The Electronic Systems Engineering (ESE) Department of the Computing Division at the Fermi National Accelerator Laboratory is carrying out R&D investigations for the upgrade of the power distribution system of the Compact Muon Solenoid (CMS) Pixel Tracker at the Large Hadron Collider (LHC). DC-DC conversion is the preferred powering scheme proposed to be integrated for the CMS tracker to deliver high input voltage levels and performing a step-down conversion nearby the detector modules. In this work, we investigate the robustness of power distribution and perform pixel performance analysis using the DC-DC conversion powering scheme. Tests are performed using the PSI46 pixel readout chips on a forward pixel panel and the AMIS2 DC-DC converters developed at CERN. Reliability studies include the voltage drop measurements on the readout chips and the noise generated from the converter on the power lines. Performance studies include pixel noise and threshold dispersion results.