HWAY vs SCHM
Themes US Infrastructure ETF vs Schwab US Mid Cap ETF
Which is better, HWAY or SCHM?
HWAY has been ahead.
SCHM has a lower expense ratio. HWAY led over 1Y and the full window. The two have moved almost in lockstep, correlation 0.92. SCHM is less concentrated, with 5.0% 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 | SCHM |
|---|---|---|
| Expense Ratio | 0.29% | 0.03%Best |
| AUM | $4M | $14.6B |
| Dividend Yield | 1.05% | 1.31% |
| Holdings | 197 | 495 |
| Volatility (annualized) | 21.0% | 16.5%Best |
| Max Drawdown | -25.8% | -23.3%Best |
| $10,000 over 1.9 years | $15,378Best | $13,577 |
| Top 10 Weight | 42.8% | 5.0%Best |
| Fund Family | Themes ETFs | Charles Schwab Asset Management |
| Category | Equity | Equity |
| Style | Mid Cap Blend | Mid Cap Blend |
| Inception | Sep 11, 2024 | Jan 13, 2011 |
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 SCHM 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 16.5% for SCHM. 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 -23.3% for SCHM. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.92. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
HWAY charges 0.29% per year while SCHM charges 0.03%. On a $10,000 position that is $29 vs $3 annually, a gap of $26 per year that compounds over a long holding period. On income, HWAY currently yields 1.05% against 1.31% for SCHM.
Holdings Overlap
21.4% of HWAY's money is in holdings SCHM also owns. 8.0% of SCHM's money is in holdings HWAY also owns.
HWAY and SCHM share little of their money.
The two holdings books were reported 68 days apart, HWAY as of Jul 27, 2026 and SCHM as of Oct 3, 2026, so some of the difference between them is the time between the two reports rather than the funds.
38 positions in common, counted across the 99 positions we hold weights for in HWAY and 502 in SCHM, against full books of 197 and 495.
What only one of them owns
Our book lists 456 positions for SCHM that do not appear in our book for HWAY (90.6% of the fund), and 59 for HWAY that do not appear in SCHM (73.7%).
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 SCHM | Difference |
|---|---|---|---|
| RSReliance Steel & Aluminum Co. | 1.08% | 0.42% | 0.66% |
| STRLSterling Construction Company Inc | 0.95% | 0.34% | 0.61% |
| IEXIdex Corp Common Stock Usd 0.01 | 0.88% | 0.35% | 0.53% |
| JJacobs Engineering Group Inc. | 0.82% | 0.33% | 0.49% |
| NDSNNordson Corp | 0.79% | 0.36% | 0.43% |
| QXOQxo, Inc. | 0.88% | 0.26% | 0.62% |
| WCCWesco International Inc | 0.76% | 0.38% | 0.38% |
| APGApi Group Corp | 0.75% | 0.32% | 0.43% |
| CSLCsl Ltd. - Adr | 0.73% | 0.27% | 0.46% |
| MLIMueller Industries Inc | 0.70% | 0.29% | 0.41% |
21.4% of HWAY is already inside SCHM.
You probably hold more than these two. Add the rest and see how much of the whole book is the same companies twice.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, HWAY or SCHM?
HWAY has an expense ratio of 0.29% while SCHM charges 0.03%. SCHM is the cheaper option, by $26 a year on a $10,000 investment.
Which is riskier, HWAY or SCHM?
HWAY has been the more volatile fund at 21.0% annualized versus 16.5% for SCHM. Worst drawdown: HWAY -25.8% vs SCHM -23.3%.
Should I hold both HWAY and SCHM?
HWAY and SCHM have a monthly-return correlation of 0.92, so they move almost identically. What is left to separate them is the fee and the index each one tracks. This is information, not a recommendation.
What is the holdings overlap between HWAY and SCHM?
21.4% of HWAY's money is in holdings SCHM also owns. 8.0% of SCHM's is in holdings HWAY also owns. They hold 38 positions in common, counted across the 99 positions we hold weights for in HWAY and 502 in SCHM.
Which pays a higher dividend, HWAY or SCHM?
HWAY yields 1.05% while SCHM yields 1.31%, so SCHM currently pays the higher dividend yield.
Is SCHM better than HWAY?
SCHM has a lower expense ratio. HWAY led over 1Y and the full window. The two have moved almost in lockstep, correlation 0.92. SCHM is less concentrated, with 5.0% 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.