Data as of Nov 12, 2026.
AIPO vs TCAI: Holdings Overlap & Returns
Return, fees and overlap, side by side.
Risk and return
Aug 15, 2025 to Nov 6, 2026 · 64 weekly returnsFrom Aug 2025 to Nov 2026, TCAI returned more: +30.6% to +11.1%. AIPO swung less: 30.0% to 39.2%. AIPO fell less at its worst: −33.9% to −42.0%.
Full scorecard
9 measures Open ↓
Points (pts) are percentage points.
| Measure | AIPO | TCAI | Edge | How it is measured |
|---|---|---|---|---|
| Return | ||||
| Total return | +11.1% | +30.6% | TCAI | Price change plus distributions, reinvested. |
| Annualized | +8.9% | +24.2% | TCAI | Total return as a yearly rate. |
| Price return | +11.1% | +30.5% | TCAI | Price change alone, distributions left out. |
| Risk | ||||
| Volatility | 30.0% | 39.2% | AIPO | Spread of weekly returns, annualized. Lower is steadier. |
| Downside deviation | 21.5% | 29.0% | AIPO | Like volatility, counting only weeks below the Treasury bill rate. |
| Max drawdown | −33.9% | −42.0% | AIPO | Deepest fall from a high to the low after it. |
| Risk-adjusted | ||||
| Sharpe | 0.31 | 0.66 | TCAI | Return above Treasury bills per unit of volatility. |
| Sortino | 0.43 | 0.88 | TCAI | Return above Treasury bills per unit of downside deviation. |
| Calmar | 0.26 | 0.58 | TCAI | Annualized return divided by the max drawdown. |
Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 64 weekly returns. Cash rate: the 13-week Treasury bill.
Pair scorecard
TCAI costs 0.04 points a year less; their one-year returns differ by 15.4 points; AIPO is 3.0 times larger.
| Measure | AIPO | TCAI |
|---|---|---|
| Return | ||
| Total return, 1 year | +1.6% | +17.0% |
| Drawdown | ||
| Below its all-time high | 30.5%, high on Jun 22, 2026 | 37.0%, high on Jun 22, 2026 |
| Against its benchmark | ||
| What it tracks | AI infrastructure and chips | AI infrastructure and chips |
| Against the S&P 500, 1 year | behind by 10.5 pts | |
| Its benchmark, total return, 1 year | +12.1% | |
| Against its benchmark, 1 year | behind by 10.5 pts | |
| Cost and size | ||
| Expense ratio | 0.69% | 0.65% |
| Net assets, as of Nov 11, 2026 | $789m | $266m |
| Active share vs the S&P 500 | 86% | 93% |
| Holdings | ||
| Holdings in common | 24% | |
How different its holdings are from the S&P 500, ranked against 111 thematic ETFs with at least half their money in S&P 500 companies. 100 is best. How it is computed
Weight not shared with the S&P 500 only; it says nothing about returns, fees or whether the theme pays off. All thematic ETFs ranked by it →
68% of AIPO's weight is in S&P 500 companies and 32% is outside the index. Holdings as of Nov 12, 2026.
60% of TCAI's weight is in S&P 500 companies and 40% is outside the index. Holdings as of Aug 31, 2026.
What they share
By the books each fund has filed, AIPO and TCAI hold 24% of their money in the same securities at the same weight. Holdings dated Aug 31, 2026 and Nov 12, 2026.
half
24% in common
Only in one fund ↓
Window by window
| Total return | vs its benchmark | |||
|---|---|---|---|---|
| Window | AIPO | TCAI | AIPO | TCAI |
| 3 months | −21.3% | −26.2% | −18.9 pts vs VOO | not measured |
| 6 months | −27.8% | −27.2% | −29.6 pts vs VOO | not measured |
| 1 year | +1.6% | +17.0% | −10.5 pts vs VOO | not measured |
| Since launchNot the same days: AIPO Jul 2025 · TCAI Aug 2025 | +18.7% | +45.6% | −1.9 pts vs VOO | not measured |
Side by side
As of Nov 12, 2026. Source: ETFIQ.
24% of the two portfolios are the same securities at the same weight.
Client brief:
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AIPO
By weight, 68% of AIPO's portfolio is stocks that are also in the S&P 500; its active share against the S&P 500 is 86%. The top ten holdings are 58% of the fund across 86 positions, as published by its issuer for Nov 12, 2026. Over the year to Nov 12, 2026 the fund returned +1.6% with distributions reinvested against +12.1% for its benchmark, the S&P 500 Total Return Index, so a holder was behind by 10.5 pts. It sits 30.5% below its all-time high of Jun 22, 2026.
TCAI
By weight, 60% of TCAI's portfolio is stocks that are also in the S&P 500; its active share against the S&P 500 is 93%. The top ten holdings are 43% of the fund across 46 positions, as filed for Aug 31, 2026. Over the year to Nov 12, 2026 the fund returned +17.0% with distributions reinvested. It sits 37.0% below its all-time high of Jun 22, 2026.
Questions people ask
- Do AIPO and TCAI hold the same stocks?
- By their latest filings, 24% of their books are the same securities at the same weight. Overlap is the sum of the smaller weight of every security they share.
Links are sources, not endorsements. A comparison is not a recommendation.
How this is computed
It is a place in a set, not a rating or a recommendation.
Overlap adds up the smaller of the two weights for each security both funds hold.
Every number is an ETFIQ calculation with distributions reinvested.
Cite this pageCitation, APA and Markdown
ETFIQ, AIPO against TCAI, data as of Nov 12, 2026. https://etfiq.com/compare/themes/aipo-vs-tcai
ETFIQ. (Nov 12, 2026). AIPO against TCAI. Retrieved from https://etfiq.com/compare/themes/aipo-vs-tcai
[AIPO against TCAI (ETFIQ, Nov 12, 2026)](https://etfiq.com/compare/themes/aipo-vs-tcai)
Free to use with attribution for data ETFIQ computes; issuer data stays under its owner's terms.
Net assets: $789m on Nov 11, 2026 for Defiance AI & Power Infrastructure ETF, and $263m on Nov 12, 2026 for Tortoise AI Infrastructure ETF.
AIPO and TCAI
Total return, distributions reinvested, 1 year.
AIPO +1.6%, TCAI +17.0%: TCAI +15.4 pts ahead, 1 year, Nov 12, 2025 to Nov 12, 2026.