ARVR vs. AIRR

Last updated Jun 24, 2026

ARVR (First Trust Indxx Metaverse ETF) and AIRR (First Trust RBA American Industrial Renaissance ETF) are both exchange-traded funds - ARVR is a Technology Equities fund tracking the Indxx Metaverse Index - Benchmark TR Net, while AIRR is a Building & Construction fund tracking the Richard Bernstein Advisors American Industrial Renaissance Index. Both are passively managed. Over the past 3 years, ARVR returned 22.77%/yr vs 36.68%/yr for AIRR. A 0.62 correlation means they provide meaningful diversification when combined. ARVR charges 0.70%/yr vs 0.69%/yr for AIRR.

Performance

ARVR vs. AIRR - Performance Comparison

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

Returns By Period

In the year-to-date period, ARVR achieves a 13.47% return, which is significantly lower than AIRR's 31.81% return.

ARVR

• 1D: -4.16%
• 1M: -0.36%
• YTD: 13.47%
• 6M: 13.55%
• 1Y: 23.99%
• 3Y*: 22.77%
• 5Y*: —
• 10Y*: —

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%

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

ARVR vs. AIRR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
ARVR First Trust Indxx Metaverse ETF	13.47%	29.07%	10.11%	43.39%	-17.45%
AIRR First Trust RBA American Industrial Renaissance ETF	31.81%	27.92%	33.45%	31.43%	6.57%

Correlation

The correlation between ARVR and AIRR is 0.56, 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	0.56
Correlation (3Y) Calculated over the trailing 3-year period	0.59
Correlation (All Time) Calculated using the full available price history since Apr 20, 2022	0.62

The correlation between ARVR and AIRR has been stable across timeframes, ranging from 0.56 to 0.62 - a consistent structural relationship.

Return for Risk

ARVR vs. AIRR — Risk / Return Rank

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

ARVR

ARVR Risk / Return Rank: 31
ARVR Sharpe Ratio Rank: 33
ARVR Sortino Ratio Rank: 32
ARVR Omega Ratio Rank: 33
ARVR Calmar Ratio Rank: 29
ARVR Martin Ratio Rank: 30

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

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.

ARVR vs. AIRR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Indxx Metaverse ETF (ARVR) and First Trust RBA American Industrial Renaissance ETF (AIRR). 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.

	ARVR	AIRR	Difference
Sharpe ratio: Return per unit of total volatility	1.13	2.43	-1.30
Sortino ratio: Return per unit of downside risk	1.57	3.13	-1.56
Omega ratio: Gain probability vs. loss probability	1.21	1.38	-0.18
Calmar ratio: Return relative to maximum drawdown	1.36	4.89	-3.53
Martin ratio: Return relative to average drawdown	4.05	17.83	-13.78

ARVR vs. AIRR - Sharpe Ratio Comparison

The current ARVR Sharpe Ratio is 1.13, which is lower than the AIRR Sharpe Ratio of 2.43. The chart below compares the historical Sharpe Ratios of ARVR and AIRR, 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

ARVR vs. AIRR - Drawdown Comparison

The maximum ARVR drawdown since its inception was -26.40%, smaller than the maximum AIRR drawdown of -42.37%. Use the drawdown chart below to compare losses from any high point for ARVR and AIRR.

Drawdown Indicators

	ARVR	AIRR	Difference
Max Drawdown Largest peak-to-trough decline	-26.40%	-42.37%	+15.97%
Max Drawdown (1Y) Largest decline over 1 year	-17.73%	-13.09%	-4.64%
Max Drawdown (3Y) Largest decline over 3 years	-21.46%	-27.95%	+6.49%
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	-5.16%	-2.80%	-2.36%
Average Drawdown Average peak-to-trough decline	-5.87%	-7.47%	+1.60%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.93%	3.58%	+2.35%

Volatility

ARVR vs. AIRR - Volatility Comparison

First Trust Indxx Metaverse ETF (ARVR) has a higher volatility of 10.82% compared to First Trust RBA American Industrial Renaissance ETF (AIRR) at 8.80%. This indicates that ARVR's price experiences larger fluctuations and is considered to be riskier than AIRR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ARVR	AIRR	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.82%	8.80%	+2.02%
Volatility (6M) Calculated over the trailing 6-month period	17.60%	20.63%	-3.03%
Volatility (1Y) Calculated over the trailing 1-year period	21.41%	26.40%	-4.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.78%	25.45%	-1.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.78%	26.33%	-2.55%

ARVR vs. AIRR - Expense Ratio Comparison

ARVR has a 0.70% expense ratio, which is higher than AIRR's 0.69% expense ratio.

Dividends

ARVR vs. AIRR - Dividend Comparison

ARVR's dividend yield for the trailing twelve months is around 0.47%, more than AIRR's 0.13% 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%
ARVR First Trust Indxx Metaverse ETF	0.47%	0.53%	0.81%	0.11%	0.27%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ARVR and AIRR in my portfolio?

ARVR and AIRR have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ARVR or AIRR?

ARVR has higher volatility (10.82%) compared to AIRR (8.80%). In terms of maximum drawdown, ARVR dropped -26.40% vs AIRR's -42.37%.

Which ETF is better, ARVR or AIRR?

On 3-year performance, AIRR leads with 36.68% vs 22.77% for ARVR. On fees, AIRR is cheaper at 0.69% per year. On volatility, AIRR has been the lower-risk option at 8.80%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ARVR or AIRR?

Over the 3-year period, AIRR has performed better with a 36.68% return vs 22.77%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ARVR or AIRR?

AIRR is cheaper with a 0.69% expense ratio, compared with 0.70% for ARVR.

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

ARVR has the higher dividend yield at 0.47%, compared with 0.13% for AIRR.

What is the main difference between ARVR and AIRR?

ARVR is categorized as Technology Equities, while AIRR is Building & Construction. ARVR tracks Indxx Metaverse Index - Benchmark TR Net, while AIRR tracks Richard Bernstein Advisors American Industrial Renaissance Index. Their fees differ too: 0.70% for ARVR and 0.69% for AIRR.

Which has better risk-adjusted returns?

AIRR currently has the higher Sharpe Ratio (2.43 vs 1.13), 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.