AIRR vs. HDV

Last updated Jun 4, 2026

AIRR (First Trust RBA American Industrial Renaissance ETF) and HDV (iShares Core High Dividend ETF) are both exchange-traded funds - AIRR is a Building & Construction fund tracking the Richard Bernstein Advisors American Industrial Renaissance (TR), while HDV is a Dividend fund tracking the Morningstar Dividend Yield Focus Index. Both are passively managed. Over the past 10 years, AIRR returned 21.89%/yr vs 9.26%/yr for HDV. A 0.57 correlation means they provide meaningful diversification when combined. AIRR charges 0.70%/yr vs 0.08%/yr for HDV.

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.

Returns By Period

In the year-to-date period, AIRR achieves a 31.77% return, which is significantly higher than HDV's 12.69% return. Over the past 10 years, AIRR has outperformed HDV with an annualized return of 21.89%, while HDV has yielded a comparatively lower 9.26% 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%

HDV

• 1D: 0.37%
• 1M: 0.29%
• YTD: 12.69%
• 6M: 12.16%
• 1Y: 20.35%
• 3Y*: 14.94%
• 5Y*: 10.32%
• 10Y*: 9.26%

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

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	31.77%	27.92%	33.45%	31.43%	-2.08%	33.01%	17.17%	33.97%	-20.57%	16.28%
HDV iShares Core High Dividend ETF	12.69%	11.90%	14.16%	1.72%	7.05%	19.45%	-6.48%	20.22%	-3.01%	13.40%

Correlation

The correlation between AIRR and HDV is 0.24, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.24
Correlation (3Y) Calculated over the trailing 3-year period	0.38
Correlation (5Y) Calculated over the trailing 5-year period	0.50
Correlation (10Y) Calculated over the trailing 10-year period	0.57
Correlation (All Time) Calculated using the full available price history since Mar 12, 2014	0.57

Over the past year, the correlation between AIRR and HDV has dropped to 0.24 - well below their long-term average of 0.57, suggesting their price drivers have been diverging.

AIRR vs. HDV - Sectors Allocation Comparison

Sectors	AIRR	HDV
Industrials	84.6%	1.4%
Financial Services	9.6%	11.1%
Energy	3.8%	22.3%
Technology	0.5%	8.2%
Basic Materials	-	1.2%
Communication Services	-	0.1%
Consumer Cyclical	-	6.1%
Consumer Defensive	-	24.1%
Healthcare	-	16.5%
Real Estate	-	-
Utilities	-	9.2%

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: 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

HDV

HDV Risk / Return Rank: 64
HDV Sharpe Ratio Rank: 61
HDV Sortino Ratio Rank: 66
HDV Omega Ratio Rank: 57
HDV Calmar Ratio Rank: 76
HDV Martin Ratio Rank: 61

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	2.61	2.10	+0.51
Sortino ratio: Return per unit of downside risk	3.37	3.11	+0.26
Omega ratio: Gain probability vs. loss probability	1.41	1.36	+0.05
Calmar ratio: Return relative to maximum drawdown	5.05	3.95	+1.11
Martin ratio: Return relative to average drawdown	18.68	11.02	+7.67
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 2.61, which is comparable to the HDV Sharpe Ratio of 2.10. The chart below compares the historical Sharpe Ratios of AIRR and HDV, 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	HDV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.61	2.10	+0.51
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.01	0.81	+0.20
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.84	0.59	+0.25
Sharpe Ratio (All Time) Calculated using the full available price history	0.67	0.72	-0.05

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%	-5.18%	-7.91%
Max Drawdown (3Y) Largest decline over 3 years	-27.95%	-10.49%	-17.46%
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	-1.86%	-2.54%	+0.68%
Average Drawdown Average peak-to-trough decline	-7.43%	-3.09%	-4.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.53%	1.85%	+1.68%

Volatility

AIRR vs. HDV - Volatility Comparison

First Trust RBA American Industrial Renaissance ETF (AIRR) has a higher volatility of 7.87% compared to iShares Core High Dividend ETF (HDV) at 3.19%. 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	7.87%	3.19%	+4.68%
Volatility (6M) Calculated over the trailing 6-month period	19.82%	7.56%	+12.26%
Volatility (1Y) Calculated over the trailing 1-year period	25.40%	9.73%	+15.67%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.29%	12.82%	+12.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.29%	15.73%	+10.56%

AIRR vs. HDV - Expense Ratio Comparison

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

Dividends

AIRR vs. HDV - Dividend Comparison

AIRR's dividend yield for the trailing twelve months is around 0.13%, less than HDV's 2.91% 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%
HDV iShares Core High Dividend ETF	2.91%	3.22%	3.67%	3.82%	3.56%	3.47%	4.07%	3.27%	3.67%	3.27%	3.28%	3.92%

Frequently Asked Questions

Can I hold both AIRR and HDV in my portfolio?

AIRR and HDV have a correlation of 0.24, 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 HDV?

AIRR has higher volatility (7.87%) compared to HDV (3.19%). In terms of maximum drawdown, AIRR dropped -42.37% vs HDV's -37.04%.

Which ETF is better, AIRR or HDV?

On 10-year performance, AIRR leads with 21.89% vs 9.26% for HDV. On fees, HDV is cheaper at 0.08% per year. On volatility, HDV has been the lower-risk option at 3.19%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AIRR or HDV?

Over the 10-year period, AIRR has performed better with a 21.89% return vs 9.26%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AIRR or HDV?

HDV is cheaper with a 0.08% expense ratio, compared with 0.70% for AIRR.

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

HDV has the higher dividend yield at 2.91%, compared with 0.13% for AIRR.

What is the main difference between AIRR and HDV?

AIRR is categorized as Building & Construction, while HDV is Dividend. AIRR tracks Richard Bernstein Advisors American Industrial Renaissance (TR), while HDV tracks Morningstar Dividend Yield Focus Index. They also come from different issuers: First Trust and iShares. Their fees differ too: 0.70% for AIRR and 0.08% for HDV.

Which has better risk-adjusted returns?

AIRR currently has the higher Sharpe Ratio (2.61 vs 2.10), 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.