PWRD vs. MDST

Last updated Jun 24, 2026

PWRD (TCW Transform Systems ETF) and MDST (Westwood Salient Enhanced Midstream Income ETF) are both Energy Equities funds. Both are actively managed. Over the past year, PWRD returned 36.33% vs 20.94% for MDST. At a 0.33 correlation, their price movements are largely independent. PWRD charges 0.75%/yr vs 0.80%/yr for MDST.

Performance

PWRD vs. MDST - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in TCW Transform Systems ETF (PWRD) and Westwood Salient Enhanced Midstream Income ETF (MDST). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PWRD achieves a 21.92% return, which is significantly higher than MDST's 16.53% return.

PWRD

• 1D: -4.36%
• 1M: 4.92%
• YTD: 21.92%
• 6M: 19.81%
• 1Y: 36.33%
• 3Y*: 33.16%
• 5Y*: —
• 10Y*: —

MDST

• 1D: 1.73%
• 1M: -1.91%
• YTD: 16.53%
• 6M: 16.66%
• 1Y: 20.94%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PWRD vs. MDST - Yearly Performance Comparison

	2026 (YTD)	2025	2024
PWRD TCW Transform Systems ETF	21.92%	32.84%	5.23%
MDST Westwood Salient Enhanced Midstream Income ETF	16.53%	7.09%	17.03%

Correlation

The correlation between PWRD and MDST is 0.05, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.05
Correlation (All Time) Calculated using the full available price history since Apr 9, 2024	0.33

Over the past year, the correlation between PWRD and MDST has dropped to 0.05 - well below their long-term average of 0.33, suggesting their price drivers have been diverging.

Return for Risk

PWRD vs. MDST — Risk / Return Rank

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

PWRD

PWRD Risk / Return Rank: 46
PWRD Sharpe Ratio Rank: 43
PWRD Sortino Ratio Rank: 41
PWRD Omega Ratio Rank: 40
PWRD Calmar Ratio Rank: 55
PWRD Martin Ratio Rank: 52

MDST

MDST Risk / Return Rank: 55
MDST Sharpe Ratio Rank: 53
MDST Sortino Ratio Rank: 54
MDST Omega Ratio Rank: 52
MDST Calmar Ratio Rank: 67
MDST 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.

PWRD vs. MDST - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TCW Transform Systems ETF (PWRD) and Westwood Salient Enhanced Midstream Income ETF (MDST). 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	MDST	Difference
Sharpe ratio: Return per unit of total volatility	1.44	1.69	-0.25
Sortino ratio: Return per unit of downside risk	1.99	2.42	-0.43
Omega ratio: Gain probability vs. loss probability	1.25	1.30	-0.05
Calmar ratio: Return relative to maximum drawdown	2.58	3.12	-0.54
Martin ratio: Return relative to average drawdown	8.57	8.43	+0.13

PWRD vs. MDST - Sharpe Ratio Comparison

The current PWRD Sharpe Ratio is 1.44, which is comparable to the MDST Sharpe Ratio of 1.69. The chart below compares the historical Sharpe Ratios of PWRD and MDST, 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. MDST - Drawdown Comparison

The maximum PWRD drawdown since its inception was -25.87%, which is greater than MDST's maximum drawdown of -14.19%. Use the drawdown chart below to compare losses from any high point for PWRD and MDST.

Drawdown Indicators

	PWRD	MDST	Difference
Max Drawdown Largest peak-to-trough decline	-25.87%	-14.19%	-11.68%
Max Drawdown (1Y) Largest decline over 1 year	-14.12%	-6.74%	-7.38%
Max Drawdown (3Y) Largest decline over 3 years	-25.87%	—	—
Current Drawdown Current decline from peak	-4.36%	-2.20%	-2.16%
Average Drawdown Average peak-to-trough decline	-5.07%	-2.20%	-2.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.25%	2.49%	+1.76%

Volatility

PWRD vs. MDST - Volatility Comparison

TCW Transform Systems ETF (PWRD) has a higher volatility of 10.84% compared to Westwood Salient Enhanced Midstream Income ETF (MDST) at 4.87%. This indicates that PWRD's price experiences larger fluctuations and is considered to be riskier than MDST based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PWRD	MDST	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.84%	4.87%	+5.97%
Volatility (6M) Calculated over the trailing 6-month period	20.67%	8.71%	+11.96%
Volatility (1Y) Calculated over the trailing 1-year period	25.31%	12.45%	+12.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.89%	16.11%	+6.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.89%	16.11%	+6.78%

PWRD vs. MDST - Expense Ratio Comparison

PWRD has a 0.75% expense ratio, which is lower than MDST's 0.80% expense ratio.

Dividends

PWRD vs. MDST - Dividend Comparison

PWRD has not paid dividends to shareholders, while MDST's dividend yield for the trailing twelve months is around 9.20%.

Position	TTM	2025	2024	2023	2022
MDST Westwood Salient Enhanced Midstream Income ETF	9.20%	10.22%	6.60%	0.00%	0.00%
PWRD TCW Transform Systems ETF	0.00%	0.22%	0.49%	0.78%	0.91%

Frequently Asked Questions

Can I hold both PWRD and MDST in my portfolio?

PWRD and MDST have a correlation of 0.05, 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 MDST?

PWRD has higher volatility (10.84%) compared to MDST (4.87%). In terms of maximum drawdown, PWRD dropped -25.87% vs MDST's -14.19%.

Which ETF is better, PWRD or MDST?

On 1-year performance, PWRD leads with 36.33% vs 20.94% for MDST. On fees, PWRD is cheaper at 0.75% per year. On volatility, MDST has been the lower-risk option at 4.87%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PWRD or MDST?

Over the 1-year period, PWRD has performed better with a 36.33% return vs 20.94%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PWRD or MDST?

PWRD is cheaper with a 0.75% expense ratio, compared with 0.80% for MDST.

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

MDST has the higher dividend yield at 9.20%, compared with 0.00% for PWRD.

What is the main difference between PWRD and MDST?

They also come from different issuers: TCW and Westwood. Their fees differ too: 0.75% for PWRD and 0.80% for MDST.

Which has better risk-adjusted returns?

MDST currently has the higher Sharpe Ratio (1.69 vs 1.44), 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.