AIRR vs. HDV

Last updated Apr 1, 2026

Compare and contrast key facts about First Trust RBA American Industrial Renaissance ETF (AIRR) and iShares Core High Dividend ETF (HDV).

AIRR and HDV are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. AIRR is a passively managed fund by First Trust that tracks the performance of the Richard Bernstein Advisors American Industrial Renaissance (TR). It was launched on Mar 10, 2014. HDV is a passively managed fund by iShares that tracks the performance of the Morningstar Dividend Yield Focus Index. It was launched on Mar 29, 2011. Both AIRR and HDV are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

AIRR vs. HDV - Performance Comparison

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

AIRR vs. HDV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
AIRR First Trust RBA American Industrial Renaissance ETF	12.74%	27.92%	33.45%	31.43%	-2.08%	33.01%	17.17%	33.97%	-20.57%	16.28%
HDV iShares Core High Dividend ETF	12.30%	11.90%	14.16%	1.72%	7.05%	19.45%	-6.48%	20.22%	-3.01%	13.40%

Returns By Period

The year-to-date returns for both stocks are quite close, with AIRR having a 12.74% return and HDV slightly lower at 12.30%. Over the past 10 years, AIRR has outperformed HDV with an annualized return of 20.48%, while HDV has yielded a comparatively lower 9.52% annualized return.

AIRR

• 1D: 4.60%
• 1M: -6.21%
• YTD: 12.74%
• 6M: 14.68%
• 1Y: 62.71%
• 3Y*: 32.43%
• 5Y*: 22.20%
• 10Y*: 20.48%

HDV

• 1D: 0.24%
• 1M: -2.54%
• YTD: 12.30%
• 6M: 12.67%
• 1Y: 15.69%
• 3Y*: 13.97%
• 5Y*: 11.18%
• 10Y*: 9.52%

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

AIRR vs. HDV - Expense Ratio Comparison

AIRR has a 0.70% expense ratio, which is higher than HDV's 0.08% expense ratio.

AIRR

First Trust RBA American Industrial Renaissance ETF

HDV

iShares Core High Dividend ETF

Return for Risk

AIRR vs. HDV — Risk / Return Rank

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

AIRR

AIRR Risk / Return Rank: 95
AIRR Sharpe Ratio Rank: 94
AIRR Sortino Ratio Rank: 95
AIRR Omega Ratio Rank: 91
AIRR Calmar Ratio Rank: 97
AIRR Martin Ratio Rank: 96

HDV

HDV Risk / Return Rank: 70
HDV Sharpe Ratio Rank: 73
HDV Sortino Ratio Rank: 71
HDV Omega Ratio Rank: 71
HDV Calmar Ratio Rank: 69
HDV Martin Ratio Rank: 65

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. HDV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust RBA American Industrial Renaissance ETF (AIRR) and iShares Core High Dividend ETF (HDV). 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	HDV	Difference
Sharpe ratio Return per unit of total volatility	2.23	1.24	+0.99
Sortino ratio Return per unit of downside risk	2.92	1.70	+1.23
Omega ratio Gain probability vs. loss probability	1.38	1.25	+0.14
Calmar ratio Return relative to maximum drawdown	4.78	1.65	+3.13
Martin ratio Return relative to average drawdown	16.89	6.01	+10.88
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. HDV - Sharpe Ratio Comparison

The current AIRR Sharpe Ratio is 2.23, which is higher than the HDV Sharpe Ratio of 1.24. The chart below compares the historical Sharpe Ratios of AIRR and HDV, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	AIRR	HDV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.23	1.24	+0.99
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.89	0.88	+0.01
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.79	0.61	+0.18
Sharpe Ratio (All Time) Calculated using the full available price history	0.62	0.73	-0.11

Correlation

The correlation between AIRR and HDV is 0.58, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

AIRR vs. HDV - Dividend Comparison

AIRR's dividend yield for the trailing twelve months is around 0.16%, less than HDV's 2.92% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AIRR First Trust RBA American Industrial Renaissance ETF	0.16%	0.19%	0.18%	0.23%	0.12%	0.05%	0.10%	0.20%	0.43%	0.30%	0.08%	0.47%
HDV iShares Core High Dividend ETF	2.92%	3.22%	3.67%	3.82%	3.56%	3.47%	4.07%	3.27%	3.67%	3.27%	3.28%	3.92%

Drawdowns

AIRR vs. HDV - Drawdown Comparison

The maximum AIRR drawdown since its inception was -42.37%, which is greater than HDV's maximum drawdown of -37.04%. Use the drawdown chart below to compare losses from any high point for AIRR and HDV.

Drawdown Indicators

	AIRR	HDV	Difference
Max Drawdown Largest peak-to-trough decline	-42.37%	-37.04%	-5.33%
Max Drawdown (1Y) Largest decline over 1 year	-13.09%	-10.04%	-3.05%
Max Drawdown (5Y) Largest decline over 5 years	-27.95%	-15.42%	-12.53%
Max Drawdown (10Y) Largest decline over 10 years	-42.37%	-37.04%	-5.33%
Current Drawdown Current decline from peak	-9.09%	-2.58%	-6.51%
Average Drawdown Average peak-to-trough decline	-7.50%	-3.09%	-4.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.71%	2.88%	+0.83%

Volatility

AIRR vs. HDV - Volatility Comparison

First Trust RBA American Industrial Renaissance ETF (AIRR) has a higher volatility of 10.92% compared to iShares Core High Dividend ETF (HDV) at 2.94%. This indicates that AIRR's price experiences larger fluctuations and is considered to be riskier than HDV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AIRR	HDV	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.92%	2.94%	+7.98%
Volatility (6M) Calculated over the trailing 6-month period	19.67%	7.06%	+12.61%
Volatility (1Y) Calculated over the trailing 1-year period	28.26%	12.79%	+15.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.07%	12.78%	+12.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.14%	15.70%	+10.44%