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AIRR vs. ZLB.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

AIRR vs. ZLB.TO

Last updated Jun 14, 2026

AIRR (First Trust RBA American Industrial Renaissance ETF) and ZLB.TO (BMO Low Volatility Canadian Equity ETF) are both exchange-traded funds - AIRR is a Building & Construction fund tracking the Richard Bernstein Advisors American Industrial Renaissance Index, while ZLB.TO is a Canada Equities fund actively managed by BMO. AIRR is passively managed, while ZLB.TO is actively managed. Over the past 10 years, AIRR returned 22.05%/yr vs 9.72%/yr for ZLB.TO. At a 0.38 correlation, their price movements are largely independent. AIRR charges 0.69%/yr vs 0.39%/yr for ZLB.TO.

Performance

AIRR vs. ZLB.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 BMO Low Volatility Canadian Equity ETF (ZLB.TO). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

AIRR is traded in USD, while ZLB.TO is traded in CAD. To make them comparable, the ZLB.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 31.74% return, which is significantly higher than ZLB.TO's 3.59% return. Over the past 10 years, AIRR has outperformed ZLB.TO with an annualized return of 22.05%, while ZLB.TO has yielded a comparatively lower 9.72% annualized return.

AIRR

1D
0.83%
1M
1.32%
YTD
31.74%
6M
28.77%
1Y
67.12%
3Y*
35.29%
5Y*
25.46%
10Y*
22.05%

ZLB.TO

1D
-0.07%
1M
2.19%
YTD
3.59%
6M
1.39%
1Y
10.41%
3Y*
13.51%
5Y*
8.07%
10Y*
9.72%
*Multi-year figures are annualized to reflect compound growth (CAGR)

AIRR vs. ZLB.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
AIRR
First Trust RBA American Industrial Renaissance ETF		31.74%27.92%33.45%31.43%-2.08%33.01%17.17%33.97%-20.57%16.28%
ZLB.TO
BMO Low Volatility Canadian Equity ETF		3.59%26.16%6.31%12.07%-6.29%22.99%3.98%27.16%-10.30%19.18%

Correlation

The correlation between AIRR and ZLB.TO is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.23

Correlation (3Y)
Calculated over the trailing 3-year period

0.33

Correlation (5Y)
Calculated over the trailing 5-year period

0.38

Correlation (10Y)
Calculated over the trailing 10-year period

0.38

Correlation (All Time)
Calculated using the full available price history since Mar 11, 2014

0.38

The correlation between AIRR and ZLB.TO shifts across timeframes, from 0.23 (1 year) to 0.38 (5 years), reflecting how their relationship changes across market environments.

AIRR vs. ZLB.TO - Sectors Allocation Comparison

Sectors
AIRR
ZLB.TO

Industrials

92.4%
10.0%

Financial Services

6.9%
23.9%

Energy

3.8%

-

Technology

0.7%
1.9%

Basic Materials

-

6.2%

Communication Services

-

9.3%

Consumer Cyclical

-

8.5%

Consumer Defensive

-

18.3%

Healthcare

-

-

Real Estate

-

4.3%

Utilities

-

17.6%

Industrials

AIRR
92.4%
ZLB.TO
10.0%

Financial Services

AIRR
6.9%
ZLB.TO
23.9%

Energy

AIRR
3.8%
ZLB.TO

-

Technology

AIRR
0.7%
ZLB.TO
1.9%

Basic Materials

AIRR

-

ZLB.TO
6.2%

Communication Services

AIRR

-

ZLB.TO
9.3%

Consumer Cyclical

AIRR

-

ZLB.TO
8.5%

Consumer Defensive

AIRR

-

ZLB.TO
18.3%

Healthcare

AIRR

-

ZLB.TO

-

Real Estate

AIRR

-

ZLB.TO
4.3%

Utilities

AIRR

-

ZLB.TO
17.6%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

First Trust RBA American Industrial Renaissance ETF

BMO Low Volatility Canadian Equity ETF

Often compared with AIRR:
AIRR vs. PAVEAIRR vs. XLIAIRR vs. RSHOAIRR vs. XHBAIRR vs. QQQAIRR vs. PSCIAIRR vs. GRID
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Return for Risk

AIRR vs. ZLB.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
AIRR
AIRR Risk / Return Rank: 8686
Overall Rank
AIRR Sharpe Ratio Rank: 8888
Sharpe Ratio Rank
AIRR Sortino Ratio Rank: 8383
Sortino Ratio Rank
AIRR Omega Ratio Rank: 7878
Omega Ratio Rank
AIRR Calmar Ratio Rank: 9191
Calmar Ratio Rank
AIRR Martin Ratio Rank: 9090
Martin Ratio Rank
ZLB.TO
ZLB.TO Risk / Return Rank: 4848
Overall Rank
ZLB.TO Sharpe Ratio Rank: 4747
Sharpe Ratio Rank
ZLB.TO Sortino Ratio Rank: 4343
Sortino Ratio Rank
ZLB.TO Omega Ratio Rank: 4949
Omega Ratio Rank
ZLB.TO Calmar Ratio Rank: 5252
Calmar Ratio Rank
ZLB.TO Martin Ratio Rank: 4848
Martin Ratio Rank
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. ZLB.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 BMO Low Volatility Canadian Equity ETF (ZLB.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.

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.

AIRRZLB.TODifference
Sharpe ratioReturn per unit of total volatility
2.50
1.08

+1.43

Sortino ratioReturn per unit of downside risk
3.22
1.49

+1.74

Omega ratioGain probability vs. loss probability

1.40

1.20

+0.20

Calmar ratioReturn relative to maximum drawdown

5.01

1.76

+3.25

Martin ratioReturn relative to average drawdown

18.33

4.78

+13.55

AIRR vs. ZLB.TO - Sharpe Ratio Comparison

The current AIRR Sharpe Ratio is 2.50, which is higher than the ZLB.TO Sharpe Ratio of 1.08. The chart below compares the historical Sharpe Ratios of AIRR and ZLB.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.

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Drawdowns

AIRR vs. ZLB.TO - Drawdown Comparison

The maximum AIRR drawdown since its inception was -42.37%, which is greater than ZLB.TO's maximum drawdown of -39.55%. Use the drawdown chart below to compare losses from any high point for AIRR and ZLB.TO.

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Drawdown Indicators

AIRRZLB.TODifference

Max Drawdown

Largest peak-to-trough decline

-42.37%

-39.55%

-2.82%

Max Drawdown (1Y)

Largest decline over 1 year

-13.09%

-6.13%

-6.96%

Max Drawdown (3Y)

Largest decline over 3 years

-27.95%

-12.27%

-15.68%

Max Drawdown (5Y)

Largest decline over 5 years

-27.95%

-20.63%

-7.32%

Max Drawdown (10Y)

Largest decline over 10 years

-42.37%

-39.55%

-2.82%

Current Drawdown

Current decline from peak

-1.89%

-1.20%

-0.69%

Average Drawdown

Average peak-to-trough decline

-7.48%

-4.08%

-3.40%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.57%

2.25%

+1.32%

Volatility

AIRR vs. ZLB.TO - Volatility Comparison

First Trust RBA American Industrial Renaissance ETF (AIRR) has a higher volatility of 9.32% compared to BMO Low Volatility Canadian Equity ETF (ZLB.TO) at 2.75%. This indicates that AIRR's price experiences larger fluctuations and is considered to be riskier than ZLB.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

AIRRZLB.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

9.32%

2.75%

+6.57%

Volatility (6M)

Calculated over the trailing 6-month period

20.81%

8.16%

+12.65%

Volatility (1Y)

Calculated over the trailing 1-year period

26.19%

10.05%

+16.14%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

25.45%

11.65%

+13.80%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

26.36%

13.90%

+12.46%

AIRR vs. ZLB.TO - Expense Ratio Comparison

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

Dividends

AIRR vs. ZLB.TO - Dividend Comparison

AIRR's dividend yield for the trailing twelve months is around 0.13%, less than ZLB.TO's 1.88% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
ZLB.TO
BMO Low Volatility Canadian Equity ETF		1.88%1.99%2.37%2.67%2.66%2.39%2.83%2.44%2.76%2.55%2.94%2.34%

Frequently Asked Questions

AIRR and ZLB.TO have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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

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

AIRR is categorized as Building & Construction, while ZLB.TO is Canada Equities. They also come from different issuers: First Trust and BMO. Their fees differ too: 0.69% for AIRR and 0.39% for ZLB.TO.

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