HWAY vs MDST
Themes US Infrastructure ETF vs Westwood Salient Enhanced Midstream Income ETF
Which is better, HWAY or MDST?
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 63.7%.
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 | HWAY | MDST |
|---|---|---|
| Expense Ratio | 0.29%Best | 0.80% |
| AUM | $4M | $305M |
| Dividend Yield | 1.05% | 10.69% |
| Holdings | 197 | 110 |
| Volatility (annualized) | 21.0% | 12.0%Best |
| Max Drawdown | -25.8% | -14.2%Best |
| $10,000 over 1.9 years | $15,378Best | $13,735 |
| Top 10 Weight | 42.8%Best | 63.7% |
| Fund Family | Themes ETFs | Westwood Funds |
| Category | Equity | Equity |
| Style | Mid Cap Blend | Mid Cap Blend |
| Inception | Sep 11, 2024 | Apr 8, 2024 |
Not shown on this pair: YTD Return, 1Y Return, 3Y Return (annualized), 5Y Return (annualized).
The two price series end 79 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 MDST through Oct 15, 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 12.0% for MDST. 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 -14.2% for MDST. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.51. They move together some of the time, and apart the rest.
Fees and Cost Over Time
HWAY charges 0.29% per year while MDST charges 0.80%. On a $10,000 position that is $29 vs $80 annually, a gap of $51 per year that compounds over a long holding period. On income, HWAY currently yields 1.05% against 10.69% for MDST.
Holdings Overlap
We hold position weights for 99 holdings in HWAY and 25 in MDST, totalling 100.0% and 97.4% of the two funds. The two books name no position in common, so there is no overlap percentage to show.
The two holdings books were reported 67 days apart, HWAY as of Jul 27, 2026 and MDST as of Oct 2, 2026, so some of the difference between them is the time between the two reports rather than the funds.
0 positions in common, counted across the 99 positions we hold weights for in HWAY and 25 in MDST, against full books of 197 and 110.
What only one of them owns
Our book lists 21 positions for MDST that do not appear in our book for HWAY (77.9% of the fund), and 97 for HWAY that do not appear in MDST (95.1%).
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.
You are not choosing between two funds in isolation.
Whichever of HWAY and MDST 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, HWAY or MDST?
HWAY has an expense ratio of 0.29% while MDST charges 0.80%. HWAY is the cheaper option, by $51 a year on a $10,000 investment.
Which is riskier, HWAY or MDST?
HWAY has been the more volatile fund at 21.0% annualized versus 12.0% for MDST. Worst drawdown: HWAY -25.8% vs MDST -14.2%.
Should I hold both HWAY and MDST?
HWAY and MDST have a monthly-return correlation of 0.51, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
Which pays a higher dividend, HWAY or MDST?
HWAY yields 1.05% while MDST yields 10.69%, so MDST currently pays the higher dividend yield.
Is MDST better than HWAY?
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 63.7%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.