HWAY vs VOO
Themes US Infrastructure ETF vs Vanguard S&P 500 ETF
Which is better, HWAY or VOO?
Mid Cap Blend against Large Cap Blend.
VOO has a lower expense ratio. HWAY led over 1Y and the full window. VOO is less concentrated, with 36.4% 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 | VOO |
|---|---|---|
| Expense Ratio | 0.29% | 0.03%Best |
| AUM | $4M | $997.4B |
| Dividend Yield | 1.05% | 1.04% |
| Holdings | 197 | 509 |
| Volatility (annualized) | 21.0% | 13.2%Best |
| Max Drawdown | -25.8% | -18.7%Best |
| $10,000 over 1.9 years | $15,378Best | $13,643 |
| Top 10 Weight | 42.8% | 36.4%Best |
| Fund Family | Themes ETFs | Vanguard (US) |
| Category | Equity | Equity |
| Style | Mid Cap Blend | Large Cap Blend |
| Inception | Sep 11, 2024 | Sep 7, 2010 |
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 VOO 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 13.2% for VOO. 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 -18.7% for VOO. Drawdown depth is what each fund did in the worst stretch of the window measured above.
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 VOO charges 0.03%. On a $10,000 position that is $29 vs $3 annually, a gap of $26 per year that compounds over a long holding period. On income, HWAY currently yields 1.05% against 1.04% for VOO.
Holdings Overlap
70.2% of HWAY's money is in holdings VOO also owns. 3.0% of VOO's money is in holdings HWAY also owns.
Most of HWAY is already inside VOO. Owning both mostly buys the same companies twice.
25 positions in common, counted across the 99 positions we hold weights for in HWAY and 505 in VOO, against full books of 197 and 509.
What only one of them owns
Our book lists 472 positions for VOO that do not appear in our book for HWAY (96.5% of the fund), and 73 for HWAY that do not appear in VOO (28.4%).
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.
Top Shared Holdings
| Stock | Weight in HWAY | Weight in VOO | Difference |
|---|---|---|---|
| CATCaterpillar, Inc. | 4.63% | 0.76% | 3.87% |
| UNPUnion Pacific Corp | 4.98% | 0.25% | 4.73% |
| CSXCsx Corp. | 4.94% | 0.14% | 4.80% |
| PWRQuanta | 4.46% | 0.17% | 4.29% |
| DEDeere & Co. | 4.21% | 0.25% | 3.96% |
| EMREmerson Electric Co. | 4.30% | 0.12% | 4.18% |
| PHParker-Hannifin Corp. | 4.20% | 0.19% | 4.01% |
| NSCNorfolk Southern Corp. | 3.96% | 0.11% | 3.85% |
| URIUnited Rentals Inc. | 3.62% | 0.11% | 3.51% |
| CRH:IECrh Public Limited Plc | 3.53% | 0.11% | 3.42% |
70.2% of HWAY is already inside VOO.
You probably hold more than these two. Add the rest and see how much of the whole book is the same companies twice.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, HWAY or VOO?
HWAY has an expense ratio of 0.29% while VOO charges 0.03%. VOO is the cheaper option, by $26 a year on a $10,000 investment.
Which is riskier, HWAY or VOO?
HWAY has been the more volatile fund at 21.0% annualized versus 13.2% for VOO. Worst drawdown: HWAY -25.8% vs VOO -18.7%.
Should I hold both HWAY and VOO?
HWAY and VOO have a monthly-return correlation of 0.74, 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 VOO?
70.2% of HWAY's money is in holdings VOO also owns. 3.0% of VOO's is in holdings HWAY also owns. They hold 25 positions in common, counted across the 99 positions we hold weights for in HWAY and 505 in VOO.
Which pays a higher dividend, HWAY or VOO?
HWAY yields 1.05% while VOO yields 1.04%, so HWAY currently pays the higher dividend yield.
Is VOO better than HWAY?
VOO has a lower expense ratio. HWAY led over 1Y and the full window. VOO is less concentrated, with 36.4% 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.