FORH vs HWAY
Formidable ETF vs Themes US Infrastructure ETF
Which is better, FORH or HWAY?
HWAY has been ahead.
HWAY has a lower expense ratio. HWAY led over 1Y and the full window.
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 | FORH | HWAY |
|---|---|---|
| Expense Ratio | 1.19% | 0.29%Best |
| AUM | $19M | $4M |
| Dividend Yield | 1.86% | 1.05% |
| Holdings | 129 | 197 |
| Volatility (annualized) | 13.6%Best | 21.0% |
| Max Drawdown | -17.6%Best | -25.8% |
| $10,000 over 1.9 years | $10,619 | $15,378Best |
| Fund Family | Formidable Funds | Themes ETFs |
| Category | Equity | Equity |
| Style | Mid Cap Blend | Mid Cap Blend |
| Inception | Apr 29, 2021 | Sep 11, 2024 |
Not shown on this pair: YTD Return, 1Y Return, 3Y Return (annualized), 5Y Return (annualized), Top 10 Weight.
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. FORH 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 13.6% for FORH. 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 -17.6% for FORH 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 0.60. They move together some of the time, and apart the rest.
Fees and Cost Over Time
FORH charges 1.19% per year while HWAY charges 0.29%. On a $10,000 position that is $119 vs $29 annually, a gap of $90 per year that compounds over a long holding period. On income, FORH currently yields 1.86% against 1.05% for HWAY.
Holdings Overlap
At least 3.9% of HWAY's money is in holdings FORH also owns.
Stated as a floor: for FORH, our book for it covers 83.6% of that fund, so a holding it does not list is one we cannot count as shared. The real figure is this or higher.
HWAY and FORH share little of their money.
The two holdings books were reported 50 days apart, FORH as of Sep 15, 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.
5 positions in common, counted across the 38 positions we hold weights for in FORH and 99 in HWAY, against full books of 129 and 197.
You are not choosing between two funds in isolation.
Whichever of FORH 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, FORH or HWAY?
FORH has an expense ratio of 1.19% while HWAY charges 0.29%. HWAY is the cheaper option, by $90 a year on a $10,000 investment.
Which is riskier, FORH or HWAY?
HWAY has been the more volatile fund at 21.0% annualized versus 13.6% for FORH. Worst drawdown: FORH -17.6% vs HWAY -25.8%.
Should I hold both FORH and HWAY?
FORH and HWAY have a monthly-return correlation of 0.60, 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 FORH and HWAY?
At least 3.9% of HWAY's money is in holdings FORH also owns. Our book for FORH is partial, so the real figure is this or higher. They hold 5 positions in common, counted across the 38 positions we hold weights for in FORH and 99 in HWAY.
Which pays a higher dividend, FORH or HWAY?
FORH yields 1.86% while HWAY yields 1.05%, so FORH currently pays the higher dividend yield.
Is HWAY better than FORH?
HWAY has a lower expense ratio. HWAY led over 1Y and the full window. Which one suits a particular account depends on what it is for. This is information, not a recommendation.