HWAYvsPAVEETF Comparison
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Themes US Infrastructure ETF (HWAY) and Global X U.S. Infrastructure Development ETF (PAVE) belong to the same industry segment: Infrastructure. HWAY's top 3 sector exposures are Industrials, Non-Energy Materials and Consumer Cyclicals. In contrast, PAVE's top sector exposures are Industrials, Non-Energy Materials and Utilities. HWAY is less expensive with a Total Expense Ratio (TER) of 0.29%, versus 0.47% for PAVE. HWAY is up 24.17% year-to-date (YTD) with +$1M in YTD flows. PAVE performs worse with 20.94% YTD performance, and +$2.09B in YTD flows. Run a side-by-side ETF comparison of HWAY and PAVE 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 PAVE performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 07/24/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | HWAY PAVE | -1.02%-1.00% | +4.45%+3.03% | +24.17%+20.94% | +31.23%+26.19% | n/a+84.21% | n/a+130.57% |
| Flows | HWAY PAVE | +$378K+$60M | +$752K+$868M | +$1M+$2.09B | +$2M+$2.59B | -+$4.24B | -+$4.56B |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | HWAY PAVE | +23.38%+22.41% | +20.64%+20.16% | n/a+20.74% | n/a+22.01% |
| Max drawdown | HWAY PAVE | -7.46%-7.81% | -12.66%-11.91% | n/a-26.27% | n/a-26.27% |
| Max drawdown duration | HWAY PAVE | 29d40d | 59d59d | n/a239d | n/a239d |
Trading data
HWAY | PAVE | |
Last sale 7/24/2026 at 1:30 PM | $38.42 | $57.69 |
| Previous close 07/23/2026 | $38.22 | $57.51 |
| Consolidated volume 07/23/2026 | ||
| Average volume 30 days | ||
| Average discount or premium 30 days | ||
| Average Bid/Ask spread 30 days |
Replication quality
Data as of June 30, 2026
1-year trailing difference
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HWAY | PAVE | |
|---|---|---|
| Tracking error | ||
| Tracking difference | ||
| 1 year cumulative return difference | ||
| Best | ||
| Worst | ||
| Daily return difference | ||
| Average | ||
| Worst | ||
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Main metrics
Last update 7/24/2026 at 1:30 PM
Live
Closed
HWAY | PAVE | |
|---|---|---|
| Last price | $38.42 | $57.69 |
| 1D performance | +0.53% | +0.31% |
| AuM | $3.84 M | $14.22 B |
| E/R | 0.29% | 0.47% |
Characteristics
HWAY | PAVE | |
|---|---|---|
| Management strategy | Passive | Passive |
| Provider | Themes Management Company | Global X |
| Benchmark | Solactive United States Infrastructure Index | Indxx U.S. Infrastructure Development Index |
| N° of holdings | 99 | 100 |
| Asset class | - | Equities |
| Trailing 12m distribution yield | Join | Join |
| Inception date | September 12, 2024 | March 6, 2017 |
| ESG | No | No |
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Exposure
Countries
HWAY
USA
99.66%
Other
0.34%
PAVE
USA
92.66%
Other
7.34%
Sectors
HWAY
Industrials
74.47%
Non-Energy Materi.
24.69%
Other
0.84%
PAVE
Industrials
68.41%
Non-Energy Materi.
27.03%
Other
4.56%
Diversification
HWAY
Total weight of top 15 holdings out of 15
55.88%
PAVE
Total weight of top 15 holdings out of 15
46.22%
Top 15 holdings
Data as of June 30, 2026
HWAY
Caterpillar, Inc.
5.19%
Quanta Services, Inc.
4.85%
CSX Corp.
4.46%
Union Pacific Corp.
4.38%
Deere & Co.
4.06%
Parker-Hannifin Corp.
4.05%
Emerson Electric Co.
4.05%
CRH Plc
3.78%
United Rentals, Inc.
3.54%
Norfolk Southern Corp.
3.53%
Comfort Systems USA, Inc.
3.27%
W.W. Grainger, Inc.
2.93%
Nucor Corp.
2.78%
Fastenal Co.
2.72%
Westinghouse Air Brake Technologies Corp.
2.29%
PAVE
Quanta Services, Inc.
4.03%
CSX Corp.
3.55%
Howmet Aerospace, Inc.
3.26%
Trane Technologies Plc
3.26%
Eaton Corp. Plc
3.23%
Deere & Co.
3.17%
Union Pacific Corp.
3.11%
United Rentals, Inc.
3.10%
Rockwell Automation, Inc.
3.00%
Norfolk Southern Corp.
2.89%
Sempra
2.89%
Fastenal Co.
2.79%
Nucor Corp.
2.72%
Parker-Hannifin Corp.
2.71%
Emerson Electric Co.
2.51%
Frequently asked questions about HWAY and PAVE
How have the HWAY and PAVE ETFs performed in 2026?
As of July 24, 2026, HWAY is up 24.17% year-to-date (YTD), while PAVE has returned 20.94%. That puts HWAY better performer ahead so far this year.
Which ETF is attracting more investor money: HWAY or PAVE?
Year-to-date, the HWAY ETF saw +$1M in flows, compared to +$2.09B for PAVE.
Which ETF is more volatile: HWAY or PAVE?
Over the past year, HWAY had a volatility of 20.64%, while PAVE experienced 20.16%.
Which ETF is bigger: HWAY or PAVE?
As of July 24, 2026, HWAY holds $3.84 M in assets under management (AUM), while PAVE manages $14.22 B.
What sectors do the HWAY and PAVE ETFs invest in?
HWAY leans toward sectors like Industrials and Non-Energy Materials. Meanwhile, PAVE focuses on Industrials and Non-Energy Materials.
What are the top holdings of the HWAY ETF and PAVE ETF?
HWAY top holdings include Caterpillar, Inc., Quanta Services, Inc. and CSX Corp.. PAVE holds in its top three: Quanta Services, Inc., CSX Corp. and Howmet Aerospace, Inc..
Which ETF is more diversified: HWAY or PAVE?
HWAY holds 99 securities with 55.88% of its assets in the top 15. PAVE has 100 securities and a top 15 weight of 46.22%.
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Latest news about HWAY & PAVE
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April 3, 2024
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How to Obtain Real Asset Exposure by Investing in Infrastructure ETFs
December 14, 2023
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How US Infrastructure Can Benefit Your Portfolio
April 3, 2023
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