PAVEvsHWAYETF Comparison
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Global X U.S. Infrastructure Development ETF (PAVE) and Themes US Infrastructure ETF (HWAY) belong to the same industry segment: Infrastructure. PAVE's top 3 sector exposures are Industrials, Non-Energy Materials and Utilities. In contrast, HWAY's top sector exposures are Industrials, Non-Energy Materials and Consumer Cyclicals. PAVE is more expensive with a Total Expense Ratio (TER) of 0.47%, versus 0.29% for HWAY. PAVE is up 19.73% year-to-date (YTD) with +$2.09B in YTD flows. HWAY performs better with 22.95% YTD performance, and +$1M in YTD flows. Run a side-by-side ETF comparison of PAVE and HWAY 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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PAVE vs HWAY performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 07/28/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | PAVE HWAY | -2.61%-2.76% | +2.63%+4.02% | +19.73%+22.95% | +23.38%+28.22% | +81.65%n/a | +127.73%n/a |
| Flows | PAVE HWAY | -$29M+$378K | +$769M+$752K | +$2.09B+$1M | +$2.57B+$2M | +$4.23B- | +$4.56B- |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | PAVE HWAY | +22.38%+23.32% | +20.11%+20.57% | +20.77%n/a | +22.01%n/a |
| Max drawdown | PAVE HWAY | -7.81%-7.46% | -11.91%-12.66% | -26.27%n/a | -26.27%n/a |
| Max drawdown duration | PAVE HWAY | 40d33d | 59d59d | 239dn/a | 239dn/a |
Trading data
PAVE | HWAY | |
Last sale 7/29/2026 at 1:30 PM | $55.00 | $38.05 |
| Previous close 07/28/2026 | $57.10 | $38.25 |
| Consolidated volume 07/28/2026 | ||
| 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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PAVE | HWAY | |
|---|---|---|
| Tracking error | ||
| Tracking difference | ||
| 1 year cumulative return difference | ||
| Best | ||
| Worst | ||
| Daily return difference | ||
| Average | ||
| Worst | ||
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Main metrics
Last update 7/29/2026 at 1:30 PM
Live
Closed
PAVE | HWAY | |
|---|---|---|
| Last price | $55.00 | $38.05 |
| 1D performance | -3.68% | -0.52% |
| AuM | $14.08 B | $3.80 M |
| E/R | 0.47% | 0.29% |
Characteristics
PAVE | HWAY | |
|---|---|---|
| Management strategy | Passive | Passive |
| Provider | Global X | Themes Management Company |
| Benchmark | Indxx U.S. Infrastructure Development Index | Solactive United States Infrastructure Index |
| N° of holdings | 100 | 99 |
| Asset class | Equities | - |
| Trailing 12m distribution yield | Join | Join |
| Inception date | March 6, 2017 | September 12, 2024 |
| ESG | No | No |
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Exposure
Countries
PAVE
USA
92.66%
Other
7.34%
HWAY
USA
99.66%
Other
0.34%
Sectors
PAVE
Industrials
68.41%
Non-Energy Materi.
27.03%
Other
4.56%
HWAY
Industrials
74.47%
Non-Energy Materi.
24.69%
Other
0.84%
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Diversification
PAVE
Total weight of top 15 holdings out of 15
46.22%
HWAY
Total weight of top 15 holdings out of 15
55.88%
Top 15 holdings
Data as of June 30, 2026
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%
HWAY
Caterpillar, Inc.
5.19%
Quanta Services, Inc.
4.85%
CSX Corp.
4.46%
Union Pacific Corp.
4.38%
Deere & Co.
4.06%
Emerson Electric Co.
4.05%
Parker-Hannifin Corp.
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%
Frequently asked questions about PAVE and HWAY
How have the PAVE and HWAY ETFs performed in 2026?
As of July 28, 2026, PAVE is up 19.73% year-to-date (YTD), while HWAY has returned 22.95%. That puts HWAY better performer ahead so far this year.
Which ETF is attracting more investor money: PAVE or HWAY?
Year-to-date, the PAVE ETF saw +$2.09B in flows, compared to +$1M for HWAY.
Which ETF is more volatile: PAVE or HWAY?
Over the past year, PAVE had a volatility of 20.11%, while HWAY experienced 20.57%.
Which ETF is bigger: PAVE or HWAY?
As of July 28, 2026, PAVE holds $14.08 B in assets under management (AUM), while HWAY manages $3.80 M.
What sectors do the PAVE and HWAY ETFs invest in?
PAVE leans toward sectors like Industrials and Non-Energy Materials. Meanwhile, HWAY focuses on Industrials and Non-Energy Materials.
What are the top holdings of the PAVE ETF and HWAY ETF?
PAVE top holdings include Quanta Services, Inc., CSX Corp. and Howmet Aerospace, Inc.. HWAY holds in its top three: Caterpillar, Inc., Quanta Services, Inc. and CSX Corp..
Which ETF is more diversified: PAVE or HWAY?
PAVE holds 100 securities with 46.22% of its assets in the top 15. HWAY has 99 securities and a top 15 weight of 55.88%.
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