WARP vs. HVAC

Last updated Jun 4, 2026

WARP (VanEck Space ETF) and HVAC (AdvisorShares HVAC and Industrials ETF) are both Industrials Equities funds. WARP is passively managed, while HVAC is actively managed. At a 0.44 correlation, their price movements are largely independent. WARP charges 0.50%/yr vs 1.00%/yr for HVAC.

Performance

WARP vs. HVAC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Space ETF (WARP) and AdvisorShares HVAC and Industrials ETF (HVAC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

WARP

• 1D: -6.84%
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

HVAC

• 1D: 1.91%
• 1M: 6.24%
• YTD: 36.48%
• 6M: 32.88%
• 1Y: 59.65%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

WARP vs. HVAC - Yearly Performance Comparison

	2026 (YTD)
WARP VanEck Space ETF	23.47%
HVAC AdvisorShares HVAC and Industrials ETF	3.73%

Correlation

The correlation between WARP and HVAC is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since May 8, 2026	0.44

Return for Risk

WARP vs. HVAC — Risk / Return Rank

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

HVAC

HVAC Risk / Return Rank: 68
HVAC Sharpe Ratio Rank: 66
HVAC Sortino Ratio Rank: 59
HVAC Omega Ratio Rank: 60
HVAC Calmar Ratio Rank: 79
HVAC Martin Ratio Rank: 75

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.

WARP vs. HVAC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Space ETF (WARP) and AdvisorShares HVAC and Industrials ETF (HVAC). 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.

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

Sharpe Ratios by Period

	WARP	HVAC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.19	—
Sharpe Ratio (All Time) Calculated using the full available price history	22.26	1.67	+20.60

Drawdowns

WARP vs. HVAC - Drawdown Comparison

The maximum WARP drawdown since its inception was -18.67%, smaller than the maximum HVAC drawdown of -21.22%. Use the drawdown chart below to compare losses from any high point for WARP and HVAC.

Drawdown Indicators

	WARP	HVAC	Difference
Max Drawdown Largest peak-to-trough decline	-18.67%	-21.22%	+2.55%
Max Drawdown (1Y) Largest decline over 1 year	—	-14.83%	—
Current Drawdown Current decline from peak	-18.67%	-0.60%	-18.07%
Average Drawdown Average peak-to-trough decline	-3.23%	-3.95%	+0.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	4.19%	—

Volatility

Volatility by Period

	WARP	HVAC	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	11.09%	—
Volatility (6M) Calculated over the trailing 6-month period	—	22.96%	—
Volatility (1Y) Calculated over the trailing 1-year period	83.83%	27.43%	+56.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	83.83%	29.39%	+54.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	83.83%	29.39%	+54.44%

WARP vs. HVAC - Expense Ratio Comparison

WARP has a 0.50% expense ratio, which is lower than HVAC's 1.00% expense ratio.

Dividends

WARP vs. HVAC - Dividend Comparison

WARP has not paid dividends to shareholders, while HVAC's dividend yield for the trailing twelve months is around 0.14%.

Position	TTM	2025
HVAC AdvisorShares HVAC and Industrials ETF	0.14%	0.19%
WARP VanEck Space ETF	0.00%	0.00%

Frequently Asked Questions

Can I hold both WARP and HVAC in my portfolio?

WARP and HVAC have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, WARP or HVAC?

On fees, WARP is cheaper at 0.50% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, WARP or HVAC?

WARP is cheaper with a 0.50% expense ratio, compared with 1.00% for HVAC.

Which ETF pays a higher dividend yield, WARP or HVAC?

HVAC has the higher dividend yield at 0.14%, compared with 0.00% for WARP.

What is the main difference between WARP and HVAC?

They also come from different issuers: VanEck and AdvisorShares. Their fees differ too: 0.50% for WARP and 1.00% for HVAC.