HWAY vs SQEW
Themes US Infrastructure ETF vs LeaderShares Equity Skew ETF
Which is better, HWAY or SQEW?
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 | SQEW |
|---|---|---|
| Expense Ratio | 0.29%Best | 0.84% |
| AUM | $4M | $16M |
| Dividend Yield | 1.05% | 0.96% |
| Holdings | 197 | 159 |
| Volatility (annualized) | 20.4% | 15.9%Best |
| Max Drawdown | -25.8% | -24.2%Best |
| $10,000 over 1.1 years | $12,321Best | $11,019 |
| Fund Family | Themes ETFs | LeaderShares |
| Category | Equity | Equity |
| Style | Mid Cap Blend | Mid Cap Blend |
| Inception | Sep 11, 2024 | May 11, 2020 |
Not shown on this pair: YTD Return, 1Y Return, 3Y Return (annualized), 5Y Return (annualized), Top 10 Weight.
The two price series end 277 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 SQEW through Oct 24, 2025.
Volatility and max drawdown, and the $10,000 over 1.1 years row, are measured over the window both funds cover: Sep 12, 2024 to Oct 24, 2025 (1.1 years).
Risk: Volatility and Drawdowns
HWAY has been the more volatile fund, with annualized monthly volatility of 20.4% compared with 15.9% for SQEW. 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 -24.2% for SQEW. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.87. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
HWAY charges 0.29% per year while SQEW charges 0.84%. On a $10,000 position that is $29 vs $84 annually, a gap of $55 per year that compounds over a long holding period. On income, HWAY currently yields 1.05% against 0.96% for SQEW.
You are not choosing between two funds in isolation.
Whichever of HWAY and SQEW 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 SQEW?
HWAY has an expense ratio of 0.29% while SQEW charges 0.84%. HWAY is the cheaper option, by $55 a year on a $10,000 investment.
Which is riskier, HWAY or SQEW?
HWAY has been the more volatile fund at 20.4% annualized versus 15.9% for SQEW. Worst drawdown: HWAY -25.8% vs SQEW -24.2%.
Should I hold both HWAY and SQEW?
HWAY and SQEW have a monthly-return correlation of 0.87, 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 SQEW?
HWAY yields 1.05% while SQEW yields 0.96%, so HWAY currently pays the higher dividend yield.
Is SQEW 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.