PWRD vs. CTEF

Last updated Jun 13, 2026

PWRD (TCW Transform Systems ETF) and CTEF (Castellan Targeted Equity ETF) are both exchange-traded funds - PWRD is a Energy Equities fund actively managed by TCW, while CTEF is a Mid Cap Blend Equities fund actively managed by Castellan. Both are actively managed. A 0.79 correlation means they provide meaningful diversification when combined. PWRD charges 0.75%/yr vs 0.45%/yr for CTEF.

Performance

PWRD vs. CTEF - Performance Comparison

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

Returns By Period

In the year-to-date period, PWRD achieves a 18.40% return, which is significantly lower than CTEF's 32.85% return.

PWRD

• 1D: 1.68%
• 1M: 0.32%
• YTD: 18.40%
• 6M: 18.29%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

CTEF

• 1D: 1.34%
• 1M: 8.36%
• YTD: 32.85%
• 6M: 34.20%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PWRD vs. CTEF - Yearly Performance Comparison

	2026 (YTD)	2025
PWRD TCW Transform Systems ETF	18.40%	7.81%
CTEF Castellan Targeted Equity ETF	32.85%	29.04%

Correlation

The correlation between PWRD and CTEF is 0.79, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jun 27, 2025	0.79

Return for Risk

PWRD vs. CTEF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TCW Transform Systems ETF (PWRD) and Castellan Targeted Equity ETF (CTEF). 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Drawdowns

PWRD vs. CTEF - Drawdown Comparison

The maximum PWRD drawdown since its inception was -14.12%, smaller than the maximum CTEF drawdown of -15.00%. Use the drawdown chart below to compare losses from any high point for PWRD and CTEF.

Drawdown Indicators

	PWRD	CTEF	Difference
Max Drawdown Largest peak-to-trough decline	-14.12%	-15.00%	+0.88%
Current Drawdown Current decline from peak	-1.91%	0.00%	-1.91%
Average Drawdown Average peak-to-trough decline	-3.18%	-1.78%	-1.40%

Volatility

Volatility by Period

	PWRD	CTEF	Difference
Volatility (1Y) Calculated over the trailing 1-year period	24.91%	22.30%	+2.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.91%	22.30%	+2.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.91%	22.30%	+2.61%

PWRD vs. CTEF - Expense Ratio Comparison

PWRD has a 0.75% expense ratio, which is higher than CTEF's 0.45% expense ratio.

Dividends

PWRD vs. CTEF - Dividend Comparison

PWRD has not paid dividends to shareholders, while CTEF's dividend yield for the trailing twelve months is around 0.06%.

Position	TTM	2025
CTEF Castellan Targeted Equity ETF	0.06%	0.08%
PWRD TCW Transform Systems ETF	0.00%	0.00%

Frequently Asked Questions

Can I hold both PWRD and CTEF in my portfolio?

PWRD and CTEF have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, PWRD or CTEF?

On fees, CTEF is cheaper at 0.45% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, PWRD or CTEF?

CTEF is cheaper with a 0.45% expense ratio, compared with 0.75% for PWRD.

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

CTEF has the higher dividend yield at 0.06%, compared with 0.00% for PWRD.

What is the main difference between PWRD and CTEF?

PWRD is categorized as Energy Equities, while CTEF is Mid Cap Blend Equities. They also come from different issuers: TCW and Castellan. Their fees differ too: 0.75% for PWRD and 0.45% for CTEF.