TRFM vs. VOO

Last updated Aug 2, 2026

TRFM (AAM Transformers ETF) and VOO (Vanguard S&P 500 ETF) are both exchange-traded funds - TRFM is a Technology Equities fund tracking the Pence Transformers Index - Benchmark TR Gross, while VOO is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 3 years, TRFM returned 23.92%/yr vs 19.42%/yr for VOO. Their correlation of 0.86 means they have usually moved in the same direction. TRFM charges 0.49%/yr vs 0.03%/yr for VOO.

Performance

TRFM vs. VOO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AAM Transformers ETF (TRFM) and Vanguard S&P 500 ETF (VOO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TRFM achieves a 21.27% return, which is significantly higher than VOO's 10.16% return.

TRFM

• 1D: 0.52%
• 1M: -5.31%
• 6M: 17.60%
• YTD: 21.27%
• 1Y: 34.05%
• 3Y*: 23.92%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 23.93%

VOO

• 1D: 0.71%
• 1M: 0.26%
• 6M: 8.58%
• YTD: 10.16%
• 1Y: 21.58%
• 3Y*: 19.42%
• 5Y*: 12.83%
• 10Y*: 15.14%
• ALL TIME*: 14.78%

*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)
TRFM AAM Transformers ETF	$2.71M	$2.26M	$1.99M
VOO Vanguard S&P 500 ETF	$3.82B	$3.78B	$5.44B

TRFM vs. VOO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
TRFM AAM Transformers ETF	21.27%	25.76%	19.96%	44.71%	-9.92%
VOO Vanguard S&P 500 ETF	10.16%	17.82%	24.98%	26.32%	0.38%

Correlation

The correlation between TRFM and VOO is 0.86, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.86
Correlation (3Y) Balances recent behavior with more history.	0.86
Correlation (All Time) Calculated using the full available price history since Jul 12, 2022	0.86

The correlation between TRFM and VOO has been stable across timeframes, ranging from 0.86 to 0.86 - a consistent structural relationship.

TRFM vs. VOO - Sectors Allocation Comparison

Sectors	TRFM	VOO
Technology	54.7%	38.6%
Industrials	20.7%	8.5%
Utilities	10.8%	2.2%
Consumer Cyclical	5.2%	9.5%
Communication Services	4.7%	9.9%
Energy	3.5%	3.0%
Financial Services	1.8%	11.4%
Basic Materials	0.5%	1.7%
Healthcare	0.2%	8.9%
Consumer Defensive	0.2%	4.5%
Real Estate	-	1.8%

Return for Risk

TRFM vs. VOO — Risk / Return Rank

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

TRFM

TRFM Risk / Return Rank: 54
TRFM Sharpe Ratio Rank: 50
TRFM Sortino Ratio Rank: 48
TRFM Omega Ratio Rank: 46
TRFM Calmar Ratio Rank: 70
TRFM Martin Ratio Rank: 58

VOO

VOO Risk / Return Rank: 68
VOO Sharpe Ratio Rank: 68
VOO Sortino Ratio Rank: 65
VOO Omega Ratio Rank: 66
VOO Calmar Ratio Rank: 64
VOO Martin Ratio Rank: 76

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. VOO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AAM Transformers ETF (TRFM) and Vanguard S&P 500 ETF (VOO). 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	VOO	Difference
Sharpe ratio: Return per unit of total volatility	1.24	1.53	-0.30
Sortino ratio: Return per unit of downside risk	1.73	2.13	-0.40
Omega ratio: Gain probability vs. loss probability	1.21	1.28	-0.06
Calmar ratio: Return relative to maximum drawdown	2.43	2.21	+0.22
Martin ratio: Return relative to average drawdown	6.98	9.44	-2.46

TRFM vs. VOO - Sharpe Ratio Comparison

The current TRFM Sharpe Ratio is 1.24, which is comparable to the VOO Sharpe Ratio of 1.53. The chart below compares the historical Sharpe Ratios of TRFM and VOO, 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. VOO - Drawdown Comparison

The maximum TRFM drawdown since its inception was -28.40%, smaller than the maximum VOO drawdown of -33.99%. Use the drawdown chart below to compare losses from any high point for TRFM and VOO.

Drawdown Indicators

	TRFM	VOO	Difference
Max Drawdown Largest peak-to-trough decline	-28.40%	-33.99%	+5.59%
Max Drawdown (1Y) Largest decline over 1 year	-12.99%	-8.90%	-4.09%
Max Drawdown (3Y) Largest decline over 3 years	-28.40%	-18.69%	-9.71%
Max Drawdown (5Y) Largest decline over 5 years	—	-24.52%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-33.99%	—
Current Drawdown Current decline from peak	-8.52%	-1.38%	-7.14%
Average Drawdown Average peak-to-trough decline	-6.56%	-3.67%	-2.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.52%	2.08%	+2.44%

Volatility

TRFM vs. VOO - Volatility Comparison

AAM Transformers ETF (TRFM) has a higher volatility of 7.74% compared to Vanguard S&P 500 ETF (VOO) at 3.54%. This indicates that TRFM's price experiences larger fluctuations and is considered to be riskier than VOO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TRFM	VOO	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.74%	3.54%	+4.20%
Volatility (6M) Calculated over the trailing 6-month period	20.87%	10.10%	+10.77%
Volatility (1Y) Calculated over the trailing 1-year period	25.57%	12.82%	+12.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.26%	16.93%	+10.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.26%	18.01%	+9.25%

TRFM vs. VOO - Expense Ratio Comparison

TRFM has a 0.49% expense ratio, which is higher than VOO's 0.03% expense ratio.

Dividends

TRFM vs. VOO - Dividend Comparison

TRFM's dividend yield for the trailing twelve months is around 0.14%, less than VOO's 1.07% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
VOO Vanguard S&P 500 ETF	1.07%	1.13%	1.24%	1.46%	1.69%	1.25%	1.54%	1.88%	2.06%	1.78%	2.02%	2.10%

Frequently Asked Questions

Can I hold both TRFM and VOO in my portfolio?

TRFM and VOO have a correlation of 0.86, 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 VOO?

TRFM has higher volatility (7.74%) compared to VOO (3.54%). In terms of maximum drawdown, TRFM dropped -28.40% vs VOO's -33.99%.

Which ETF is better, TRFM or VOO?

On 3-year performance, TRFM leads with 23.92% vs 19.42% for VOO. On fees, VOO is cheaper at 0.03% per year. On volatility, VOO has been the lower-risk option at 3.54%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TRFM or VOO?

Over the 3-year period, TRFM has performed better with a 23.92% return vs 19.42%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TRFM or VOO?

VOO is cheaper with a 0.03% expense ratio, compared with 0.49% for TRFM.

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

VOO has the higher dividend yield at 1.07%, compared with 0.14% for TRFM.

What is the main difference between TRFM and VOO?

TRFM is categorized as Technology Equities, while VOO is S&P 500. TRFM tracks Pence Transformers Index - Benchmark TR Gross, while VOO tracks S&P 500 Index. They also come from different issuers: AAM and Vanguard. Their fees differ too: 0.49% for TRFM and 0.03% for VOO.

Which has better risk-adjusted returns?

VOO currently has the higher Sharpe Ratio (1.53 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.