AIRR vs. DXJ

Last updated Jun 14, 2026

AIRR (First Trust RBA American Industrial Renaissance ETF) and DXJ (WisdomTree Japan Hedged Equity Fund) are both exchange-traded funds - AIRR is a Building & Construction fund tracking the Richard Bernstein Advisors American Industrial Renaissance Index, while DXJ is a Japan Equities fund tracking the WisdomTree Japan Hedged Equity Index. Both are passively managed. Over the past 10 years, AIRR returned 22.05%/yr vs 18.72%/yr for DXJ. A 0.56 correlation means they provide meaningful diversification when combined. AIRR charges 0.69%/yr vs 0.48%/yr for DXJ.

Performance

AIRR vs. DXJ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust RBA American Industrial Renaissance ETF (AIRR) and WisdomTree Japan Hedged Equity Fund (DXJ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AIRR achieves a 31.74% return, which is significantly higher than DXJ's 18.74% return. Over the past 10 years, AIRR has outperformed DXJ with an annualized return of 22.05%, while DXJ has yielded a comparatively lower 18.72% annualized return.

AIRR

• 1D: 0.83%
• 1M: 1.32%
• YTD: 31.74%
• 6M: 28.77%
• 1Y: 67.12%
• 3Y*: 35.29%
• 5Y*: 25.46%
• 10Y*: 22.05%

DXJ

• 1D: 0.74%
• 1M: 0.35%
• YTD: 18.74%
• 6M: 19.84%
• 1Y: 54.41%
• 3Y*: 30.91%
• 5Y*: 26.01%
• 10Y*: 18.72%

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

AIRR vs. DXJ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
AIRR First Trust RBA American Industrial Renaissance ETF	31.74%	27.92%	33.45%	31.43%	-2.08%	33.01%	17.17%	33.97%	-20.57%	16.28%
DXJ WisdomTree Japan Hedged Equity Fund	18.74%	32.78%	29.83%	42.04%	5.96%	17.99%	3.94%	18.94%	-19.78%	22.81%

Correlation

The correlation between AIRR and DXJ is 0.52, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.52
Correlation (3Y) Calculated over the trailing 3-year period	0.48
Correlation (5Y) Calculated over the trailing 5-year period	0.55
Correlation (10Y) Calculated over the trailing 10-year period	0.57
Correlation (All Time) Calculated using the full available price history since Mar 11, 2014	0.56

The correlation between AIRR and DXJ has been stable across timeframes, ranging from 0.48 to 0.57 - a consistent structural relationship.

AIRR vs. DXJ - Sectors Allocation Comparison

Sectors	AIRR	DXJ
Industrials	92.4%	27.4%
Financial Services	6.9%	18.3%
Energy	3.8%	1.7%
Technology	0.7%	12.9%
Basic Materials	-	8.5%
Communication Services	-	2.7%
Consumer Cyclical	-	15.6%
Consumer Defensive	-	4.7%
Healthcare	-	6.8%
Real Estate	-	-
Utilities	-	0.1%

Return for Risk

AIRR vs. DXJ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

AIRR

AIRR Risk / Return Rank: 86
AIRR Sharpe Ratio Rank: 88
AIRR Sortino Ratio Rank: 83
AIRR Omega Ratio Rank: 78
AIRR Calmar Ratio Rank: 91
AIRR Martin Ratio Rank: 90

DXJ

DXJ Risk / Return Rank: 92
DXJ Sharpe Ratio Rank: 93
DXJ Sortino Ratio Rank: 93
DXJ Omega Ratio Rank: 92
DXJ Calmar Ratio Rank: 90
DXJ Martin Ratio Rank: 91

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.

AIRR vs. DXJ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust RBA American Industrial Renaissance ETF (AIRR) and WisdomTree Japan Hedged Equity Fund (DXJ). 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.

	AIRR	DXJ	Difference
Sharpe ratio: Return per unit of total volatility	2.50	3.02	-0.52
Sortino ratio: Return per unit of downside risk	3.22	4.04	-0.81
Omega ratio: Gain probability vs. loss probability	1.40	1.54	-0.14
Calmar ratio: Return relative to maximum drawdown	5.01	4.88	+0.13
Martin ratio: Return relative to average drawdown	18.33	18.93	-0.60

AIRR vs. DXJ - Sharpe Ratio Comparison

The current AIRR Sharpe Ratio is 2.50, which is comparable to the DXJ Sharpe Ratio of 3.02. The chart below compares the historical Sharpe Ratios of AIRR and DXJ, 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

AIRR vs. DXJ - Drawdown Comparison

The maximum AIRR drawdown since its inception was -42.37%, smaller than the maximum DXJ drawdown of -49.63%. Use the drawdown chart below to compare losses from any high point for AIRR and DXJ.

Drawdown Indicators

	AIRR	DXJ	Difference
Max Drawdown Largest peak-to-trough decline	-42.37%	-49.63%	+7.26%
Max Drawdown (1Y) Largest decline over 1 year	-13.09%	-10.98%	-2.11%
Max Drawdown (3Y) Largest decline over 3 years	-27.95%	-22.19%	-5.76%
Max Drawdown (5Y) Largest decline over 5 years	-27.95%	-22.19%	-5.76%
Max Drawdown (10Y) Largest decline over 10 years	-42.37%	-39.14%	-3.23%
Current Drawdown Current decline from peak	-1.89%	-1.34%	-0.55%
Average Drawdown Average peak-to-trough decline	-7.48%	-14.32%	+6.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.57%	2.83%	+0.74%

Volatility

AIRR vs. DXJ - Volatility Comparison

First Trust RBA American Industrial Renaissance ETF (AIRR) has a higher volatility of 9.32% compared to WisdomTree Japan Hedged Equity Fund (DXJ) at 4.64%. This indicates that AIRR's price experiences larger fluctuations and is considered to be riskier than DXJ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AIRR	DXJ	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.32%	4.64%	+4.68%
Volatility (6M) Calculated over the trailing 6-month period	20.81%	13.56%	+7.25%
Volatility (1Y) Calculated over the trailing 1-year period	26.19%	17.73%	+8.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.45%	19.02%	+6.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.36%	20.17%	+6.19%

AIRR vs. DXJ - Expense Ratio Comparison

AIRR has a 0.69% expense ratio, which is higher than DXJ's 0.48% expense ratio.

Dividends

AIRR vs. DXJ - Dividend Comparison

AIRR's dividend yield for the trailing twelve months is around 0.13%, less than DXJ's 1.09% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AIRR First Trust RBA American Industrial Renaissance ETF	0.13%	0.19%	0.18%	0.23%	0.12%	0.05%	0.10%	0.20%	0.43%	0.30%	0.08%	0.47%
DXJ WisdomTree Japan Hedged Equity Fund	1.09%	1.29%	3.48%	3.44%	3.02%	2.64%	2.53%	2.47%	2.92%	2.30%	1.98%	5.95%

Frequently Asked Questions

Can I hold both AIRR and DXJ in my portfolio?

AIRR and DXJ have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AIRR or DXJ?

AIRR has higher volatility (9.32%) compared to DXJ (4.64%). In terms of maximum drawdown, AIRR dropped -42.37% vs DXJ's -49.63%.

Which ETF is better, AIRR or DXJ?

On 10-year performance, AIRR leads with 22.05% vs 18.72% for DXJ. On fees, DXJ is cheaper at 0.48% per year. On volatility, DXJ has been the lower-risk option at 4.64%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AIRR or DXJ?

Over the 10-year period, AIRR has performed better with a 22.05% return vs 18.72%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AIRR or DXJ?

DXJ is cheaper with a 0.48% expense ratio, compared with 0.69% for AIRR.

Which ETF pays a higher dividend yield, AIRR or DXJ?

DXJ has the higher dividend yield at 1.09%, compared with 0.13% for AIRR.

What is the main difference between AIRR and DXJ?

AIRR is categorized as Building & Construction, while DXJ is Japan Equities. AIRR tracks Richard Bernstein Advisors American Industrial Renaissance Index, while DXJ tracks WisdomTree Japan Hedged Equity Index. They also come from different issuers: First Trust and WisdomTree. Their fees differ too: 0.69% for AIRR and 0.48% for DXJ.

Which has better risk-adjusted returns?

DXJ currently has the higher Sharpe Ratio (3.02 vs 2.50), 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.