FMCX vs PWRD
FM Focus Equity ETF vs TCW Transform Systems ETF
Which is better, FMCX or PWRD?
Each has led over a different period.
FMCX has a lower expense ratio. FMCX led over 1Y, PWRD over 3Y and the full window. PWRD is less concentrated, with 50.6% of the fund in its ten largest positions against 54.3%.
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 | FMCX | PWRD |
|---|---|---|
| Expense Ratio | 0.72%Best | 0.75% |
| AUM | $118M | $1.5B |
| Dividend Yield | 0.29% | 0.06% |
| Holdings | 32 | 56 |
| YTD Return | +5.03%Best | +3.29% |
| 1Y Return | +3.97%Best | +2.06% |
| 3Y Return (annualized) | +15.01% | +25.66%Best |
| Volatility (annualized) | 15.4%Best | 22.7% |
| Max Drawdown | -18.5%Best | -25.9% |
| $10,000 over 4.5 years | $14,878 | $21,246Best |
| Top 10 Weight | 54.3% | 50.6%Best |
| Fund Family | First Manhattan | TCW ETFs |
| Category | Equity | Equity |
| Style | Large Cap Blend | Large Cap Blend |
| Inception | Apr 22, 2022 | Feb 2, 2022 |
Not shown on this pair: 5Y Return (annualized).
Volatility and max drawdown, and the $10,000 over 4.5 years row, are measured over the window both funds cover: Apr 25, 2022 to Oct 14, 2026 (4.5 years).
FMCX 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 4.5 years both funds cover.
FMCX vs PWRD Performance
FM Focus Equity ETF (FMCX) is an ETF from First Manhattan and TCW Transform Systems ETF (PWRD) is an ETF from TCW ETFs. Over the past year FMCX returned +3.97% while PWRD returned +2.06%. Year to date, FMCX is up 5.03% versus a gain of 3.29% for PWRD.
Over three years, FMCX compounded at +15.01% 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 22.7% compared with 15.4% for FMCX. 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 -18.5% for FMCX 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 0.81. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
FMCX charges 0.72% per year while PWRD charges 0.75%. On a $10,000 position that is $72 vs $75 annually, a gap of $3 per year that compounds over a long holding period. On income, FMCX currently yields 0.29% against 0.06% for PWRD.
Holdings Overlap
14.6% of FMCX's money is in holdings PWRD also owns. 20.3% of PWRD's money is in holdings FMCX also owns.
PWRD and FMCX share little of their money.
The two holdings books were reported 123 days apart, FMCX as of May 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 32 positions we hold weights for in FMCX and 28 in PWRD, against full books of 32 and 56.
What only one of them owns
Our book lists 18 positions for PWRD that do not appear in our book for FMCX (61.1% of the fund), and 26 for FMCX that do not appear in PWRD (82.2%).
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.
20.3% of PWRD is already inside FMCX.
You probably hold more than these two. Add the rest and see how much of the whole book is the same companies twice.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, FMCX or PWRD?
FMCX has an expense ratio of 0.72% while PWRD charges 0.75%. FMCX is the cheaper option, by $3 a year on a $10,000 investment.
Which performed better, FMCX or PWRD?
Over the past year FMCX returned +3.97% vs +2.06% for PWRD, so FMCX leads on 1-year performance. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, FMCX or PWRD?
PWRD has been the more volatile fund at 22.7% annualized versus 15.4% for FMCX. Worst drawdown: FMCX -18.5% vs PWRD -25.9%.
Should I hold both FMCX and PWRD?
FMCX and PWRD have a monthly-return correlation of 0.81, 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 FMCX and PWRD?
20.3% of PWRD's money is in holdings FMCX also owns. 20.3% of PWRD's is in holdings FMCX also owns. They hold 4 positions in common, counted across the 32 positions we hold weights for in FMCX and 28 in PWRD.
Which pays a higher dividend, FMCX or PWRD?
FMCX yields 0.29% while PWRD yields 0.06%, so FMCX currently pays the higher dividend yield.
Is PWRD better than FMCX?
FMCX has a lower expense ratio. FMCX led over 1Y, PWRD over 3Y and the full window. PWRD is less concentrated, with 50.6% of the fund in its ten largest positions against 54.3%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.