TRFM vs. TCAI

Last updated Jun 4, 2026

TRFM (AAM Transformers ETF) and TCAI (Tortoise AI Infrastructure ETF) are both Technology Equities funds. TRFM is passively managed, while TCAI is actively managed. Their correlation of 0.84 suggests significant overlap in exposure. TRFM charges 0.49%/yr vs 0.65%/yr for TCAI.

Performance

TRFM vs. TCAI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AAM Transformers ETF (TRFM) and Tortoise AI Infrastructure ETF (TCAI). 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 lower than TCAI's 89.63% return.

TRFM

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

TCAI

• 1D: -0.27%
• 1M: 19.58%
• YTD: 89.63%
• 6M: 85.78%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TRFM vs. TCAI - Yearly Performance Comparison

	2026 (YTD)	2025
TRFM AAM Transformers ETF	30.30%	8.64%
TCAI Tortoise AI Infrastructure ETF	89.63%	17.77%

Correlation

The correlation between TRFM and TCAI is 0.84, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since Aug 6, 2025	0.84

TRFM vs. TCAI - Sectors Allocation Comparison

Sectors	TRFM	TCAI
Technology	53.3%	44.0%
Consumer Cyclical	17.7%	1.4%
Communication Services	12.3%	1.1%
Industrials	7.2%	29.9%
Energy	3.5%	6.1%
Financial Services	2.8%	6.4%
Utilities	1.7%	11.1%
Basic Materials	1.2%	-
Healthcare	0.2%	-
Consumer Defensive	-	-
Real Estate	-	0.6%

Return for Risk

TRFM vs. TCAI — 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. TCAI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AAM Transformers ETF (TRFM) and Tortoise AI Infrastructure ETF (TCAI). 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	TCAI	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	TCAI	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	4.61	-3.55

Drawdowns

TRFM vs. TCAI - Drawdown Comparison

The maximum TRFM drawdown since its inception was -28.40%, which is greater than TCAI's maximum drawdown of -15.80%. Use the drawdown chart below to compare losses from any high point for TRFM and TCAI.

Drawdown Indicators

	TRFM	TCAI	Difference
Max Drawdown Largest peak-to-trough decline	-28.40%	-15.80%	-12.60%
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%	-0.27%	-0.96%
Average Drawdown Average peak-to-trough decline	-6.61%	-3.43%	-3.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.82%	—	—

Volatility

Volatility by Period

	TRFM	TCAI	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%	35.82%	-13.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.94%	35.82%	-8.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.94%	35.82%	-8.88%

TRFM vs. TCAI - Expense Ratio Comparison

TRFM has a 0.49% expense ratio, which is lower than TCAI's 0.65% expense ratio.

Dividends

TRFM vs. TCAI - Dividend Comparison

TRFM's dividend yield for the trailing twelve months is around 0.13%, more than TCAI's 0.03% yield.

Position	TTM	2025
TCAI Tortoise AI Infrastructure ETF	0.03%	0.05%
TRFM AAM Transformers ETF	0.13%	0.17%

Frequently Asked Questions

Can I hold both TRFM and TCAI in my portfolio?

TRFM and TCAI have a correlation of 0.84, 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 TCAI?

On fees, TRFM is cheaper at 0.49% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, TRFM or TCAI?

TRFM is cheaper with a 0.49% expense ratio, compared with 0.65% for TCAI.

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

TRFM has the higher dividend yield at 0.13%, compared with 0.03% for TCAI.

What is the main difference between TRFM and TCAI?

They also come from different issuers: AAM and Tortoise. Their fees differ too: 0.49% for TRFM and 0.65% for TCAI.