PWRD vs. SHLD

Last updated Jul 17, 2026

PWRD (TCW Transform Systems ETF) and SHLD (Global X Defense Tech ETF) are both exchange-traded funds - PWRD is a Energy Equities fund actively managed by TCW, while SHLD is a Aerospace & Defense fund tracking the Global X Defense Tech Index. PWRD is actively managed, while SHLD is passively managed. Over the past year, PWRD returned 23.10% vs -0.87% for SHLD. At a 0.48 correlation, their price movements are largely independent. PWRD charges 0.75%/yr vs 0.50%/yr for SHLD.

Performance

PWRD vs. SHLD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in TCW Transform Systems ETF (PWRD) and Global X Defense Tech ETF (SHLD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PWRD achieves a 14.65% return, which is significantly higher than SHLD's -7.27% return.

PWRD

• 1D: -2.91%
• 1M: -4.26%
• 6M: 9.17%
• YTD: 14.65%
• 1Y: 23.10%
• 3Y*: 28.28%
• 5Y*: —
• 10Y*: —

SHLD

• 1D: -0.61%
• 1M: -5.92%
• 6M: -22.32%
• YTD: -7.27%
• 1Y: -0.87%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PWRD vs. SHLD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
PWRD TCW Transform Systems ETF	14.65%	32.84%	28.54%	7.55%
SHLD Global X Defense Tech ETF	-7.27%	74.16%	35.03%	12.89%

Correlation

The correlation between PWRD and SHLD is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.38
Correlation (All Time) Calculated using the full available price history since Sep 13, 2023	0.48

Return for Risk

PWRD vs. SHLD — Risk / Return Rank

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

PWRD

PWRD Risk / Return Rank: 33
PWRD Sharpe Ratio Rank: 28
PWRD Sortino Ratio Rank: 28
PWRD Omega Ratio Rank: 28
PWRD Calmar Ratio Rank: 39
PWRD Martin Ratio Rank: 40

SHLD

SHLD Risk / Return Rank: 9
SHLD Sharpe Ratio Rank: 9
SHLD Sortino Ratio Rank: 9
SHLD Omega Ratio Rank: 9
SHLD Calmar Ratio Rank: 9
SHLD Martin Ratio Rank: 9

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. SHLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TCW Transform Systems ETF (PWRD) and Global X Defense Tech ETF (SHLD). 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	SHLD	Difference
Sharpe ratio: Return per unit of total volatility	0.86	-0.03	+0.90
Sortino ratio: Return per unit of downside risk	1.30	0.13	+1.17
Omega ratio: Gain probability vs. loss probability	1.16	1.01	+0.15
Calmar ratio: Return relative to maximum drawdown	1.64	-0.03	+1.68
Martin ratio: Return relative to average drawdown	5.12	-0.08	+5.21

PWRD vs. SHLD - Sharpe Ratio Comparison

The current PWRD Sharpe Ratio is 0.86, which is higher than the SHLD Sharpe Ratio of -0.03. The chart below compares the historical Sharpe Ratios of PWRD and SHLD, 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. SHLD - Drawdown Comparison

The maximum PWRD drawdown since its inception was -25.87%, roughly equal to the maximum SHLD drawdown of -25.40%. Use the drawdown chart below to compare losses from any high point for PWRD and SHLD.

Drawdown Indicators

	PWRD	SHLD	Difference
Max Drawdown Largest peak-to-trough decline	-25.87%	-25.40%	-0.47%
Max Drawdown (1Y) Largest decline over 1 year	-14.12%	-25.40%	+11.28%
Max Drawdown (3Y) Largest decline over 3 years	-25.87%	—	—
Current Drawdown Current decline from peak	-10.39%	-22.99%	+12.60%
Average Drawdown Average peak-to-trough decline	-5.08%	-3.90%	-1.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.52%	10.30%	-5.78%

Volatility

PWRD vs. SHLD - Volatility Comparison

TCW Transform Systems ETF (PWRD) has a higher volatility of 12.09% compared to Global X Defense Tech ETF (SHLD) at 8.28%. This indicates that PWRD's price experiences larger fluctuations and is considered to be riskier than SHLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PWRD	SHLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.09%	8.28%	+3.81%
Volatility (6M) Calculated over the trailing 6-month period	22.61%	19.79%	+2.82%
Volatility (1Y) Calculated over the trailing 1-year period	26.90%	25.12%	+1.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.23%	21.54%	+1.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.23%	21.54%	+1.69%

PWRD vs. SHLD - Expense Ratio Comparison

PWRD has a 0.75% expense ratio, which is higher than SHLD's 0.50% expense ratio.

Dividends

PWRD vs. SHLD - Dividend Comparison

PWRD's dividend yield for the trailing twelve months is around 0.06%, less than SHLD's 0.71% yield.

Position	TTM	2025	2024	2023	2022
PWRD TCW Transform Systems ETF	0.06%	0.22%	0.49%	0.78%	0.91%
SHLD Global X Defense Tech ETF	0.71%	0.55%	0.53%	0.26%	0.00%

Frequently Asked Questions

Can I hold both PWRD and SHLD in my portfolio?

PWRD and SHLD have a correlation of 0.38, 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 SHLD?

PWRD has higher volatility (12.09%) compared to SHLD (8.28%). In terms of maximum drawdown, PWRD dropped -25.87% vs SHLD's -25.40%.

Which ETF is better, PWRD or SHLD?

On 1-year performance, PWRD leads with 23.10% vs -0.87% for SHLD. On fees, SHLD is cheaper at 0.50% per year. On volatility, SHLD has been the lower-risk option at 8.28%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PWRD or SHLD?

Over the 1-year period, PWRD has performed better with a 23.10% return vs -0.87%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PWRD or SHLD?

SHLD is cheaper with a 0.50% expense ratio, compared with 0.75% for PWRD.

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

SHLD has the higher dividend yield at 0.71%, compared with 0.06% for PWRD.

What is the main difference between PWRD and SHLD?

PWRD is categorized as Energy Equities, while SHLD is Aerospace & Defense. They also come from different issuers: TCW and Global X. Their fees differ too: 0.75% for PWRD and 0.50% for SHLD.

Which has better risk-adjusted returns?

PWRD currently has the higher Sharpe Ratio (0.86 vs -0.03), 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.