WELD vs. HWAY

Last updated Jun 28, 2026

WELD (Tema U.S. Manufacturing & Reshoring ETF) and HWAY (Themes US Infrastructure ETF) are both Industrials Equities funds. WELD is actively managed, while HWAY is passively managed. Their correlation of 0.90 suggests significant overlap in exposure. WELD charges 0.75%/yr vs 0.29%/yr for HWAY.

Performance

WELD vs. HWAY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Tema U.S. Manufacturing & Reshoring ETF (WELD) and Themes US Infrastructure ETF (HWAY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

WELD

• 1D: -2.82%
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

HWAY

• 1D: -1.22%
• 1M: 5.48%
• YTD: 27.27%
• 6M: 24.51%
• 1Y: 42.74%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

WELD vs. HWAY - Yearly Performance Comparison

	2026 (YTD)
WELD Tema U.S. Manufacturing & Reshoring ETF	-5.19%
HWAY Themes US Infrastructure ETF	1.29%

Correlation

The correlation between WELD and HWAY is 0.90, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jun 22, 2026	0.90

Return for Risk

WELD vs. HWAY — Risk / Return Rank

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

WELD

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

HWAY

HWAY Risk / Return Rank: 77
HWAY Sharpe Ratio Rank: 79
HWAY Sortino Ratio Rank: 78
HWAY Omega Ratio Rank: 71
HWAY Calmar Ratio Rank: 78
HWAY Martin Ratio Rank: 78

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.

WELD vs. HWAY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Tema U.S. Manufacturing & Reshoring ETF (WELD) 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.

	WELD	HWAY	Difference
Sharpe ratio: Return per unit of total volatility	—	2.16	—
Sortino ratio: Return per unit of downside risk	—	2.98	—
Omega ratio: Gain probability vs. loss probability	—	1.36	—
Calmar ratio: Return relative to maximum drawdown	—	3.49	—
Martin ratio: Return relative to average drawdown	—	12.83	—

Drawdowns

WELD vs. HWAY - Drawdown Comparison

The maximum WELD drawdown since its inception was -6.34%, smaller than the maximum HWAY drawdown of -25.96%. Use the drawdown chart below to compare losses from any high point for WELD and HWAY.

Drawdown Indicators

	WELD	HWAY	Difference
Max Drawdown Largest peak-to-trough decline	-6.34%	-25.96%	+19.62%
Max Drawdown (1Y) Largest decline over 1 year	—	-12.63%	—
Current Drawdown Current decline from peak	-5.19%	-1.22%	-3.97%
Average Drawdown Average peak-to-trough decline	-4.46%	-5.21%	+0.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	3.43%	—

Volatility

Volatility by Period

	WELD	HWAY	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	6.75%	—
Volatility (6M) Calculated over the trailing 6-month period	—	16.91%	—
Volatility (1Y) Calculated over the trailing 1-year period	46.79%	20.40%	+26.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	46.79%	22.49%	+24.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	46.79%	22.49%	+24.30%

WELD vs. HWAY - Expense Ratio Comparison

WELD has a 0.75% expense ratio, which is higher than HWAY's 0.29% expense ratio.

Dividends

WELD vs. HWAY - Dividend Comparison

WELD has not paid dividends to shareholders, while HWAY's dividend yield for the trailing twelve months is around 1.01%.

Position	TTM	2025	2024
HWAY Themes US Infrastructure ETF	1.01%	1.29%	0.22%
WELD Tema U.S. Manufacturing & Reshoring ETF	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both WELD and HWAY in my portfolio?

With a correlation of 0.90, WELD 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 ETF is better, WELD 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, WELD or HWAY?

HWAY is cheaper with a 0.29% expense ratio, compared with 0.75% for WELD.

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

HWAY has the higher dividend yield at 1.01%, compared with 0.00% for WELD.

What is the main difference between WELD and HWAY?

They also come from different issuers: Tema and Themes. Their fees differ too: 0.75% for WELD and 0.29% for HWAY.