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HWAY vs SPY

Comparison between THEMES US INFRASTRUCTURE ETF (HWAY, ETF) and SPDR S&P 500 ETF Trust (SPY, ETF).

HWAY vs SPY - Performance Comparison

Key Characteristics

Financial metrics and valuation ratios

Net Assets
HWAY
$3M
Winner
SPY
$735B
Expense Ratio
HWAY
0.29%
Winner
SPY
0.09%
Max Drawdown
Winner
HWAY
26.12%
SPY
56.47%
Sharpe Ratio
Winner
HWAY
1.68
SPY
1.62
5Y Beta
HWAY
1.03
Winner
SPY
1.00
P/E Ratio
HWAY
31.82
Winner
SPY
28.99
Forward P/E
HWAY
23.67
Winner
SPY
22.37
5Y Dividends CAGR
HWAY
N/A
SPY
5.43%
5Y EPS CAGR
HWAY
17.50%
Winner
SPY
26.05%
Debt to Equity
Winner
HWAY
31.44%
SPY
32.40%
P/S Ratio
Winner
HWAY
2.62
SPY
3.74
P/B Ratio
Winner
HWAY
4.86
SPY
5.61

HWAY vs SPY - Holdings Comparison

HWAY and SPY have 27 common holdings. Overlap is 2.83%

HWAY's top 25 holdings weight is 71.56%. SPY's top 25 holdings weight is 52.37%.

RankHWAYSPY
#1
QUANTA SERVICES INC (PWR) - 5.49%
NVIDIA CORP (NVDA) - 8.10%
#2
CATERPILLAR INC (CAT) - 4.96%
APPLE INC (AAPL) - 7.02%
#3
UNION PACIFIC CORP (UNP) - 4.64%
MICROSOFT CORP (MSFT) - 4.79%
#4
CSX CORP (CSX) - 4.57%
AMAZON.COM INC (AMZN) - 4.02%
#5
EMERSON ELECTRIC CO (EMR) - 4.17%
ALPHABET INC CLASS A (GOOGL) - 3.51%
#6
PARKER HANNIFIN CORP (PH) - 3.81%
BROADCOM INC (AVGO) - 3.10%
#7
NORFOLK SOUTHERN CORP (NSC) - 3.79%
ALPHABET INC CLASS C (GOOG) - 2.79%
#8
DEERE & CO (DE) - 3.68%
META PLATFORMS INC CLASS A (META) - 2.08%
#9
CRH PLC (CRH) - 3.61%
TESLA INC (TSLA) - 1.89%
#10
COMFORT SYSTEMS USA INC (FIX) - 3.48%
MICRON TECHNOLOGY INC (MU) - 1.56%
#11
UNITED RENTALS INC (URI) - 3.19%
BERKSHIRE HATHAWAY INC CLASS B (BRK-B) - 1.37%
#12
NUCOR CORP (NUE) - 2.93%
ELI LILLY AND CO (LLY) - 1.31%
#13
W.W. GRAINGER INC (GWW) - 2.83%
JPMORGAN CHASE & CO (JPM) - 1.28%
#14
FASTENAL CO (FAST) - 2.69%
ADVANCED MICRO DEVICES INC (AMD) - 1.27%
#15
WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORP (WAB) - 2.33%
EXXON MOBIL CORP (XOM) - 0.97%
#16
EMCOR GROUP INC (EME) - 2.00%
INTEL CORP (INTC) - 0.90%
#17
VULCAN MATERIALS CO (VMC) - 1.85%
JOHNSON & JOHNSON (JNJ) - 0.86%
#18
MARTIN MARIETTA MATERIALS INC (MLM) - 1.81%
VISA INC CLASS A (V) - 0.85%
#19
STEEL DYNAMICS INC (STLD) - 1.79%
WALMART INC (WMT) - 0.81%
#20
DOVER CORP (DOV) - 1.52%
CISCO SYSTEMS INC (CSCO) - 0.72%
#21
XYLEM INC (XYL) - 1.44%
COSTCO WHOLESALE CORP (COST) - 0.69%
#22
AMRIZE LTD REGISTERED SHARE (AMRZ) - 1.38%
CATERPILLAR INC (CAT) - 0.66%
#23
STERLING INFRASTRUCTURE INC (STRL) - 1.22%
MASTERCARD INC CLASS A (MA) - 0.62%
#24
ATI INC (ATI) - 1.22%
LAM RESEARCH CORP (LRCX) - 0.62%
#25
CARPENTER TECHNOLOGY CORP (CRS) - 1.16%
ABBVIE INC (ABBV) - 0.58%
Total Holdings102505

HWAY vs SPY - Historical Returns

Returns include dividend reinvestment.

1M
HWAY
+0.23%
Winner
SPY
+1.90%
3M
Winner
HWAY
+8.96%
SPY
+8.55%
6M
Winner
HWAY
+20.35%
SPY
+8.18%
1Y
Winner
HWAY
+41.40%
SPY
+25.79%
5Y(CAGR)
HWAY
N/A
SPY
+13.32%
10Y(CAGR)
HWAY
N/A
SPY
+15.19%
Max(CAGR)
Winner
HWAY
+26.95%
SPY
+8.47%

HWAY vs SPY - Annual Returns (1999 - 2026)

Returns include dividend reinvestment.

YearHWAYSPY
2026+19.40%+8.26%
2025+20.79%+18.00%
2024+3.38%+25.59%
2023N/A+26.72%
2022N/A-18.64%
2021N/A+30.52%
2020N/A+17.28%
2019N/A+31.09%
2018N/A-5.24%
2017N/A+20.78%
2016N/A+13.59%
2015N/A+1.31%
2014N/A+14.56%
2013N/A+29.00%
2012N/A+14.17%
2011N/A+0.85%
2010N/A+13.14%
2009N/A+22.67%
2008N/A-36.25%
2007N/A+5.32%
2006N/A+13.85%
2005N/A+5.32%
2004N/A+10.75%
2003N/A+24.18%
2002N/A-22.42%
2001N/A-10.13%
2000N/A-8.84%
1999N/A+8.61%

HWAY vs SPY Drawdown Comparison

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

The maximum drawdown for SPY was -55.20%, occurring on Mar 9, 2009. Recovery took 1224 trading sessions.

The current HWAY drawdown is -2.12%. The current SPY drawdown is -2.90%.

RankHWAYSPY
#1-25.96%
Nov 25, 2024 - Jul 25, 2025		-55.20%
Oct 9, 2007 - Aug 16, 2012
#2-12.63%
Feb 20, 2026 - Apr 23, 2026		-47.50%
Mar 24, 2000 - Oct 26, 2006
#3-7.19%
May 6, 2026 - May 19, 2026		-33.70%
Feb 19, 2020 - Aug 10, 2020
#4-5.78%
Oct 29, 2025 - Dec 3, 2025		-24.50%
Jan 3, 2022 - Dec 13, 2023
#5-3.97%
Jul 25, 2025 - Aug 13, 2025		-19.34%
Sep 20, 2018 - Apr 12, 2019
#6-3.77%
Dec 11, 2025 - Jan 6, 2026		-18.76%
Feb 19, 2025 - Jun 26, 2025
#7-3.51%
Nov 6, 2024 - Nov 22, 2024		-13.02%
Jul 20, 2015 - Apr 18, 2016
#8-3.47%
Oct 8, 2025 - Oct 21, 2025		-10.10%
Jan 26, 2018 - Aug 6, 2018
#9-3.12%
Oct 18, 2024 - Nov 6, 2024		-9.44%
Sep 2, 2020 - Nov 11, 2020
#10-2.79%
Sep 19, 2024 - Oct 11, 2024		-9.30%
Jan 19, 2000 - Mar 17, 2000
#11-2.43%
Aug 22, 2025 - Sep 22, 2025		-9.05%
Jul 19, 2007 - Oct 5, 2007
#12-2.39%
Apr 23, 2026 - Apr 30, 2026		-8.88%
Jan 27, 2026 - Apr 14, 2026
#13-2.29%
Aug 13, 2025 - Aug 22, 2025		-8.41%
Jul 16, 2024 - Sep 19, 2024
#14-2.19%
Feb 11, 2026 - Feb 20, 2026		-7.35%
Sep 14, 2012 - Jan 2, 2013
#15-2.18%
Jan 6, 2026 - Jan 9, 2026		-7.27%
Sep 18, 2014 - Oct 31, 2014

Correlation

Correlation between HWAY and SPY is 0.94 which considered as a very strong positive correlation - the stocks move almost identically together.

0.94
-101

Dividend Comparison (1999 - 2026)

HWAY vs SPY dividend yield comparison.

YearHWAYSPY
20260.00%0.24%
20251.29%1.07%
20240.22%1.21%
20230.00%1.40%
20220.00%1.65%
20210.00%1.20%
20200.00%1.52%
20190.00%1.75%
20180.00%2.04%
20170.00%1.80%
20160.00%2.03%
20150.00%2.06%
20140.00%1.87%
20130.00%1.81%
20120.00%2.18%
20110.00%2.05%
20100.00%1.80%
20090.00%1.95%
20080.00%3.02%
20070.00%1.85%
20060.00%1.73%
20050.00%1.73%
20040.00%1.82%
20030.00%1.47%
20020.00%1.70%
20010.00%1.25%
20000.00%1.15%
19990.00%0.24%

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