HWAY vs VTI
Themes US Infrastructure ETF vs Vanguard Morningstar Total Stock Market ETF
Which is better, HWAY or VTI?
Mid Cap Blend against Large Cap Blend.
VTI has a lower expense ratio. HWAY led over 1Y and the full window. VTI is less concentrated, with 33.5% 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 | VTI |
|---|---|---|
| Expense Ratio | 0.29% | 0.03%Best |
| AUM | $4M | $689.2B |
| Dividend Yield | 1.05% | 1.06% |
| Holdings | 197 | 3,524 |
| Volatility (annualized) | 21.0% | 13.5%Best |
| Max Drawdown | -25.8% | -19.3%Best |
| $10,000 over 1.9 years | $15,378Best | $13,684 |
| Top 10 Weight | 42.8% | 33.5%Best |
| Fund Family | Themes ETFs | Vanguard (US) |
| Category | Equity | Equity |
| Style | Mid Cap Blend | Large Cap Blend |
| Inception | Sep 11, 2024 | May 24, 2001 |
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 VTI 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 13.5% for VTI. 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 -19.3% for VTI. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.78. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
HWAY charges 0.29% per year while VTI 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 1.06% for VTI.
Holdings Overlap
94.5% of HWAY's money is in holdings VTI also owns. 3.1% of VTI's money is in holdings HWAY also owns.
Most of HWAY is already inside VTI. Owning both mostly buys the same companies twice.
96 positions in common, counted across the 99 positions we hold weights for in HWAY and 3,441 in VTI, against full books of 197 and 3,524.
What only one of them owns
Our book lists 1,081 positions for VTI that do not appear in our book for HWAY (94.5% of the fund), and 1 for HWAY that do not appear in VTI (0.6%).
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 VTI | Difference |
|---|---|---|---|
| UNPUnion Pacific Corp | 4.98% | 0.24% | 4.74% |
| CATCaterpillar, Inc. | 4.63% | 0.50% | 4.13% |
| CSXCsx Corp. | 4.94% | 0.13% | 4.81% |
| PWRQuanta | 4.46% | 0.12% | 4.34% |
| DEDeere & Co Sedol 2261203 | 4.21% | 0.23% | 3.98% |
| EMREmerson Electric Co. | 4.30% | 0.12% | 4.18% |
| PHParker-Hannifin Corp. | 4.20% | 0.17% | 4.03% |
| NSCNorfolk Southern Corp | 3.96% | 0.10% | 3.86% |
| URIUnited Rentals Inc. | 3.62% | 0.09% | 3.53% |
| GWWWw Grainger Inc. | 3.07% | 0.08% | 2.99% |
94.5% of HWAY is already inside VTI.
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 VTI?
HWAY has an expense ratio of 0.29% while VTI charges 0.03%. VTI is the cheaper option, by $26 a year on a $10,000 investment.
Which is riskier, HWAY or VTI?
HWAY has been the more volatile fund at 21.0% annualized versus 13.5% for VTI. Worst drawdown: HWAY -25.8% vs VTI -19.3%.
Should I hold both HWAY and VTI?
HWAY and VTI have a monthly-return correlation of 0.78, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
What is the holdings overlap between HWAY and VTI?
94.5% of HWAY's money is in holdings VTI also owns. 3.1% of VTI's is in holdings HWAY also owns. They hold 96 positions in common, counted across the 99 positions we hold weights for in HWAY and 3,441 in VTI.
Which pays a higher dividend, HWAY or VTI?
HWAY yields 1.05% while VTI yields 1.06%, so VTI currently pays the higher dividend yield.
Is VTI better than HWAY?
VTI has a lower expense ratio. HWAY led over 1Y and the full window. VTI is less concentrated, with 33.5% 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.