HYBX vs. PWRD

Last updated Jun 6, 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. At a 0.17 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 2.01% return, which is significantly lower than PWRD's 14.66% return.

HYBX

• 1D: -0.40%
• 1M: -0.59%
• YTD: 2.01%
• 6M: 1.87%
• 1Y: 5.34%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PWRD

• 1D: -4.37%
• 1M: -1.06%
• YTD: 14.66%
• 6M: 12.43%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

HYBX vs. PWRD - Yearly Performance Comparison

	2026 (YTD)	2025
HYBX TCW High Yield Bond ETF	2.01%	2.29%
PWRD TCW Transform Systems ETF	14.66%	7.66%

Correlation

The correlation between HYBX and PWRD is 0.17, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jun 30, 2025	0.17

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: 37
HYBX Sharpe Ratio Rank: 25
HYBX Sortino Ratio Rank: 26
HYBX Omega Ratio Rank: 25
HYBX Calmar Ratio Rank: 56
HYBX 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.

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.

	HYBX	PWRD	Difference
Sharpe ratio: Return per unit of total volatility	0.81	—	—
Sortino ratio: Return per unit of downside risk	1.28	—	—
Omega ratio: Gain probability vs. loss probability	1.16	—	—
Calmar ratio: Return relative to maximum drawdown	2.49	—	—
Martin ratio: Return relative to average drawdown	8.05	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	HYBX	PWRD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.81	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.68	1.04	-0.36

Drawdowns

HYBX vs. PWRD - Drawdown Comparison

The maximum HYBX drawdown since its inception was -3.93%, smaller than the maximum PWRD drawdown of -14.12%. 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%	-14.12%	+10.19%
Max Drawdown (1Y) Largest decline over 1 year	-2.15%	—	—
Current Drawdown Current decline from peak	-0.93%	-5.01%	+4.08%
Average Drawdown Average peak-to-trough decline	-0.57%	-3.16%	+2.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.66%	—	—

Volatility

Volatility by Period

	HYBX	PWRD	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.41%	—	—
Volatility (6M) Calculated over the trailing 6-month period	5.11%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	6.64%	24.37%	-17.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.66%	24.37%	-16.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.66%	24.37%	-16.71%

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 7.75%, while PWRD has not paid dividends to shareholders.

Position	TTM	2025	2024
HYBX TCW High Yield Bond ETF	7.75%	7.82%	1.08%
PWRD TCW Transform Systems ETF	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both HYBX and PWRD in my portfolio?

HYBX and PWRD have a correlation of 0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, HYBX or PWRD?

On fees, HYBX is cheaper at 0.50% per year. The better choice depends on whether you care most about return, fees, risk, or income.

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 7.75%, compared with 0.00% 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.