AIRR vs. XQQ.TO

Last updated Jun 9, 2026

AIRR (First Trust RBA American Industrial Renaissance ETF) and XQQ.TO (iShares NASDAQ 100 Index ETF (CAD-Hedged)) are both exchange-traded funds - AIRR is a Building & Construction fund tracking the Richard Bernstein Advisors American Industrial Renaissance Index, while XQQ.TO is a Nasdaq-100 fund tracking the Morningstar US Market TR CAD. Both are passively managed. Over the past 10 years, AIRR returned 21.61%/yr vs 18.92%/yr for XQQ.TO. A 0.51 correlation means they provide meaningful diversification when combined. AIRR charges 0.69%/yr vs 0.39%/yr for XQQ.TO.

Performance

AIRR vs. XQQ.TO - 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 NASDAQ 100 Index ETF (CAD-Hedged) (XQQ.TO). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

AIRR is traded in USD, while XQQ.TO is traded in CAD. To make them comparable, the XQQ.TO values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, AIRR achieves a 30.41% return, which is significantly higher than XQQ.TO's 13.12% return. Over the past 10 years, AIRR has outperformed XQQ.TO with an annualized return of 21.61%, while XQQ.TO has yielded a comparatively lower 18.92% annualized return.

AIRR

• 1D: 0.13%
• 1M: -1.14%
• YTD: 30.41%
• 6M: 29.32%
• 1Y: 61.66%
• 3Y*: 35.42%
• 5Y*: 24.95%
• 10Y*: 21.61%

XQQ.TO

• 1D: 1.15%
• 1M: -1.40%
• YTD: 13.12%
• 6M: 10.11%
• 1Y: 27.06%
• 3Y*: 22.58%
• 5Y*: 11.15%
• 10Y*: 18.92%

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

AIRR vs. XQQ.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
AIRR First Trust RBA American Industrial Renaissance ETF	30.41%	27.92%	33.45%	31.43%	-2.08%	33.01%	17.17%	33.97%	-20.57%	16.28%
XQQ.TO iShares NASDAQ 100 Index ETF (CAD-Hedged)	13.12%	21.31%	14.96%	56.99%	-37.11%	22.83%	49.67%	44.89%	-8.97%	43.10%

Correlation

The correlation between AIRR and XQQ.TO is 0.54, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.54
Correlation (3Y) Calculated over the trailing 3-year period	0.54
Correlation (5Y) Calculated over the trailing 5-year period	0.58
Correlation (10Y) Calculated over the trailing 10-year period	0.51
Correlation (All Time) Calculated using the full available price history since Mar 12, 2014	0.51

The correlation between AIRR and XQQ.TO has been stable across timeframes, ranging from 0.51 to 0.58 - a consistent structural relationship.

AIRR vs. XQQ.TO - Sectors Allocation Comparison

Sectors	AIRR	XQQ.TO
Industrials	84.6%	3.1%
Financial Services	9.6%	0.2%
Energy	3.8%	0.6%
Technology	0.5%	53.7%
Basic Materials	-	1.1%
Communication Services	-	15.8%
Consumer Cyclical	-	12.2%
Consumer Defensive	-	7.7%
Healthcare	-	4.2%
Real Estate	-	0.1%
Utilities	-	1.4%

Return for Risk

AIRR vs. XQQ.TO — Risk / Return Rank

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

AIRR

AIRR Risk / Return Rank: 82
AIRR Sharpe Ratio Rank: 83
AIRR Sortino Ratio Rank: 79
AIRR Omega Ratio Rank: 73
AIRR Calmar Ratio Rank: 88
AIRR Martin Ratio Rank: 88

XQQ.TO

XQQ.TO Risk / Return Rank: 51
XQQ.TO Sharpe Ratio Rank: 59
XQQ.TO Sortino Ratio Rank: 53
XQQ.TO Omega Ratio Rank: 56
XQQ.TO Calmar Ratio Rank: 45
XQQ.TO Martin Ratio Rank: 45

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. XQQ.TO - 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 NASDAQ 100 Index ETF (CAD-Hedged) (XQQ.TO). 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	XQQ.TO	Difference
Sharpe ratio: Return per unit of total volatility	2.43	1.54	+0.89
Sortino ratio: Return per unit of downside risk	3.16	2.04	+1.12
Omega ratio: Gain probability vs. loss probability	1.39	1.28	+0.11
Calmar ratio: Return relative to maximum drawdown	4.74	1.88	+2.85
Martin ratio: Return relative to average drawdown	17.47	7.01	+10.46
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. XQQ.TO - Sharpe Ratio Comparison

The current AIRR Sharpe Ratio is 2.43, which is higher than the XQQ.TO Sharpe Ratio of 1.54. The chart below compares the historical Sharpe Ratios of AIRR and XQQ.TO, 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	XQQ.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.43	1.54	+0.89
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.99	0.48	+0.51
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.82	0.81	+0.01
Sharpe Ratio (All Time) Calculated using the full available price history	0.66	0.67	0.00

Drawdowns

AIRR vs. XQQ.TO - Drawdown Comparison

The maximum AIRR drawdown since its inception was -42.37%, roughly equal to the maximum XQQ.TO drawdown of -43.53%. Use the drawdown chart below to compare losses from any high point for AIRR and XQQ.TO.

Drawdown Indicators

	AIRR	XQQ.TO	Difference
Max Drawdown Largest peak-to-trough decline	-42.37%	-43.53%	+1.16%
Max Drawdown (1Y) Largest decline over 1 year	-13.09%	-14.43%	+1.34%
Max Drawdown (3Y) Largest decline over 3 years	-27.95%	-22.99%	-4.96%
Max Drawdown (5Y) Largest decline over 5 years	-27.95%	-43.53%	+15.58%
Max Drawdown (10Y) Largest decline over 10 years	-42.37%	-43.53%	+1.16%
Current Drawdown Current decline from peak	-2.88%	-4.84%	+1.96%
Average Drawdown Average peak-to-trough decline	-7.42%	-7.80%	+0.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.54%	3.87%	-0.33%

Volatility

AIRR vs. XQQ.TO - Volatility Comparison

First Trust RBA American Industrial Renaissance ETF (AIRR) has a higher volatility of 7.07% compared to iShares NASDAQ 100 Index ETF (CAD-Hedged) (XQQ.TO) at 6.70%. This indicates that AIRR's price experiences larger fluctuations and is considered to be riskier than XQQ.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AIRR	XQQ.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.07%	6.70%	+0.37%
Volatility (6M) Calculated over the trailing 6-month period	20.10%	13.80%	+6.30%
Volatility (1Y) Calculated over the trailing 1-year period	25.55%	17.63%	+7.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.33%	23.44%	+1.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.30%	23.38%	+2.92%

AIRR vs. XQQ.TO - Expense Ratio Comparison

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

Dividends

AIRR vs. XQQ.TO - Dividend Comparison

AIRR's dividend yield for the trailing twelve months is around 0.14%, less than XQQ.TO's 0.22% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AIRR First Trust RBA American Industrial Renaissance ETF	0.14%	0.19%	0.18%	0.23%	0.12%	0.05%	0.10%	0.20%	0.43%	0.30%	0.08%	0.47%
XQQ.TO iShares NASDAQ 100 Index ETF (CAD-Hedged)	0.22%	0.25%	0.67%	0.93%	1.27%	0.52%	0.80%	1.44%	1.61%	1.64%	2.35%	1.93%

Frequently Asked Questions

Can I hold both AIRR and XQQ.TO in my portfolio?

AIRR and XQQ.TO have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, AIRR or XQQ.TO?

On fees, XQQ.TO is cheaper at 0.39% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, AIRR or XQQ.TO?

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

What is the main difference between AIRR and XQQ.TO?

AIRR is categorized as Building & Construction, while XQQ.TO is Nasdaq-100. AIRR tracks Richard Bernstein Advisors American Industrial Renaissance Index, while XQQ.TO tracks Morningstar US Market TR CAD. They also come from different issuers: First Trust and iShares. Their fees differ too: 0.69% for AIRR and 0.39% for XQQ.TO.