HWAY vs SPY
Themes US Infrastructure ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. HWAY delivered stronger 1-year returns. SPY offers more diversification with 505 holdings.
Side-by-Side Comparison
| Metric | HWAY | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.29% | 0.09% | |
| AUM | $4M | $821.1B | |
| Dividend Yield | 1.05% | 1.01% | |
| Holdings | 197 | 505 | |
| YTD Return | +20.56% | +14.24% | |
| 1Y Return | +28.28% | +21.71% | |
| 3Y Return (annualized) | - | +22.10% | |
| 5Y Return (annualized) | - | +13.21% | |
| Volatility (annualized) | 21.0% | 15.3% | |
| Max Drawdown | -25.8% | -56.5% | |
| Fund Family | Themes ETFs | State Street Investment Management | |
| Category | Equity | Equity | |
| Inception | Sep 11, 2024 | Jan 22, 1993 |
HWAY vs SPY Performance
Themes US Infrastructure ETF (HWAY) is a ETF from Themes ETFs and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year HWAY returned +28.28% while SPY returned +21.71%. Year to date, HWAY is up 20.56% versus a gain of 14.24% for SPY.
Risk: Volatility and Drawdowns
HWAY has been the more volatile fund, with annualized monthly volatility of 21.0% compared with 15.3% for SPY. 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 -56.5% for SPY. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at 0.74. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
HWAY charges 0.29% per year while SPY charges 0.09%. On a $10,000 position that is $29 vs $9 annually, a gap of $20 per year that compounds over a long holding period. On income, HWAY currently yields 1.05% against 1.01% for SPY.
Holdings Overlap
HWAY and SPY share 24 holdings out of 579 unique holdings combined, representing a 2.8% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, HWAY or SPY?
HWAY has an expense ratio of 0.29% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $20 per year of difference.
Which performed better, HWAY or SPY?
Over the past year HWAY returned +28.28% vs +21.71% for SPY, so HWAY leads on 1-year performance. Over the longest common window we track (2 years), HWAY annualized +25.42% vs +8.86% for SPY. Past performance does not guarantee future results.
Which is riskier, HWAY or SPY?
HWAY has been the more volatile fund at 21.0% annualized versus 15.3% for SPY. Worst drawdown: HWAY -25.8% vs SPY -56.5%.
Should I hold both HWAY and SPY?
HWAY and SPY have a monthly-return correlation of 0.74, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between HWAY and SPY?
HWAY and SPY share 24 common holdings with a 2.8% weight overlap. Combined, they hold 579 unique securities.
Which pays a higher dividend, HWAY or SPY?
HWAY yields 1.05% while SPY yields 1.01%, so HWAY currently pays the higher dividend yield.
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