XTN vs. HWAY

Last updated Aug 2, 2026

XTN (SPDR S&P Transportation ETF) and HWAY (Themes US Infrastructure ETF) are both exchange-traded funds - XTN is a Industrials Equities fund tracking the S&P Transportation Select Industry Index, while HWAY is a Infrastructure Equities fund tracking the Solactive United States Infrastructure Index. Both are passively managed. Over the past year, XTN returned 36.39% vs 32.92% for HWAY. Their 0.71 correlation means they have sometimes moved together and sometimes differently. XTN charges 0.35%/yr vs 0.29%/yr for HWAY.

Performance

XTN vs. HWAY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR S&P Transportation ETF (XTN) 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, XTN achieves a 19.69% return, which is significantly lower than HWAY's 22.94% return.

XTN

• 1D: -0.36%
• 1M: -5.96%
• 6M: 13.81%
• YTD: 19.69%
• 1Y: 36.39%
• 3Y*: 8.69%
• 5Y*: 6.50%
• 10Y*: 10.20%
• ALL TIME*: 10.72%

HWAY

• 1D: 0.00%
• 1M: -0.03%
• 6M: 14.83%
• YTD: 22.94%
• 1Y: 32.92%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 25.86%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
HWAY Themes US Infrastructure ETF	$22.82K	$23.54K	$29.88K
XTN SPDR S&P Transportation ETF	$3.22M	$3.69M	$6.00M

XTN vs. HWAY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
XTN SPDR S&P Transportation ETF	19.69%	6.33%	13.86%
HWAY Themes US Infrastructure ETF	22.94%	19.99%	4.42%

Correlation

The correlation between XTN and HWAY is 0.64, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.64
Correlation (All Time) Calculated using the full available price history since Sep 12, 2024	0.71

The correlation between XTN and HWAY has been stable across timeframes, ranging from 0.64 to 0.71 - a consistent structural relationship.

XTN vs. HWAY - Sectors Allocation Comparison

Sectors	XTN	HWAY
Industrials	94.7%	77.9%
Technology	5.3%	0.0%
Basic Materials	-	20.9%
Communication Services	-	-
Consumer Cyclical	-	0.5%
Consumer Defensive	-	0.0%
Energy	-	0.2%
Financial Services	-	-
Healthcare	-	-
Real Estate	-	-
Utilities	-	0.1%

Return for Risk

XTN vs. HWAY — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

XTN

XTN Risk / Return Rank: 49
XTN Sharpe Ratio Rank: 48
XTN Sortino Ratio Rank: 48
XTN Omega Ratio Rank: 48
XTN Calmar Ratio Rank: 54
XTN Martin Ratio Rank: 47

HWAY

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

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

XTN vs. HWAY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P Transportation ETF (XTN) 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.

	XTN	HWAY	Difference
Sharpe ratio: Return per unit of total volatility	1.19	1.45	-0.27
Sortino ratio: Return per unit of downside risk	1.75	2.11	-0.36
Omega ratio: Gain probability vs. loss probability	1.22	1.25	-0.03
Calmar ratio: Return relative to maximum drawdown	1.90	2.36	-0.46
Martin ratio: Return relative to average drawdown	5.31	7.98	-2.67

XTN vs. HWAY - Sharpe Ratio Comparison

The current XTN Sharpe Ratio is 1.19, which is comparable to the HWAY Sharpe Ratio of 1.45. The chart below compares the historical Sharpe Ratios of XTN 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

XTN vs. HWAY - Drawdown Comparison

The maximum XTN drawdown since its inception was -43.77%, which is greater than HWAY's maximum drawdown of -25.96%. Use the drawdown chart below to compare losses from any high point for XTN and HWAY.

Drawdown Indicators

	XTN	HWAY	Difference
Max Drawdown Largest peak-to-trough decline	-43.77%	-25.96%	-17.81%
Max Drawdown (1Y) Largest decline over 1 year	-17.28%	-12.63%	-4.65%
Max Drawdown (3Y) Largest decline over 3 years	-33.69%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-35.05%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-43.77%	—	—
Current Drawdown Current decline from peak	-7.43%	-4.57%	-2.86%
Average Drawdown Average peak-to-trough decline	-10.85%	-5.20%	-5.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.18%	3.73%	+2.45%

Volatility

XTN vs. HWAY - Volatility Comparison

SPDR S&P Transportation ETF (XTN) has a higher volatility of 5.56% compared to Themes US Infrastructure ETF (HWAY) at 4.71%. This indicates that XTN's price experiences larger fluctuations and is considered to be riskier than HWAY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XTN	HWAY	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.56%	4.71%	+0.85%
Volatility (6M) Calculated over the trailing 6-month period	22.33%	16.68%	+5.65%
Volatility (1Y) Calculated over the trailing 1-year period	27.71%	20.52%	+7.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.86%	22.22%	+4.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.16%	22.22%	+3.94%

XTN vs. HWAY - Expense Ratio Comparison

XTN has a 0.35% expense ratio, which is higher than HWAY's 0.29% expense ratio.

Dividends

XTN vs. HWAY - Dividend Comparison

XTN's dividend yield for the trailing twelve months is around 0.67%, while HWAY has not paid dividends to shareholders.

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%
XTN SPDR S&P Transportation ETF	0.67%	0.78%	0.93%	0.73%	1.04%	1.02%	0.75%	1.17%	0.98%	0.63%	0.66%	1.03%

Frequently Asked Questions

Can I hold both XTN and HWAY in my portfolio?

XTN and HWAY have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XTN or HWAY?

XTN has higher volatility (5.56%) compared to HWAY (4.71%). In terms of maximum drawdown, XTN dropped -43.77% vs HWAY's -25.96%.

Which ETF is better, XTN or HWAY?

On 1-year performance, XTN leads with 36.39% vs 32.92% for HWAY. On fees, HWAY is cheaper at 0.29% per year. On volatility, HWAY has been the lower-risk option at 4.71%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XTN or HWAY?

Over the 1-year period, XTN has performed better with a 36.39% return vs 32.92%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XTN or HWAY?

HWAY is cheaper with a 0.29% expense ratio, compared with 0.35% for XTN.

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

HWAY has the higher dividend yield at 1.05%, compared with 0.67% for XTN.

What is the main difference between XTN and HWAY?

XTN is categorized as Industrials Equities, while HWAY is Infrastructure Equities. XTN tracks S&P Transportation Select Industry Index, while HWAY tracks Solactive United States Infrastructure Index. They also come from different issuers: State Street and Themes. Their fees differ too: 0.35% for XTN and 0.29% for HWAY.

Which has better risk-adjusted returns?

HWAY currently has the higher Sharpe Ratio (1.45 vs 1.19), 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.