TRFM vs. CLOC

Last updated Jun 4, 2026

TRFM (AAM Transformers ETF) and CLOC (AAM Crescent CLO ETF) are both exchange-traded funds - TRFM is a Technology Equities fund tracking the Pence Transformers Index - Benchmark TR Gross, while CLOC is a CLO fund actively managed by AAM. TRFM is passively managed, while CLOC is actively managed. At a 0.14 correlation, their price movements are largely independent. Both charge a 0.49% expense ratio.

Performance

TRFM vs. CLOC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AAM Transformers ETF (TRFM) and AAM Crescent CLO ETF (CLOC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TRFM achieves a 30.30% return, which is significantly higher than CLOC's 2.34% return.

TRFM

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

CLOC

• 1D: 0.00%
• 1M: 0.62%
• YTD: 2.34%
• 6M: 2.78%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TRFM vs. CLOC - Yearly Performance Comparison

	2026 (YTD)	2025
TRFM AAM Transformers ETF	30.30%	-3.70%
CLOC AAM Crescent CLO ETF	2.34%	0.93%

Correlation

The correlation between TRFM and CLOC is 0.14, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Oct 24, 2025	0.14

Return for Risk

TRFM vs. CLOC — Risk / Return Rank

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

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.

TRFM vs. CLOC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AAM Transformers ETF (TRFM) and AAM Crescent CLO ETF (CLOC). 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	CLOC	Difference
Sharpe ratio: Return per unit of total volatility	2.41	—	—
Sortino ratio: Return per unit of downside risk	3.04	—	—
Omega ratio: Gain probability vs. loss probability	1.39	—	—
Calmar ratio: Return relative to maximum drawdown	4.15	—	—
Martin ratio: Return relative to average drawdown	14.09	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	TRFM	CLOC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.41	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.05	6.09	-5.04

Drawdowns

TRFM vs. CLOC - Drawdown Comparison

The maximum TRFM drawdown since its inception was -28.40%, which is greater than CLOC's maximum drawdown of -0.54%. Use the drawdown chart below to compare losses from any high point for TRFM and CLOC.

Drawdown Indicators

	TRFM	CLOC	Difference
Max Drawdown Largest peak-to-trough decline	-28.40%	-0.54%	-27.86%
Max Drawdown (1Y) Largest decline over 1 year	-12.99%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-28.40%	—	—
Current Drawdown Current decline from peak	-1.23%	0.00%	-1.23%
Average Drawdown Average peak-to-trough decline	-6.61%	-0.07%	-6.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.82%	—	—

Volatility

Volatility by Period

	TRFM	CLOC	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.34%	—	—
Volatility (6M) Calculated over the trailing 6-month period	17.46%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	22.47%	0.91%	+21.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.94%	0.91%	+26.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.94%	0.91%	+26.03%

TRFM vs. CLOC - Expense Ratio Comparison

Both TRFM and CLOC have an expense ratio of 0.49%.

Dividends

TRFM vs. CLOC - Dividend Comparison

TRFM's dividend yield for the trailing twelve months is around 0.13%, less than CLOC's 3.67% yield.

Position	TTM	2025
CLOC AAM Crescent CLO ETF	3.67%	1.15%
TRFM AAM Transformers ETF	0.13%	0.17%

Frequently Asked Questions

Can I hold both TRFM and CLOC in my portfolio?

TRFM and CLOC have a correlation of 0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, TRFM or CLOC?

Both ETFs have the same 0.49% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, TRFM or CLOC?

TRFM and CLOC have the same expense ratio: 0.49% per year.

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

CLOC has the higher dividend yield at 3.67%, compared with 0.13% for TRFM.

What is the main difference between TRFM and CLOC?

TRFM is categorized as Technology Equities, while CLOC is CLO.