HWAY vs SLVX

Comparison between THEMES US INFRASTRUCTURE ETF (HWAY, ETF) and NICHOLAS SILVER INCOME ETF (SLVX, ETF).

HWAY vs SLVX - Performance Comparison

Log

Key Characteristics

Financial metrics and valuation ratios

Metric	HWAY(ETF)	SLVX(ETF)
Net Assets	$3.50M	$3.50M
Expense Ratio	0.29%	1.16%
Max Drawdown	26.12%	50.63%
Sharpe Ratio	1.26	-1.19
5Y Beta	1.02	2.61
P/E Ratio	32.03	N/A
Forward P/E	23.07	N/A
5Y EPS CAGR	17.13%	N/A
Debt to Equity	30.99%	N/A
P/S Ratio	2.63	N/A
P/B Ratio	4.80	N/A

Net Assets

HWAY

$3.50M

SLVX

$3.50M

Expense Ratio

Winner

HWAY

0.29%

SLVX

1.16%

Max Drawdown

Winner

HWAY

26.12%

SLVX

50.63%

Sharpe Ratio

Winner

HWAY

1.26

SLVX

-1.19

5Y Beta

Winner

HWAY

1.02

SLVX

2.61

P/E Ratio

HWAY

32.03

SLVX

N/A

Forward P/E

HWAY

23.07

SLVX

N/A

5Y EPS CAGR

HWAY

17.13%

SLVX

N/A

Debt to Equity

HWAY

30.99%

SLVX

N/A

P/S Ratio

HWAY

2.63

SLVX

N/A

P/B Ratio

HWAY

4.80

SLVX

N/A

HWAY vs SLVX - Holdings Comparison

HWAY and SLVX have 1 common holdings. Overlap is -2.44%

HWAY's top 25 holdings weight is 72.46%. SLVX's top 25 holdings weight is 110.94%.

Rank	HWAY	SLVX
#1	CATERPILLAR INC (CAT) - 5.04%	OTHER ASSETS AND LIABILITIES (n/a) - 33.33%
#2	UNION PACIFIC CORP (UNP) - 4.89%	ABRDN PHYSICAL SILVER SHARES ETF (SIVR) - 31.79%
#3	CSX CORP (CSX) - 4.85%	SSR MINING INC (n/a) - 4.05%
#4	QUANTA SERVICES INC (PWR) - 4.84%	OR ROYALTIES INC (n/a) - 3.91%
#5	PARKER HANNIFIN CORP (PH) - 4.19%	FIRST MAJESTIC SILVER CORP (n/a) - 3.76%
#6	DEERE & CO (DE) - 4.02%	PAN AMERICAN SILVER CORP (n/a) - 3.72%
#7	EMERSON ELECTRIC CO (EMR) - 3.99%	SILVERCORP METALS INC (n/a) - 3.58%
#8	NORFOLK SOUTHERN CORP (NSC) - 3.83%	FORTUNA MINING CORP (n/a) - 3.22%
#9	CRH PLC (CRH) - 3.63%	ENDEAVOUR SILVER CORP (EXK) - 3.08%
#10	UNITED RENTALS INC (URI) - 3.49%	WHEATON PRECIOUS METALS CORP (n/a) - 3.00%
#11	COMFORT SYSTEMS USA INC (FIX) - 3.25%	CASH OFFSET (n/a) - 2.96%
#12	W.W. GRAINGER INC (GWW) - 3.08%	COEUR MINING INC (CDE) - 2.89%
#13	NUCOR CORP (NUE) - 2.82%	HECLA MINING CO (HL) - 2.84%
#14	FASTENAL CO (FAST) - 2.74%	AMERICAS GOLD AND SILVER CORP (n/a) - 2.50%
#15	WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORP (WAB) - 2.31%	n/a (HYMC) - 2.45%
#16	VULCAN MATERIALS CO (VMC) - 1.98%	SIVR US 08/21/26 C63 (n/a) - 1.45%
#17	MARTIN MARIETTA MATERIALS INC (MLM) - 1.83%	USAS US 07/17/26 P5 (n/a) - 0.73%
#18	EMCOR GROUP INC (EME) - 1.78%	HYMC US 07/17/26 P25 (n/a) - 0.43%
#19	STEEL DYNAMICS INC (STLD) - 1.65%	SSRM US 07/17/26 P31 (n/a) - 0.27%
#20	XYLEM INC (XYL) - 1.56%	OR US 07/17/26 P30 (n/a) - 0.19%
#21	DOVER CORP (DOV) - 1.49%	AG US 07/24/26 P16 (n/a) - 0.17%
#22	CARPENTER TECHNOLOGY CORP (CRS) - 1.46%	SSRM US 07/17/26 P29 (n/a) - 0.17%
#23	ATI INC (ATI) - 1.36%	PAAS US 07/24/26 P42 (n/a) - 0.16%
#24	AMRIZE LTD REGISTERED SHARE (AMRZ) - 1.32%	HL US 07/24/26 P15 (n/a) - 0.16%
#25	RELIANCE INC (RS) - 1.06%	CDE US 07/24/26 P15 (n/a) - 0.13%
Total Holdings	100	66

HWAY vs SLVX - Historical Returns

Returns include dividend reinvestment.

Period	HWAY	SLVX
1 month	-1.27%	-1.58%
3 months	+4.46%	-26.27%
6 months	+15.32%	-30.79%
1 year	+31.23%	N/A
Max(CAGR)	+26.09%	-57.75%

Winner

HWAY

-1.27%

SLVX

-1.58%

Winner

HWAY

+4.46%

SLVX

-26.27%

Winner

HWAY

+15.32%

SLVX

-30.79%

HWAY

+31.23%

SLVX

N/A

Max(CAGR)

Winner

HWAY

+26.09%

SLVX

-57.75%

HWAY vs SLVX - Annual Returns (2024 - 2026)

Returns include dividend reinvestment.

Year	HWAY	SLVX
2026	+21.73%	-30.79%
2025	+20.79%	N/A
2024	+3.38%	N/A

HWAY vs SLVX Drawdown Comparison

The maximum drawdown for HWAY was -25.96%, occurring on Apr 8, 2025. Recovery took 164 trading sessions.

The maximum drawdown for SLVX was -45.91%, occurring on Jul 17, 2026. This drawdown has not yet recovered.

The current HWAY drawdown is -3.65%. The current SLVX drawdown is -42.93%.

Rank	HWAY	SLVX
#1	-25.96% Nov 25, 2024 - Jul 25, 2025	-45.91% Feb 27, 2026 - Jul 17, 2026
#2	-12.63% Feb 20, 2026 - Apr 23, 2026	N/A
#3	-7.42% Jun 25, 2026 - Jul 20, 2026	N/A
#4	-7.19% May 6, 2026 - Jun 15, 2026	N/A
#5	-5.78% Oct 29, 2025 - Dec 3, 2025	N/A
#6	-3.97% Jul 25, 2025 - Aug 13, 2025	N/A
#7	-3.77% Dec 11, 2025 - Jan 6, 2026	N/A
#8	-3.51% Nov 6, 2024 - Nov 22, 2024	N/A
#9	-3.47% Oct 8, 2025 - Oct 21, 2025	N/A
#10	-3.12% Oct 18, 2024 - Nov 6, 2024	N/A
#11	-2.79% Sep 19, 2024 - Oct 11, 2024	N/A
#12	-2.43% Aug 22, 2025 - Sep 22, 2025	N/A
#13	-2.39% Apr 23, 2026 - Apr 30, 2026	N/A
#14	-2.29% Aug 13, 2025 - Aug 22, 2025	N/A
#15	-2.19% Feb 11, 2026 - Feb 20, 2026	N/A

Correlation

Correlation between HWAY and SLVX is -0.53 which considered as a moderate negative correlation - the stocks show some tendency to move in opposite directions.

-0.53

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