GII vs. PWRD

Last updated Jun 25, 2026

GII (SPDR S&P Global Infrastructure ETF) and PWRD (TCW Transform Systems ETF) are both exchange-traded funds - GII is a Utilities Equities fund tracking the S&P Global Infrastructure, while PWRD is a Energy Equities fund actively managed by TCW. GII is passively managed, while PWRD is actively managed. Over the past 3 years, GII returned 16.92%/yr vs 33.16%/yr for PWRD. A 0.62 correlation means they provide meaningful diversification when combined. GII charges 0.40%/yr vs 0.75%/yr for PWRD.

Performance

GII vs. PWRD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR S&P Global Infrastructure ETF (GII) 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, GII achieves a 9.90% return, which is significantly lower than PWRD's 21.92% return.

GII

• 1D: 0.41%
• 1M: 0.16%
• YTD: 9.90%
• 6M: 9.22%
• 1Y: 17.15%
• 3Y*: 16.92%
• 5Y*: 10.69%
• 10Y*: 8.74%

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)

GII vs. PWRD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
GII SPDR S&P Global Infrastructure ETF	9.90%	21.79%	14.30%	5.90%	-1.34%
PWRD TCW Transform Systems ETF	21.92%	32.84%	28.54%	20.83%	-3.18%

Correlation

The correlation between GII and PWRD is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.47
Correlation (3Y) Calculated over the trailing 3-year period	0.52
Correlation (All Time) Calculated using the full available price history since Feb 3, 2022	0.62

The correlation between GII and PWRD shifts across timeframes, from 0.47 (1 year) to 0.62 (all time), reflecting how their relationship changes across market environments.

Return for Risk

GII vs. PWRD — Risk / Return Rank

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

GII

GII Risk / Return Rank: 54
GII Sharpe Ratio Rank: 51
GII Sortino Ratio Rank: 50
GII Omega Ratio Rank: 50
GII Calmar Ratio Rank: 65
GII Martin Ratio Rank: 53

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.

GII vs. PWRD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P Global Infrastructure ETF (GII) 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.

	GII	PWRD	Difference
Sharpe ratio: Return per unit of total volatility	1.59	1.37	+0.22
Sortino ratio: Return per unit of downside risk	2.23	1.90	+0.33
Omega ratio: Gain probability vs. loss probability	1.29	1.24	+0.04
Calmar ratio: Return relative to maximum drawdown	2.90	2.44	+0.45
Martin ratio: Return relative to average drawdown	8.24	8.09	+0.15

GII vs. PWRD - Sharpe Ratio Comparison

The current GII Sharpe Ratio is 1.59, which is comparable to the PWRD Sharpe Ratio of 1.37. The chart below compares the historical Sharpe Ratios of GII 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

GII vs. PWRD - Drawdown Comparison

The maximum GII drawdown since its inception was -50.98%, which is greater than PWRD's maximum drawdown of -25.87%. Use the drawdown chart below to compare losses from any high point for GII and PWRD.

Drawdown Indicators

	GII	PWRD	Difference
Max Drawdown Largest peak-to-trough decline	-50.98%	-25.87%	-25.11%
Max Drawdown (1Y) Largest decline over 1 year	-5.94%	-14.12%	+8.18%
Max Drawdown (3Y) Largest decline over 3 years	-14.31%	-25.87%	+11.56%
Max Drawdown (5Y) Largest decline over 5 years	-20.67%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-42.84%	—	—
Current Drawdown Current decline from peak	-2.64%	-4.35%	+1.71%
Average Drawdown Average peak-to-trough decline	-11.49%	-5.07%	-6.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.09%	4.26%	-2.17%

Volatility

GII vs. PWRD - Volatility Comparison

The current volatility for SPDR S&P Global Infrastructure ETF (GII) is 3.60%, while TCW Transform Systems ETF (PWRD) has a volatility of 10.79%. This indicates that GII 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

	GII	PWRD	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.60%	10.79%	-7.19%
Volatility (6M) Calculated over the trailing 6-month period	8.97%	20.64%	-11.67%
Volatility (1Y) Calculated over the trailing 1-year period	10.86%	25.28%	-14.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.09%	22.87%	-8.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.07%	22.87%	-5.80%

GII vs. PWRD - Expense Ratio Comparison

GII has a 0.40% expense ratio, which is lower than PWRD's 0.75% expense ratio.

Dividends

GII vs. PWRD - Dividend Comparison

GII's dividend yield for the trailing twelve months is around 2.66%, more than PWRD's 0.05% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GII SPDR S&P Global Infrastructure ETF	2.66%	3.17%	3.23%	3.70%	3.07%	2.37%	2.66%	3.39%	3.31%	3.38%	3.11%	3.54%
PWRD TCW Transform Systems ETF	0.05%	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 GII and PWRD in my portfolio?

GII and PWRD have a correlation of 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GII or PWRD?

PWRD has higher volatility (10.79%) compared to GII (3.60%). In terms of maximum drawdown, GII dropped -50.98% vs PWRD's -25.87%.

Which ETF is better, GII or PWRD?

On 3-year performance, PWRD leads with 33.16% vs 16.92% for GII. On fees, GII is cheaper at 0.40% per year. On volatility, GII has been the lower-risk option at 3.60%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GII or PWRD?

Over the 3-year period, PWRD has performed better with a 33.16% return vs 16.92%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GII or PWRD?

GII is cheaper with a 0.40% expense ratio, compared with 0.75% for PWRD.

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

GII has the higher dividend yield at 2.66%, compared with 0.05% for PWRD.

What is the main difference between GII and PWRD?

GII is categorized as Utilities Equities, while PWRD is Energy Equities. They also come from different issuers: State Street and TCW. Their fees differ too: 0.40% for GII and 0.75% for PWRD.

Which has better risk-adjusted returns?

GII currently has the higher Sharpe Ratio (1.59 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.