HWAY vs SAEF
Themes US Infrastructure ETF vs Schwab Ariel Opportunities ETF
Which is better, HWAY or SAEF?
HWAY has been ahead.
HWAY has a lower expense ratio. HWAY led over 1Y and the full window. SAEF is less concentrated, with 34.6% 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 | HWAY | SAEF |
|---|---|---|
| Expense Ratio | 0.29%Best | 0.59% |
| AUM | $4M | $19M |
| Dividend Yield | 1.05% | 0.33% |
| Holdings | 197 | 59 |
| Volatility (annualized) | 21.3%Best | 26.3% |
| Max Drawdown | -25.8%Best | -27.4% |
| $10,000 over 1.8 years | $14,887Best | $9,703 |
| Top 10 Weight | 42.8% | 34.6%Best |
| Fund Family | Themes ETFs | Charles Schwab Asset Management |
| Category | Equity | Equity |
| Style | Mid Cap Blend | Mid Cap Blend |
| Inception | Sep 11, 2024 | Nov 15, 2021 |
Not shown on this pair: YTD Return, 1Y Return, 3Y Return (annualized), 5Y Return (annualized).
The two price series end 11 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 SAEF through Jul 17, 2026.
Volatility and max drawdown, and the $10,000 over 1.8 years row, are measured over the window both funds cover: Sep 12, 2024 to Jul 17, 2026 (1.8 years).
Risk: Volatility and Drawdowns
SAEF has been the more volatile fund, with annualized monthly volatility of 26.3% compared with 21.3% for HWAY. 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 -27.4% for SAEF. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.73. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
HWAY charges 0.29% per year while SAEF charges 0.59%. On a $10,000 position that is $29 vs $59 annually, a gap of $30 per year that compounds over a long holding period. On income, HWAY currently yields 1.05% against 0.33% for SAEF.
Holdings Overlap
0.4% of HWAY's money is in holdings SAEF also owns. 1.0% of SAEF's money is in holdings HWAY also owns.
We cannot see either book well enough to say how much of this pair is duplicated.
The two holdings books were reported 118 days apart, HWAY as of Jul 27, 2026 and SAEF as of Mar 31, 2026, so some of the difference between them is the time between the two reports rather than the funds.
1 positions in common, counted across the 99 positions we hold weights for in HWAY and 58 in SAEF, against full books of 197 and 59.
What only one of them owns
Our book lists 54 positions for SAEF that do not appear in our book for HWAY (93.1% of the fund), and 96 for HWAY that do not appear in SAEF (94.7%).
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 HWAY | Weight in SAEF | Difference |
|---|---|---|---|
| SSDSimpson Manufacturing Co Inc | 0.41% | 0.98% | 0.57% |
You are not choosing between two funds in isolation.
Whichever of HWAY and SAEF 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 SAEF?
HWAY has an expense ratio of 0.29% while SAEF charges 0.59%. HWAY is the cheaper option, by $30 a year on a $10,000 investment.
Which is riskier, HWAY or SAEF?
SAEF has been the more volatile fund at 26.3% annualized versus 21.3% for HWAY. Worst drawdown: HWAY -25.8% vs SAEF -27.4%.
Should I hold both HWAY and SAEF?
HWAY and SAEF have a monthly-return correlation of 0.73, 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 SAEF?
HWAY yields 1.05% while SAEF yields 0.33%, so HWAY currently pays the higher dividend yield.
Is SAEF better than HWAY?
HWAY has a lower expense ratio. HWAY led over 1Y and the full window. SAEF is less concentrated, with 34.6% 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.