DLFE vs. AIRR
DLFE (FT Vest U.S. Equity Dual Directional Buffer ETF - February) and AIRR (First Trust RBA American Industrial Renaissance ETF) are both exchange-traded funds - DLFE is a Defined Outcome fund tracking the SPDR S&P 500 ETF Trust (SPY), while AIRR is a Building & Construction fund tracking the Richard Bernstein Advisors American Industrial Renaissance Index. Both are passively managed. A 0.68 correlation means they provide meaningful diversification when combined. DLFE charges 0.85%/yr vs 0.69%/yr for AIRR.
Performance
DLFE vs. AIRR - Performance Comparison
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Returns By Period
DLFE
- 1D
- 0.19%
- 1M
- 1.43%
- 6M
- —
- YTD
- —
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
AIRR
- 1D
- -0.59%
- 1M
- -3.72%
- 6M
- 14.96%
- YTD
- 25.81%
- 1Y
- 45.75%
- 3Y*
- 32.33%
- 5Y*
- 25.29%
- 10Y*
- 20.57%
DLFE vs. AIRR - Yearly Performance Comparison
| 2026 (YTD) | |
|---|---|
DLFE FT Vest U.S. Equity Dual Directional Buffer ETF - February | 5.28% |
AIRR First Trust RBA American Industrial Renaissance ETF | 1.45% |
Correlation
The correlation between DLFE and AIRR is 0.68, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Feb 23, 2026 | 0.68 |
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Return for Risk
DLFE vs. AIRR — Risk / Return Rank
DLFE
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
AIRR
DLFE vs. AIRR - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for FT Vest U.S. Equity Dual Directional Buffer ETF - February (DLFE) 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.
| DLFE | AIRR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 1.28 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 3.48 | — |
| Martin ratioReturn relative to average drawdown | — | 12.18 | — |
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Drawdowns
DLFE vs. AIRR - Drawdown Comparison
The maximum DLFE drawdown since its inception was -5.03%, smaller than the maximum AIRR drawdown of -42.37%. Use the drawdown chart below to compare losses from any high point for DLFE and AIRR.
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Drawdown Indicators
| DLFE | AIRR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -5.03% | -42.37% | +37.34% |
Max Drawdown (1Y)Largest decline over 1 year | — | -13.09% | — |
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 DrawdownCurrent decline from peak | 0.00% | -7.23% | +7.23% |
Average DrawdownAverage peak-to-trough decline | -0.84% | -7.45% | +6.61% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 3.74% | — |
Volatility
DLFE vs. AIRR - Volatility Comparison
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Volatility by Period
| DLFE | AIRR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 9.91% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 21.08% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 7.45% | 27.01% | -19.56% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.45% | 25.53% | -18.08% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.45% | 26.33% | -18.88% |
DLFE vs. AIRR - Expense Ratio Comparison
DLFE has a 0.85% expense ratio, which is higher than AIRR's 0.69% expense ratio.
Dividends
DLFE vs. AIRR - Dividend Comparison
DLFE has not paid dividends to shareholders, while AIRR's dividend yield for the trailing twelve months is around 0.09%.
| 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% |
DLFE FT Vest U.S. Equity Dual Directional Buffer ETF - February | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
DLFE and AIRR have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, AIRR is cheaper at 0.69% per year. The better choice depends on whether you care most about return, fees, risk, or income.
AIRR is cheaper with a 0.69% expense ratio, compared with 0.85% for DLFE.
AIRR has the higher dividend yield at 0.09%, compared with 0.00% for DLFE.
DLFE is categorized as Defined Outcome, while AIRR is Building & Construction. DLFE tracks SPDR S&P 500 ETF Trust (SPY), while AIRR tracks Richard Bernstein Advisors American Industrial Renaissance Index. Their fees differ too: 0.85% for DLFE and 0.69% for AIRR.
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