CVMC vs HWAY
Calvert US Mid-Cap Core Responsible Index ETF vs Themes US Infrastructure ETF
Which is better, CVMC or HWAY?
HWAY has been ahead.
CVMC has a lower expense ratio. HWAY led over 1Y and the full window. The two have moved almost in lockstep, correlation 0.92. CVMC is less concentrated, with 5.9% 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 | CVMC | HWAY |
|---|---|---|
| Expense Ratio | 0.15%Best | 0.29% |
| AUM | $115M | $4M |
| Dividend Yield | 1.23% | 1.05% |
| Holdings | 1,184 | 197 |
| Volatility (annualized) | 14.6%Best | 21.0% |
| Max Drawdown | -22.5%Best | -25.8% |
| $10,000 over 1.9 years | $13,722 | $15,378Best |
| Top 10 Weight | 5.9%Best | 42.8% |
| Fund Family | Calvert | Themes ETFs |
| Category | Equity | Equity |
| Style | Mid Cap Blend | Mid Cap Blend |
| Inception | Jan 30, 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. CVMC 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 14.6% for CVMC. 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 -22.5% for CVMC 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 0.92. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
CVMC charges 0.15% per year while HWAY charges 0.29%. On a $10,000 position that is $15 vs $29 annually, a gap of $14 per year that compounds over a long holding period. On income, CVMC currently yields 1.23% against 1.05% for HWAY.
Holdings Overlap
8.1% of CVMC's money is in holdings HWAY also owns. 45.1% of HWAY's money is in holdings CVMC also owns.
The two portfolios partly overlap.
The two holdings books were reported 67 days apart, CVMC 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.
49 positions in common, counted across the 595 positions we hold weights for in CVMC and 99 in HWAY, against full books of 1,184 and 197.
What only one of them owns
Our book lists 49 positions for HWAY that do not appear in our book for CVMC (51.4% of the fund), and 535 for CVMC that do not appear in HWAY (89.8%).
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 CVMC | Weight in HWAY | Difference |
|---|---|---|---|
| GWWWw Grainger Inc. | 0.50% | 3.07% | 2.57% |
| NUENucor Corp. | 0.50% | 2.93% | 2.43% |
| FASTFastenal Co. | 0.52% | 2.79% | 2.27% |
| WABWestinghouse Air Brake Technologies Corp. | 0.45% | 2.61% | 2.16% |
| VMCVulcan Materials Co. | 0.31% | 1.90% | 1.59% |
| MLMMartin Marietta Materials Inc. | 0.29% | 1.79% | 1.50% |
| STLDSteel Dynamics Inc | 0.32% | 1.74% | 1.42% |
| EMEEmcor Group Inc | 0.35% | 1.67% | 1.32% |
| XYLXylem,Inc. | 0.24% | 1.52% | 1.28% |
| DOVDover Corp. | 0.26% | 1.41% | 1.15% |
45.1% of HWAY is already inside CVMC.
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, CVMC or HWAY?
CVMC has an expense ratio of 0.15% while HWAY charges 0.29%. CVMC is the cheaper option, by $14 a year on a $10,000 investment.
Which is riskier, CVMC or HWAY?
HWAY has been the more volatile fund at 21.0% annualized versus 14.6% for CVMC. Worst drawdown: CVMC -22.5% vs HWAY -25.8%.
Should I hold both CVMC and HWAY?
CVMC and HWAY have a monthly-return correlation of 0.92, so they move almost identically. What is left to separate them is the fee and the index each one tracks. This is information, not a recommendation.
What is the holdings overlap between CVMC and HWAY?
45.1% of HWAY's money is in holdings CVMC also owns. 45.1% of HWAY's is in holdings CVMC also owns. They hold 49 positions in common, counted across the 595 positions we hold weights for in CVMC and 99 in HWAY.
Which pays a higher dividend, CVMC or HWAY?
CVMC yields 1.23% while HWAY yields 1.05%, so CVMC currently pays the higher dividend yield.
Is HWAY better than CVMC?
CVMC has a lower expense ratio. HWAY led over 1Y and the full window. The two have moved almost in lockstep, correlation 0.92. CVMC is less concentrated, with 5.9% 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.