WARP vs. HWAY

Last updated Jun 25, 2026

WARP (VanEck Space ETF) and HWAY (Themes US Infrastructure ETF) are both Industrials Equities funds - WARP tracks the MarketVector Space Index while HWAY tracks the Solactive United States Infrastructure Index. Both are passively managed. At a 0.23 correlation, their price movements are largely independent. WARP charges 0.50%/yr vs 0.29%/yr for HWAY.

Performance

WARP vs. HWAY - Performance Comparison

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

Returns By Period

WARP

• 1D: -4.50%
• 1M: -33.54%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

HWAY

• 1D: 1.17%
• 1M: 7.06%
• YTD: 25.73%
• 6M: 23.01%
• 1Y: 42.54%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

WARP vs. HWAY - Yearly Performance Comparison

	2026 (YTD)
WARP VanEck Space ETF	-13.52%
HWAY Themes US Infrastructure ETF	1.07%

Correlation

The correlation between WARP and HWAY is 0.23, 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 7, 2026	0.23

Return for Risk

WARP vs. HWAY — Risk / Return Rank

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

WARP

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

HWAY

HWAY Risk / Return Rank: 74
HWAY Sharpe Ratio Rank: 76
HWAY Sortino Ratio Rank: 75
HWAY Omega Ratio Rank: 67
HWAY Calmar Ratio Rank: 76
HWAY 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. HWAY - Risk-Adjusted Trends Comparison

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

	WARP	HWAY	Difference
Sharpe ratio: Return per unit of total volatility	—	2.11	—
Sortino ratio: Return per unit of downside risk	—	2.91	—
Omega ratio: Gain probability vs. loss probability	—	1.35	—
Calmar ratio: Return relative to maximum drawdown	—	3.38	—
Martin ratio: Return relative to average drawdown	—	12.44	—

Drawdowns

WARP vs. HWAY - Drawdown Comparison

The maximum WARP drawdown since its inception was -41.34%, which is greater than HWAY's maximum drawdown of -25.96%. Use the drawdown chart below to compare losses from any high point for WARP and HWAY.

Drawdown Indicators

	WARP	HWAY	Difference
Max Drawdown Largest peak-to-trough decline	-41.34%	-25.96%	-15.38%
Max Drawdown (1Y) Largest decline over 1 year	—	-12.63%	—
Current Drawdown Current decline from peak	-41.34%	-1.04%	-40.30%
Average Drawdown Average peak-to-trough decline	-14.35%	-5.24%	-9.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	3.43%	—

Volatility

Volatility by Period

	WARP	HWAY	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	6.61%	—
Volatility (6M) Calculated over the trailing 6-month period	—	16.71%	—
Volatility (1Y) Calculated over the trailing 1-year period	88.59%	20.29%	+68.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	88.59%	22.45%	+66.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	88.59%	22.45%	+66.14%

WARP vs. HWAY - Expense Ratio Comparison

WARP has a 0.50% expense ratio, which is higher than HWAY's 0.29% expense ratio.

Dividends

WARP vs. HWAY - Dividend Comparison

WARP has not paid dividends to shareholders, while HWAY's dividend yield for the trailing twelve months is around 1.03%.

Position	TTM	2025	2024
HWAY Themes US Infrastructure ETF	1.03%	1.29%	0.22%
WARP VanEck Space ETF	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both WARP and HWAY in my portfolio?

WARP and HWAY have a correlation of 0.23, 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 HWAY?

On fees, HWAY is cheaper at 0.29% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, WARP or HWAY?

HWAY is cheaper with a 0.29% expense ratio, compared with 0.50% for WARP.

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

HWAY has the higher dividend yield at 1.03%, compared with 0.00% for WARP.

What is the main difference between WARP and HWAY?

WARP tracks MarketVector Space Index, while HWAY tracks Solactive United States Infrastructure Index. They also come from different issuers: VanEck and Themes. Their fees differ too: 0.50% for WARP and 0.29% for HWAY.