SPWO vs. TRFM

Last updated Jul 14, 2026

SPWO (SP Funds S&P World (ex-US) ETF) and TRFM (AAM Transformers ETF) are both exchange-traded funds - SPWO is a Foreign Large Cap Equities fund tracking the S&P DM Ex-U.S. & EM 50/50 Shariah Index, while TRFM is a Technology Equities fund tracking the Pence Transformers Index - Benchmark TR Gross. Both are passively managed. Over the past year, SPWO returned 35.14% vs 39.81% for TRFM. A 0.77 correlation means they provide meaningful diversification when combined. SPWO charges 0.55%/yr vs 0.49%/yr for TRFM.

Performance

SPWO vs. TRFM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SP Funds S&P World (ex-US) ETF (SPWO) 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, SPWO achieves a 19.38% return, which is significantly lower than TRFM's 25.44% return.

SPWO

• 1D: -2.82%
• 1M: -3.84%
• 6M: 12.54%
• YTD: 19.38%
• 1Y: 35.14%
• 3Y*: —
• 5Y*: —
• 10Y*: —

TRFM

• 1D: -2.21%
• 1M: 0.04%
• 6M: 18.22%
• YTD: 25.44%
• 1Y: 39.81%
• 3Y*: 26.26%
• 5Y*: —
• 10Y*: —

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

SPWO vs. TRFM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
SPWO SP Funds S&P World (ex-US) ETF	19.38%	26.32%	9.25%	1.36%
TRFM AAM Transformers ETF	25.44%	25.76%	19.96%	0.18%

Correlation

The correlation between SPWO and TRFM is 0.83, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.83
Correlation (All Time) Calculated using the full available price history since Dec 20, 2023	0.77

The correlation between SPWO and TRFM has been stable across timeframes, ranging from 0.77 to 0.83 - a consistent structural relationship.

SPWO vs. TRFM - Sectors Allocation Comparison

Sectors	SPWO	TRFM
Technology	49.7%	55.5%
Industrials	11.9%	22.3%
Healthcare	10.8%	0.2%
Consumer Cyclical	10.3%	6.8%
Basic Materials	7.3%	1.2%
Consumer Defensive	4.1%	0.1%
Energy	2.6%	3.5%
Communication Services	1.6%	5.9%
Financial Services	0.8%	1.0%
Real Estate	0.7%	-
Utilities	0.3%	8.3%

Return for Risk

SPWO vs. TRFM — Risk / Return Rank

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

SPWO

SPWO Risk / Return Rank: 60
SPWO Sharpe Ratio Rank: 58
SPWO Sortino Ratio Rank: 53
SPWO Omega Ratio Rank: 58
SPWO Calmar Ratio Rank: 65
SPWO Martin Ratio Rank: 64

TRFM

TRFM Risk / Return Rank: 63
TRFM Sharpe Ratio Rank: 61
TRFM Sortino Ratio Rank: 56
TRFM Omega Ratio Rank: 55
TRFM Calmar Ratio Rank: 76
TRFM Martin Ratio Rank: 68

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.

SPWO vs. TRFM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SP Funds S&P World (ex-US) ETF (SPWO) 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	SPWO	TRFM	Difference
Sharpe ratio: Return per unit of total volatility	1.56	1.61	-0.05
Sortino ratio: Return per unit of downside risk	2.08	2.13	-0.05
Omega ratio: Gain probability vs. loss probability	1.28	1.27	+0.01
Calmar ratio: Return relative to maximum drawdown	2.57	3.08	-0.51
Martin ratio: Return relative to average drawdown	9.16	9.81	-0.65

SPWO vs. TRFM - Sharpe Ratio Comparison

The current SPWO Sharpe Ratio is 1.56, which is comparable to the TRFM Sharpe Ratio of 1.61. The chart below compares the historical Sharpe Ratios of SPWO 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.

Drawdowns

SPWO vs. TRFM - Drawdown Comparison

The maximum SPWO drawdown since its inception was -18.03%, smaller than the maximum TRFM drawdown of -28.40%. Use the drawdown chart below to compare losses from any high point for SPWO and TRFM.

Drawdown Indicators

	SPWO	TRFM	Difference
Max Drawdown Largest peak-to-trough decline	-18.03%	-28.40%	+10.37%
Max Drawdown (1Y) Largest decline over 1 year	-13.75%	-12.99%	-0.76%
Max Drawdown (3Y) Largest decline over 3 years	—	-28.40%	—
Current Drawdown Current decline from peak	-7.48%	-5.38%	-2.10%
Average Drawdown Average peak-to-trough decline	-2.84%	-6.54%	+3.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.85%	4.07%	-0.22%

Volatility

SPWO vs. TRFM - Volatility Comparison

SP Funds S&P World (ex-US) ETF (SPWO) has a higher volatility of 10.45% compared to AAM Transformers ETF (TRFM) at 9.67%. This indicates that SPWO's price experiences larger fluctuations and is considered to be riskier than TRFM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPWO	TRFM	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.45%	9.67%	+0.78%
Volatility (6M) Calculated over the trailing 6-month period	20.12%	20.27%	-0.15%
Volatility (1Y) Calculated over the trailing 1-year period	22.71%	24.93%	-2.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.14%	27.28%	-7.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.14%	27.28%	-7.14%

SPWO vs. TRFM - Expense Ratio Comparison

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

Dividends

SPWO vs. TRFM - Dividend Comparison

SPWO's dividend yield for the trailing twelve months is around 1.09%, more than TRFM's 0.14% yield.

Position	TTM	2025	2024
SPWO SP Funds S&P World (ex-US) ETF	1.09%	1.29%	1.24%
TRFM AAM Transformers ETF	0.14%	0.17%	0.00%

Frequently Asked Questions

Can I hold both SPWO and TRFM in my portfolio?

SPWO and TRFM have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPWO or TRFM?

SPWO has higher volatility (10.45%) compared to TRFM (9.67%). In terms of maximum drawdown, SPWO dropped -18.03% vs TRFM's -28.40%.

Which ETF is better, SPWO or TRFM?

On 1-year performance, TRFM leads with 39.81% vs 35.14% for SPWO. On fees, TRFM is cheaper at 0.49% per year. On volatility, TRFM has been the lower-risk option at 9.67%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPWO or TRFM?

Over the 1-year period, TRFM has performed better with a 39.81% return vs 35.14%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPWO or TRFM?

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

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

SPWO has the higher dividend yield at 1.09%, compared with 0.14% for TRFM.

What is the main difference between SPWO and TRFM?

SPWO is categorized as Foreign Large Cap Equities, while TRFM is Technology Equities. SPWO tracks S&P DM Ex-U.S. & EM 50/50 Shariah Index, while TRFM tracks Pence Transformers Index - Benchmark TR Gross. They also come from different issuers: SP Funds and AAM. Their fees differ too: 0.55% for SPWO and 0.49% for TRFM.

Which has better risk-adjusted returns?

TRFM currently has the higher Sharpe Ratio (1.61 vs 1.56), 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.