ETY vs PWRD
Eaton Vance Tax-Managed Diversified Equity Income Fund vs TCW Transform Systems ETF
Which is better, ETY or PWRD?
PWRD has been ahead.
PWRD has a lower expense ratio. PWRD led over 1Y, 3Y and the full window. ETY is less concentrated, with 50.5% of the fund in its ten largest positions against 50.6%.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | ETY | PWRD |
|---|---|---|
| Expense Ratio | 1.06% | 0.75%Best |
| AUM | $1.8B | $1.5B |
| Dividend Yield | 7.52% | 0.06% |
| Holdings | 61 | 56 |
| YTD Return | -2.20% | +3.29%Best |
| 1Y Return | -2.84% | +2.06%Best |
| 3Y Return (annualized) | +15.48% | +25.66%Best |
| 5Y Return (annualized) | +8.08% | - |
| Volatility (annualized) | 17.4%Best | 23.2% |
| Max Drawdown | -21.3%Best | -25.9% |
| $10,000 over 4.7 years | $14,572 | $21,348Best |
| Top 10 Weight | 50.5%Best | 50.6% |
| Fund Family | Eaton Vance | TCW ETFs |
| Category | Equity | Equity |
| Style | Large Cap Blend | Large Cap Blend |
| Inception | Nov 27, 2006 | Feb 2, 2022 |
Volatility and max drawdown, and the $10,000 over 4.7 years row, are measured over the window both funds cover: Feb 3, 2022 to Oct 14, 2026 (4.7 years).
ETY vs PWRD growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view covers the 4.7 years both funds cover.
ETY vs PWRD Performance
Eaton Vance Tax-Managed Diversified Equity Income Fund (ETY) is an ETF from Eaton Vance and TCW Transform Systems ETF (PWRD) is an ETF from TCW ETFs. Over the past year ETY returned -2.84% while PWRD returned +2.06%. Year to date, ETY is down 2.20% versus a gain of 3.29% for PWRD.
Over three years, ETY compounded at +15.48% per year against +25.66% for PWRD.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
PWRD has been the more volatile fund, with annualized monthly volatility of 23.2% compared with 17.4% for ETY. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -21.3% for ETY and -25.9% for PWRD. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.79. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
ETY charges 1.06% per year while PWRD charges 0.75%. On a $10,000 position that is $106 vs $75 annually, a gap of $31 per year that compounds over a long holding period. On income, ETY currently yields 7.52% against 0.06% for PWRD.
Holdings Overlap
7.6% of ETY's money is in holdings PWRD also owns. 16.1% of PWRD's money is in holdings ETY also owns.
PWRD and ETY share little of their money.
The two holdings books were reported 62 days apart, ETY as of Jul 31, 2026 and PWRD as of Oct 1, 2026, so some of the difference between them is the time between the two reports rather than the funds.
4 positions in common, counted across the 58 positions we hold weights for in ETY and 28 in PWRD, against full books of 61 and 56.
What only one of them owns
Our book lists 18 positions for PWRD that do not appear in our book for ETY (65.2% of the fund), and 48 for ETY that do not appear in PWRD (89.2%).
Some of those will be the same company recorded under a different code in one of the two books, so the real difference in what you would own is no larger than this and may be smaller. We do not name the individual positions here for that reason.
You are not choosing between two funds in isolation.
Whichever of ETY and PWRD you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, ETY or PWRD?
ETY has an expense ratio of 1.06% while PWRD charges 0.75%. PWRD is the cheaper option, by $31 a year on a $10,000 investment.
Which performed better, ETY or PWRD?
Over the past year ETY returned -2.84% vs +2.06% for PWRD, so PWRD leads on 1-year performance. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, ETY or PWRD?
PWRD has been the more volatile fund at 23.2% annualized versus 17.4% for ETY. Worst drawdown: ETY -21.3% vs PWRD -25.9%.
Should I hold both ETY and PWRD?
ETY and PWRD have a monthly-return correlation of 0.79, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
What is the holdings overlap between ETY and PWRD?
16.1% of PWRD's money is in holdings ETY also owns. 16.1% of PWRD's is in holdings ETY also owns. They hold 4 positions in common, counted across the 58 positions we hold weights for in ETY and 28 in PWRD.
Which pays a higher dividend, ETY or PWRD?
ETY yields 7.52% while PWRD yields 0.06%, so ETY currently pays the higher dividend yield.
Is PWRD better than ETY?
PWRD has a lower expense ratio. PWRD led over 1Y, 3Y and the full window. ETY is less concentrated, with 50.5% of the fund in its ten largest positions against 50.6%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.