FPX vs. PWRD

Last updated Jun 24, 2026

FPX (First Trust US Equity Opportunities ETF) and PWRD (TCW Transform Systems ETF) are both exchange-traded funds - FPX is a Large Cap Growth Equities fund tracking the IPOX-100 U.S. Index, while PWRD is a Energy Equities fund actively managed by TCW. FPX is passively managed, while PWRD is actively managed. Over the past 3 years, FPX returned 32.36%/yr vs 33.16%/yr for PWRD. Their correlation of 0.81 suggests significant overlap in exposure. FPX charges 0.57%/yr vs 0.75%/yr for PWRD.

Performance

FPX vs. PWRD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust US Equity Opportunities ETF (FPX) 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, FPX achieves a 19.68% return, which is significantly lower than PWRD's 21.92% return.

FPX

• 1D: -3.29%
• 1M: 3.59%
• YTD: 19.68%
• 6M: 15.47%
• 1Y: 39.59%
• 3Y*: 32.36%
• 5Y*: 9.53%
• 10Y*: 15.44%

PWRD

• 1D: -4.36%
• 1M: 4.92%
• YTD: 21.92%
• 6M: 19.81%
• 1Y: 36.33%
• 3Y*: 33.16%
• 5Y*: —
• 10Y*: —

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

FPX vs. PWRD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
FPX First Trust US Equity Opportunities ETF	19.68%	37.62%	24.75%	22.26%	-25.75%
PWRD TCW Transform Systems ETF	21.92%	32.84%	28.54%	20.83%	-3.18%

Correlation

The correlation between FPX and PWRD is 0.80, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.80
Correlation (3Y) Calculated over the trailing 3-year period	0.80
Correlation (All Time) Calculated using the full available price history since Feb 3, 2022	0.81

The correlation between FPX and PWRD has been stable across timeframes, ranging from 0.80 to 0.81 - a consistent structural relationship.

Return for Risk

FPX vs. PWRD — Risk / Return Rank

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

FPX

FPX Risk / Return Rank: 53
FPX Sharpe Ratio Rank: 49
FPX Sortino Ratio Rank: 45
FPX Omega Ratio Rank: 44
FPX Calmar Ratio Rank: 68
FPX Martin Ratio Rank: 60

PWRD

PWRD Risk / Return Rank: 46
PWRD Sharpe Ratio Rank: 43
PWRD Sortino Ratio Rank: 41
PWRD Omega Ratio Rank: 40
PWRD Calmar Ratio Rank: 55
PWRD Martin Ratio Rank: 52

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.

FPX vs. PWRD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust US Equity Opportunities ETF (FPX) 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.

	FPX	PWRD	Difference
Sharpe ratio: Return per unit of total volatility	1.64	1.44	+0.19
Sortino ratio: Return per unit of downside risk	2.16	1.99	+0.17
Omega ratio: Gain probability vs. loss probability	1.27	1.25	+0.02
Calmar ratio: Return relative to maximum drawdown	3.24	2.58	+0.65
Martin ratio: Return relative to average drawdown	10.30	8.57	+1.74

FPX vs. PWRD - Sharpe Ratio Comparison

The current FPX Sharpe Ratio is 1.64, which is comparable to the PWRD Sharpe Ratio of 1.44. The chart below compares the historical Sharpe Ratios of FPX 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

FPX vs. PWRD - Drawdown Comparison

The maximum FPX drawdown since its inception was -56.29%, which is greater than PWRD's maximum drawdown of -25.87%. Use the drawdown chart below to compare losses from any high point for FPX and PWRD.

Drawdown Indicators

	FPX	PWRD	Difference
Max Drawdown Largest peak-to-trough decline	-56.29%	-25.87%	-30.42%
Max Drawdown (1Y) Largest decline over 1 year	-12.28%	-14.12%	+1.84%
Max Drawdown (3Y) Largest decline over 3 years	-30.88%	-25.87%	-5.01%
Max Drawdown (5Y) Largest decline over 5 years	-43.14%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-43.14%	—	—
Current Drawdown Current decline from peak	-3.29%	-4.36%	+1.07%
Average Drawdown Average peak-to-trough decline	-11.31%	-5.07%	-6.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.85%	4.25%	-0.40%

Volatility

FPX vs. PWRD - Volatility Comparison

The current volatility for First Trust US Equity Opportunities ETF (FPX) is 9.07%, while TCW Transform Systems ETF (PWRD) has a volatility of 10.84%. This indicates that FPX 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

	FPX	PWRD	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.07%	10.84%	-1.77%
Volatility (6M) Calculated over the trailing 6-month period	18.03%	20.67%	-2.64%
Volatility (1Y) Calculated over the trailing 1-year period	24.36%	25.31%	-0.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.74%	22.89%	+3.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.39%	22.89%	+1.50%

FPX vs. PWRD - Expense Ratio Comparison

FPX has a 0.57% expense ratio, which is lower than PWRD's 0.75% expense ratio.

Dividends

FPX vs. PWRD - Dividend Comparison

FPX's dividend yield for the trailing twelve months is around 0.48%, while PWRD has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FPX First Trust US Equity Opportunities ETF	0.48%	0.53%	0.09%	0.27%	1.08%	0.14%	0.28%	0.67%	0.88%	0.68%	0.77%	0.62%
PWRD TCW Transform Systems ETF	0.00%	0.22%	0.49%	0.78%	0.91%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FPX and PWRD in my portfolio?

FPX and PWRD have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FPX or PWRD?

PWRD has higher volatility (10.84%) compared to FPX (9.07%). In terms of maximum drawdown, FPX dropped -56.29% vs PWRD's -25.87%.

Which ETF is better, FPX or PWRD?

On 3-year performance, PWRD leads with 33.16% vs 32.36% for FPX. On fees, FPX is cheaper at 0.57% per year. On volatility, FPX has been the lower-risk option at 9.07%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FPX or PWRD?

Over the 3-year period, PWRD has performed better with a 33.16% return vs 32.36%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FPX or PWRD?

FPX is cheaper with a 0.57% expense ratio, compared with 0.75% for PWRD.

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

FPX has the higher dividend yield at 0.48%, compared with 0.00% for PWRD.

What is the main difference between FPX and PWRD?

FPX is categorized as Large Cap Growth Equities, while PWRD is Energy Equities. They also come from different issuers: First Trust and TCW. Their fees differ too: 0.57% for FPX and 0.75% for PWRD.

Which has better risk-adjusted returns?

FPX currently has the higher Sharpe Ratio (1.64 vs 1.44), 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.