PHEQ vs PWRD
Parametric Hedged Equity ETF vs TCW Transform Systems ETF
Which is better, PHEQ or PWRD?
Each has led over a different period.
PHEQ has a lower expense ratio. PHEQ led over 1Y, PWRD over 3Y and the full window. PHEQ is less concentrated, with 40.8% 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 | PHEQ | PWRD |
|---|---|---|
| Expense Ratio | 0.29%Best | 0.75% |
| AUM | $152M | $1.5B |
| Dividend Yield | 0.82% | 0.06% |
| Holdings | 374 | 56 |
| YTD Return | +9.39%Best | +3.29% |
| 1Y Return | +12.67%Best | +2.06% |
| 3Y Return (annualized) | +14.84% | +25.66%Best |
| Volatility (annualized) | 6.7%Best | 22.1% |
| Max Drawdown | -12.6%Best | -25.9% |
| $10,000 over 3 years | $15,145 | $20,368Best |
| Top 10 Weight | 40.8%Best | 50.6% |
| Fund Family | Parametric | TCW ETFs |
| Category | Equity | Equity |
| Style | Large Cap Blend | Large Cap Blend |
| Inception | Oct 16, 2023 | Feb 2, 2022 |
Not shown on this pair: 5Y Return (annualized).
Volatility and max drawdown, and the $10,000 over 3 years row, are measured over the window both funds cover: Oct 19, 2023 to Oct 14, 2026 (3 years).
PHEQ 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 3 years both funds cover.
PHEQ vs PWRD Performance
Parametric Hedged Equity ETF (PHEQ) is an ETF from Parametric and TCW Transform Systems ETF (PWRD) is an ETF from TCW ETFs. Over the past year PHEQ returned +12.67% while PWRD returned +2.06%. Year to date, PHEQ is up 9.39% versus a gain of 3.29% for PWRD.
Over three years, PHEQ compounded at +14.84% 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 22.1% compared with 6.7% for PHEQ. 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 -12.6% for PHEQ 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 0.67. They move together some of the time, and apart the rest.
Fees and Cost Over Time
PHEQ charges 0.29% per year while PWRD charges 0.75%. On a $10,000 position that is $29 vs $75 annually, a gap of $46 per year that compounds over a long holding period. On income, PHEQ currently yields 0.82% against 0.06% for PWRD.
Holdings Overlap
8.4% of PHEQ's money is in holdings PWRD also owns. 40.5% of PWRD's money is in holdings PHEQ also owns.
The two portfolios partly overlap.
10 positions in common, counted across the 174 positions we hold weights for in PHEQ and 28 in PWRD, against full books of 374 and 56.
What only one of them owns
Our book lists 12 positions for PWRD that do not appear in our book for PHEQ (40.8% of the fund), and 155 for PHEQ that do not appear in PWRD (93.3%).
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.
Top Shared Holdings
| Stock | Weight in PHEQ | Weight in PWRD | Difference |
|---|---|---|---|
| GEGeneral Electric Co. | 0.77% | 8.02% | 7.25% |
| AVGOBroadcom Inc | 2.68% | 3.79% | 1.11% |
| KLACKla-tencor | 0.90% | 5.32% | 4.42% |
| AMATApplied Materials, Inc. | 0.39% | 4.88% | 4.49% |
| VGVenture Global, Inc. | 0.13% | 5.10% | 4.97% |
| XOMExxonmobil Corp. | 1.47% | 3.35% | 1.88% |
| GEVGe Vernova, Inc. | 0.65% | 3.56% | 2.91% |
| BECfd Bloom Energy Corp- A | 0.18% | 2.73% | 2.55% |
| CATCaterpillar, Inc. | 0.89% | 1.97% | 1.08% |
| LNGCheniere Energy Inc. | 0.39% | 1.81% | 1.42% |
40.5% of PWRD is already inside PHEQ.
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, PHEQ or PWRD?
PHEQ has an expense ratio of 0.29% while PWRD charges 0.75%. PHEQ is the cheaper option, by $46 a year on a $10,000 investment.
Which performed better, PHEQ or PWRD?
Over the past year PHEQ returned +12.67% vs +2.06% for PWRD, so PHEQ leads on 1-year performance. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, PHEQ or PWRD?
PWRD has been the more volatile fund at 22.1% annualized versus 6.7% for PHEQ. Worst drawdown: PHEQ -12.6% vs PWRD -25.9%.
Should I hold both PHEQ and PWRD?
PHEQ and PWRD have a monthly-return correlation of 0.67, 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 PHEQ and PWRD?
40.5% of PWRD's money is in holdings PHEQ also owns. 40.5% of PWRD's is in holdings PHEQ also owns. They hold 10 positions in common, counted across the 174 positions we hold weights for in PHEQ and 28 in PWRD.
Which pays a higher dividend, PHEQ or PWRD?
PHEQ yields 0.82% while PWRD yields 0.06%, so PHEQ currently pays the higher dividend yield.
Is PWRD better than PHEQ?
PHEQ has a lower expense ratio. PHEQ led over 1Y, PWRD over 3Y and the full window. PHEQ is less concentrated, with 40.8% 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.