BWTG vs HWAY
Brendan Wood TopGun ETF vs Themes US Infrastructure ETF
Which is better, BWTG or HWAY?
HWAY has been ahead.
HWAY has a lower expense ratio. HWAY led over 1Y and the full window. HWAY is less concentrated, with 42.8% of the fund in its ten largest positions against 56.7%.
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 | BWTG | HWAY |
|---|---|---|
| Expense Ratio | 0.95% | 0.29%Best |
| AUM | $21M | $4M |
| Dividend Yield | 0.33% | 1.05% |
| Holdings | 42 | 197 |
| Volatility (annualized) | 12.6%Best | 21.0% |
| Max Drawdown | -13.2%Best | -25.8% |
| $10,000 over 1.9 years | $12,344 | $15,378Best |
| Top 10 Weight | 56.7% | 42.8%Best |
| Fund Family | Brendan Wood TopGun | Themes ETFs |
| Category | Equity | Equity |
| Style | Mid Cap Blend | Mid Cap Blend |
| Inception | Nov 9, 2023 | Sep 11, 2024 |
Not shown on this pair: YTD Return, 1Y Return, 3Y Return (annualized), 5Y Return (annualized).
The two price series end 78 days apart, so a return over any period would be measuring two different stretches of market. Those rows are withheld. BWTG has data through Oct 14, 2026 and HWAY through Jul 28, 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 12.6% for BWTG. 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 -13.2% for BWTG and -25.8% for HWAY. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.84. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
BWTG charges 0.95% per year while HWAY charges 0.29%. On a $10,000 position that is $95 vs $29 annually, a gap of $66 per year that compounds over a long holding period. On income, BWTG currently yields 0.33% against 1.05% for HWAY.
Holdings Overlap
5.0% of BWTG's money is in holdings HWAY also owns. 4.2% of HWAY's money is in holdings BWTG also owns.
BWTG and HWAY share little of their money.
The two holdings books were reported 67 days apart, BWTG as of Oct 2, 2026 and HWAY as of Jul 27, 2026, so some of the difference between them is the time between the two reports rather than the funds.
1 positions in common, counted across the 20 positions we hold weights for in BWTG and 99 in HWAY, against full books of 42 and 197.
What only one of them owns
Our book lists 96 positions for HWAY that do not appear in our book for BWTG (90.9% of the fund), and 14 for BWTG that do not appear in HWAY (69.4%).
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 BWTG | Weight in HWAY | Difference |
|---|---|---|---|
| PHParker-Hannifin Corp. | 5.02% | 4.20% | 0.82% |
You are not choosing between two funds in isolation.
Whichever of BWTG and HWAY 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, BWTG or HWAY?
BWTG has an expense ratio of 0.95% while HWAY charges 0.29%. HWAY is the cheaper option, by $66 a year on a $10,000 investment.
Which is riskier, BWTG or HWAY?
HWAY has been the more volatile fund at 21.0% annualized versus 12.6% for BWTG. Worst drawdown: BWTG -13.2% vs HWAY -25.8%.
Should I hold both BWTG and HWAY?
BWTG and HWAY have a monthly-return correlation of 0.84, 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 BWTG and HWAY?
5.0% of BWTG's money is in holdings HWAY also owns. 4.2% of HWAY's is in holdings BWTG also owns. They hold 1 positions in common, counted across the 20 positions we hold weights for in BWTG and 99 in HWAY.
Which pays a higher dividend, BWTG or HWAY?
BWTG yields 0.33% while HWAY yields 1.05%, so HWAY currently pays the higher dividend yield.
Is HWAY better than BWTG?
HWAY has a lower expense ratio. HWAY led over 1Y and the full window. HWAY is less concentrated, with 42.8% of the fund in its ten largest positions against 56.7%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.