EUFN vs. AIRR

Last updated Jun 14, 2026

EUFN (iShares MSCI Europe Financials ETF) and AIRR (First Trust RBA American Industrial Renaissance ETF) are both exchange-traded funds - EUFN is a Financials Equities fund tracking the MSCI Europe Financials Index, while AIRR is a Building & Construction fund tracking the Richard Bernstein Advisors American Industrial Renaissance Index. Both are passively managed. Over the past 10 years, EUFN returned 13.48%/yr vs 22.05%/yr for AIRR. A 0.59 correlation means they provide meaningful diversification when combined. EUFN charges 0.48%/yr vs 0.69%/yr for AIRR.

Performance

EUFN vs. AIRR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Europe Financials ETF (EUFN) 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, EUFN achieves a 4.75% return, which is significantly lower than AIRR's 31.74% return. Over the past 10 years, EUFN has underperformed AIRR with an annualized return of 13.48%, while AIRR has yielded a comparatively higher 22.05% annualized return.

EUFN

• 1D: 1.20%
• 1M: 3.43%
• YTD: 4.75%
• 6M: 9.10%
• 1Y: 28.57%
• 3Y*: 32.04%
• 5Y*: 18.43%
• 10Y*: 13.48%

AIRR

• 1D: 0.83%
• 1M: -1.26%
• YTD: 31.74%
• 6M: 28.77%
• 1Y: 67.12%
• 3Y*: 35.29%
• 5Y*: 25.46%
• 10Y*: 22.05%

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

EUFN vs. AIRR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EUFN iShares MSCI Europe Financials ETF	4.75%	65.73%	17.20%	26.15%	-8.78%	19.13%	-8.55%	20.73%	-23.14%	26.94%
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%

Correlation

The correlation between EUFN and AIRR is 0.53, 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	0.53
Correlation (3Y) Calculated over the trailing 3-year period	0.52
Correlation (5Y) Calculated over the trailing 5-year period	0.59
Correlation (10Y) Calculated over the trailing 10-year period	0.59
Correlation (All Time) Calculated using the full available price history since Mar 11, 2014	0.59

The correlation between EUFN and AIRR has been stable across timeframes, ranging from 0.52 to 0.59 - a consistent structural relationship.

EUFN vs. AIRR - Sectors Allocation Comparison

Sectors	EUFN	AIRR
Financial Services	97.7%	6.9%
Technology	1.0%	0.7%
Industrials	0.4%	92.4%
Consumer Cyclical	0.2%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Defensive	-	-
Energy	-	3.8%
Healthcare	-	-
Real Estate	-	-
Utilities	-	-

Return for Risk

EUFN vs. AIRR — Risk / Return Rank

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

EUFN

EUFN Risk / Return Rank: 42
EUFN Sharpe Ratio Rank: 42
EUFN Sortino Ratio Rank: 42
EUFN Omega Ratio Rank: 39
EUFN Calmar Ratio Rank: 41
EUFN Martin Ratio Rank: 44

AIRR

AIRR Risk / Return Rank: 86
AIRR Sharpe Ratio Rank: 88
AIRR Sortino Ratio Rank: 83
AIRR Omega Ratio Rank: 78
AIRR Calmar Ratio Rank: 91
AIRR Martin Ratio Rank: 90

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.

EUFN vs. AIRR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Europe Financials ETF (EUFN) 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.

	EUFN	AIRR	Difference
Sharpe ratio: Return per unit of total volatility	1.31	2.50	-1.20
Sortino ratio: Return per unit of downside risk	1.92	3.22	-1.30
Omega ratio: Gain probability vs. loss probability	1.23	1.40	-0.17
Calmar ratio: Return relative to maximum drawdown	1.79	5.01	-3.22
Martin ratio: Return relative to average drawdown	6.24	18.33	-12.09

EUFN vs. AIRR - Sharpe Ratio Comparison

The current EUFN Sharpe Ratio is 1.31, which is lower than the AIRR Sharpe Ratio of 2.50. The chart below compares the historical Sharpe Ratios of EUFN 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

EUFN vs. AIRR - Drawdown Comparison

The maximum EUFN drawdown since its inception was -53.25%, which is greater than AIRR's maximum drawdown of -42.37%. Use the drawdown chart below to compare losses from any high point for EUFN and AIRR.

Drawdown Indicators

	EUFN	AIRR	Difference
Max Drawdown Largest peak-to-trough decline	-53.25%	-42.37%	-10.88%
Max Drawdown (1Y) Largest decline over 1 year	-14.77%	-13.09%	-1.68%
Max Drawdown (3Y) Largest decline over 3 years	-15.95%	-27.95%	+12.00%
Max Drawdown (5Y) Largest decline over 5 years	-35.15%	-27.95%	-7.20%
Max Drawdown (10Y) Largest decline over 10 years	-53.25%	-42.37%	-10.88%
Current Drawdown Current decline from peak	-0.10%	-1.89%	+1.79%
Average Drawdown Average peak-to-trough decline	-14.53%	-7.48%	-7.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.23%	3.57%	+0.66%

Volatility

EUFN vs. AIRR - Volatility Comparison

The current volatility for iShares MSCI Europe Financials ETF (EUFN) is 6.96%, while First Trust RBA American Industrial Renaissance ETF (AIRR) has a volatility of 9.32%. This indicates that EUFN experiences smaller price fluctuations and is considered to be less risky than AIRR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EUFN	AIRR	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.96%	9.32%	-2.36%
Volatility (6M) Calculated over the trailing 6-month period	17.05%	20.81%	-3.76%
Volatility (1Y) Calculated over the trailing 1-year period	20.17%	26.19%	-6.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.88%	25.45%	-3.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.53%	26.36%	-1.83%

EUFN vs. AIRR - Expense Ratio Comparison

EUFN has a 0.48% expense ratio, which is lower than AIRR's 0.69% expense ratio.

Dividends

EUFN vs. AIRR - Dividend Comparison

EUFN's dividend yield for the trailing twelve months is around 3.41%, 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%
EUFN iShares MSCI Europe Financials ETF	3.41%	3.57%	5.36%	5.00%	4.24%	4.15%	1.38%	4.55%	6.48%	3.04%	4.03%	3.65%

Frequently Asked Questions

Can I hold both EUFN and AIRR in my portfolio?

EUFN and AIRR have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EUFN or AIRR?

AIRR has higher volatility (9.32%) compared to EUFN (6.96%). In terms of maximum drawdown, EUFN dropped -53.25% vs AIRR's -42.37%.

Which ETF is better, EUFN or AIRR?

On 10-year performance, AIRR leads with 22.05% vs 13.48% for EUFN. On fees, EUFN is cheaper at 0.48% per year. On volatility, EUFN has been the lower-risk option at 6.96%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EUFN or AIRR?

Over the 10-year period, AIRR has performed better with a 22.05% return vs 13.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EUFN or AIRR?

EUFN is cheaper with a 0.48% expense ratio, compared with 0.69% for AIRR.

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

EUFN has the higher dividend yield at 3.41%, compared with 0.13% for AIRR.

What is the main difference between EUFN and AIRR?

EUFN is categorized as Financials Equities, while AIRR is Building & Construction. EUFN tracks MSCI Europe Financials Index, while AIRR tracks Richard Bernstein Advisors American Industrial Renaissance Index. They also come from different issuers: iShares and First Trust. Their fees differ too: 0.48% for EUFN and 0.69% for AIRR.

Which has better risk-adjusted returns?

AIRR currently has the higher Sharpe Ratio (2.50 vs 1.31), 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.