SLVX vs HWAY

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

SLVX vs HWAY - Performance Comparison

Log

Key Characteristics

Financial metrics and valuation ratios

Metric	SLVX(ETF)	HWAY(ETF)
Net Assets	$3.20M	$3.30M
Expense Ratio	1.16%	0.29%
Max Drawdown	44.17%	26.12%
Sharpe Ratio	-0.88	1.67
5Y Beta	2.74	1.04
P/E Ratio	N/A	31.08
Forward P/E	N/A	23.76
5Y EPS CAGR	N/A	17.59%
Debt to Equity	N/A	31.51%
P/S Ratio	N/A	2.65
P/B Ratio	N/A	4.95

Net Assets

SLVX

$3.20M

Winner

HWAY

$3.30M

Expense Ratio

SLVX

1.16%

Winner

HWAY

0.29%

Max Drawdown

SLVX

44.17%

Winner

HWAY

26.12%

Sharpe Ratio

SLVX

-0.88

Winner

HWAY

1.67

5Y Beta

SLVX

2.74

Winner

HWAY

1.04

P/E Ratio

SLVX

N/A

HWAY

31.08

Forward P/E

SLVX

N/A

HWAY

23.76

5Y EPS CAGR

SLVX

N/A

HWAY

17.59%

Debt to Equity

SLVX

N/A

HWAY

31.51%

P/S Ratio

SLVX

N/A

HWAY

2.65

P/B Ratio

SLVX

N/A

HWAY

4.95

SLVX vs HWAY - Holdings Comparison

SLVX and HWAY have 1 common holdings. Overlap is -1.65%

SLVX's top 25 holdings weight is 111.78%. HWAY's top 25 holdings weight is 71.56%.

Rank	SLVX	HWAY
#1	OTHER ASSETS AND LIABILITIES (n/a) - 34.69%	QUANTA SERVICES INC (PWR) - 5.49%
#2	ABRDN PHYSICAL SILVER SHARES ETF (SIVR) - 32.89%	CATERPILLAR INC (CAT) - 4.96%
#3	SSR MINING INC (n/a) - 4.20%	UNION PACIFIC CORP (UNP) - 4.64%
#4	PAN AMERICAN SILVER CORP (n/a) - 3.68%	CSX CORP (CSX) - 4.57%
#5	SILVERCORP METALS INC (n/a) - 3.46%	EMERSON ELECTRIC CO (EMR) - 4.17%
#6	FIRST MAJESTIC SILVER CORP (n/a) - 3.42%	PARKER HANNIFIN CORP (PH) - 3.81%
#7	FORTUNA MINING CORP (n/a) - 3.03%	NORFOLK SOUTHERN CORP (NSC) - 3.79%
#8	WHEATON PRECIOUS METALS CORP (n/a) - 2.91%	DEERE & CO (DE) - 3.68%
#9	OR ROYALTIES INC (OR) - 2.89%	CRH PLC (CRH) - 3.61%
#10	COEUR MINING INC (CDE) - 2.71%	COMFORT SYSTEMS USA INC (FIX) - 3.48%
#11	HYCROFT MINING HOLDING CORP ORDINARY SHARES CLASS A (HYMC) - 2.60%	UNITED RENTALS INC (URI) - 3.19%
#12	ENDEAVOUR SILVER CORP (EXK) - 2.58%	NUCOR CORP (NUE) - 2.93%
#13	HECLA MINING CO (HL) - 2.48%	W.W. GRAINGER INC (GWW) - 2.83%
#14	AMERICAS GOLD AND SILVER CORP (n/a) - 2.36%	FASTENAL CO (FAST) - 2.69%
#15	CASH OFFSET (n/a) - 2.19%	WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORP (WAB) - 2.33%
#16	SIVR US 06/18/26 C76 (n/a) - 0.90%	EMCOR GROUP INC (EME) - 2.00%
#17	HYMC US 06/18/26 P33 (n/a) - 0.84%	VULCAN MATERIALS CO (VMC) - 1.85%
#18	USAS US 06/18/26 P6 (n/a) - 0.82%	MARTIN MARIETTA MATERIALS INC (MLM) - 1.81%
#19	AG US 06/12/26 P19.5 (n/a) - 0.79%	STEEL DYNAMICS INC (STLD) - 1.79%
#20	SVM US 07/17/26 P10 (n/a) - 0.52%	DOVER CORP (DOV) - 1.52%
#21	SSRM US 06/18/26 P33 (n/a) - 0.51%	XYLEM INC (XYL) - 1.44%
#22	CDE US 06/12/26 P18 (n/a) - 0.39%	AMRIZE LTD REGISTERED SHARE (AMRZ) - 1.38%
#23	OR US 06/18/26 P35 (n/a) - 0.31%	STERLING INFRASTRUCTURE INC (STRL) - 1.22%
#24	SSRM US 06/18/26 P29 (n/a) - 0.31%	ATI INC (ATI) - 1.22%
#25	PAAS US 06/12/26 P48 (n/a) - 0.30%	CARPENTER TECHNOLOGY CORP (CRS) - 1.16%
Total Holdings	58	102

SLVX vs HWAY - Historical Returns

Returns include dividend reinvestment.

Period	SLVX	HWAY
1 month	-25.65%	+2.46%
3 months	-23.88%	+16.45%
6 months	N/A	+21.08%
1 year	N/A	+42.28%
Max(CAGR)	-51.40%	+27.89%

SLVX

-25.65%

Winner

HWAY

+2.46%

SLVX

-23.88%

Winner

HWAY

+16.45%

SLVX

N/A

HWAY

+21.08%

SLVX

N/A

HWAY

+42.28%

Max(CAGR)

SLVX

-51.40%

Winner

HWAY

+27.89%

SLVX vs HWAY - Annual Returns (2024 - 2026)

Returns include dividend reinvestment.

Year	SLVX	HWAY
2026	-20.16%	+21.51%
2025	N/A	+20.79%
2024	N/A	+3.38%

SLVX vs HWAY Drawdown Comparison

The maximum drawdown for SLVX was -40.32%, occurring on Jun 10, 2026. This drawdown has not yet recovered.

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

The current SLVX drawdown is -34.17%. The current HWAY drawdown is -0.40%.

Rank	SLVX	HWAY
#1	-40.32% Feb 27, 2026 - Jun 10, 2026	-25.96% Nov 25, 2024 - Jul 25, 2025
#2	N/A	-12.63% Feb 20, 2026 - Apr 23, 2026
#3	N/A	-7.19% May 6, 2026 - May 19, 2026
#4	N/A	-5.78% Oct 29, 2025 - Dec 3, 2025
#5	N/A	-3.97% Jul 25, 2025 - Aug 13, 2025
#6	N/A	-3.77% Dec 11, 2025 - Jan 6, 2026
#7	N/A	-3.51% Nov 6, 2024 - Nov 22, 2024
#8	N/A	-3.47% Oct 8, 2025 - Oct 21, 2025
#9	N/A	-3.12% Oct 18, 2024 - Nov 6, 2024
#10	N/A	-2.79% Sep 19, 2024 - Oct 11, 2024
#11	N/A	-2.43% Aug 22, 2025 - Sep 22, 2025
#12	N/A	-2.39% Apr 23, 2026 - Apr 30, 2026
#13	N/A	-2.29% Aug 13, 2025 - Aug 22, 2025
#14	N/A	-2.19% Feb 11, 2026 - Feb 20, 2026
#15	N/A	-2.18% Jan 6, 2026 - Jan 9, 2026