HWAY vs SMN

Comparison between THEMES US INFRASTRUCTURE ETF (HWAY, ETF) and ProShares UltraShort Materials (SMN, ETF).

HWAY vs SMN - Performance Comparison

Log

Key Characteristics

Financial metrics and valuation ratios

Metric	HWAY(ETF)	SMN(ETF)
Net Assets	$3M	$3.10M
Expense Ratio	0.29%	N/A
Max Drawdown	26.12%	99.96%
Sharpe Ratio	1.68	-0.80
5Y Beta	1.03	-1.50
P/E Ratio	31.82	N/A
Forward P/E	23.67	N/A
5Y EPS CAGR	17.50%	N/A
Debt to Equity	31.44%	N/A
P/S Ratio	2.62	N/A
P/B Ratio	4.86	N/A

Net Assets

HWAY

$3M

Winner

SMN

$3.10M

Expense Ratio

HWAY

0.29%

SMN

N/A

Max Drawdown

Winner

HWAY

26.12%

SMN

99.96%

Sharpe Ratio

Winner

HWAY

1.68

SMN

-0.80

5Y Beta

HWAY

1.03

Winner

SMN

-1.50

P/E Ratio

HWAY

31.82

SMN

N/A

Forward P/E

HWAY

23.67

SMN

N/A

5Y EPS CAGR

HWAY

17.50%

SMN

N/A

Debt to Equity

HWAY

31.44%

SMN

N/A

P/S Ratio

HWAY

2.62

SMN

N/A

P/B Ratio

HWAY

4.86

SMN

N/A

HWAY vs SMN - Historical Returns

Returns include dividend reinvestment.

Period	HWAY	SMN
1 month	+0.23%	+3.51%
3 months	+8.96%	-0.30%
6 months	+20.35%	-25.53%
1 year	+41.40%	-26.58%
5 years(CAGR)	N/A	-13.65%
10 years(CAGR)	N/A	-24.63%
Max(CAGR)	+26.95%	-27.75%

HWAY

+0.23%

Winner

SMN

+3.51%

Winner

HWAY

+8.96%

SMN

-0.30%

Winner

HWAY

+20.35%

SMN

-25.53%

Winner

HWAY

+41.40%

SMN

-26.58%

5Y(CAGR)

HWAY

N/A

SMN

-13.65%

10Y(CAGR)

HWAY

N/A

SMN

-24.63%

Max(CAGR)

Winner

HWAY

+26.95%

SMN

-27.75%

HWAY vs SMN - Annual Returns (2007 - 2026)

Returns include dividend reinvestment.

Year	HWAY	SMN
2026	+19.40%	-18.10%
2025	+20.79%	-19.37%
2024	+3.38%	+6.89%
2023	N/A	-20.86%
2022	N/A	-4.63%
2021	N/A	-46.34%
2020	N/A	-56.52%
2019	N/A	-32.08%
2018	N/A	+36.15%
2017	N/A	-38.23%
2016	N/A	-39.97%
2015	N/A	+16.14%
2014	N/A	-14.64%
2013	N/A	-32.88%
2012	N/A	-22.43%
2011	N/A	-1.22%
2010	N/A	-51.23%
2009	N/A	-75.87%
2008	N/A	+54.91%
2007	N/A	-38.34%

HWAY vs SMN Drawdown Comparison

The maximum drawdown for HWAY was -25.96%, occurring on Apr 8, 2025. Recovery took 164 trading sessions.

The maximum drawdown for SMN was -99.92%, occurring on Feb 11, 2026. This drawdown has not yet recovered.

The current HWAY drawdown is -2.12%. The current SMN drawdown is -99.91%.

Rank	HWAY	SMN
#1	-25.96% Nov 25, 2024 - Jul 25, 2025	-99.92% Nov 20, 2008 - Feb 11, 2026
#2	-12.63% Feb 20, 2026 - Apr 23, 2026	-61.90% Mar 5, 2007 - Oct 6, 2008
#3	-7.19% May 6, 2026 - May 19, 2026	-42.86% Oct 27, 2008 - Nov 20, 2008
#4	-5.78% Oct 29, 2025 - Dec 3, 2025	-27.84% Oct 10, 2008 - Oct 24, 2008
#5	-3.97% Jul 25, 2025 - Aug 13, 2025	-9.85% Feb 9, 2007 - Mar 2, 2007
#6	-3.77% Dec 11, 2025 - Jan 6, 2026	-1.24% Oct 7, 2008 - Oct 9, 2008
#7	-3.51% Nov 6, 2024 - Nov 22, 2024	-1.12% Feb 2, 2007 - Feb 9, 2007
#8	-3.47% Oct 8, 2025 - Oct 21, 2025	N/A
#9	-3.12% Oct 18, 2024 - Nov 6, 2024	N/A
#10	-2.79% Sep 19, 2024 - Oct 11, 2024	N/A
#11	-2.43% Aug 22, 2025 - Sep 22, 2025	N/A
#12	-2.39% Apr 23, 2026 - Apr 30, 2026	N/A
#13	-2.29% Aug 13, 2025 - Aug 22, 2025	N/A
#14	-2.19% Feb 11, 2026 - Feb 20, 2026	N/A
#15	-2.18% Jan 6, 2026 - Jan 9, 2026	N/A