UTES vs. PWRD

Last updated Jun 24, 2026

UTES (Virtus Reaves Utilities ETF) and PWRD (TCW Transform Systems ETF) are both exchange-traded funds - UTES is a Utilities Equities fund actively managed by Virtus Investment Partners, while PWRD is a Energy Equities fund actively managed by TCW. Both are actively managed. Over the past 3 years, UTES returned 24.53%/yr vs 33.16%/yr for PWRD. A 0.59 correlation means they provide meaningful diversification when combined. UTES charges 0.49%/yr vs 0.75%/yr for PWRD.

Performance

UTES vs. PWRD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Virtus Reaves Utilities ETF (UTES) and TCW Transform Systems ETF (PWRD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UTES achieves a 5.02% return, which is significantly lower than PWRD's 21.92% return.

UTES

• 1D: -0.48%
• 1M: 1.25%
• YTD: 5.02%
• 6M: 4.73%
• 1Y: 11.48%
• 3Y*: 24.53%
• 5Y*: 17.28%
• 10Y*: 12.73%

PWRD

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

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

UTES vs. PWRD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
UTES Virtus Reaves Utilities ETF	5.02%	25.71%	45.35%	-2.46%	5.24%
PWRD TCW Transform Systems ETF	21.92%	32.84%	28.54%	20.83%	-3.18%

Correlation

The correlation between UTES and PWRD is 0.62, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.62
Correlation (3Y) Calculated over the trailing 3-year period	0.61
Correlation (All Time) Calculated using the full available price history since Feb 3, 2022	0.59

The correlation between UTES and PWRD has been stable across timeframes, ranging from 0.59 to 0.62 - a consistent structural relationship.

Return for Risk

UTES vs. PWRD — Risk / Return Rank

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

UTES

UTES Risk / Return Rank: 17
UTES Sharpe Ratio Rank: 17
UTES Sortino Ratio Rank: 16
UTES Omega Ratio Rank: 16
UTES Calmar Ratio Rank: 19
UTES Martin Ratio Rank: 17

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

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.

UTES vs. PWRD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Virtus Reaves Utilities ETF (UTES) and TCW Transform Systems ETF (PWRD). 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.

	UTES	PWRD	Difference
Sharpe ratio: Return per unit of total volatility	0.54	1.44	-0.91
Sortino ratio: Return per unit of downside risk	0.86	1.99	-1.12
Omega ratio: Gain probability vs. loss probability	1.11	1.25	-0.15
Calmar ratio: Return relative to maximum drawdown	0.83	2.58	-1.75
Martin ratio: Return relative to average drawdown	1.81	8.57	-6.76

UTES vs. PWRD - Sharpe Ratio Comparison

The current UTES Sharpe Ratio is 0.54, which is lower than the PWRD Sharpe Ratio of 1.44. The chart below compares the historical Sharpe Ratios of UTES and PWRD, 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

UTES vs. PWRD - Drawdown Comparison

The maximum UTES drawdown since its inception was -35.39%, which is greater than PWRD's maximum drawdown of -25.87%. Use the drawdown chart below to compare losses from any high point for UTES and PWRD.

Drawdown Indicators

	UTES	PWRD	Difference
Max Drawdown Largest peak-to-trough decline	-35.39%	-25.87%	-9.52%
Max Drawdown (1Y) Largest decline over 1 year	-13.88%	-14.12%	+0.24%
Max Drawdown (3Y) Largest decline over 3 years	-17.62%	-25.87%	+8.25%
Max Drawdown (5Y) Largest decline over 5 years	-20.40%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-35.39%	—	—
Current Drawdown Current decline from peak	-4.78%	-4.36%	-0.42%
Average Drawdown Average peak-to-trough decline	-5.53%	-5.07%	-0.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.36%	4.25%	+2.11%

Volatility

UTES vs. PWRD - Volatility Comparison

The current volatility for Virtus Reaves Utilities ETF (UTES) is 6.66%, while TCW Transform Systems ETF (PWRD) has a volatility of 10.84%. This indicates that UTES experiences smaller price fluctuations and is considered to be less risky than PWRD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UTES	PWRD	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.66%	10.84%	-4.18%
Volatility (6M) Calculated over the trailing 6-month period	16.75%	20.67%	-3.92%
Volatility (1Y) Calculated over the trailing 1-year period	21.48%	25.31%	-3.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.64%	22.89%	-2.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.21%	22.89%	-2.68%

UTES vs. PWRD - Expense Ratio Comparison

UTES has a 0.49% expense ratio, which is lower than PWRD's 0.75% expense ratio.

Dividends

UTES vs. PWRD - Dividend Comparison

UTES's dividend yield for the trailing twelve months is around 1.44%, while PWRD has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PWRD TCW Transform Systems ETF	0.00%	0.22%	0.49%	0.78%	0.91%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
UTES Virtus Reaves Utilities ETF	1.44%	1.42%	1.51%	2.44%	2.13%	1.94%	2.09%	1.84%	2.09%	3.44%	3.53%	0.61%

Frequently Asked Questions

Can I hold both UTES and PWRD in my portfolio?

UTES and PWRD have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UTES or PWRD?

PWRD has higher volatility (10.84%) compared to UTES (6.66%). In terms of maximum drawdown, UTES dropped -35.39% vs PWRD's -25.87%.

Which ETF is better, UTES or PWRD?

On 3-year performance, PWRD leads with 33.16% vs 24.53% for UTES. On fees, UTES is cheaper at 0.49% per year. On volatility, UTES has been the lower-risk option at 6.66%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UTES or PWRD?

Over the 3-year period, PWRD has performed better with a 33.16% return vs 24.53%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UTES or PWRD?

UTES is cheaper with a 0.49% expense ratio, compared with 0.75% for PWRD.

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

UTES has the higher dividend yield at 1.44%, compared with 0.00% for PWRD.

What is the main difference between UTES and PWRD?

UTES is categorized as Utilities Equities, while PWRD is Energy Equities. They also come from different issuers: Virtus Investment Partners and TCW. Their fees differ too: 0.49% for UTES and 0.75% for PWRD.

Which has better risk-adjusted returns?

PWRD currently has the higher Sharpe Ratio (1.44 vs 0.54), 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.