PWRD vs. AIPO

Last updated Aug 2, 2026

PWRD (TCW Transform Systems ETF) and AIPO (Defiance AI & Power Infrastructure ETF) are both exchange-traded funds - PWRD is a Energy Equities fund actively managed by TCW, while AIPO is a Artificial Intelligence fund tracking the MarketVector™ US Listed AI and Power Infrastructure Index. PWRD is actively managed, while AIPO is passively managed. Over the past year, PWRD returned 16.15% vs 42.03% for AIPO. Their correlation of 0.92 means they have usually moved in the same direction. PWRD charges 0.75%/yr vs 0.69%/yr for AIPO.

Performance

PWRD vs. AIPO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in TCW Transform Systems ETF (PWRD) and Defiance AI & Power Infrastructure ETF (AIPO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PWRD achieves a 12.31% return, which is significantly lower than AIPO's 29.43% return.

PWRD

• 1D: 1.38%
• 1M: -6.14%
• 6M: 8.24%
• YTD: 12.31%
• 1Y: 16.15%
• 3Y*: 26.89%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 19.73%

AIPO

• 1D: 0.63%
• 1M: -7.73%
• 6M: 16.62%
• YTD: 29.43%
• 1Y: 42.03%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 40.92%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
AIPO Defiance AI & Power Infrastructure ETF	$40.86M	$38.41M	$47.30M
PWRD TCW Transform Systems ETF	$9.89M	$10.00M	$12.60M

PWRD vs. AIPO - Yearly Performance Comparison

	2026 (YTD)	2025
PWRD TCW Transform Systems ETF	12.31%	3.09%
AIPO Defiance AI & Power Infrastructure ETF	29.43%	9.46%

Correlation

The correlation between PWRD and AIPO is 0.92, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.92
Correlation (All Time) Calculated using the full available price history since Jul 25, 2025	0.92

The correlation between PWRD and AIPO has been stable across timeframes, ranging from 0.92 to 0.92 - a consistent structural relationship.

Return for Risk

PWRD vs. AIPO — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

PWRD

PWRD Risk / Return Rank: 25
PWRD Sharpe Ratio Rank: 24
PWRD Sortino Ratio Rank: 24
PWRD Omega Ratio Rank: 23
PWRD Calmar Ratio Rank: 26
PWRD Martin Ratio Rank: 31

AIPO

AIPO Risk / Return Rank: 43
AIPO Sharpe Ratio Rank: 42
AIPO Sortino Ratio Rank: 42
AIPO Omega Ratio Rank: 41
AIPO Calmar Ratio Rank: 45
AIPO Martin Ratio Rank: 47

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

PWRD vs. AIPO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TCW Transform Systems ETF (PWRD) and Defiance AI & Power Infrastructure ETF (AIPO). 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.

	PWRD	AIPO	Difference
Sharpe ratio: Return per unit of total volatility	0.52	1.05	-0.53
Sortino ratio: Return per unit of downside risk	0.88	1.53	-0.65
Omega ratio: Gain probability vs. loss probability	1.11	1.19	-0.08
Calmar ratio: Return relative to maximum drawdown	0.82	1.61	-0.79
Martin ratio: Return relative to average drawdown	2.80	5.40	-2.60

PWRD vs. AIPO - Sharpe Ratio Comparison

The current PWRD Sharpe Ratio is 0.52, which is lower than the AIPO Sharpe Ratio of 1.05. The chart below compares the historical Sharpe Ratios of PWRD and AIPO, 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

PWRD vs. AIPO - Drawdown Comparison

The maximum PWRD drawdown since its inception was -25.87%, which is greater than AIPO's maximum drawdown of -24.36%. Use the drawdown chart below to compare losses from any high point for PWRD and AIPO.

Drawdown Indicators

	PWRD	AIPO	Difference
Max Drawdown Largest peak-to-trough decline	-25.87%	-24.36%	-1.51%
Max Drawdown (1Y) Largest decline over 1 year	-17.46%	-24.36%	+6.90%
Max Drawdown (3Y) Largest decline over 3 years	-25.87%	—	—
Current Drawdown Current decline from peak	-12.22%	-17.66%	+5.44%
Average Drawdown Average peak-to-trough decline	-5.14%	-5.28%	+0.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.13%	7.27%	-2.14%

Volatility

PWRD vs. AIPO - Volatility Comparison

The current volatility for TCW Transform Systems ETF (PWRD) is 10.66%, while Defiance AI & Power Infrastructure ETF (AIPO) has a volatility of 14.51%. This indicates that PWRD experiences smaller price fluctuations and is considered to be less risky than AIPO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PWRD	AIPO	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.66%	14.51%	-3.85%
Volatility (6M) Calculated over the trailing 6-month period	23.72%	29.84%	-6.12%
Volatility (1Y) Calculated over the trailing 1-year period	27.86%	37.46%	-9.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.45%	37.20%	-13.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.45%	37.20%	-13.75%

PWRD vs. AIPO - Expense Ratio Comparison

PWRD has a 0.75% expense ratio, which is higher than AIPO's 0.69% expense ratio.

Dividends

PWRD vs. AIPO - Dividend Comparison

PWRD's dividend yield for the trailing twelve months is around 0.06%, more than AIPO's 0.01% yield.

Position	TTM	2025	2024	2023	2022
AIPO Defiance AI & Power Infrastructure ETF	0.01%	0.01%	0.00%	0.00%	0.00%
PWRD TCW Transform Systems ETF	0.06%	0.22%	0.49%	0.78%	0.91%

Frequently Asked Questions

Can I hold both PWRD and AIPO in my portfolio?

With a correlation of 0.92, PWRD and AIPO move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, PWRD or AIPO?

AIPO has higher volatility (14.51%) compared to PWRD (10.66%). In terms of maximum drawdown, PWRD dropped -25.87% vs AIPO's -24.36%.

Which ETF is better, PWRD or AIPO?

On 1-year performance, AIPO leads with 42.03% vs 16.15% for PWRD. On fees, AIPO is cheaper at 0.69% per year. On volatility, PWRD has been the lower-risk option at 10.66%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PWRD or AIPO?

Over the 1-year period, AIPO has performed better with a 42.03% return vs 16.15%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PWRD or AIPO?

AIPO is cheaper with a 0.69% expense ratio, compared with 0.75% for PWRD.

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

PWRD has the higher dividend yield at 0.06%, compared with 0.01% for AIPO.

What is the main difference between PWRD and AIPO?

PWRD is categorized as Energy Equities, while AIPO is Artificial Intelligence. They also come from different issuers: TCW and Defiance. Their fees differ too: 0.75% for PWRD and 0.69% for AIPO.

Which has better risk-adjusted returns?

AIPO currently has the higher Sharpe Ratio (1.05 vs 0.52), 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.