XLI vs. HWAY

Last updated Jul 4, 2026

XLI (Industrial Select Sector SPDR Fund) and HWAY (Themes US Infrastructure ETF) are both Industrials Equities funds - XLI tracks the Industrial Select Sector Index while HWAY tracks the Solactive United States Infrastructure Index. Both are passively managed. Over the past year, XLI returned 24.67% vs 33.67% for HWAY. Their correlation of 0.90 suggests significant overlap in exposure. XLI charges 0.08%/yr vs 0.29%/yr for HWAY.

Performance

XLI vs. HWAY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Industrial Select Sector SPDR Fund (XLI) 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, XLI achieves a 19.19% return, which is significantly lower than HWAY's 22.98% return.

XLI

• 1D: 0.30%
• 1M: 5.93%
• 6M: 17.03%
• YTD: 19.19%
• 1Y: 24.67%
• 3Y*: 21.40%
• 5Y*: 13.94%
• 10Y*: 14.54%

HWAY

• 1D: -1.02%
• 1M: 0.12%
• 6M: 20.60%
• YTD: 22.98%
• 1Y: 33.67%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

XLI vs. HWAY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
XLI Industrial Select Sector SPDR Fund	19.19%	19.35%	3.57%
HWAY Themes US Infrastructure ETF	22.98%	19.99%	4.42%

Correlation

The correlation between XLI 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 (1Y) Calculated over the trailing 1-year period	0.90
Correlation (All Time) Calculated using the full available price history since Sep 12, 2024	0.90

The correlation between XLI and HWAY has been stable across timeframes, ranging from 0.90 to 0.90 - a consistent structural relationship.

XLI vs. HWAY - Sectors Allocation Comparison

Sectors	XLI	HWAY
Industrials	90.8%	80.2%
Utilities	5.1%	0.1%
Technology	3.6%	0.3%
Consumer Cyclical	0.5%	1.2%
Basic Materials	-	17.6%
Communication Services	-	-
Consumer Defensive	-	0.0%
Energy	-	0.2%
Financial Services	-	-
Healthcare	-	-
Real Estate	-	-

Return for Risk

XLI vs. HWAY — Risk / Return Rank

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

XLI

XLI Risk / Return Rank: 54
XLI Sharpe Ratio Rank: 55
XLI Sortino Ratio Rank: 56
XLI Omega Ratio Rank: 51
XLI Calmar Ratio Rank: 51
XLI Martin Ratio Rank: 57

HWAY

HWAY Risk / Return Rank: 63
HWAY Sharpe Ratio Rank: 62
HWAY Sortino Ratio Rank: 62
HWAY Omega Ratio Rank: 55
HWAY Calmar Ratio Rank: 67
HWAY Martin Ratio Rank: 67

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.

XLI vs. HWAY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Industrial Select Sector SPDR Fund (XLI) 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.

	XLI	HWAY	Difference
Sharpe ratio: Return per unit of total volatility	1.56	1.69	-0.13
Sortino ratio: Return per unit of downside risk	2.25	2.41	-0.17
Omega ratio: Gain probability vs. loss probability	1.27	1.29	-0.02
Calmar ratio: Return relative to maximum drawdown	2.12	2.74	-0.62
Martin ratio: Return relative to average drawdown	8.33	10.00	-1.67

XLI vs. HWAY - Sharpe Ratio Comparison

The current XLI Sharpe Ratio is 1.56, which is comparable to the HWAY Sharpe Ratio of 1.69. The chart below compares the historical Sharpe Ratios of XLI 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

XLI vs. HWAY - Drawdown Comparison

The maximum XLI drawdown since its inception was -62.26%, which is greater than HWAY's maximum drawdown of -25.96%. Use the drawdown chart below to compare losses from any high point for XLI and HWAY.

Drawdown Indicators

	XLI	HWAY	Difference
Max Drawdown Largest peak-to-trough decline	-62.26%	-25.96%	-36.30%
Max Drawdown (1Y) Largest decline over 1 year	-12.21%	-12.63%	+0.42%
Max Drawdown (3Y) Largest decline over 3 years	-18.49%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-21.64%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-42.33%	—	—
Current Drawdown Current decline from peak	-0.71%	-4.55%	+3.84%
Average Drawdown Average peak-to-trough decline	-9.18%	-5.19%	-3.99%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.10%	3.45%	-0.35%

Volatility

XLI vs. HWAY - Volatility Comparison

Industrial Select Sector SPDR Fund (XLI) and Themes US Infrastructure ETF (HWAY) have volatilities of 6.85% and 6.98%, 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

	XLI	HWAY	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.85%	6.98%	-0.13%
Volatility (6M) Calculated over the trailing 6-month period	14.01%	17.10%	-3.09%
Volatility (1Y) Calculated over the trailing 1-year period	16.53%	20.49%	-3.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.61%	22.48%	-4.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.00%	22.48%	-2.48%

XLI vs. HWAY - Expense Ratio Comparison

XLI has a 0.08% expense ratio, which is lower than HWAY's 0.29% expense ratio.

Dividends

XLI vs. HWAY - Dividend Comparison

XLI's dividend yield for the trailing twelve months is around 1.12%, more than HWAY's 1.05% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HWAY Themes US Infrastructure ETF	1.05%	1.29%	0.22%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
XLI Industrial Select Sector SPDR Fund	1.12%	1.29%	1.44%	1.63%	1.63%	1.25%	1.55%	1.94%	2.15%	1.77%	2.07%	2.15%

Frequently Asked Questions

Can I hold both XLI and HWAY in my portfolio?

With a correlation of 0.90, XLI 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, XLI or HWAY?

HWAY has higher volatility (6.98%) compared to XLI (6.85%). In terms of maximum drawdown, XLI dropped -62.26% vs HWAY's -25.96%.

Which ETF is better, XLI or HWAY?

On 1-year performance, HWAY leads with 33.67% vs 24.67% for XLI. On fees, XLI is cheaper at 0.08% per year. On volatility, XLI has been the lower-risk option at 6.85%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XLI or HWAY?

Over the 1-year period, HWAY has performed better with a 33.67% return vs 24.67%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XLI or HWAY?

XLI is cheaper with a 0.08% expense ratio, compared with 0.29% for HWAY.

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

XLI has the higher dividend yield at 1.12%, compared with 1.05% for HWAY.

What is the main difference between XLI and HWAY?

XLI tracks Industrial Select Sector Index, while HWAY tracks Solactive United States Infrastructure Index. They also come from different issuers: State Street and Themes. Their fees differ too: 0.08% for XLI and 0.29% for HWAY.

Which has better risk-adjusted returns?

HWAY currently has the higher Sharpe Ratio (1.69 vs 1.56), 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.