SPAM vs HWAY
Comparison between THEMES CYBERSECURITY ETF (SPAM, ETF) and THEMES US INFRASTRUCTURE ETF (HWAY, ETF).
SPAM is from the Technology sector, while HWAY is from the Industrials sector.
SPAM vs HWAY - Performance Comparison
Key Characteristics
Financial metrics and valuation ratios
Net Assets
SPAM
$3.20M
Winner
HWAY
$3.30M
Expense Ratio
SPAM
0.35%
Winner
HWAY
0.29%
Max Drawdown
Winner
SPAM
24.39%
HWAY
26.12%
Sharpe Ratio
SPAM
0.63
Winner
HWAY
1.67
5Y Beta
Winner
SPAM
1.04
HWAY
1.04
P/E Ratio
SPAM
1060.85
Winner
HWAY
31.08
Forward P/E
SPAM
28.85
Winner
HWAY
23.76
PEG Ratio
SPAM
1.61
HWAY
N/A
5Y EPS CAGR
SPAM
9.99%
Winner
HWAY
17.59%
Debt to Equity
Winner
SPAM
30.38%
HWAY
31.51%
P/S Ratio
SPAM
4.65
Winner
HWAY
2.65
P/B Ratio
SPAM
5.82
Winner
HWAY
4.95
SPAM vs HWAY - Holdings Comparison
SPAM and HWAY have 2 common holdings. Overlap is -11.10%
SPAM's top 25 holdings weight is 104.23%. HWAY's top 25 holdings weight is 71.56%.
| Rank | SPAM | HWAY |
|---|---|---|
| #1 | OTHER ASSETS AND LIABILITIES (n/a) - 11.19% | QUANTA SERVICES INC (PWR) - 5.49% |
| #2 | OKTA INC CLASS A (OKTA) - 6.28% | CATERPILLAR INC (CAT) - 4.96% |
| #3 | CROWDSTRIKE HOLDINGS INC CLASS A (CRWD) - 6.10% | UNION PACIFIC CORP (UNP) - 4.64% |
| #4 | NEBIUS GROUP NV SHS CLASS-A- (NBIS) - 6.01% | CSX CORP (CSX) - 4.57% |
| #5 | FORTINET INC (FTNT) - 5.80% | EMERSON ELECTRIC CO (EMR) - 4.17% |
| #6 | RUBRIK INC CLASS A SHARES (RBRK) - 5.61% | PARKER HANNIFIN CORP (PH) - 3.81% |
| #7 | PALO ALTO NETWORKS INC (PANW) - 5.60% | NORFOLK SOUTHERN CORP (NSC) - 3.79% |
| #8 | AKAMAI TECHNOLOGIES INC (AKAM) - 4.60% | DEERE & CO (DE) - 3.68% |
| #9 | BLACKBERRY LTD (n/a) - 4.46% | CRH PLC (CRH) - 3.61% |
| #10 | F5 INC (FFIV) - 4.37% | COMFORT SYSTEMS USA INC (FIX) - 3.48% |
| #11 | SENTINELONE INC CLASS A (S) - 4.06% | UNITED RENTALS INC (URI) - 3.19% |
| #12 | NEXTDC LTD (n/a) - 4.01% | NUCOR CORP (NUE) - 2.93% |
| #13 | ZSCALER INC (ZS) - 3.71% | W.W. GRAINGER INC (GWW) - 2.83% |
| #14 | TREND MICRO INC (n/a) - 3.66% | FASTENAL CO (FAST) - 2.69% |
| #15 | CLEAR SECURE INC ORDINARY SHARES CLASS A (YOU) - 3.65% | WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORP (WAB) - 2.33% |
| #16 | BOOZ ALLEN HAMILTON HOLDING CORP CLASS A (BAH) - 3.18% | EMCOR GROUP INC (EME) - 2.00% |
| #17 | CHECK POINT SOFTWARE TECHNOLOGIES LTD (CHKP) - 3.10% | VULCAN MATERIALS CO (VMC) - 1.85% |
| #18 | VARONIS SYSTEMS INC (VRNS) - 3.01% | MARTIN MARIETTA MATERIALS INC (MLM) - 1.81% |
| #19 | QUALYS INC (QLYS) - 2.99% | STEEL DYNAMICS INC (STLD) - 1.79% |
| #20 | CACI INTERNATIONAL INC CLASS A (CACI) - 2.93% | DOVER CORP (DOV) - 1.52% |
| #21 | TENABLE HOLDINGS INC (TENB) - 2.61% | XYLEM INC (XYL) - 1.44% |
| #22 | FASTLY INC CLASS A (FSLY) - 2.19% | AMRIZE LTD REGISTERED SHARE (AMRZ) - 1.38% |
| #23 | NETSKOPE INC ORDINARY SHARES CLASS A (NTSK) - 1.78% | STERLING INFRASTRUCTURE INC (STRL) - 1.22% |
| #24 | A10 NETWORKS INC (ATEN) - 1.69% | ATI INC (ATI) - 1.22% |
| #25 | NETCOMPANY GROUP AS (n/a) - 1.64% | CARPENTER TECHNOLOGY CORP (CRS) - 1.16% |
| Total Holdings | 46 | 102 |
SPAM vs HWAY - Historical Returns
Returns include dividend reinvestment.
1M
Winner
SPAM
+8.11%
HWAY
+5.47%
3M
Winner
SPAM
+28.84%
HWAY
+17.45%
6M
Winner
SPAM
+22.58%
HWAY
+22.37%
1Y
SPAM
+20.31%
Winner
HWAY
+44.31%
Max(CAGR)
SPAM
+18.93%
Winner
HWAY
+28.53%
SPAM vs HWAY - Annual Returns (2023 - 2026)
Returns include dividend reinvestment.
| Year | SPAM | HWAY |
|---|---|---|
| 2026 | +27.89% | +22.82% |
| 2025 | +4.91% | +20.79% |
| 2024 | +13.62% | +3.38% |
| 2023 | +5.42% | N/A |
SPAM vs HWAY Drawdown Comparison
The maximum drawdown for SPAM was -24.02%, occurring on Feb 23, 2026. Recovery took 151 trading sessions.
The maximum drawdown for HWAY was -25.96%, occurring on Apr 8, 2025. Recovery took 164 trading sessions.
The current SPAM drawdown is -9.04%.
| Rank | SPAM | HWAY |
|---|---|---|
| #1 | -24.02% Oct 9, 2025 - May 18, 2026 | -25.96% Nov 25, 2024 - Jul 25, 2025 |
| #2 | -22.21% Feb 18, 2025 - Jun 26, 2025 | -12.63% Feb 20, 2026 - Apr 23, 2026 |
| #3 | -13.19% Feb 9, 2024 - Oct 9, 2024 | -7.19% May 6, 2026 - Jun 15, 2026 |
| #4 | -12.04% Jun 1, 2026 - Jun 10, 2026 | -5.78% Oct 29, 2025 - Dec 3, 2025 |
| #5 | -7.63% Jun 30, 2025 - Sep 9, 2025 | -3.97% Jul 25, 2025 - Aug 13, 2025 |
| #6 | -6.53% Dec 4, 2024 - Feb 4, 2025 | -3.77% Dec 11, 2025 - Jan 6, 2026 |
| #7 | -6.00% Dec 26, 2023 - Jan 12, 2024 | -3.51% Nov 6, 2024 - Nov 22, 2024 |
| #8 | -4.77% Nov 11, 2024 - Nov 26, 2024 | -3.47% Oct 8, 2025 - Oct 21, 2025 |
| #9 | -4.49% Oct 14, 2024 - Nov 6, 2024 | -3.12% Oct 18, 2024 - Nov 6, 2024 |
| #10 | -3.89% May 26, 2026 - May 29, 2026 | -2.79% Sep 19, 2024 - Oct 11, 2024 |
| #11 | -2.31% Jan 29, 2024 - Feb 7, 2024 | -2.43% Aug 22, 2025 - Sep 22, 2025 |
| #12 | -2.01% Sep 22, 2025 - Oct 2, 2025 | -2.39% Apr 23, 2026 - Apr 30, 2026 |
| #13 | -1.95% Dec 19, 2023 - Dec 26, 2023 | -2.29% Aug 13, 2025 - Aug 22, 2025 |
| #14 | -1.93% Oct 6, 2025 - Oct 8, 2025 | -2.19% Feb 11, 2026 - Feb 20, 2026 |
| #15 | -1.76% Jan 12, 2024 - Jan 22, 2024 | -2.18% Jan 6, 2026 - Jan 9, 2026 |
Correlation
Correlation between SPAM and HWAY is 0.57 which considered as a moderate positive correlation - the stocks show some tendency to move together.
0.57
-101
Dividend Comparison (2024 - 2025)
SPAM vs HWAY dividend yield comparison.
| Year | SPAM | HWAY |
|---|---|---|
| 2025 | 0.49% | 1.29% |
| 2024 | 0.13% | 0.22% |
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