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HWAYvsGCADETF Comparison

ETF 1

HWAY

Themes US Infrastructure ETF

This fund is part of

Infrastructure

-0.08%

Full HWAY fund page

VS

ETF 2

GCAD

Gabelli Commercial Aerospace & Defense ETF

Full GCAD fund page

Themes US Infrastructure ETF (HWAY) belongs to the Infrastructure segment. Gabelli Commercial Aerospace & Defense ETF (GCAD) is part of the segment. HWAY's top 3 sector exposures are Industrials, Materials and Consumer Discretionary. In contrast, GCAD's top sector exposures are Industrials, Materials and Communication Services. HWAY is less expensive with a Total Expense Ratio (TER) of 0.29%, versus 0.9% for GCAD. HWAY is up 18.88% year-to-date (YTD) with +$689K in YTD flows. GCAD performs worse with 10.68% YTD performance, and +$12M in YTD flows. Run a side-by-side ETF comparison of HWAY and GCAD below, and assess how they stack up in performance, liquidity, risk, exposure, holdings, and more, helping you select the best ETF for your investments.

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HWAY vs GCAD performance and flow charts

Performance

Cumulative Flows

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Daily, global ETF data for advanced analysis or integration into apps (API), from our partner Trackinsight.

Data Services

Historic performance and flows

Data as of 04/24/2026

		1M	3M	YTD	1Y	3Y	5Y
Perf.	HWAY GCAD	+10.62%+1.85%	+10.15%-3.14%	+18.88%+10.68%	+50.86%+59.88%	n/a+115.61%	n/an/a
Flows	HWAY GCAD	-+$794K	+$359K+$10M	+$689K+$12M	+$1M+$16M	-+$19M	--

Volatility and drawdown

		3M	1Y	3Y	5Y
Volatility	HWAY GCAD	+24.50%+24.31%	+18.97%+18.20%	n/a+18.19%	n/an/a
Max drawdown	HWAY GCAD	-12.66%-14.81%	-12.66%-14.81%	n/a-16.22%	n/an/a
Max drawdown duration	HWAY GCAD	59d51d	59d51d	n/a91d	n/an/a

Trading data

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	HWAY	GCAD
Last sale 4/24/2026 at 1:30 PM	$36.78	$50.34
Previous close 04/23/2026	$37.04	$51.10
Consolidated volume 04/23/2026
Average volume 30 days
Average discount or premium 30 days
Average Bid/Ask spread 30 days

Replication quality

Data as of March 31, 2026

1-year trailing difference

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GCAD

is actively managed and doesn’t replicate an index

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	HWAY	GCAD
Tracking error
Tracking difference
1 year cumulative return difference
Best
Worst
Daily return difference
Average
Worst

Main metrics

Last update 4/24/2026 at 1:30 PM

Live

Closed

	HWAY	GCAD
Last price	$36.78	$50.34
1D performance	-0.69%	-1.49%
AuM	$2.94 M	$28.22 M
E/R	0.29%	0.9%

Characteristics

	HWAY	GCAD
Management strategy	Passive	Active
Provider	Themes Management Company	Gabelli Funds
Benchmark	Solactive United States Infrastructure Index	-
N° of holdings	93	38
Asset class	-	-
Trailing 12m distribution yield	Join	Join
Inception date	September 12, 2024	January 3, 2023
ESG	No	No

More HWAY data on Trackinsight

More GCAD data on Trackinsight

Exposure

Countries

HWAY

USA

95.9%

Other

4.1%

GCAD

USA

87.87%

Other

12.13%

Sectors

HWAY

Industrials

77.46%

Materials

17.56%

Other

4.98%

GCAD

Industrials

85.62%

Other

14.38%

Diversification

HWAY

Total weight of top 15 holdings out of 15

58.66%

GCAD

Total weight of top 15 holdings out of 15

63.19%

Top 15 holdings

Data as of March 31, 2026

HWAY

CATERPILLAR

5.75%

DEERE

5.25%

PARKER HANNIFIN

4.96%

QUANTA SERVICES

4.91%

CSX

4.67%

UNION PACIFIC U

4.45%

NORFOLK SOUTHERN

4.14%

EMERSON ELECTRIC

4.06%

CRH PLC

3.74%

FASTENAL

3.26%

UNITED RENTALS

2.91%

WW GRAINGER

2.90%

COMFORT SYSTEMS USA

2.79%

WABTEC

2.54%

NUCOR

2.33%

GCAD

ALBANY INTERNATIONAL

5.94%

BOEING U

5.92%

LOCKHEED MARTIN

5.83%

NORTHROP GRUMMAN

5.79%

MOOG

5.30%

HEXCEL

4.58%

TEXTRON

4.58%

HONEYWELL INTL

4.21%

DUCOMMUN

3.86%

L3 HARRIS TECHNOLOGIES

3.60%

MERCURY SYSTEMS INC

2.90%

GENERAL DYNAMICS

2.87%

HOWMET AEROSPACE INC

2.77%

CURTISS WRIGHT

2.72%

ASTRONICS

2.33%

Frequently asked questions about HWAY and GCAD

How have the HWAY and GCAD ETFs performed in 2026?

As of April 24, 2026, HWAY is up 18.88% year-to-date (YTD), while GCAD has returned 10.68%. That puts HWAY better performer ahead so far this year.

Which ETF is attracting more investor money: HWAY or GCAD?

Year-to-date, the HWAY ETF saw +$689K in flows, compared to +$12M for GCAD.

Which ETF is more volatile: HWAY or GCAD?

Over the past year, HWAY had a volatility of 18.97%, while GCAD experienced 18.2%.

Which ETF is bigger: HWAY or GCAD?

As of April 24, 2026, HWAY holds $2.94 M in assets under management (AUM), while GCAD manages $28.22 M.

What sectors do the HWAY and GCAD ETFs invest in?

HWAY leans toward sectors like Industrials and Materials. Meanwhile, GCAD focuses on Industrials.

What are the top holdings of the HWAY ETF and GCAD ETF?

HWAY top holdings include CATERPILLAR, DEERE and PARKER HANNIFIN. GCAD holds in its top three: ALBANY INTERNATIONAL, BOEING U and LOCKHEED MARTIN.

Which ETF is more diversified: HWAY or GCAD?

HWAY holds 98 securities with 58.66% of its assets in the top 15. GCAD has 40 securities and a top 15 weight of 63.19%.

Tony's ETF Buyers Guide: Aerospace & Defense ETFs

January 15, 2024

GCAD

Israel-Hamas War, Part 1: Implications for Aerospace & Defense ETFs

November 2, 2023

GCAD

HWAYvsGCADETF Comparison

Themes US Infrastructure ETF

Gabelli Commercial Aerospace & Defense ETF

HWAY vs GCAD performance and flow charts

Performance

Cumulative Flows

Get all the metrics on this page, and more, through a reliable ETF data feed

Countries

Sectors

Diversification

Top 15 holdings

How have the HWAY and GCAD ETFs performed in 2026?

As of April 24, 2026, HWAY is up 18.88% year-to-date (YTD), while GCAD has returned 10.68%. That puts HWAY better performer ahead so far this year.

Which ETF is attracting more investor money: HWAY or GCAD?

Year-to-date, the HWAY ETF saw +$689K in flows, compared to +$12M for GCAD.

Which ETF is more volatile: HWAY or GCAD?

Over the past year, HWAY had a volatility of 18.97%, while GCAD experienced 18.2%.

Which ETF is bigger: HWAY or GCAD?

As of April 24, 2026, HWAY holds $2.94 M in assets under management (AUM), while GCAD manages $28.22 M.

What sectors do the HWAY and GCAD ETFs invest in?

HWAY leans toward sectors like Industrials and Materials. Meanwhile, GCAD focuses on Industrials.

What are the top holdings of the HWAY ETF and GCAD ETF?

HWAY top holdings include CATERPILLAR, DEERE and PARKER HANNIFIN. GCAD holds in its top three: ALBANY INTERNATIONAL, BOEING U and LOCKHEED MARTIN.

Which ETF is more diversified: HWAY or GCAD?

HWAY holds 98 securities with 58.66% of its assets in the top 15. GCAD has 40 securities and a top 15 weight of 63.19%.

Tony's ETF Buyers Guide: Aerospace & Defense ETFs

Israel-Hamas War, Part 1: Implications for Aerospace & Defense ETFs

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