AIRR vs. SHLD

Last updated Jun 30, 2026

AIRR (First Trust RBA American Industrial Renaissance ETF) and SHLD (Global X Defense Tech ETF) are both exchange-traded funds - AIRR is a Building & Construction fund tracking the Richard Bernstein Advisors American Industrial Renaissance Index, while SHLD is a Aerospace & Defense fund tracking the Global X Defense Tech Index. Both are passively managed. Over the past year, AIRR returned 61.61% vs -0.13% for SHLD. A 0.51 correlation means they provide meaningful diversification when combined. AIRR charges 0.69%/yr vs 0.50%/yr for SHLD.

Performance

AIRR vs. SHLD - 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 Defense Tech ETF (SHLD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AIRR achieves a 33.91% return, which is significantly higher than SHLD's -9.11% return.

AIRR

• 1D: 1.46%
• 1M: 1.86%
• YTD: 33.91%
• 6M: 30.92%
• 1Y: 61.61%
• 3Y*: 34.78%
• 5Y*: 26.50%
• 10Y*: 21.95%

SHLD

• 1D: 0.85%
• 1M: -12.80%
• YTD: -9.11%
• 6M: -10.02%
• 1Y: -0.13%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

AIRR vs. SHLD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
AIRR First Trust RBA American Industrial Renaissance ETF	33.91%	27.92%	33.45%	8.60%
SHLD Global X Defense Tech ETF	-9.11%	74.16%	35.03%	12.89%

Correlation

The correlation between AIRR and SHLD is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.49
Correlation (All Time) Calculated using the full available price history since Sep 13, 2023	0.51

The correlation between AIRR and SHLD has been stable across timeframes, ranging from 0.49 to 0.51 - a consistent structural relationship.

AIRR vs. SHLD - Sectors Allocation Comparison

Sectors	AIRR	SHLD
Industrials	92.4%	87.8%
Financial Services	6.9%	-
Energy	3.8%	-
Technology	0.7%	12.2%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Healthcare	-	-
Real Estate	-	-
Utilities	-	-

Return for Risk

AIRR vs. SHLD — Risk / Return Rank

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

AIRR

AIRR Risk / Return Rank: 84
AIRR Sharpe Ratio Rank: 85
AIRR Sortino Ratio Rank: 80
AIRR Omega Ratio Rank: 74
AIRR Calmar Ratio Rank: 90
AIRR Martin Ratio Rank: 90

SHLD

SHLD Risk / Return Rank: 9
SHLD Sharpe Ratio Rank: 9
SHLD Sortino Ratio Rank: 9
SHLD Omega Ratio Rank: 9
SHLD Calmar Ratio Rank: 9
SHLD Martin Ratio Rank: 9

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. SHLD - 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 Defense Tech ETF (SHLD). 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	SHLD	Difference
Sharpe ratio: Return per unit of total volatility	2.34	-0.01	+2.34
Sortino ratio: Return per unit of downside risk	3.03	0.17	+2.86
Omega ratio: Gain probability vs. loss probability	1.37	1.02	+0.35
Calmar ratio: Return relative to maximum drawdown	4.73	-0.01	+4.74
Martin ratio: Return relative to average drawdown	17.24	-0.01	+17.25

AIRR vs. SHLD - Sharpe Ratio Comparison

The current AIRR Sharpe Ratio is 2.34, which is higher than the SHLD Sharpe Ratio of -0.01. The chart below compares the historical Sharpe Ratios of AIRR and SHLD, 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. SHLD - Drawdown Comparison

The maximum AIRR drawdown since its inception was -42.37%, which is greater than SHLD's maximum drawdown of -25.40%. Use the drawdown chart below to compare losses from any high point for AIRR and SHLD.

Drawdown Indicators

	AIRR	SHLD	Difference
Max Drawdown Largest peak-to-trough decline	-42.37%	-25.40%	-16.97%
Max Drawdown (1Y) Largest decline over 1 year	-13.09%	-25.40%	+12.31%
Max Drawdown (3Y) Largest decline over 3 years	-27.95%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-27.95%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-42.37%	—	—
Current Drawdown Current decline from peak	-1.25%	-24.52%	+23.27%
Average Drawdown Average peak-to-trough decline	-7.46%	-3.61%	-3.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.59%	9.24%	-5.65%

Volatility

AIRR vs. SHLD - Volatility Comparison

First Trust RBA American Industrial Renaissance ETF (AIRR) has a higher volatility of 9.07% compared to Global X Defense Tech ETF (SHLD) at 8.11%. This indicates that AIRR's price experiences larger fluctuations and is considered to be riskier than SHLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AIRR	SHLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.07%	8.11%	+0.96%
Volatility (6M) Calculated over the trailing 6-month period	20.83%	20.23%	+0.60%
Volatility (1Y) Calculated over the trailing 1-year period	26.52%	24.59%	+1.93%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.46%	21.36%	+4.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.31%	21.36%	+4.95%

AIRR vs. SHLD - Expense Ratio Comparison

AIRR has a 0.69% expense ratio, which is higher than SHLD's 0.50% expense ratio.

Dividends

AIRR vs. SHLD - Dividend Comparison

AIRR's dividend yield for the trailing twelve months is around 0.08%, less than SHLD's 0.72% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AIRR First Trust RBA American Industrial Renaissance ETF	0.08%	0.19%	0.18%	0.23%	0.12%	0.05%	0.10%	0.20%	0.43%	0.30%	0.08%	0.47%
SHLD Global X Defense Tech ETF	0.72%	0.55%	0.53%	0.26%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both AIRR and SHLD in my portfolio?

AIRR and SHLD have a correlation of 0.49, 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 SHLD?

AIRR has higher volatility (9.07%) compared to SHLD (8.11%). In terms of maximum drawdown, AIRR dropped -42.37% vs SHLD's -25.40%.

Which ETF is better, AIRR or SHLD?

On 1-year performance, AIRR leads with 61.61% vs -0.13% for SHLD. On fees, SHLD is cheaper at 0.50% per year. On volatility, SHLD has been the lower-risk option at 8.11%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AIRR or SHLD?

Over the 1-year period, AIRR has performed better with a 61.61% return vs -0.13%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AIRR or SHLD?

SHLD is cheaper with a 0.50% expense ratio, compared with 0.69% for AIRR.

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

SHLD has the higher dividend yield at 0.72%, compared with 0.08% for AIRR.

What is the main difference between AIRR and SHLD?

AIRR is categorized as Building & Construction, while SHLD is Aerospace & Defense. AIRR tracks Richard Bernstein Advisors American Industrial Renaissance Index, while SHLD tracks Global X Defense Tech Index. They also come from different issuers: First Trust and Global X. Their fees differ too: 0.69% for AIRR and 0.50% for SHLD.

Which has better risk-adjusted returns?

AIRR currently has the higher Sharpe Ratio (2.34 vs -0.01), 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.