HWAY vs. SGVT

Last updated Jun 24, 2026

HWAY (Themes US Infrastructure ETF) and SGVT (Schwab Government Money Market ETF) are both exchange-traded funds - HWAY is a Industrials Equities fund tracking the Solactive United States Infrastructure Index, while SGVT is a Money Market fund actively managed by Charles Schwab. HWAY is passively managed, while SGVT is actively managed. Over the past year, HWAY returned 42.65% vs 3.72% for SGVT. At a correlation of -0.07, they often move in opposite directions. HWAY charges 0.29%/yr vs 0.28%/yr for SGVT.

Performance

HWAY vs. SGVT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Themes US Infrastructure ETF (HWAY) and Schwab Government Money Market ETF (SGVT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HWAY achieves a 24.28% return, which is significantly higher than SGVT's 1.58% return.

HWAY

• 1D: -2.18%
• 1M: 5.82%
• YTD: 24.28%
• 6M: 21.92%
• 1Y: 42.65%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SGVT

• 1D: 0.00%
• 1M: 0.23%
• YTD: 1.58%
• 6M: 1.66%
• 1Y: 3.72%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

HWAY vs. SGVT - Yearly Performance Comparison

	2026 (YTD)	2025
HWAY Themes US Infrastructure ETF	24.28%	14.97%
SGVT Schwab Government Money Market ETF	1.58%	2.22%

Correlation

The correlation between HWAY and SGVT is -0.05, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.05
Correlation (All Time) Calculated using the full available price history since Jun 12, 2025	-0.07

Return for Risk

HWAY vs. SGVT — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

HWAY

HWAY Risk / Return Rank: 71
HWAY Sharpe Ratio Rank: 72
HWAY Sortino Ratio Rank: 71
HWAY Omega Ratio Rank: 64
HWAY Calmar Ratio Rank: 73
HWAY Martin Ratio Rank: 73

SGVT

SGVT Risk / Return Rank: 100
SGVT Sharpe Ratio Rank: 100
SGVT Sortino Ratio Rank: 100
SGVT Omega Ratio Rank: 100
SGVT Calmar Ratio Rank: 100
SGVT Martin Ratio Rank: 100

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

HWAY vs. SGVT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Themes US Infrastructure ETF (HWAY) and Schwab Government Money Market ETF (SGVT). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	HWAY	SGVT	Difference
Sharpe ratio: Return per unit of total volatility	2.11	17.28	-15.17
Sortino ratio: Return per unit of downside risk	2.92	82.90	-79.98
Omega ratio: Gain probability vs. loss probability	1.35	29.19	-27.84
Calmar ratio: Return relative to maximum drawdown	3.39	138.06	-134.66
Martin ratio: Return relative to average drawdown	12.47	1,106.78	-1,094.30

HWAY vs. SGVT - Sharpe Ratio Comparison

The current HWAY Sharpe Ratio is 2.11, which is lower than the SGVT Sharpe Ratio of 17.28. The chart below compares the historical Sharpe Ratios of HWAY and SGVT, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

HWAY vs. SGVT - Drawdown Comparison

The maximum HWAY drawdown since its inception was -25.96%, which is greater than SGVT's maximum drawdown of -0.03%. Use the drawdown chart below to compare losses from any high point for HWAY and SGVT.

Drawdown Indicators

	HWAY	SGVT	Difference
Max Drawdown Largest peak-to-trough decline	-25.96%	-0.03%	-25.93%
Max Drawdown (1Y) Largest decline over 1 year	-12.63%	-0.03%	-12.60%
Current Drawdown Current decline from peak	-2.18%	-0.02%	-2.16%
Average Drawdown Average peak-to-trough decline	-5.25%	-0.00%	-5.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.43%	0.00%	+3.43%

Volatility

HWAY vs. SGVT - Volatility Comparison

Themes US Infrastructure ETF (HWAY) has a higher volatility of 6.59% compared to Schwab Government Money Market ETF (SGVT) at 0.10%. This indicates that HWAY's price experiences larger fluctuations and is considered to be riskier than SGVT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HWAY	SGVT	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.59%	0.10%	+6.49%
Volatility (6M) Calculated over the trailing 6-month period	16.68%	0.15%	+16.53%
Volatility (1Y) Calculated over the trailing 1-year period	20.30%	0.22%	+20.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.46%	0.22%	+22.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.46%	0.22%	+22.24%

HWAY vs. SGVT - Expense Ratio Comparison

HWAY has a 0.29% expense ratio, which is higher than SGVT's 0.28% expense ratio.

Dividends

HWAY vs. SGVT - Dividend Comparison

HWAY's dividend yield for the trailing twelve months is around 1.04%, less than SGVT's 3.11% yield.

Position	TTM	2025	2024
HWAY Themes US Infrastructure ETF	1.04%	1.29%	0.22%
SGVT Schwab Government Money Market ETF	3.11%	1.73%	0.00%

Frequently Asked Questions

Can I hold both HWAY and SGVT in my portfolio?

HWAY and SGVT have a correlation of -0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HWAY or SGVT?

HWAY has higher volatility (6.59%) compared to SGVT (0.10%). In terms of maximum drawdown, HWAY dropped -25.96% vs SGVT's -0.03%.

Which ETF is better, HWAY or SGVT?

On 1-year performance, HWAY leads with 42.65% vs 3.72% for SGVT. On fees, SGVT is cheaper at 0.28% per year. On volatility, SGVT has been the lower-risk option at 0.10%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HWAY or SGVT?

Over the 1-year period, HWAY has performed better with a 42.65% return vs 3.72%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HWAY or SGVT?

SGVT is cheaper with a 0.28% expense ratio, compared with 0.29% for HWAY.

Which ETF pays a higher dividend yield, HWAY or SGVT?

SGVT has the higher dividend yield at 3.11%, compared with 1.04% for HWAY.

What is the main difference between HWAY and SGVT?

HWAY is categorized as Industrials Equities, while SGVT is Money Market. They also come from different issuers: Themes and Charles Schwab. Their fees differ too: 0.29% for HWAY and 0.28% for SGVT.

Which has better risk-adjusted returns?

SGVT currently has the higher Sharpe Ratio (17.28 vs 2.11), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.