Data as of Oct 28, 2026.
TPZ vs TRFM: Holdings Overlap & Returns
Over the year to Oct 28, 2026, TPZ returned +3.7% to TRFM's +12.0%; 4% of their weight is in the same names.
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Net assets: $129m on May 31, 2026 for Tortoise Electrification Infrastructure ETF, and $248m on Jul 31, 2026 for AAM Transformers ETF.
55% of TPZ's weight is in S&P 500 companies and 45% is outside the index. Holdings as of May 31, 2026.
47% of TRFM's weight is in S&P 500 companies and 53% is outside the index. Holdings as of Jul 31, 2026.
Pair scorecard
TRFM costs 0.36 points a year less; their one-year returns differ by 8.3 points.
| Measure | TPZ | TRFM |
|---|---|---|
| Return | ||
| Total return, 1 year | +3.7% | +12.0% |
| Drawdown | ||
| Below its all-time high | 6.3%, high on Apr 30, 2026 | 10.2%, high on Jun 30, 2026 |
| Benchmark | ||
| What it tracks | Electrification and the grid | Electrification and the grid |
| Cost and size | ||
| Expense ratio | 0.85% | 0.49% |
| Net assets, TPZ as of May 31, 2026 and TRFM as of Jul 31, 2026 | $129m | $248m |
| Holdings | ||
| Holdings in common | 4% | |
Holdings in common uses holdings dated May 31, 2026 and Jul 31, 2026. Method
Risk and return
Jan 3, 2025 to Oct 23, 2026 · 94 weekly returnsTRFM returned more: +39.0% to +7.4%. TPZ swung less: 16.4% to 25.1%. TPZ fell less at its worst: −14.2% to −26.7%.
Full scorecard
9 measures, with how each is measured Open ↓
| Measure | TPZ | TRFM | Edge | How it is measured |
|---|---|---|---|---|
| Return | ||||
| Total return | +7.4% | +39.0% | TRFM | Price change plus distributions, reinvested. |
| Annualized | +4.0% | +20.0% | TRFM | Total return as a yearly rate. |
| Price return | +0.3% | +38.8% | TRFM | Price change alone, distributions left out. |
| Risk | ||||
| Volatility | 16.4% | 25.1% | TPZ | Spread of weekly returns, annualized. Lower is steadier. |
| Downside deviation | 12.2% | 17.1% | TPZ | Like volatility, counting only weeks below the Treasury bill rate. |
| Max drawdown | −14.2% | −26.7% | TPZ | Deepest fall from a high to the low after it. |
| Risk-adjusted | ||||
| Sharpe | 0.08 | 0.69 | TRFM | Return above Treasury bills per unit of volatility. |
| Sortino | 0.11 | 1.02 | TRFM | Return above Treasury bills per unit of downside deviation. |
| Calmar | 0.28 | 0.75 | TRFM | Annualized return divided by the max drawdown. |
Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 94 weekly returns. Cash rate: the 13-week Treasury bill.
What they share
By the books each fund has filed, TPZ and TRFM hold 4% of their money in the same securities at the same weight. Holdings dated May 31, 2026 and Jul 31, 2026.
half
4% in common
Only in one fund ↓
Window by window
| Total return | ||
|---|---|---|
| Window | TPZ | TRFM |
| 3 months | +0.3% | +2.3% |
| 6 months | −3.5% | +6.5% |
| 1 year | +3.7% | +12.0% |
| 3 years | – | +128.0% |
| Since launchNot the same days: TPZ Dec 2024 · TRFM Jul 2022 | +12.6% | +140.8% |
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Side by side
As of Oct 28, 2026. Source: ETFIQ.
4% of the two portfolios are the same securities at the same weight.
TPZ and TRFM are built for the same job. How do they differ in cost, holdings and results?
- Concentration. The top ten holdings are 52.7% of TPZ and 8.0% of TRFM, a gap of 44.7 points.
- Holdings in common. 4% of the weight is in the same securities (holdings dated May 31, 2026 and Jul 31, 2026).
- One-year total return. Over 1 year to Oct 28, 2026 TPZ returned +3.7% and TRFM +12.0% with distributions reinvested, a gap of 8.3 points.
Data as of Oct 28, 2026.
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TPZ
By weight, 55% of TPZ's portfolio is stocks that are also in the S&P 500; its active share against the S&P 500 is 98%. The top ten holdings are 53% of the fund across 31 positions, as filed for May 31, 2026. Over the year to Oct 28, 2026 the fund returned +3.7% with distributions reinvested. It sits 6.3% below its all-time high of Apr 30, 2026.
TRFM
By weight, 47% of TRFM's portfolio is stocks that are also in the S&P 500; its active share against the S&P 500 is 79%. The top ten holdings are 8% of the fund across 310 positions, as filed for Jul 31, 2026. Over the year to Oct 28, 2026 the fund returned +12.0% with distributions reinvested. It sits 10.2% below its all-time high of Jun 30, 2026.
Questions people ask
- Do TPZ and TRFM hold the same stocks?
- By their latest filings, 4% 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
Overlap adds up the smaller of the two weights for each security both funds hold.
Every number is an ETFIQ calculation with distributions reinvested.
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ETFIQ, TPZ against TRFM, data as of Oct 28, 2026. https://etfiq.com/compare/themes/tpz-vs-trfm
ETFIQ. (Oct 28, 2026). TPZ against TRFM. Retrieved from https://etfiq.com/compare/themes/tpz-vs-trfm
[TPZ against TRFM (ETFIQ, Oct 28, 2026)](https://etfiq.com/compare/themes/tpz-vs-trfm)
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