SAWS vs. TRFM

Last updated Jun 4, 2026

SAWS (AAM Sawgrass U.S. Small Cap Quality Growth ETF) and TRFM (AAM Transformers ETF) are both exchange-traded funds - SAWS is a Small Cap Growth Equities fund actively managed by AAM, while TRFM is a Technology Equities fund tracking the Pence Transformers Index - Benchmark TR Gross. SAWS is actively managed, while TRFM is passively managed. Over the past year, SAWS returned 19.24% vs 53.69% for TRFM. A 0.74 correlation means they provide meaningful diversification when combined. SAWS charges 0.55%/yr vs 0.49%/yr for TRFM.

Performance

SAWS vs. TRFM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AAM Sawgrass U.S. Small Cap Quality Growth ETF (SAWS) and AAM Transformers ETF (TRFM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SAWS achieves a 11.45% return, which is significantly lower than TRFM's 30.30% return.

SAWS

• 1D: 0.61%
• 1M: 0.03%
• YTD: 11.45%
• 6M: 12.55%
• 1Y: 19.24%
• 3Y*: —
• 5Y*: —
• 10Y*: —

TRFM

• 1D: -1.23%
• 1M: 12.40%
• YTD: 30.30%
• 6M: 29.25%
• 1Y: 53.69%
• 3Y*: 31.63%
• 5Y*: —
• 10Y*: —

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

SAWS vs. TRFM - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SAWS AAM Sawgrass U.S. Small Cap Quality Growth ETF	11.45%	7.26%	3.52%
TRFM AAM Transformers ETF	30.30%	25.76%	13.80%

Correlation

The correlation between SAWS and TRFM is 0.66, 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	0.66
Correlation (All Time) Calculated using the full available price history since Aug 1, 2024	0.74

The correlation between SAWS and TRFM has been stable across timeframes, ranging from 0.66 to 0.74 - a consistent structural relationship.

SAWS vs. TRFM - Sectors Allocation Comparison

Sectors	SAWS	TRFM
Industrials	27.7%	7.2%
Healthcare	18.3%	0.2%
Technology	15.1%	53.3%
Financial Services	14.2%	2.8%
Consumer Cyclical	9.1%	17.7%
Consumer Defensive	7.5%	-
Energy	4.6%	3.5%
Basic Materials	3.6%	1.2%
Communication Services	-	12.3%
Real Estate	-	-
Utilities	-	1.7%

Return for Risk

SAWS vs. TRFM — Risk / Return Rank

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

SAWS

SAWS Risk / Return Rank: 34
SAWS Sharpe Ratio Rank: 30
SAWS Sortino Ratio Rank: 32
SAWS Omega Ratio Rank: 29
SAWS Calmar Ratio Rank: 39
SAWS Martin Ratio Rank: 40

TRFM

TRFM Risk / Return Rank: 71
TRFM Sharpe Ratio Rank: 74
TRFM Sortino Ratio Rank: 65
TRFM Omega Ratio Rank: 64
TRFM Calmar Ratio Rank: 80
TRFM Martin Ratio Rank: 74

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.

SAWS vs. TRFM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AAM Sawgrass U.S. Small Cap Quality Growth ETF (SAWS) and AAM Transformers ETF (TRFM). 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.

	SAWS	TRFM	Difference
Sharpe ratio: Return per unit of total volatility	1.07	2.41	-1.34
Sortino ratio: Return per unit of downside risk	1.67	3.04	-1.36
Omega ratio: Gain probability vs. loss probability	1.19	1.39	-0.20
Calmar ratio: Return relative to maximum drawdown	1.89	4.15	-2.27
Martin ratio: Return relative to average drawdown	6.12	14.09	-7.97
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SAWS vs. TRFM - Sharpe Ratio Comparison

The current SAWS Sharpe Ratio is 1.07, which is lower than the TRFM Sharpe Ratio of 2.41. The chart below compares the historical Sharpe Ratios of SAWS and TRFM, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	SAWS	TRFM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.07	2.41	-1.34
Sharpe Ratio (All Time) Calculated using the full available price history	0.59	1.05	-0.47

Drawdowns

SAWS vs. TRFM - Drawdown Comparison

The maximum SAWS drawdown since its inception was -22.04%, smaller than the maximum TRFM drawdown of -28.40%. Use the drawdown chart below to compare losses from any high point for SAWS and TRFM.

Drawdown Indicators

	SAWS	TRFM	Difference
Max Drawdown Largest peak-to-trough decline	-22.04%	-28.40%	+6.36%
Max Drawdown (1Y) Largest decline over 1 year	-10.23%	-12.99%	+2.76%
Max Drawdown (3Y) Largest decline over 3 years	—	-28.40%	—
Current Drawdown Current decline from peak	-2.52%	-1.23%	-1.29%
Average Drawdown Average peak-to-trough decline	-5.61%	-6.61%	+1.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.15%	3.82%	-0.67%

Volatility

SAWS vs. TRFM - Volatility Comparison

The current volatility for AAM Sawgrass U.S. Small Cap Quality Growth ETF (SAWS) is 5.16%, while AAM Transformers ETF (TRFM) has a volatility of 7.34%. This indicates that SAWS experiences smaller price fluctuations and is considered to be less risky than TRFM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SAWS	TRFM	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.16%	7.34%	-2.18%
Volatility (6M) Calculated over the trailing 6-month period	13.70%	17.46%	-3.76%
Volatility (1Y) Calculated over the trailing 1-year period	18.14%	22.47%	-4.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.03%	26.94%	-5.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.03%	26.94%	-5.91%

SAWS vs. TRFM - Expense Ratio Comparison

SAWS has a 0.55% expense ratio, which is higher than TRFM's 0.49% expense ratio.

Dividends

SAWS vs. TRFM - Dividend Comparison

SAWS's dividend yield for the trailing twelve months is around 0.02%, less than TRFM's 0.13% yield.

Position	TTM	2025	2024
SAWS AAM Sawgrass U.S. Small Cap Quality Growth ETF	0.02%	0.02%	0.03%
TRFM AAM Transformers ETF	0.13%	0.17%	0.00%

Frequently Asked Questions

Can I hold both SAWS and TRFM in my portfolio?

SAWS and TRFM have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SAWS or TRFM?

TRFM has higher volatility (7.34%) compared to SAWS (5.16%). In terms of maximum drawdown, SAWS dropped -22.04% vs TRFM's -28.40%.

Which ETF is better, SAWS or TRFM?

On 1-year performance, TRFM leads with 53.69% vs 19.24% for SAWS. On fees, TRFM is cheaper at 0.49% per year. On volatility, SAWS has been the lower-risk option at 5.16%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SAWS or TRFM?

Over the 1-year period, TRFM has performed better with a 53.69% return vs 19.24%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SAWS or TRFM?

TRFM is cheaper with a 0.49% expense ratio, compared with 0.55% for SAWS.

Which ETF pays a higher dividend yield, SAWS or TRFM?

TRFM has the higher dividend yield at 0.13%, compared with 0.02% for SAWS.

What is the main difference between SAWS and TRFM?

SAWS is categorized as Small Cap Growth Equities, while TRFM is Technology Equities. Their fees differ too: 0.55% for SAWS and 0.49% for TRFM.

Which has better risk-adjusted returns?

TRFM currently has the higher Sharpe Ratio (2.41 vs 1.07), 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.