TRFM vs. CHAT

Last updated Apr 1, 2026

Compare and contrast key facts about AAM Transformers ETF (TRFM) and Roundhill Generative AI & Technology ETF (CHAT).

TRFM and CHAT are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. TRFM is a passively managed fund by AAM that tracks the performance of the Pence Transformers Index - Benchmark TR Gross. It was launched on Jul 11, 2022. CHAT is an actively managed fund by Roundhill. It was launched on May 17, 2023.

Performance

TRFM vs. CHAT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AAM Transformers ETF (TRFM) and Roundhill Generative AI & Technology ETF (CHAT). The values are adjusted to include any dividend payments, if applicable.

TRFM vs. CHAT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
TRFM AAM Transformers ETF	-2.51%	25.76%	19.96%	21.93%
CHAT Roundhill Generative AI & Technology ETF	4.90%	49.85%	30.98%	19.23%

Returns By Period

In the year-to-date period, TRFM achieves a -2.51% return, which is significantly lower than CHAT's 4.90% return.

TRFM

• 1D: 4.62%
• 1M: -5.60%
• YTD: -2.51%
• 6M: -3.92%
• 1Y: 34.84%
• 3Y*: 21.05%
• 5Y*: —
• 10Y*: —

CHAT

• 1D: 4.72%
• 1M: -3.19%
• YTD: 4.90%
• 6M: 3.42%
• 1Y: 82.50%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TRFM vs. CHAT - Expense Ratio Comparison

TRFM has a 0.49% expense ratio, which is lower than CHAT's 0.75% expense ratio.

CHAT

Roundhill Generative AI & Technology ETF

TRFM

AAM Transformers ETF

Return for Risk

TRFM vs. CHAT — Risk / Return Rank

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

TRFM

TRFM Risk / Return Rank: 73
TRFM Sharpe Ratio Rank: 70
TRFM Sortino Ratio Rank: 72
TRFM Omega Ratio Rank: 69
TRFM Calmar Ratio Rank: 80
TRFM Martin Ratio Rank: 75

CHAT

CHAT Risk / Return Rank: 95
CHAT Sharpe Ratio Rank: 96
CHAT Sortino Ratio Rank: 95
CHAT Omega Ratio Rank: 94
CHAT Calmar Ratio Rank: 97
CHAT Martin Ratio Rank: 94

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.

TRFM vs. CHAT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AAM Transformers ETF (TRFM) and Roundhill Generative AI & Technology ETF (CHAT). 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.

	TRFM	CHAT	Difference
Sharpe ratio Return per unit of total volatility	1.24	2.42	-1.18
Sortino ratio Return per unit of downside risk	1.82	3.04	-1.22
Omega ratio Gain probability vs. loss probability	1.25	1.42	-0.17
Calmar ratio Return relative to maximum drawdown	2.23	4.94	-2.71
Martin ratio Return relative to average drawdown	7.91	13.74	-5.84
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TRFM vs. CHAT - Sharpe Ratio Comparison

The current TRFM Sharpe Ratio is 1.24, which is lower than the CHAT Sharpe Ratio of 2.42. The chart below compares the historical Sharpe Ratios of TRFM and CHAT, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	TRFM	CHAT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.24	2.42	-1.18
Sharpe Ratio (All Time) Calculated using the full available price history	0.74	1.27	-0.52

Correlation

The correlation between TRFM and CHAT is 0.88, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

TRFM vs. CHAT - Dividend Comparison

TRFM's dividend yield for the trailing twelve months is around 0.17%, less than CHAT's 2.72% yield.

	TTM	2025
TRFM AAM Transformers ETF	0.17%	0.17%
CHAT Roundhill Generative AI & Technology ETF	2.72%	2.85%

Drawdowns

TRFM vs. CHAT - Drawdown Comparison

The maximum TRFM drawdown since its inception was -28.40%, smaller than the maximum CHAT drawdown of -31.34%. Use the drawdown chart below to compare losses from any high point for TRFM and CHAT.

Drawdown Indicators

	TRFM	CHAT	Difference
Max Drawdown Largest peak-to-trough decline	-28.40%	-31.34%	+2.94%
Max Drawdown (1Y) Largest decline over 1 year	-15.15%	-16.28%	+1.13%
Current Drawdown Current decline from peak	-8.97%	-6.73%	-2.24%
Average Drawdown Average peak-to-trough decline	-6.86%	-5.61%	-1.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.27%	5.85%	-1.58%

Volatility

TRFM vs. CHAT - Volatility Comparison

The current volatility for AAM Transformers ETF (TRFM) is 9.65%, while Roundhill Generative AI & Technology ETF (CHAT) has a volatility of 13.21%. This indicates that TRFM experiences smaller price fluctuations and is considered to be less risky than CHAT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TRFM	CHAT	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.65%	13.21%	-3.56%
Volatility (6M) Calculated over the trailing 6-month period	17.77%	23.24%	-5.47%
Volatility (1Y) Calculated over the trailing 1-year period	28.27%	34.27%	-6.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.05%	29.27%	-2.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.05%	29.27%	-2.22%