ACLO vs. PWRD

Last updated Jun 25, 2026

ACLO (TCW AAA CLO ETF) and PWRD (TCW Transform Systems ETF) are both exchange-traded funds - ACLO is a CLO fund actively managed by TCW, while PWRD is a Energy Equities fund actively managed by TCW. Both are actively managed. Over the past year, ACLO returned 5.30% vs 34.37% for PWRD. At a 0.05 correlation, their price movements are largely independent. ACLO charges 0.20%/yr vs 0.75%/yr for PWRD.

Performance

ACLO vs. PWRD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in TCW AAA CLO ETF (ACLO) and TCW Transform Systems ETF (PWRD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ACLO achieves a 2.46% return, which is significantly lower than PWRD's 21.92% return.

ACLO

• 1D: 0.02%
• 1M: 0.46%
• YTD: 2.46%
• 6M: 2.51%
• 1Y: 5.30%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PWRD

• 1D: -0.04%
• 1M: 4.92%
• YTD: 21.92%
• 6M: 19.75%
• 1Y: 34.37%
• 3Y*: 33.16%
• 5Y*: —
• 10Y*: —

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

ACLO vs. PWRD - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ACLO TCW AAA CLO ETF	2.46%	5.32%	0.81%
PWRD TCW Transform Systems ETF	21.92%	32.84%	-3.05%

Correlation

The correlation between ACLO and PWRD is -0.02, 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	-0.02
Correlation (All Time) Calculated using the full available price history since Nov 18, 2024	0.05

Return for Risk

ACLO vs. PWRD — Risk / Return Rank

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

ACLO

ACLO Risk / Return Rank: 99
ACLO Sharpe Ratio Rank: 99
ACLO Sortino Ratio Rank: 99
ACLO Omega Ratio Rank: 99
ACLO Calmar Ratio Rank: 99
ACLO Martin Ratio Rank: 99

PWRD

PWRD Risk / Return Rank: 46
PWRD Sharpe Ratio Rank: 43
PWRD Sortino Ratio Rank: 41
PWRD Omega Ratio Rank: 41
PWRD Calmar Ratio Rank: 55
PWRD Martin Ratio Rank: 53

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.

ACLO vs. PWRD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TCW AAA CLO ETF (ACLO) and TCW Transform Systems ETF (PWRD). 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.

	ACLO	PWRD	Difference
Sharpe ratio: Return per unit of total volatility	7.32	1.37	+5.95
Sortino ratio: Return per unit of downside risk	15.12	1.90	+13.22
Omega ratio: Gain probability vs. loss probability	3.44	1.24	+2.19
Calmar ratio: Return relative to maximum drawdown	19.85	2.44	+17.41
Martin ratio: Return relative to average drawdown	165.43	8.09	+157.34

ACLO vs. PWRD - Sharpe Ratio Comparison

The current ACLO Sharpe Ratio is 7.32, which is higher than the PWRD Sharpe Ratio of 1.37. The chart below compares the historical Sharpe Ratios of ACLO and PWRD, 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

ACLO vs. PWRD - Drawdown Comparison

The maximum ACLO drawdown since its inception was -1.01%, smaller than the maximum PWRD drawdown of -25.87%. Use the drawdown chart below to compare losses from any high point for ACLO and PWRD.

Drawdown Indicators

	ACLO	PWRD	Difference
Max Drawdown Largest peak-to-trough decline	-1.01%	-25.87%	+24.86%
Max Drawdown (1Y) Largest decline over 1 year	-0.27%	-14.12%	+13.85%
Max Drawdown (3Y) Largest decline over 3 years	—	-25.87%	—
Current Drawdown Current decline from peak	0.00%	-4.35%	+4.35%
Average Drawdown Average peak-to-trough decline	-0.04%	-5.07%	+5.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.03%	4.26%	-4.23%

Volatility

ACLO vs. PWRD - Volatility Comparison

The current volatility for TCW AAA CLO ETF (ACLO) is 0.19%, while TCW Transform Systems ETF (PWRD) has a volatility of 10.79%. This indicates that ACLO experiences smaller price fluctuations and is considered to be less risky than PWRD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ACLO	PWRD	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.19%	10.79%	-10.60%
Volatility (6M) Calculated over the trailing 6-month period	0.58%	20.64%	-20.06%
Volatility (1Y) Calculated over the trailing 1-year period	0.73%	25.28%	-24.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.07%	22.87%	-21.80%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.07%	22.87%	-21.80%

ACLO vs. PWRD - Expense Ratio Comparison

ACLO has a 0.20% expense ratio, which is lower than PWRD's 0.75% expense ratio.

Dividends

ACLO vs. PWRD - Dividend Comparison

ACLO's dividend yield for the trailing twelve months is around 4.90%, more than PWRD's 0.05% yield.

Position	TTM	2025	2024	2023	2022
ACLO TCW AAA CLO ETF	4.90%	4.87%	0.59%	0.00%	0.00%
PWRD TCW Transform Systems ETF	0.05%	0.22%	0.49%	0.78%	0.91%

Frequently Asked Questions

Can I hold both ACLO and PWRD in my portfolio?

ACLO and PWRD have a correlation of -0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ACLO or PWRD?

PWRD has higher volatility (10.79%) compared to ACLO (0.19%). In terms of maximum drawdown, ACLO dropped -1.01% vs PWRD's -25.87%.

Which ETF is better, ACLO or PWRD?

On 1-year performance, PWRD leads with 34.37% vs 5.30% for ACLO. On fees, ACLO is cheaper at 0.20% per year. On volatility, ACLO has been the lower-risk option at 0.19%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ACLO or PWRD?

Over the 1-year period, PWRD has performed better with a 34.37% return vs 5.30%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ACLO or PWRD?

ACLO is cheaper with a 0.20% expense ratio, compared with 0.75% for PWRD.

Which ETF pays a higher dividend yield, ACLO or PWRD?

ACLO has the higher dividend yield at 4.90%, compared with 0.05% for PWRD.

What is the main difference between ACLO and PWRD?

ACLO is categorized as CLO, while PWRD is Energy Equities. Their fees differ too: 0.20% for ACLO and 0.75% for PWRD.

Which has better risk-adjusted returns?

ACLO currently has the higher Sharpe Ratio (7.32 vs 1.37), 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.