FDT vs. AIRR

Last updated Jun 25, 2026

FDT (First Trust Developed Markets ex-US AlphaDEX Fund) and AIRR (First Trust RBA American Industrial Renaissance ETF) are both exchange-traded funds - FDT is a Foreign Large Cap Equities fund tracking the NASDAQ AlphaDEX DM Ex-US 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, FDT returned 11.10%/yr vs 22.14%/yr for AIRR. A 0.62 correlation means they provide meaningful diversification when combined. FDT charges 0.80%/yr vs 0.69%/yr for AIRR.

Performance

FDT vs. AIRR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Developed Markets ex-US AlphaDEX Fund (FDT) 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, FDT achieves a 20.11% return, which is significantly lower than AIRR's 32.79% return. Over the past 10 years, FDT has underperformed AIRR with an annualized return of 11.10%, while AIRR has yielded a comparatively higher 22.14% annualized return.

FDT

• 1D: -0.31%
• 1M: -2.05%
• YTD: 20.11%
• 6M: 19.29%
• 1Y: 44.07%
• 3Y*: 27.88%
• 5Y*: 12.08%
• 10Y*: 11.10%

AIRR

• 1D: 0.74%
• 1M: 4.33%
• YTD: 32.79%
• 6M: 28.48%
• 1Y: 62.89%
• 3Y*: 37.01%
• 5Y*: 26.09%
• 10Y*: 22.14%

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

FDT vs. AIRR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FDT First Trust Developed Markets ex-US AlphaDEX Fund	20.11%	52.21%	6.97%	15.03%	-19.51%	11.43%	4.29%	16.82%	-19.98%	34.42%
AIRR First Trust RBA American Industrial Renaissance ETF	32.79%	27.92%	33.45%	31.43%	-2.08%	33.01%	17.17%	33.97%	-20.57%	16.28%

Correlation

The correlation between FDT and AIRR is 0.61, 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	0.61
Correlation (3Y) Calculated over the trailing 3-year period	0.58
Correlation (5Y) Calculated over the trailing 5-year period	0.63
Correlation (10Y) Calculated over the trailing 10-year period	0.61
Correlation (All Time) Calculated using the full available price history since Mar 11, 2014	0.62

The correlation between FDT and AIRR has been stable across timeframes, ranging from 0.58 to 0.63 - a consistent structural relationship.

FDT vs. AIRR - Sectors Allocation Comparison

Sectors	FDT	AIRR
Industrials	32.4%	92.4%
Technology	12.1%	0.7%
Consumer Cyclical	11.9%	-
Financial Services	9.9%	6.9%
Basic Materials	9.4%	-
Energy	7.9%	3.8%
Real Estate	5.0%	-
Utilities	4.8%	-
Communication Services	2.8%	-
Consumer Defensive	2.5%	-
Healthcare	1.3%	-

Return for Risk

FDT vs. AIRR — Risk / Return Rank

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

FDT

FDT Risk / Return Rank: 74
FDT Sharpe Ratio Rank: 77
FDT Sortino Ratio Rank: 70
FDT Omega Ratio Rank: 77
FDT Calmar Ratio Rank: 73
FDT Martin Ratio Rank: 74

AIRR

AIRR Risk / Return Rank: 82
AIRR Sharpe Ratio Rank: 83
AIRR Sortino Ratio Rank: 77
AIRR Omega Ratio Rank: 72
AIRR Calmar Ratio Rank: 89
AIRR Martin Ratio Rank: 89

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.

FDT vs. AIRR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Developed Markets ex-US AlphaDEX Fund (FDT) 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.

	FDT	AIRR	Difference
Sharpe ratio: Return per unit of total volatility	2.19	2.40	-0.21
Sortino ratio: Return per unit of downside risk	2.84	3.10	-0.26
Omega ratio: Gain probability vs. loss probability	1.40	1.38	+0.02
Calmar ratio: Return relative to maximum drawdown	3.30	4.83	-1.53
Martin ratio: Return relative to average drawdown	12.36	17.62	-5.25

FDT vs. AIRR - Sharpe Ratio Comparison

The current FDT Sharpe Ratio is 2.19, which is comparable to the AIRR Sharpe Ratio of 2.40. The chart below compares the historical Sharpe Ratios of FDT 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

FDT vs. AIRR - Drawdown Comparison

The maximum FDT drawdown since its inception was -46.10%, which is greater than AIRR's maximum drawdown of -42.37%. Use the drawdown chart below to compare losses from any high point for FDT and AIRR.

Drawdown Indicators

	FDT	AIRR	Difference
Max Drawdown Largest peak-to-trough decline	-46.10%	-42.37%	-3.73%
Max Drawdown (1Y) Largest decline over 1 year	-13.41%	-13.09%	-0.32%
Max Drawdown (3Y) Largest decline over 3 years	-14.29%	-27.95%	+13.66%
Max Drawdown (5Y) Largest decline over 5 years	-32.80%	-27.95%	-4.85%
Max Drawdown (10Y) Largest decline over 10 years	-46.10%	-42.37%	-3.73%
Current Drawdown Current decline from peak	-5.81%	-2.08%	-3.73%
Average Drawdown Average peak-to-trough decline	-10.75%	-7.46%	-3.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.57%	3.58%	-0.01%

Volatility

FDT vs. AIRR - Volatility Comparison

First Trust Developed Markets ex-US AlphaDEX Fund (FDT) has a higher volatility of 9.80% compared to First Trust RBA American Industrial Renaissance ETF (AIRR) at 8.81%. This indicates that FDT'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

	FDT	AIRR	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.80%	8.81%	+0.99%
Volatility (6M) Calculated over the trailing 6-month period	18.02%	20.61%	-2.59%
Volatility (1Y) Calculated over the trailing 1-year period	20.20%	26.36%	-6.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.58%	25.43%	-6.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.54%	26.33%	-7.79%

FDT vs. AIRR - Expense Ratio Comparison

FDT has a 0.80% expense ratio, which is higher than AIRR's 0.69% expense ratio.

Dividends

FDT vs. AIRR - Dividend Comparison

FDT's dividend yield for the trailing twelve months is around 2.97%, 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%
FDT First Trust Developed Markets ex-US AlphaDEX Fund	2.97%	3.27%	3.89%	4.36%	2.29%	3.80%	2.42%	2.78%	2.13%	1.57%	1.76%	1.83%

Frequently Asked Questions

Can I hold both FDT and AIRR in my portfolio?

FDT and AIRR have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FDT or AIRR?

FDT has higher volatility (9.80%) compared to AIRR (8.81%). In terms of maximum drawdown, FDT dropped -46.10% vs AIRR's -42.37%.

Which ETF is better, FDT or AIRR?

On 10-year performance, AIRR leads with 22.14% vs 11.10% for FDT. On fees, AIRR is cheaper at 0.69% per year. On volatility, AIRR has been the lower-risk option at 8.81%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FDT or AIRR?

Over the 10-year period, AIRR has performed better with a 22.14% return vs 11.10%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FDT or AIRR?

AIRR is cheaper with a 0.69% expense ratio, compared with 0.80% for FDT.

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

FDT has the higher dividend yield at 2.97%, compared with 0.13% for AIRR.

What is the main difference between FDT and AIRR?

FDT is categorized as Foreign Large Cap Equities, while AIRR is Building & Construction. FDT tracks NASDAQ AlphaDEX DM Ex-US Index, while AIRR tracks Richard Bernstein Advisors American Industrial Renaissance Index. Their fees differ too: 0.80% for FDT and 0.69% for AIRR.

Which has better risk-adjusted returns?

AIRR currently has the higher Sharpe Ratio (2.40 vs 2.19), 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.