY is 0.93, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.93
Correlation (All Time) Calculated using the full available price history since Sep 12, 2024	0.92

The correlation between VIS and HWAY has been stable across timeframes, ranging from 0.92 to 0.93 - a consistent structural relationship.

VIS vs. HWAY - Sectors Allocation Comparison

Sectors	VIS	HWAY
Industrials	90.2%	79.8%
Technology	4.2%	0.3%
Utilities	3.8%	0.1%
Consumer Cyclical	1.1%	1.2%
Financial Services	0.2%	-
Energy	0.2%	0.2%
Basic Materials	0.1%	18.1%
Communication Services	0.0%	-
Real Estate	0.0%	-
Healthcare	0.0%	-
Consumer Defensive	-	0.0%

Return for Risk

VIS vs. HWAY — Risk / Return Rank

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

VIS

VIS Risk / Return Rank: 50
VIS Sharpe Ratio Rank: 50
VIS Sortino Ratio Rank: 50
VIS Omega Ratio Rank: 46
VIS Calmar Ratio Rank: 49
VIS Martin Ratio Rank: 57

HWAY

HWAY Risk / Return Rank: 71
HWAY Sharpe Ratio Rank: 72
HWAY Sortino Ratio Rank: 71
HWAY Omega Ratio Rank: 64
HWAY Calmar Ratio Rank: 73
HWAY Martin Ratio Rank: 73

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.

VIS vs. HWAY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Industrials ETF (VIS) 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.

	VIS	HWAY	Difference
Sharpe ratio: Return per unit of total volatility	1.66	2.11	-0.45
Sortino ratio: Return per unit of downside risk	2.36	2.92	-0.56
Omega ratio: Gain probability vs. loss probability	1.28	1.35	-0.07
Calmar ratio: Return relative to maximum drawdown	2.34	3.39	-1.05
Martin ratio: Return relative to average drawdown	9.68	12.47	-2.79

VIS vs. HWAY - Sharpe Ratio Comparison

The current VIS Sharpe Ratio is 1.66, which is comparable to the HWAY Sharpe Ratio of 2.11. The chart below compares the historical Sharpe Ratios of VIS 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

VIS vs. HWAY - Drawdown Comparison

The maximum VIS drawdown since its inception was -63.51%, which is greater than HWAY's maximum drawdown of -25.96%. Use the drawdown chart below to compare losses from any high point for VIS and HWAY.

Drawdown Indicators

	VIS	HWAY	Difference
Max Drawdown Largest peak-to-trough decline	-63.51%	-25.96%	-37.55%
Max Drawdown (1Y) Largest decline over 1 year	-12.29%	-12.63%	+0.34%
Max Drawdown (3Y) Largest decline over 3 years	-20.80%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-22.96%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-42.42%	—	—
Current Drawdown Current decline from peak	-2.14%	-2.18%	+0.04%
Average Drawdown Average peak-to-trough decline	-8.36%	-5.25%	-3.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.97%	3.43%	-0.46%

Volatility

VIS vs. HWAY - Volatility Comparison

Vanguard Industrials ETF (VIS) and Themes US Infrastructure ETF (HWAY) have volatilities of 6.60% and 6.59%, 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

	VIS	HWAY	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.60%	6.59%	+0.01%
Volatility (6M) Calculated over the trailing 6-month period	14.33%	16.68%	-2.35%
Volatility (1Y) Calculated over the trailing 1-year period	17.37%	20.30%	-2.93%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.49%	22.46%	-3.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.46%	22.46%	-2.00%

VIS vs. HWAY - Expense Ratio Comparison

VIS has a 0.09% expense ratio, which is lower than HWAY's 0.29% expense ratio.

Dividends

VIS vs. HWAY - Dividend Comparison

VIS's dividend yield for the trailing twelve months is around 0.87%, less than HWAY's 1.04% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HWAY Themes US Infrastructure ETF	1.04%	1.29%	0.22%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
VIS Vanguard Industrials ETF	0.87%	1.01%	1.23%	1.36%	1.52%	1.11%	1.38%	1.68%	1.90%	1.60%	1.81%	1.94%

Frequently Asked Questions

Can I hold both VIS and HWAY in my portfolio?

With a correlation of 0.93, VIS and HWAY move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, VIS or HWAY?

VIS has higher volatility (6.60%) compared to HWAY (6.59%). In terms of maximum drawdown, VIS dropped -63.51% vs HWAY's -25.96%.

Which ETF is better, VIS or HWAY?

On 1-year performance, HWAY leads with 42.65% vs 28.65% for VIS. On fees, VIS is cheaper at 0.09% 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, VIS or HWAY?

Over the 1-year period, HWAY has performed better with a 42.65% return vs 28.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VIS or HWAY?

VIS is cheaper with a 0.09% expense ratio, compared with 0.29% for HWAY.

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

HWAY has the higher dividend yield at 1.04%, compared with 0.87% for VIS.

What is the main difference between VIS and HWAY?

VIS tracks MSCI US Investable Market Industrials 25/50 Index, while HWAY tracks Solactive United States Infrastructure Index. They also come from different issuers: Vanguard and Themes. Their fees differ too: 0.09% for VIS and 0.29% for HWAY.

Which has better risk-adjusted returns?

HWAY currently has the higher Sharpe Ratio (2.11 vs 1.66), 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.