AIRR vs. VFLO

Last updated Jul 21, 2026

AIRR (First Trust RBA American Industrial Renaissance ETF) and VFLO (VictoryShares Free Cash Flow ETF) are both exchange-traded funds - AIRR is a Building & Construction fund tracking the Richard Bernstein Advisors American Industrial Renaissance Index, while VFLO is a Large Cap Value Equities fund tracking the Victory U.S. Large Cap Free Cash Flow Index. Both are passively managed. Over the past 3 years, AIRR returned 30.56%/yr vs 23.47%/yr for VFLO. A 0.61 correlation means they provide meaningful diversification when combined. AIRR charges 0.69%/yr vs 0.39%/yr for VFLO.

Performance

AIRR vs. VFLO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust RBA American Industrial Renaissance ETF (AIRR) and VictoryShares Free Cash Flow ETF (VFLO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with AIRR having a 22.34% return and VFLO slightly lower at 21.88%.

AIRR

• 1D: -0.75%
• 1M: -8.17%
• 6M: 5.94%
• YTD: 22.34%
• 1Y: 41.57%
• 3Y*: 30.56%
• 5Y*: 24.62%
• 10Y*: 20.34%
• ALL TIME*: 15.88%

VFLO

• 1D: 0.02%
• 1M: 5.71%
• 6M: 21.18%
• YTD: 21.88%
• 1Y: 38.13%
• 3Y*: 23.47%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 25.42%

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

AIRR vs. VFLO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
AIRR First Trust RBA American Industrial Renaissance ETF	22.34%	27.92%	33.45%	10.55%
VFLO VictoryShares Free Cash Flow ETF	21.88%	17.51%	21.83%	15.05%

Correlation

The correlation between AIRR and VFLO is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.39
Correlation (3Y) Calculated over the trailing 3-year period	0.61
Correlation (All Time) Calculated using the full available price history since Jun 22, 2023	0.61

Over the past year, the correlation between AIRR and VFLO has dropped to 0.39 - well below their long-term average of 0.61, suggesting their price drivers have been diverging.

AIRR vs. VFLO - Sectors Allocation Comparison

Sectors	AIRR	VFLO
Industrials	82.7%	0.0%
Financial Services	9.6%	0.0%
Basic Materials	1.9%	7.0%
Consumer Cyclical	1.9%	10.8%
Energy	1.9%	22.6%
Technology	0.7%	30.4%
Communication Services	-	4.4%
Consumer Defensive	-	0.0%
Healthcare	-	21.6%
Real Estate	-	0.0%
Utilities	-	3.3%

Return for Risk

AIRR vs. VFLO — Risk / Return Rank

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

AIRR

AIRR Risk / Return Rank: 67
AIRR Sharpe Ratio Rank: 63
AIRR Sortino Ratio Rank: 60
AIRR Omega Ratio Rank: 54
AIRR Calmar Ratio Rank: 82
AIRR Martin Ratio Rank: 77

VFLO

VFLO Risk / Return Rank: 92
VFLO Sharpe Ratio Rank: 92
VFLO Sortino Ratio Rank: 92
VFLO Omega Ratio Rank: 90
VFLO Calmar Ratio Rank: 95
VFLO Martin Ratio Rank: 94

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. VFLO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust RBA American Industrial Renaissance ETF (AIRR) and VictoryShares Free Cash Flow ETF (VFLO). 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	VFLO	Difference
Sharpe ratio: Return per unit of total volatility	1.54	2.46	-0.92
Sortino ratio: Return per unit of downside risk	2.16	3.47	-1.31
Omega ratio: Gain probability vs. loss probability	1.26	1.44	-0.18
Calmar ratio: Return relative to maximum drawdown	3.19	5.95	-2.76
Martin ratio: Return relative to average drawdown	10.53	18.53	-8.00

AIRR vs. VFLO - Sharpe Ratio Comparison

The current AIRR Sharpe Ratio is 1.54, which is lower than the VFLO Sharpe Ratio of 2.46. The chart below compares the historical Sharpe Ratios of AIRR and VFLO, 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. VFLO - Drawdown Comparison

The maximum AIRR drawdown since its inception was -42.37%, which is greater than VFLO's maximum drawdown of -17.79%. Use the drawdown chart below to compare losses from any high point for AIRR and VFLO.

Drawdown Indicators

	AIRR	VFLO	Difference
Max Drawdown Largest peak-to-trough decline	-42.37%	-17.79%	-24.58%
Max Drawdown (1Y) Largest decline over 1 year	-13.09%	-6.44%	-6.65%
Max Drawdown (3Y) Largest decline over 3 years	-27.95%	-17.79%	-10.16%
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	-9.79%	-0.61%	-9.18%
Average Drawdown Average peak-to-trough decline	-7.46%	-2.45%	-5.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.96%	2.06%	+1.90%

Volatility

AIRR vs. VFLO - Volatility Comparison

First Trust RBA American Industrial Renaissance ETF (AIRR) has a higher volatility of 8.05% compared to VictoryShares Free Cash Flow ETF (VFLO) at 3.23%. This indicates that AIRR's price experiences larger fluctuations and is considered to be riskier than VFLO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AIRR	VFLO	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.05%	3.23%	+4.82%
Volatility (6M) Calculated over the trailing 6-month period	21.03%	12.11%	+8.92%
Volatility (1Y) Calculated over the trailing 1-year period	27.10%	15.58%	+11.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.49%	15.97%	+9.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.35%	15.97%	+10.38%

AIRR vs. VFLO - Expense Ratio Comparison

AIRR has a 0.69% expense ratio, which is higher than VFLO's 0.39% expense ratio.

Dividends

AIRR vs. VFLO - Dividend Comparison

AIRR's dividend yield for the trailing twelve months is around 0.09%, less than VFLO's 1.12% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AIRR First Trust RBA American Industrial Renaissance ETF	0.09%	0.19%	0.18%	0.23%	0.12%	0.05%	0.10%	0.20%	0.43%	0.30%	0.08%	0.47%
VFLO VictoryShares Free Cash Flow ETF	1.12%	1.60%	1.20%	0.71%	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 VFLO in my portfolio?

AIRR and VFLO have a correlation of 0.39, 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 VFLO?

AIRR has higher volatility (8.05%) compared to VFLO (3.23%). In terms of maximum drawdown, AIRR dropped -42.37% vs VFLO's -17.79%.

Which ETF is better, AIRR or VFLO?

On 3-year performance, AIRR leads with 30.56% vs 23.47% for VFLO. On fees, VFLO is cheaper at 0.39% per year. On volatility, VFLO has been the lower-risk option at 3.23%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AIRR or VFLO?

Over the 3-year period, AIRR has performed better with a 30.56% return vs 23.47%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AIRR or VFLO?

VFLO is cheaper with a 0.39% expense ratio, compared with 0.69% for AIRR.

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

VFLO has the higher dividend yield at 1.12%, compared with 0.09% for AIRR.

What is the main difference between AIRR and VFLO?

AIRR is categorized as Building & Construction, while VFLO is Large Cap Value Equities. AIRR tracks Richard Bernstein Advisors American Industrial Renaissance Index, while VFLO tracks Victory U.S. Large Cap Free Cash Flow Index. They also come from different issuers: First Trust and Victory. Their fees differ too: 0.69% for AIRR and 0.39% for VFLO.

Which has better risk-adjusted returns?

VFLO currently has the higher Sharpe Ratio (2.46 vs 1.54), 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.