PWRD vs. MLPI

Last updated Jun 24, 2026

PWRD (TCW Transform Systems ETF) and MLPI (NEOS MLP & Energy Infrastructure High Income ETF) are both exchange-traded funds - PWRD is a Energy Equities fund actively managed by TCW, while MLPI is a MLPs fund actively managed by NEOS. Both are actively managed. At a 0.03 correlation, their price movements are largely independent. PWRD charges 0.75%/yr vs 0.68%/yr for MLPI.

Performance

PWRD vs. MLPI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in TCW Transform Systems ETF (PWRD) and NEOS MLP & Energy Infrastructure High Income ETF (MLPI). 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 MLPI's 19.61% return.

PWRD

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

MLPI

• 1D: 1.09%
• 1M: -2.18%
• YTD: 19.61%
• 6M: 18.17%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PWRD vs. MLPI - Yearly Performance Comparison

	2026 (YTD)	2025
PWRD TCW Transform Systems ETF	21.92%	3.28%
MLPI NEOS MLP & Energy Infrastructure High Income ETF	19.61%	0.36%

Correlation

The correlation between PWRD and MLPI is 0.03, 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 (All Time) Calculated using the full available price history since Dec 18, 2025	0.03

Return for Risk

PWRD vs. MLPI — 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

MLPI

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

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. MLPI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TCW Transform Systems ETF (PWRD) and NEOS MLP & Energy Infrastructure High Income ETF (MLPI). 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	MLPI	Difference
Sharpe ratio: Return per unit of total volatility	1.44	—	—
Sortino ratio: Return per unit of downside risk	1.99	—	—
Omega ratio: Gain probability vs. loss probability	1.25	—	—
Calmar ratio: Return relative to maximum drawdown	2.58	—	—
Martin ratio: Return relative to average drawdown	8.57	—	—

Drawdowns

PWRD vs. MLPI - Drawdown Comparison

The maximum PWRD drawdown since its inception was -25.87%, which is greater than MLPI's maximum drawdown of -5.38%. Use the drawdown chart below to compare losses from any high point for PWRD and MLPI.

Drawdown Indicators

	PWRD	MLPI	Difference
Max Drawdown Largest peak-to-trough decline	-25.87%	-5.38%	-20.49%
Max Drawdown (1Y) Largest decline over 1 year	-14.12%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-25.87%	—	—
Current Drawdown Current decline from peak	-4.36%	-2.18%	-2.18%
Average Drawdown Average peak-to-trough decline	-5.07%	-1.49%	-3.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.25%	—	—

Volatility

Volatility by Period

	PWRD	MLPI	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.84%	—	—
Volatility (6M) Calculated over the trailing 6-month period	20.67%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	25.31%	13.05%	+12.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.89%	13.05%	+9.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.89%	13.05%	+9.84%

PWRD vs. MLPI - Expense Ratio Comparison

PWRD has a 0.75% expense ratio, which is higher than MLPI's 0.68% expense ratio.

Dividends

PWRD vs. MLPI - Dividend Comparison

PWRD has not paid dividends to shareholders, while MLPI's dividend yield for the trailing twelve months is around 7.19%.

Position	TTM	2025	2024	2023	2022
MLPI NEOS MLP & Energy Infrastructure High Income ETF	7.19%	0.00%	0.00%	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 MLPI in my portfolio?

PWRD and MLPI have a correlation of 0.03, 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 MLPI?

On fees, MLPI is cheaper at 0.68% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, PWRD or MLPI?

MLPI is cheaper with a 0.68% expense ratio, compared with 0.75% for PWRD.

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

MLPI has the higher dividend yield at 7.19%, compared with 0.00% for PWRD.

What is the main difference between PWRD and MLPI?

PWRD is categorized as Energy Equities, while MLPI is MLPs. They also come from different issuers: TCW and NEOS. Their fees differ too: 0.75% for PWRD and 0.68% for MLPI.