HWAY vs VYM
Themes US Infrastructure ETF vs Vanguard High Dividend Yield ETF
Which is better, HWAY or VYM?
Mid Cap Blend against Large Cap Value.
VYM has a lower expense ratio. HWAY led over 1Y and the full window. VYM is less concentrated, with 26.1% 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 | VYM |
|---|---|---|
| Expense Ratio | 0.29% | 0.04%Best |
| AUM | $4M | $81.6B |
| Dividend Yield | 1.05% | 2.22% |
| Holdings | 197 | 613 |
| Volatility (annualized) | 21.0% | 10.9%Best |
| Max Drawdown | -25.8% | -14.5%Best |
| $10,000 over 1.9 years | $15,378Best | $13,888 |
| Top 10 Weight | 42.8% | 26.1%Best |
| Fund Family | Themes ETFs | Vanguard (US) |
| Category | Equity | Equity |
| Style | Mid Cap Blend | Large Cap Value |
| Inception | Sep 11, 2024 | Nov 10, 2006 |
Not shown on this pair: YTD Return, 1Y Return, 3Y Return (annualized), 5Y Return (annualized).
The two price series end 48 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 VYM through Sep 14, 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 10.9% for VYM. 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 -14.5% for VYM. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.78. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
HWAY charges 0.29% per year while VYM charges 0.04%. On a $10,000 position that is $29 vs $4 annually, a gap of $25 per year that compounds over a long holding period. On income, HWAY currently yields 1.05% against 2.22% for VYM.
Holdings Overlap
31.5% of HWAY's money is in holdings VYM also owns. 3.9% of VYM's money is in holdings HWAY also owns.
The two portfolios partly overlap.
22 positions in common, counted across the 99 positions we hold weights for in HWAY and 557 in VYM, against full books of 197 and 613.
What only one of them owns
Our book lists 507 positions for VYM that do not appear in our book for HWAY (93.2% of the fund), and 74 for HWAY that do not appear in VYM (62.9%).
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 VYM | Difference |
|---|---|---|---|
| CATCaterpillar, Inc. | 4.63% | 1.50% | 3.13% |
| UNPUnion Pacific Corp | 4.98% | 0.70% | 4.28% |
| EMREmerson Electric Co. | 4.30% | 0.34% | 3.96% |
| NSCNorfolk Southern Corp | 3.96% | 0.31% | 3.65% |
| NUENucor Corp. | 2.93% | 0.23% | 2.70% |
| FASTFastenal Co. | 2.79% | 0.22% | 2.57% |
| XYLXylem,Inc. | 1.52% | 0.11% | 1.41% |
| RSReliance Steel & Aluminum Co. | 1.08% | 0.08% | 1.00% |
| IEXI D E X Corporation | 0.88% | 0.07% | 0.81% |
| OCOwens Corning | 0.60% | 0.04% | 0.56% |
31.5% of HWAY is already inside VYM.
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 VYM?
HWAY has an expense ratio of 0.29% while VYM charges 0.04%. VYM is the cheaper option, by $25 a year on a $10,000 investment.
Which is riskier, HWAY or VYM?
HWAY has been the more volatile fund at 21.0% annualized versus 10.9% for VYM. Worst drawdown: HWAY -25.8% vs VYM -14.5%.
Should I hold both HWAY and VYM?
HWAY and VYM have a monthly-return correlation of 0.78, 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 VYM?
31.5% of HWAY's money is in holdings VYM also owns. 3.9% of VYM's is in holdings HWAY also owns. They hold 22 positions in common, counted across the 99 positions we hold weights for in HWAY and 557 in VYM.
Which pays a higher dividend, HWAY or VYM?
HWAY yields 1.05% while VYM yields 2.22%, so VYM currently pays the higher dividend yield.
Is VYM better than HWAY?
VYM has a lower expense ratio. HWAY led over 1Y and the full window. VYM is less concentrated, with 26.1% 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.