TRFM vs. IAK

Last updated Aug 4, 2026

TRFM (AAM Transformers ETF) and IAK (iShares U.S. Insurance ETF) are both exchange-traded funds - TRFM is a Technology Equities fund tracking the Pence Transformers Index - Benchmark TR Gross, while IAK is a Financials Equities fund tracking the Dow Jones U.S. Select Insurance Index. Both are passively managed. Over the past 3 years, TRFM returned 26.86%/yr vs 19.67%/yr for IAK. Their 0.18 correlation means their historical movements had little consistent relationship. TRFM charges 0.49%/yr vs 0.38%/yr for IAK.

Performance

TRFM vs. IAK - Performance Comparison

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

Returns By Period

In the year-to-date period, TRFM achieves a 23.78% return, which is significantly higher than IAK's 10.11% return.

TRFM

• 1D: 2.06%
• 1M: -3.36%
• 6M: 18.96%
• YTD: 23.78%
• 1Y: 36.82%
• 3Y*: 26.86%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 24.50%

IAK

• 1D: 0.03%
• 1M: -0.03%
• 6M: 12.56%
• YTD: 10.11%
• 1Y: 19.67%
• 3Y*: 19.67%
• 5Y*: 15.99%
• 10Y*: 13.18%
• ALL TIME*: 7.39%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
IAK iShares U.S. Insurance ETF	$15.27M	$20.59M	$12.29M
TRFM AAM Transformers ETF	$2.70M	$2.28M	$2.00M

TRFM vs. IAK - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
TRFM AAM Transformers ETF	23.78%	25.76%	19.96%	44.71%	-9.92%
IAK iShares U.S. Insurance ETF	10.11%	9.50%	28.25%	11.28%	10.99%

Correlation

The correlation between TRFM and IAK is -0.22, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.22
Correlation (3Y) Balances recent behavior with more history.	0.06
Correlation (All Time) Calculated using the full available price history since Jul 12, 2022	0.18

The correlation between TRFM and IAK shifts across timeframes, from -0.22 (1 year) to 0.18 (all time), reflecting how their relationship changes across market environments.

TRFM vs. IAK - Sectors Allocation Comparison

Sectors	TRFM	IAK
Technology	54.7%	-
Industrials	20.7%	-
Utilities	10.8%	-
Consumer Cyclical	5.2%	-
Communication Services	4.7%	-
Energy	3.5%	-
Financial Services	1.8%	99.3%
Basic Materials	0.5%	-
Healthcare	0.2%	0.7%
Consumer Defensive	0.2%	-
Real Estate	-	-

Return for Risk

TRFM vs. IAK — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

TRFM

TRFM Risk / Return Rank: 60
TRFM Sharpe Ratio Rank: 57
TRFM Sortino Ratio Rank: 53
TRFM Omega Ratio Rank: 51
TRFM Calmar Ratio Rank: 76
TRFM Martin Ratio Rank: 64

IAK

IAK Risk / Return Rank: 54
IAK Sharpe Ratio Rank: 49
IAK Sortino Ratio Rank: 49
IAK Omega Ratio Rank: 47
IAK Calmar Ratio Rank: 72
IAK Martin Ratio Rank: 52

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

TRFM vs. IAK - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AAM Transformers ETF (TRFM) and iShares U.S. Insurance ETF (IAK). 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.

	TRFM	IAK	Difference
Sharpe ratio: Return per unit of total volatility	1.45	1.24	+0.21
Sortino ratio: Return per unit of downside risk	1.97	1.81	+0.16
Omega ratio: Gain probability vs. loss probability	1.24	1.22	+0.02
Calmar ratio: Return relative to maximum drawdown	2.85	2.59	+0.26
Martin ratio: Return relative to average drawdown	8.14	6.29	+1.85

TRFM vs. IAK - Sharpe Ratio Comparison

The current TRFM Sharpe Ratio is 1.45, which is comparable to the IAK Sharpe Ratio of 1.24. The chart below compares the historical Sharpe Ratios of TRFM and IAK, 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

TRFM vs. IAK - Drawdown Comparison

The maximum TRFM drawdown since its inception was -28.40%, smaller than the maximum IAK drawdown of -77.38%. Use the drawdown chart below to compare losses from any high point for TRFM and IAK.

Drawdown Indicators

	TRFM	IAK	Difference
Max Drawdown Largest peak-to-trough decline	-28.40%	-77.38%	+48.98%
Max Drawdown (1Y) Largest decline over 1 year	-12.99%	-7.62%	-5.37%
Max Drawdown (3Y) Largest decline over 3 years	-28.40%	-11.58%	-16.82%
Max Drawdown (5Y) Largest decline over 5 years	—	-14.76%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-44.95%	—
Current Drawdown Current decline from peak	-6.63%	-3.20%	-3.43%
Average Drawdown Average peak-to-trough decline	-6.56%	-16.01%	+9.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.54%	3.13%	+1.41%

Volatility

TRFM vs. IAK - Volatility Comparison

AAM Transformers ETF (TRFM) has a higher volatility of 7.91% compared to iShares U.S. Insurance ETF (IAK) at 6.56%. This indicates that TRFM's price experiences larger fluctuations and is considered to be riskier than IAK based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TRFM	IAK	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.91%	6.56%	+1.35%
Volatility (6M) Calculated over the trailing 6-month period	20.73%	12.42%	+8.31%
Volatility (1Y) Calculated over the trailing 1-year period	25.59%	15.99%	+9.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.27%	18.13%	+9.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.27%	20.92%	+6.35%

TRFM vs. IAK - Expense Ratio Comparison

TRFM has a 0.49% expense ratio, which is higher than IAK's 0.38% expense ratio.

Dividends

TRFM vs. IAK - Dividend Comparison

TRFM's dividend yield for the trailing twelve months is around 0.14%, less than IAK's 2.42% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IAK iShares U.S. Insurance ETF	2.42%	1.69%	1.49%	1.44%	1.69%	2.26%	2.07%	1.84%	2.33%	1.62%	1.68%	1.62%
TRFM AAM Transformers ETF	0.14%	0.17%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TRFM and IAK in my portfolio?

TRFM and IAK have a correlation of -0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TRFM or IAK?

TRFM has higher volatility (7.91%) compared to IAK (6.56%). In terms of maximum drawdown, TRFM dropped -28.40% vs IAK's -77.38%.

Which ETF is better, TRFM or IAK?

On 3-year performance, TRFM leads with 26.86% vs 19.67% for IAK. On fees, IAK is cheaper at 0.38% per year. On volatility, IAK has been the lower-risk option at 6.56%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TRFM or IAK?

Over the 3-year period, TRFM has performed better with a 26.86% return vs 19.67%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TRFM or IAK?

IAK is cheaper with a 0.38% expense ratio, compared with 0.49% for TRFM.

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

IAK has the higher dividend yield at 2.42%, compared with 0.14% for TRFM.

What is the main difference between TRFM and IAK?

TRFM is categorized as Technology Equities, while IAK is Financials Equities. TRFM tracks Pence Transformers Index - Benchmark TR Gross, while IAK tracks Dow Jones U.S. Select Insurance Index. They also come from different issuers: AAM and iShares. Their fees differ too: 0.49% for TRFM and 0.38% for IAK.

Which has better risk-adjusted returns?

TRFM currently has the higher Sharpe Ratio (1.45 vs 1.24), 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.