PWRD vs. UCO

Last updated Jun 5, 2026

PWRD (TCW Transform Systems ETF) and UCO (ProShares Ultra Bloomberg Crude Oil) are both exchange-traded funds - PWRD is a Energy Equities fund actively managed by TCW, while UCO is a Leveraged Commodities fund tracking the Dow Jones-UBS Crude Oil Sub-Index (200%). PWRD is actively managed, while UCO is passively managed. At a correlation of -0.12, they often move in opposite directions. PWRD charges 0.75%/yr vs 0.95%/yr for UCO.

Performance

PWRD vs. UCO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in TCW Transform Systems ETF (PWRD) and ProShares Ultra Bloomberg Crude Oil (UCO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PWRD achieves a 19.90% return, which is significantly lower than UCO's 139.34% return.

PWRD

• 1D: 0.07%
• 1M: 1.28%
• YTD: 19.90%
• 6M: 17.15%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

UCO

• 1D: -3.93%
• 1M: -5.57%
• YTD: 139.34%
• 6M: 124.58%
• 1Y: 115.57%
• 3Y*: 24.38%
• 5Y*: 21.18%
• 10Y*: -11.98%

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

PWRD vs. UCO - Yearly Performance Comparison

	2026 (YTD)	2025
PWRD TCW Transform Systems ETF	19.90%	7.66%
UCO ProShares Ultra Bloomberg Crude Oil	139.34%	-13.56%

Correlation

The correlation between PWRD and UCO is -0.12, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jun 30, 2025	-0.12

Return for Risk

PWRD vs. UCO — Risk / Return Rank

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

UCO

UCO Risk / Return Rank: 54
UCO Sharpe Ratio Rank: 62
UCO Sortino Ratio Rank: 50
UCO Omega Ratio Rank: 51
UCO Calmar Ratio Rank: 68
UCO Martin Ratio Rank: 40

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. UCO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TCW Transform Systems ETF (PWRD) and ProShares Ultra Bloomberg Crude Oil (UCO). 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	UCO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.03	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.36	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	-0.17	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.32	-0.34	+1.66

Drawdowns

PWRD vs. UCO - Drawdown Comparison

The maximum PWRD drawdown since its inception was -14.12%, smaller than the maximum UCO drawdown of -99.95%. Use the drawdown chart below to compare losses from any high point for PWRD and UCO.

Drawdown Indicators

	PWRD	UCO	Difference
Max Drawdown Largest peak-to-trough decline	-14.12%	-99.95%	+85.83%
Max Drawdown (1Y) Largest decline over 1 year	—	-34.77%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-50.38%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-67.24%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-98.75%	—
Current Drawdown Current decline from peak	-0.67%	-99.26%	+98.59%
Average Drawdown Average peak-to-trough decline	-3.15%	-85.49%	+82.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	18.34%	—

Volatility

Volatility by Period

	PWRD	UCO	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	20.99%	—
Volatility (6M) Calculated over the trailing 6-month period	—	46.57%	—
Volatility (1Y) Calculated over the trailing 1-year period	23.98%	57.26%	-33.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.98%	59.81%	-35.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.98%	71.35%	-47.37%

PWRD vs. UCO - Expense Ratio Comparison

PWRD has a 0.75% expense ratio, which is lower than UCO's 0.95% expense ratio.

Dividends

PWRD vs. UCO - Dividend Comparison

Neither PWRD nor UCO has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both PWRD and UCO in my portfolio?

PWRD and UCO have a correlation of -0.12, 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 UCO?

On fees, PWRD is cheaper at 0.75% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, PWRD or UCO?

PWRD is cheaper with a 0.75% expense ratio, compared with 0.95% for UCO.

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

PWRD and UCO have nearly identical dividend yields, around 0.00%.

What is the main difference between PWRD and UCO?

PWRD is categorized as Energy Equities, while UCO is Leveraged Commodities. They also come from different issuers: TCW and ProShares. Their fees differ too: 0.75% for PWRD and 0.95% for UCO.