PWRD vs. MLPI

Last updated Apr 1, 2026

Compare and contrast key facts about TCW Transform Systems ETF (PWRD) and Neos MLP & Energy Infrastructure High Income ETF (MLPI).

PWRD and MLPI are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. PWRD is an actively managed fund by TCW. It was launched on Feb 2, 2022. MLPI is an actively managed fund by Neos. It was launched on Dec 17, 2025.

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.

PWRD vs. MLPI - Yearly Performance Comparison

	2026 (YTD)	2025
PWRD TCW Transform Systems ETF	1.67%	0.94%
MLPI Neos MLP & Energy Infrastructure High Income ETF	17.27%	0.56%

Returns By Period

In the year-to-date period, PWRD achieves a 1.67% return, which is significantly lower than MLPI's 17.27% return.

PWRD

• 1D: 4.03%
• 1M: -9.38%
• YTD: 1.67%
• 6M: 0.08%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

MLPI

• 1D: -0.40%
• 1M: 3.16%
• YTD: 17.27%
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PWRD vs. MLPI - Expense Ratio Comparison

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

PWRD

TCW Transform Systems ETF

MLPI

Neos MLP & Energy Infrastructure High Income ETF

Return for Risk

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.

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

Sharpe Ratios by Period

	PWRD	MLPI	Difference
Sharpe Ratio (All Time) Calculated using the full available price history	0.54	7.48	-6.94

Correlation

The correlation between PWRD and MLPI is 0.18, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

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 3.49%.

	TTM
PWRD TCW Transform Systems ETF	0.00%
MLPI Neos MLP & Energy Infrastructure High Income ETF	3.49%

Drawdowns

PWRD vs. MLPI - Drawdown Comparison

The maximum PWRD drawdown since its inception was -14.12%, which is greater than MLPI's maximum drawdown of -2.78%. 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	-14.12%	-2.78%	-11.34%
Current Drawdown Current decline from peak	-10.66%	-1.19%	-9.47%
Average Drawdown Average peak-to-trough decline	-3.28%	-0.60%	-2.68%

Volatility

Volatility by Period

	PWRD	MLPI	Difference
Volatility (1Y) Calculated over the trailing 1-year period	23.65%	11.12%	+12.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.65%	11.12%	+12.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.65%	11.12%	+12.53%