AIRR vs. PAVE

Last updated Jun 24, 2026

AIRR (First Trust RBA American Industrial Renaissance ETF) and PAVE (Global X US Infrastructure Development ETF) are both exchange-traded funds - AIRR is a Building & Construction fund tracking the Richard Bernstein Advisors American Industrial Renaissance Index, while PAVE is a Industrials Equities fund tracking the INDXX U.S. Infrastructure Development Index. Both are passively managed. Over the past 5 years, AIRR returned 25.97%/yr vs 18.34%/yr for PAVE. Their correlation of 0.90 suggests significant overlap in exposure. AIRR charges 0.69%/yr vs 0.47%/yr for PAVE.

Performance

AIRR vs. PAVE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust RBA American Industrial Renaissance ETF (AIRR) and Global X US Infrastructure Development ETF (PAVE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AIRR achieves a 31.81% return, which is significantly higher than PAVE's 20.97% return.

AIRR

• 1D: -2.80%
• 1M: 3.57%
• YTD: 31.81%
• 6M: 27.48%
• 1Y: 63.63%
• 3Y*: 36.68%
• 5Y*: 25.97%
• 10Y*: 22.05%

PAVE

• 1D: -2.41%
• 1M: 5.22%
• YTD: 20.97%
• 6M: 18.41%
• 1Y: 37.00%
• 3Y*: 25.30%
• 5Y*: 18.34%
• 10Y*: —

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

AIRR vs. PAVE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
AIRR First Trust RBA American Industrial Renaissance ETF	31.81%	27.92%	33.45%	31.43%	-2.08%	33.01%	17.17%	33.97%	-20.57%	14.68%
PAVE Global X US Infrastructure Development ETF	20.97%	19.36%	17.92%	31.01%	-7.17%	36.42%	19.72%	33.26%	-19.15%	13.41%

Correlation

The correlation between AIRR and PAVE is 0.91, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.91
Correlation (3Y) Calculated over the trailing 3-year period	0.92
Correlation (5Y) Calculated over the trailing 5-year period	0.92
Correlation (All Time) Calculated using the full available price history since Mar 8, 2017	0.90

The correlation between AIRR and PAVE has been stable across timeframes, ranging from 0.90 to 0.92 - a consistent structural relationship.

AIRR vs. PAVE - Sectors Allocation Comparison

Sectors	AIRR	PAVE
Industrials	92.4%	75.9%
Financial Services	6.9%	-
Energy	3.8%	0.2%
Technology	0.7%	1.0%
Basic Materials	-	19.5%
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	0.2%
Healthcare	-	-
Real Estate	-	-
Utilities	-	3.1%

Return for Risk

AIRR vs. PAVE — Risk / Return Rank

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

AIRR

AIRR Risk / Return Rank: 79
AIRR Sharpe Ratio Rank: 80
AIRR Sortino Ratio Rank: 73
AIRR Omega Ratio Rank: 67
AIRR Calmar Ratio Rank: 88
AIRR Martin Ratio Rank: 87

PAVE

PAVE Risk / Return Rank: 60
PAVE Sharpe Ratio Rank: 59
PAVE Sortino Ratio Rank: 59
PAVE Omega Ratio Rank: 53
PAVE Calmar Ratio Rank: 65
PAVE 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. PAVE - Risk-Adjusted Trends 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.

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	PAVE	Difference
Sharpe ratio: Return per unit of total volatility	2.43	1.90	+0.53
Sortino ratio: Return per unit of downside risk	3.13	2.66	+0.46
Omega ratio: Gain probability vs. loss probability	1.38	1.32	+0.07
Calmar ratio: Return relative to maximum drawdown	4.89	3.12	+1.77
Martin ratio: Return relative to average drawdown	17.83	11.34	+6.49

AIRR vs. PAVE - Sharpe Ratio Comparison

The current AIRR Sharpe Ratio is 2.43, which is comparable to the PAVE Sharpe Ratio of 1.90. The chart below compares the historical Sharpe Ratios of AIRR and PAVE, 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. 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.

Drawdown Indicators

	AIRR	PAVE	Difference
Max Drawdown Largest peak-to-trough decline	-42.37%	-44.08%	+1.71%
Max Drawdown (1Y) Largest decline over 1 year	-13.09%	-11.91%	-1.18%
Max Drawdown (3Y) Largest decline over 3 years	-27.95%	-26.23%	-1.72%
Max Drawdown (5Y) Largest decline over 5 years	-27.95%	-26.23%	-1.72%
Max Drawdown (10Y) Largest decline over 10 years	-42.37%	—	—
Current Drawdown Current decline from peak	-2.80%	-2.41%	-0.39%
Average Drawdown Average peak-to-trough decline	-7.47%	-6.21%	-1.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.58%	3.27%	+0.31%

Volatility

AIRR vs. PAVE - Volatility Comparison

First Trust RBA American Industrial Renaissance ETF (AIRR) has a higher volatility of 8.80% compared to Global X US Infrastructure Development ETF (PAVE) at 7.01%. 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.

Volatility by Period

	AIRR	PAVE	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.80%	7.01%	+1.79%
Volatility (6M) Calculated over the trailing 6-month period	20.63%	15.90%	+4.73%
Volatility (1Y) Calculated over the trailing 1-year period	26.40%	19.63%	+6.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.45%	21.67%	+3.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.33%	24.40%	+1.93%

AIRR vs. PAVE - Expense Ratio Comparison

AIRR has a 0.69% expense ratio, which is higher than PAVE's 0.47% expense ratio.

Dividends

AIRR vs. PAVE - Dividend Comparison

AIRR's dividend yield for the trailing twelve months is around 0.13%, less than PAVE's 0.76% 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%
PAVE Global X US Infrastructure Development ETF	0.76%	0.92%	0.54%	0.68%	0.84%	0.48%	0.44%	0.67%	0.78%	0.30%	0.00%	0.00%

Frequently Asked Questions

Can I hold both AIRR and PAVE in my portfolio?

With a correlation of 0.91, AIRR and PAVE move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, AIRR or PAVE?

AIRR has higher volatility (8.80%) compared to PAVE (7.01%). In terms of maximum drawdown, AIRR dropped -42.37% vs PAVE's -44.08%.

Which ETF is better, AIRR or PAVE?

On 5-year performance, AIRR leads with 25.97% vs 18.34% for PAVE. On fees, PAVE is cheaper at 0.47% per year. On volatility, PAVE has been the lower-risk option at 7.01%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AIRR or PAVE?

Over the 5-year period, AIRR has performed better with a 25.97% return vs 18.34%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AIRR or PAVE?

PAVE is cheaper with a 0.47% expense ratio, compared with 0.69% for AIRR.

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

PAVE has the higher dividend yield at 0.76%, compared with 0.13% for AIRR.

What is the main difference between AIRR and PAVE?

AIRR is categorized as Building & Construction, while PAVE is Industrials Equities. AIRR tracks Richard Bernstein Advisors American Industrial Renaissance Index, while PAVE tracks INDXX U.S. Infrastructure Development Index. They also come from different issuers: First Trust and Global X. Their fees differ too: 0.69% for AIRR and 0.47% for PAVE.

Which has better risk-adjusted returns?

AIRR currently has the higher Sharpe Ratio (2.43 vs 1.90), 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.