AIRR vs. FDL

Last updated Jun 4, 2026

AIRR (First Trust RBA American Industrial Renaissance ETF) and FDL (First Trust Morningstar Dividend Leaders Index Fund) are both exchange-traded funds - AIRR is a Building & Construction fund tracking the Richard Bernstein Advisors American Industrial Renaissance (TR), while FDL is a Large Cap Value Equities fund tracking the Morningstar Dividend Leaders Index. Both are passively managed. Over the past 10 years, AIRR returned 21.89%/yr vs 11.24%/yr for FDL. A 0.61 correlation means they provide meaningful diversification when combined. AIRR charges 0.70%/yr vs 0.45%/yr for FDL.

Performance

AIRR vs. FDL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust RBA American Industrial Renaissance ETF (AIRR) and First Trust Morningstar Dividend Leaders Index Fund (FDL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AIRR achieves a 31.77% return, which is significantly higher than FDL's 13.33% return. Over the past 10 years, AIRR has outperformed FDL with an annualized return of 21.89%, while FDL has yielded a comparatively lower 11.24% annualized return.

AIRR

• 1D: 0.54%
• 1M: 3.36%
• YTD: 31.77%
• 6M: 31.32%
• 1Y: 65.82%
• 3Y*: 37.10%
• 5Y*: 25.40%
• 10Y*: 21.89%

FDL

• 1D: -0.26%
• 1M: -0.26%
• YTD: 13.33%
• 6M: 14.76%
• 1Y: 23.67%
• 3Y*: 18.97%
• 5Y*: 12.51%
• 10Y*: 11.24%

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

AIRR vs. FDL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
AIRR First Trust RBA American Industrial Renaissance ETF	31.77%	27.92%	33.45%	31.43%	-2.08%	33.01%	17.17%	33.97%	-20.57%	16.28%
FDL First Trust Morningstar Dividend Leaders Index Fund	13.33%	14.79%	17.98%	2.94%	6.66%	26.10%	-4.30%	24.41%	-5.99%	12.02%

Correlation

The correlation between AIRR and FDL is 0.31, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.31
Correlation (3Y) Calculated over the trailing 3-year period	0.46
Correlation (5Y) Calculated over the trailing 5-year period	0.56
Correlation (10Y) Calculated over the trailing 10-year period	0.62
Correlation (All Time) Calculated using the full available price history since Mar 12, 2014	0.61

Over the past year, the correlation between AIRR and FDL has dropped to 0.31 - well below their long-term average of 0.61, suggesting their price drivers have been diverging.

AIRR vs. FDL - Sectors Allocation Comparison

Sectors	AIRR	FDL
Industrials	84.6%	3.8%
Financial Services	9.6%	15.1%
Energy	3.8%	27.3%
Technology	0.5%	1.1%
Basic Materials	-	0.3%
Communication Services	-	10.6%
Consumer Cyclical	-	3.8%
Consumer Defensive	-	14.7%
Healthcare	-	16.8%
Real Estate	-	-
Utilities	-	6.5%

Return for Risk

AIRR vs. FDL — Risk / Return Rank

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

AIRR

AIRR Risk / Return Rank: 78
AIRR Sharpe Ratio Rank: 79
AIRR Sortino Ratio Rank: 73
AIRR Omega Ratio Rank: 67
AIRR Calmar Ratio Rank: 87
AIRR Martin Ratio Rank: 86

FDL

FDL Risk / Return Rank: 70
FDL Sharpe Ratio Rank: 61
FDL Sortino Ratio Rank: 70
FDL Omega Ratio Rank: 59
FDL Calmar Ratio Rank: 90
FDL Martin Ratio Rank: 71

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. FDL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust RBA American Industrial Renaissance ETF (AIRR) and First Trust Morningstar Dividend Leaders Index Fund (FDL). 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.

	AIRR	FDL	Difference
Sharpe ratio: Return per unit of total volatility	2.61	2.11	+0.51
Sortino ratio: Return per unit of downside risk	3.37	3.25	+0.12
Omega ratio: Gain probability vs. loss probability	1.41	1.37	+0.05
Calmar ratio: Return relative to maximum drawdown	5.05	5.56	-0.51
Martin ratio: Return relative to average drawdown	18.68	13.56	+5.12
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

AIRR vs. FDL - Sharpe Ratio Comparison

The current AIRR Sharpe Ratio is 2.61, which is comparable to the FDL Sharpe Ratio of 2.11. The chart below compares the historical Sharpe Ratios of AIRR and FDL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	AIRR	FDL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.61	2.11	+0.51
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.01	0.88	+0.13
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.84	0.66	+0.18
Sharpe Ratio (All Time) Calculated using the full available price history	0.67	0.45	+0.22

Drawdowns

AIRR vs. FDL - Drawdown Comparison

The maximum AIRR drawdown since its inception was -42.37%, smaller than the maximum FDL drawdown of -65.93%. Use the drawdown chart below to compare losses from any high point for AIRR and FDL.

Drawdown Indicators

	AIRR	FDL	Difference
Max Drawdown Largest peak-to-trough decline	-42.37%	-65.93%	+23.56%
Max Drawdown (1Y) Largest decline over 1 year	-13.09%	-4.27%	-8.82%
Max Drawdown (3Y) Largest decline over 3 years	-27.95%	-12.24%	-15.71%
Max Drawdown (5Y) Largest decline over 5 years	-27.95%	-16.46%	-11.49%
Max Drawdown (10Y) Largest decline over 10 years	-42.37%	-41.40%	-0.97%
Current Drawdown Current decline from peak	-1.86%	-2.18%	+0.32%
Average Drawdown Average peak-to-trough decline	-7.43%	-9.66%	+2.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.53%	1.75%	+1.78%

Volatility

AIRR vs. FDL - Volatility Comparison

First Trust RBA American Industrial Renaissance ETF (AIRR) has a higher volatility of 7.87% compared to First Trust Morningstar Dividend Leaders Index Fund (FDL) at 2.85%. This indicates that AIRR's price experiences larger fluctuations and is considered to be riskier than FDL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AIRR	FDL	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.87%	2.85%	+5.02%
Volatility (6M) Calculated over the trailing 6-month period	19.82%	7.87%	+11.95%
Volatility (1Y) Calculated over the trailing 1-year period	25.40%	11.28%	+14.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.29%	14.31%	+10.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.29%	17.11%	+9.18%

AIRR vs. FDL - Expense Ratio Comparison

AIRR has a 0.70% expense ratio, which is higher than FDL's 0.45% expense ratio.

Dividends

AIRR vs. FDL - Dividend Comparison

AIRR's dividend yield for the trailing twelve months is around 0.13%, less than FDL's 3.68% 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%
FDL First Trust Morningstar Dividend Leaders Index Fund	3.68%	4.04%	4.96%	4.58%	3.58%	4.59%	4.48%	3.75%	3.97%	3.18%	2.93%	3.65%

Frequently Asked Questions

Can I hold both AIRR and FDL in my portfolio?

AIRR and FDL have a correlation of 0.31, 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 FDL?

AIRR has higher volatility (7.87%) compared to FDL (2.85%). In terms of maximum drawdown, AIRR dropped -42.37% vs FDL's -65.93%.

Which ETF is better, AIRR or FDL?

On 10-year performance, AIRR leads with 21.89% vs 11.24% for FDL. On fees, FDL is cheaper at 0.45% per year. On volatility, FDL has been the lower-risk option at 2.85%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AIRR or FDL?

Over the 10-year period, AIRR has performed better with a 21.89% return vs 11.24%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AIRR or FDL?

FDL is cheaper with a 0.45% expense ratio, compared with 0.70% for AIRR.

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

FDL has the higher dividend yield at 3.68%, compared with 0.13% for AIRR.

What is the main difference between AIRR and FDL?

AIRR is categorized as Building & Construction, while FDL is Large Cap Value Equities. AIRR tracks Richard Bernstein Advisors American Industrial Renaissance (TR), while FDL tracks Morningstar Dividend Leaders Index. Their fees differ too: 0.70% for AIRR and 0.45% for FDL.

Which has better risk-adjusted returns?

AIRR currently has the higher Sharpe Ratio (2.61 vs 2.11), 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.