HYBX vs. PWRD

Last updated Jun 27, 2026

HYBX (TCW High Yield Bond ETF) and PWRD (TCW Transform Systems ETF) are both exchange-traded funds - HYBX is a High Yield Bonds fund actively managed by TCW, while PWRD is a Energy Equities fund actively managed by TCW. Both are actively managed. Over the past year, HYBX returned 4.91% vs 30.69% for PWRD. At a 0.19 correlation, their price movements are largely independent. HYBX charges 0.50%/yr vs 0.75%/yr for PWRD.

Performance

HYBX vs. PWRD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in TCW High Yield Bond ETF (HYBX) 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, HYBX achieves a 2.89% return, which is significantly lower than PWRD's 20.36% return.

HYBX

• 1D: 0.15%
• 1M: 0.34%
• YTD: 2.89%
• 6M: 2.53%
• 1Y: 4.91%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PWRD

• 1D: -4.25%
• 1M: 2.16%
• YTD: 20.36%
• 6M: 18.41%
• 1Y: 30.69%
• 3Y*: 31.52%
• 5Y*: —
• 10Y*: —

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

HYBX vs. PWRD - Yearly Performance Comparison

	2026 (YTD)	2025	2024
HYBX TCW High Yield Bond ETF	2.89%	6.26%	-0.04%
PWRD TCW Transform Systems ETF	20.36%	32.84%	-3.05%

Correlation

The correlation between HYBX and PWRD is 0.15, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.15
Correlation (All Time) Calculated using the full available price history since Nov 18, 2024	0.19

Return for Risk

HYBX vs. PWRD — Risk / Return Rank

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

HYBX

HYBX Risk / Return Rank: 34
HYBX Sharpe Ratio Rank: 22
HYBX Sortino Ratio Rank: 23
HYBX Omega Ratio Rank: 22
HYBX Calmar Ratio Rank: 54
HYBX Martin Ratio Rank: 50

PWRD

PWRD Risk / Return Rank: 41
PWRD Sharpe Ratio Rank: 36
PWRD Sortino Ratio Rank: 34
PWRD Omega Ratio Rank: 34
PWRD Calmar Ratio Rank: 50
PWRD Martin Ratio Rank: 48

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.

HYBX vs. PWRD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TCW High Yield Bond ETF (HYBX) 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.

	HYBX	PWRD	Difference
Sharpe ratio: Return per unit of total volatility	0.75	1.20	-0.45
Sortino ratio: Return per unit of downside risk	1.19	1.70	-0.51
Omega ratio: Gain probability vs. loss probability	1.15	1.22	-0.07
Calmar ratio: Return relative to maximum drawdown	2.29	2.18	+0.11
Martin ratio: Return relative to average drawdown	7.33	7.20	+0.14

HYBX vs. PWRD - Sharpe Ratio Comparison

The current HYBX Sharpe Ratio is 0.75, which is lower than the PWRD Sharpe Ratio of 1.20. The chart below compares the historical Sharpe Ratios of HYBX 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

HYBX vs. PWRD - Drawdown Comparison

The maximum HYBX drawdown since its inception was -3.93%, smaller than the maximum PWRD drawdown of -25.87%. Use the drawdown chart below to compare losses from any high point for HYBX and PWRD.

Drawdown Indicators

	HYBX	PWRD	Difference
Max Drawdown Largest peak-to-trough decline	-3.93%	-25.87%	+21.94%
Max Drawdown (1Y) Largest decline over 1 year	-2.15%	-14.12%	+11.97%
Max Drawdown (3Y) Largest decline over 3 years	—	-25.87%	—
Current Drawdown Current decline from peak	-0.23%	-5.57%	+5.34%
Average Drawdown Average peak-to-trough decline	-0.56%	-5.06%	+4.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.67%	4.28%	-3.61%

Volatility

HYBX vs. PWRD - Volatility Comparison

The current volatility for TCW High Yield Bond ETF (HYBX) is 0.91%, while TCW Transform Systems ETF (PWRD) has a volatility of 11.82%. This indicates that HYBX 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

	HYBX	PWRD	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.91%	11.82%	-10.91%
Volatility (6M) Calculated over the trailing 6-month period	4.52%	21.30%	-16.78%
Volatility (1Y) Calculated over the trailing 1-year period	6.62%	25.80%	-19.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.54%	22.99%	-15.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.54%	22.99%	-15.45%

HYBX vs. PWRD - Expense Ratio Comparison

HYBX has a 0.50% expense ratio, which is lower than PWRD's 0.75% expense ratio.

Dividends

HYBX vs. PWRD - Dividend Comparison

HYBX's dividend yield for the trailing twelve months is around 7.68%, more than PWRD's 0.05% yield.

Position	TTM	2025	2024	2023	2022
HYBX TCW High Yield Bond ETF	7.68%	7.82%	1.08%	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 HYBX and PWRD in my portfolio?

HYBX and PWRD have a correlation of 0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HYBX or PWRD?

PWRD has higher volatility (11.82%) compared to HYBX (0.91%). In terms of maximum drawdown, HYBX dropped -3.93% vs PWRD's -25.87%.

Which ETF is better, HYBX or PWRD?

On 1-year performance, PWRD leads with 30.69% vs 4.91% for HYBX. On fees, HYBX is cheaper at 0.50% per year. On volatility, HYBX has been the lower-risk option at 0.91%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HYBX or PWRD?

Over the 1-year period, PWRD has performed better with a 30.69% return vs 4.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HYBX or PWRD?

HYBX is cheaper with a 0.50% expense ratio, compared with 0.75% for PWRD.

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

HYBX has the higher dividend yield at 7.68%, compared with 0.05% for PWRD.

What is the main difference between HYBX and PWRD?

HYBX is categorized as High Yield Bonds, while PWRD is Energy Equities. Their fees differ too: 0.50% for HYBX and 0.75% for PWRD.

Which has better risk-adjusted returns?

PWRD currently has the higher Sharpe Ratio (1.20 vs 0.74), 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.