HWAY vs PGZ
Themes US Infrastructure ETF vs Principal Real Estate Income Fund
Which is better, HWAY or PGZ?
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 | HWAY | PGZ |
|---|---|---|
| Expense Ratio | 0.29%Best | 2.16% |
| AUM | $4M | $69M |
| Dividend Yield | 1.05% | 12.28% |
| Holdings | 197 | 110 |
| Volatility (annualized) | 21.0% | 12.8%Best |
| Max Drawdown | -25.8% | -10.6%Best |
| $10,000 over 1.9 years | $15,378Best | $11,439 |
| Fund Family | Themes ETFs | Principal Funds |
| Category | Equity | Equity |
| Style | Mid Cap Blend | Mid Cap Blend |
| Inception | Sep 11, 2024 | Jun 26, 2013 |
Not shown on this pair: YTD Return, 1Y Return, 3Y Return (annualized), 5Y Return (annualized), Top 10 Weight.
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 PGZ 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 12.8% for PGZ. 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 -10.6% for PGZ. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.72. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
HWAY charges 0.29% per year while PGZ charges 2.16%. On a $10,000 position that is $29 vs $216 annually, a gap of $187 per year that compounds over a long holding period. On income, HWAY currently yields 1.05% against 12.28% for PGZ.
Holdings Overlap
We hold position weights for 99 holdings in HWAY and 61 in PGZ, totalling 100.0% and 59.8% 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 177 days apart, HWAY as of Jul 27, 2026 and PGZ as of Jan 31, 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 61 in PGZ, against full books of 197 and 110.
You are not choosing between two funds in isolation.
Whichever of HWAY and PGZ 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 PGZ?
HWAY has an expense ratio of 0.29% while PGZ charges 2.16%. HWAY is the cheaper option, by $187 a year on a $10,000 investment.
Which is riskier, HWAY or PGZ?
HWAY has been the more volatile fund at 21.0% annualized versus 12.8% for PGZ. Worst drawdown: HWAY -25.8% vs PGZ -10.6%.
Should I hold both HWAY and PGZ?
HWAY and PGZ have a monthly-return correlation of 0.72, 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 PGZ?
HWAY yields 1.05% while PGZ yields 12.28%, so PGZ currently pays the higher dividend yield.
Is PGZ better than HWAY?
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.