HWAY vs NBET
Themes US Infrastructure ETF vs Neuberger Berman Energy Transition & Infrastructure ETF
Which is better, HWAY or NBET?
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 59.6%.
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 | NBET |
|---|---|---|
| Expense Ratio | 0.29%Best | 0.65% |
| AUM | $4M | $54M |
| Dividend Yield | 1.05% | 2.57% |
| Holdings | 197 | 34 |
| Volatility (annualized) | 21.0% | 17.8%Best |
| Max Drawdown | -25.8% | -17.4%Best |
| $10,000 over 1.9 years | $15,378Best | $14,616 |
| Top 10 Weight | 42.8%Best | 59.6% |
| Fund Family | Themes ETFs | Neuberger Berman ETF Trust |
| Category | Equity | Equity |
| Style | Mid Cap Blend | Mid Cap Blend |
| Inception | Sep 11, 2024 | Apr 6, 2022 |
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. HWAY has data through Jul 28, 2026 and NBET through Oct 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 17.8% for NBET. 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 -17.4% for NBET. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.46. They move together some of the time, and apart the rest.
Fees and Cost Over Time
HWAY charges 0.29% per year while NBET charges 0.65%. On a $10,000 position that is $29 vs $65 annually, a gap of $36 per year that compounds over a long holding period. On income, HWAY currently yields 1.05% against 2.57% for NBET.
Holdings Overlap
We hold position weights for 99 holdings in HWAY and 31 in NBET, totalling 100.0% and 100.0% 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 66 days apart, HWAY as of Jul 27, 2026 and NBET as of Oct 1, 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 31 in NBET, against full books of 197 and 34.
What only one of them owns
Our book lists 29 positions for NBET that do not appear in our book for HWAY (97.4% of the fund), and 97 for HWAY that do not appear in NBET (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 NBET 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 NBET?
HWAY has an expense ratio of 0.29% while NBET charges 0.65%. HWAY is the cheaper option, by $36 a year on a $10,000 investment.
Which is riskier, HWAY or NBET?
HWAY has been the more volatile fund at 21.0% annualized versus 17.8% for NBET. Worst drawdown: HWAY -25.8% vs NBET -17.4%.
Should I hold both HWAY and NBET?
HWAY and NBET have a monthly-return correlation of 0.46, 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 NBET?
HWAY yields 1.05% while NBET yields 2.57%, so NBET currently pays the higher dividend yield.
Is NBET 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 59.6%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.