AIRR vs. PAVE
Compare and contrast key facts about First Trust RBA American Industrial Renaissance ETF (AIRR) and Global X US Infrastructure Development ETF (PAVE).
AIRR and PAVE 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. PAVE is a passively managed fund by Global X that tracks the performance of the INDXX U.S. Infrastructure Development Index. It was launched on Mar 6, 2017. Both AIRR and PAVE are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Scroll down to visually compare performance, riskiness, drawdowns, and other indicators and decide which better suits your portfolio: AIRR or PAVE.
Key characteristics
| AIRR | PAVE | |
|---|---|---|
| YTD Return | 8.28% | 9.81% |
| 1Y Return | 35.59% | 37.73% |
| 3Y Return (Ann) | 14.83% | 14.65% |
| 5Y Return (Ann) | 19.44% | 18.93% |
| Sharpe Ratio | 1.68 | 2.31 |
| Daily Std Dev | 22.10% | 16.80% |
| Max Drawdown | -42.37% | -44.08% |
| Current Drawdown | -7.00% | -4.95% |
Correlation
The correlation between AIRR and PAVE is 0.90, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Performance
AIRR vs. PAVE - Performance Comparison
In the year-to-date period, AIRR achieves a 8.28% return, which is significantly lower than PAVE's 9.81% return. The chart below displays the growth of a $10,000 investment in both assets, with all prices adjusted for splits and dividends.
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AIRR vs. PAVE - Expense Ratio Comparison
Risk-Adjusted Performance
AIRR vs. PAVE - Risk-Adjusted Performance Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust RBA American Industrial Renaissance ETF (AIRR) and Global X US Infrastructure Development ETF (PAVE). 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.
Dividends
AIRR vs. PAVE - Dividend Comparison
AIRR's dividend yield for the trailing twelve months is around 0.18%, less than PAVE's 0.62% yield.
| TTM | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
AIRR First Trust RBA American Industrial Renaissance ETF | 0.18% | 0.23% | 0.12% | 0.05% | 0.10% | 0.20% | 0.43% | 0.30% | 0.08% | 0.47% | 0.38% |
PAVE Global X US Infrastructure Development ETF | 0.62% | 0.68% | 0.84% | 0.48% | 0.44% | 0.67% | 0.78% | 0.30% | 0.00% | 0.00% | 0.00% |
Drawdowns
AIRR vs. PAVE - Drawdown Comparison
The maximum AIRR drawdown since its inception was -42.37%, roughly equal to the maximum PAVE drawdown of -44.08%. Use the drawdown chart below to compare losses from any high point for AIRR and PAVE. For additional features, visit the drawdowns tool.
Volatility
AIRR vs. PAVE - Volatility Comparison
First Trust RBA American Industrial Renaissance ETF (AIRR) has a higher volatility of 5.90% compared to Global X US Infrastructure Development ETF (PAVE) at 4.28%. This indicates that AIRR's price experiences larger fluctuations and is considered to be riskier than PAVE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.