XT vs. TRFM

Last updated Aug 4, 2026

XT (iShares Future Exponential Technologies ETF) and TRFM (AAM Transformers ETF) are both Technology Equities funds - XT tracks the Morningstar Exponential Technologies Index (Net) while TRFM tracks the Pence Transformers Index - Benchmark TR Gross. Both are passively managed. Over the past 3 years, XT returned 16.27%/yr vs 26.86%/yr for TRFM. Their correlation of 0.93 means they have usually moved in the same direction. XT charges 0.46%/yr vs 0.49%/yr for TRFM.

Performance

XT vs. TRFM - Performance Comparison

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

Returns By Period

In the year-to-date period, XT achieves a 15.68% return, which is significantly lower than TRFM's 23.78% return.

XT

• 1D: 0.94%
• 1M: -2.33%
• 6M: 11.05%
• YTD: 15.68%
• 1Y: 33.19%
• 3Y*: 16.27%
• 5Y*: 6.52%
• 10Y*: 13.72%
• ALL TIME*: 12.32%

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%

*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	$2.70M	$2.28M	$2.00M
XT iShares Future Exponential Technologies ETF	$6.36M	$6.26M	$10.28M

XT vs. TRFM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
XT iShares Future Exponential Technologies ETF	15.68%	26.28%	0.29%	27.02%	-2.38%
TRFM AAM Transformers ETF	23.78%	25.76%	19.96%	44.71%	-9.92%

Correlation

The correlation between XT and TRFM is 0.90, 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.	0.90
Correlation (3Y) Balances recent behavior with more history.	0.92
Correlation (All Time) Calculated using the full available price history since Jul 12, 2022	0.93

The correlation between XT and TRFM has been stable across timeframes, ranging from 0.90 to 0.93 - a consistent structural relationship.

XT vs. TRFM - Sectors Allocation Comparison

Sectors	XT	TRFM
Technology	42.9%	54.7%
Healthcare	28.5%	0.2%
Industrials	8.0%	20.7%
Consumer Cyclical	6.7%	5.2%
Utilities	4.9%	10.8%
Communication Services	4.0%	4.7%
Financial Services	3.2%	1.8%
Basic Materials	1.5%	0.5%
Energy	0.1%	3.5%
Real Estate	0.0%	-
Consumer Defensive	0.0%	0.2%

Return for Risk

XT vs. TRFM — Risk / Return Rank

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

XT

XT Risk / Return Rank: 79
XT Sharpe Ratio Rank: 79
XT Sortino Ratio Rank: 76
XT Omega Ratio Rank: 75
XT Calmar Ratio Rank: 83
XT Martin Ratio Rank: 82

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

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.

XT vs. TRFM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Future Exponential Technologies ETF (XT) and AAM Transformers ETF (TRFM). 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.

	XT	TRFM	Difference
Sharpe ratio: Return per unit of total volatility	1.87	1.45	+0.43
Sortino ratio: Return per unit of downside risk	2.54	1.97	+0.57
Omega ratio: Gain probability vs. loss probability	1.32	1.24	+0.08
Calmar ratio: Return relative to maximum drawdown	3.19	2.85	+0.34
Martin ratio: Return relative to average drawdown	11.45	8.14	+3.31

XT vs. TRFM - Sharpe Ratio Comparison

The current XT Sharpe Ratio is 1.87, which is comparable to the TRFM Sharpe Ratio of 1.45. The chart below compares the historical Sharpe Ratios of XT and TRFM, 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

XT vs. TRFM - Drawdown Comparison

The maximum XT drawdown since its inception was -34.41%, which is greater than TRFM's maximum drawdown of -28.40%. Use the drawdown chart below to compare losses from any high point for XT and TRFM.

Drawdown Indicators

	XT	TRFM	Difference
Max Drawdown Largest peak-to-trough decline	-34.41%	-28.40%	-6.01%
Max Drawdown (1Y) Largest decline over 1 year	-10.45%	-12.99%	+2.54%
Max Drawdown (3Y) Largest decline over 3 years	-22.09%	-28.40%	+6.31%
Max Drawdown (5Y) Largest decline over 5 years	-34.41%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-34.41%	—	—
Current Drawdown Current decline from peak	-4.22%	-6.63%	+2.41%
Average Drawdown Average peak-to-trough decline	-7.35%	-6.56%	-0.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.90%	4.54%	-1.64%

Volatility

XT vs. TRFM - Volatility Comparison

The current volatility for iShares Future Exponential Technologies ETF (XT) is 5.03%, while AAM Transformers ETF (TRFM) has a volatility of 7.91%. This indicates that XT experiences smaller price fluctuations and is considered to be less risky than TRFM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XT	TRFM	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.03%	7.91%	-2.88%
Volatility (6M) Calculated over the trailing 6-month period	14.41%	20.73%	-6.32%
Volatility (1Y) Calculated over the trailing 1-year period	17.83%	25.59%	-7.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.09%	27.27%	-6.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.13%	27.27%	-7.14%

XT vs. TRFM - Expense Ratio Comparison

XT has a 0.46% expense ratio, which is lower than TRFM's 0.49% expense ratio.

Dividends

XT vs. TRFM - Dividend Comparison

XT's dividend yield for the trailing twelve months is around 7.08%, more than TRFM's 0.14% 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%
XT iShares Future Exponential Technologies ETF	7.08%	7.95%	0.66%	0.41%	0.78%	0.84%	0.77%	1.55%	1.40%	0.97%	1.37%	1.34%

Frequently Asked Questions

Can I hold both XT and TRFM in my portfolio?

With a correlation of 0.90, XT and TRFM move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, XT or TRFM?

TRFM has higher volatility (7.91%) compared to XT (5.03%). In terms of maximum drawdown, XT dropped -34.41% vs TRFM's -28.40%.

Which ETF is better, XT or TRFM?

On 3-year performance, TRFM leads with 26.86% vs 16.27% for XT. On fees, XT is cheaper at 0.46% per year. On volatility, XT has been the lower-risk option at 5.03%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XT or TRFM?

Over the 3-year period, TRFM has performed better with a 26.86% return vs 16.27%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XT or TRFM?

XT is cheaper with a 0.46% expense ratio, compared with 0.49% for TRFM.

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

XT has the higher dividend yield at 7.08%, compared with 0.14% for TRFM.

What is the main difference between XT and TRFM?

XT tracks Morningstar Exponential Technologies Index (Net), while TRFM tracks Pence Transformers Index - Benchmark TR Gross. They also come from different issuers: iShares and AAM. Their fees differ too: 0.46% for XT and 0.49% for TRFM.

Which has better risk-adjusted returns?

XT currently has the higher Sharpe Ratio (1.87 vs 1.45), 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.