HWAY vs SCHD
Themes US Infrastructure ETF vs Schwab US Dividend Equity ETF
Which is better, HWAY or SCHD?
Mid Cap Blend against Large Cap Value.
SCHD has a lower expense ratio. HWAY led over 1Y and the full window. SCHD is less concentrated, with 41.8% of the fund in its ten largest positions against 42.8%.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | HWAY | SCHD |
|---|---|---|
| Expense Ratio | 0.29% | 0.06%Best |
| AUM | $4M | $112.1B |
| Dividend Yield | 1.05% | 3.00% |
| Holdings | 197 | 103 |
| Volatility (annualized) | 21.0% | 14.2%Best |
| Max Drawdown | -25.8% | -16.1%Best |
| $10,000 over 1.9 years | $15,378Best | $13,290 |
| Top 10 Weight | 42.8% | 41.8%Best |
| Fund Family | Themes ETFs | Charles Schwab Asset Management |
| Category | Equity | Equity |
| Style | Mid Cap Blend | Large Cap Value |
| Inception | Sep 11, 2024 | Oct 20, 2011 |
Not shown on this pair: YTD Return, 1Y Return, 3Y Return (annualized), 5Y Return (annualized).
The two price series end 45 days apart, so a return over any period would be measuring two different stretches of market. Those rows are withheld. HWAY has data through Jul 28, 2026 and SCHD through Sep 11, 2026.
Volatility and max drawdown, and the $10,000 over 1.9 years row, are measured over the window both funds cover: Sep 12, 2024 to Jul 28, 2026 (1.9 years).
Risk: Volatility and Drawdowns
HWAY has been the more volatile fund, with annualized monthly volatility of 21.0% compared with 14.2% for SCHD. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -25.8% for HWAY and -16.1% for SCHD. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.53. They move together some of the time, and apart the rest.
Fees and Cost Over Time
HWAY charges 0.29% per year while SCHD charges 0.06%. On a $10,000 position that is $29 vs $6 annually, a gap of $23 per year that compounds over a long holding period. On income, HWAY currently yields 1.05% against 3.00% for SCHD.
Holdings Overlap
3.1% of HWAY's money is in holdings SCHD also owns. 1.5% of SCHD's money is in holdings HWAY also owns.
HWAY and SCHD share little of their money.
2 positions in common, counted across the 99 positions we hold weights for in HWAY and 100 in SCHD, against full books of 197 and 103.
What only one of them owns
Our book lists 97 positions for SCHD that do not appear in our book for HWAY (98.4% of the fund), and 95 for HWAY that do not appear in SCHD (92.0%).
Some of those will be the same company recorded under a different code in one of the two books, so the real difference in what you would own is no larger than this and may be smaller. We do not name the individual positions here for that reason.
You are not choosing between two funds in isolation.
Whichever of HWAY and SCHD you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, HWAY or SCHD?
HWAY has an expense ratio of 0.29% while SCHD charges 0.06%. SCHD is the cheaper option, by $23 a year on a $10,000 investment.
Which is riskier, HWAY or SCHD?
HWAY has been the more volatile fund at 21.0% annualized versus 14.2% for SCHD. Worst drawdown: HWAY -25.8% vs SCHD -16.1%.
Should I hold both HWAY and SCHD?
HWAY and SCHD have a monthly-return correlation of 0.53, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
What is the holdings overlap between HWAY and SCHD?
3.1% of HWAY's money is in holdings SCHD also owns. 1.5% of SCHD's is in holdings HWAY also owns. They hold 2 positions in common, counted across the 99 positions we hold weights for in HWAY and 100 in SCHD.
Which pays a higher dividend, HWAY or SCHD?
HWAY yields 1.05% while SCHD yields 3.00%, so SCHD currently pays the higher dividend yield.
Is SCHD better than HWAY?
SCHD has a lower expense ratio. HWAY led over 1Y and the full window. SCHD is less concentrated, with 41.8% of the fund in its ten largest positions against 42.8%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.