PWRD vs. AVALX

Last updated Jul 21, 2026

PWRD (TCW Transform Systems ETF) and AVALX (Aegis Value Fund) are both funds - PWRD is a Energy Equities fund actively managed by TCW, while AVALX is a Small Cap Value Equities fund managed by Aegis. Over the past 3 years, PWRD returned 27.96%/yr vs 28.45%/yr for AVALX. A 0.56 correlation means they provide meaningful diversification when combined. PWRD charges 0.75%/yr vs 1.50%/yr for AVALX.

Performance

PWRD vs. AVALX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in TCW Transform Systems ETF (PWRD) and Aegis Value Fund (AVALX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PWRD achieves a 13.74% return, which is significantly lower than AVALX's 14.98% return.

PWRD

• 1D: -0.49%
• 1M: -9.05%
• 6M: 7.80%
• YTD: 13.74%
• 1Y: 19.09%
• 3Y*: 27.96%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 20.22%

AVALX

• 1D: 0.18%
• 1M: 0.40%
• 6M: 8.62%
• YTD: 14.98%
• 1Y: 47.88%
• 3Y*: 28.45%
• 5Y*: 22.62%
• 10Y*: 19.08%
• ALL TIME*: 11.24%

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

PWRD vs. AVALX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
PWRD TCW Transform Systems ETF	13.74%	32.84%	28.54%	20.83%	-3.18%
AVALX Aegis Value Fund	14.98%	67.06%	8.29%	13.11%	6.07%

Correlation

The correlation between PWRD and AVALX is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.42
Correlation (3Y) Calculated over the trailing 3-year period	0.47
Correlation (All Time) Calculated using the full available price history since Feb 3, 2022	0.56

The correlation between PWRD and AVALX shifts across timeframes, from 0.42 (1 year) to 0.56 (all time), reflecting how their relationship changes across market environments.

Return for Risk

PWRD vs. AVALX — Risk / Return Rank

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

PWRD

PWRD Risk / Return Rank: 30
PWRD Sharpe Ratio Rank: 26
PWRD Sortino Ratio Rank: 26
PWRD Omega Ratio Rank: 26
PWRD Calmar Ratio Rank: 35
PWRD Martin Ratio Rank: 36

AVALX

AVALX Risk / Return Rank: 91
AVALX Sharpe Ratio Rank: 95
AVALX Sortino Ratio Rank: 85
AVALX Omega Ratio Rank: 86
AVALX Calmar Ratio Rank: 96
AVALX Martin Ratio Rank: 92

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.

PWRD vs. AVALX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TCW Transform Systems ETF (PWRD) and Aegis Value Fund (AVALX). 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	AVALX	Difference
Sharpe ratio: Return per unit of total volatility	0.71	2.80	-2.09
Sortino ratio: Return per unit of downside risk	1.12	3.42	-2.30
Omega ratio: Gain probability vs. loss probability	1.14	1.48	-0.34
Calmar ratio: Return relative to maximum drawdown	1.36	4.82	-3.46
Martin ratio: Return relative to average drawdown	4.14	14.77	-10.63

PWRD vs. AVALX - Sharpe Ratio Comparison

The current PWRD Sharpe Ratio is 0.71, which is lower than the AVALX Sharpe Ratio of 2.80. The chart below compares the historical Sharpe Ratios of PWRD and AVALX, 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. AVALX - Drawdown Comparison

The maximum PWRD drawdown since its inception was -25.87%, smaller than the maximum AVALX drawdown of -73.72%. Use the drawdown chart below to compare losses from any high point for PWRD and AVALX.

Drawdown Indicators

	PWRD	AVALX	Difference
Max Drawdown Largest peak-to-trough decline	-25.87%	-73.72%	+47.85%
Max Drawdown (1Y) Largest decline over 1 year	-14.12%	-10.12%	-4.00%
Max Drawdown (3Y) Largest decline over 3 years	-25.87%	-13.59%	-12.28%
Max Drawdown (5Y) Largest decline over 5 years	—	-32.00%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-48.34%	—
Current Drawdown Current decline from peak	-11.10%	-6.29%	-4.81%
Average Drawdown Average peak-to-trough decline	-5.09%	-10.93%	+5.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.62%	3.29%	+1.33%

Volatility

PWRD vs. AVALX - Volatility Comparison

TCW Transform Systems ETF (PWRD) has a higher volatility of 12.00% compared to Aegis Value Fund (AVALX) at 4.45%. This indicates that PWRD's price experiences larger fluctuations and is considered to be riskier than AVALX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PWRD	AVALX	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.00%	4.45%	+7.55%
Volatility (6M) Calculated over the trailing 6-month period	22.52%	13.37%	+9.15%
Volatility (1Y) Calculated over the trailing 1-year period	26.90%	17.39%	+9.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.22%	22.24%	+0.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.22%	22.13%	+1.09%

PWRD vs. AVALX - Expense Ratio Comparison

PWRD has a 0.75% expense ratio, which is lower than AVALX's 1.50% expense ratio.

Dividends

PWRD vs. AVALX - Dividend Comparison

PWRD's dividend yield for the trailing twelve months is around 0.06%, less than AVALX's 2.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AVALX Aegis Value Fund	2.03%	2.34%	7.07%	2.23%	0.16%	0.00%	6.62%	2.36%	6.18%	0.00%	1.45%	0.04%
PWRD TCW Transform Systems ETF	0.06%	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 PWRD and AVALX in my portfolio?

PWRD and AVALX have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PWRD or AVALX?

PWRD has higher volatility (12.00%) compared to AVALX (4.45%). In terms of maximum drawdown, PWRD dropped -25.87% vs AVALX's -73.72%.

Which has better risk-adjusted returns?

AVALX currently has the higher Sharpe Ratio (2.80 vs 0.71), 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.