FDVV vs. AIRR

Last updated Jun 14, 2026

FDVV (Fidelity High Dividend ETF) and AIRR (First Trust RBA American Industrial Renaissance ETF) are both exchange-traded funds - FDVV is a Large Cap Blend Equities fund tracking the Fidelity Core Dividend Index, while AIRR is a Building & Construction fund tracking the Richard Bernstein Advisors American Industrial Renaissance Index. Both are passively managed. Over the past 5 years, FDVV returned 13.53%/yr vs 25.46%/yr for AIRR. A 0.75 correlation means they provide meaningful diversification when combined. FDVV charges 0.29%/yr vs 0.69%/yr for AIRR.

Performance

FDVV vs. AIRR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity High Dividend ETF (FDVV) 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, FDVV achieves a 9.30% return, which is significantly lower than AIRR's 31.74% return.

FDVV

• 1D: 0.57%
• 1M: 2.54%
• YTD: 9.30%
• 6M: 9.44%
• 1Y: 23.92%
• 3Y*: 19.75%
• 5Y*: 13.53%
• 10Y*: —

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)

FDVV vs. AIRR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FDVV Fidelity High Dividend ETF	9.30%	17.08%	21.81%	18.00%	-4.21%	29.24%	2.80%	24.07%	-1.26%	14.00%
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 FDVV and AIRR is 0.64, 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	0.64
Correlation (3Y) Calculated over the trailing 3-year period	0.70
Correlation (5Y) Calculated over the trailing 5-year period	0.75
Correlation (All Time) Calculated using the full available price history since Sep 15, 2016	0.75

The correlation between FDVV and AIRR shifts across timeframes, from 0.64 (1 year) to 0.75 (5 years), reflecting how their relationship changes across market environments.

FDVV vs. AIRR - Sectors Allocation Comparison

Sectors	FDVV	AIRR
Technology	30.5%	0.7%
Financial Services	17.0%	6.9%
Consumer Cyclical	13.6%	-
Consumer Defensive	10.7%	-
Real Estate	9.9%	-
Utilities	8.6%	-
Communication Services	3.6%	-
Healthcare	3.0%	-
Industrials	3.0%	92.4%
Basic Materials	-	-
Energy	-	3.8%

Return for Risk

FDVV vs. AIRR — Risk / Return Rank

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

FDVV

FDVV Risk / Return Rank: 73
FDVV Sharpe Ratio Rank: 81
FDVV Sortino Ratio Rank: 82
FDVV Omega Ratio Rank: 81
FDVV Calmar Ratio Rank: 56
FDVV Martin Ratio Rank: 64

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.

FDVV vs. AIRR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity High Dividend ETF (FDVV) 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.

	FDVV	AIRR	Difference
Sharpe ratio: Return per unit of total volatility	2.24	2.50	-0.26
Sortino ratio: Return per unit of downside risk	3.14	3.22	-0.09
Omega ratio: Gain probability vs. loss probability	1.41	1.40	+0.01
Calmar ratio: Return relative to maximum drawdown	2.44	5.01	-2.57
Martin ratio: Return relative to average drawdown	10.11	18.33	-8.22

FDVV vs. AIRR - Sharpe Ratio Comparison

The current FDVV Sharpe Ratio is 2.24, which is comparable to the AIRR Sharpe Ratio of 2.50. The chart below compares the historical Sharpe Ratios of FDVV 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

FDVV vs. AIRR - Drawdown Comparison

The maximum FDVV drawdown since its inception was -40.25%, smaller than the maximum AIRR drawdown of -42.37%. Use the drawdown chart below to compare losses from any high point for FDVV and AIRR.

Drawdown Indicators

	FDVV	AIRR	Difference
Max Drawdown Largest peak-to-trough decline	-40.25%	-42.37%	+2.12%
Max Drawdown (1Y) Largest decline over 1 year	-9.30%	-13.09%	+3.79%
Max Drawdown (3Y) Largest decline over 3 years	-15.90%	-27.95%	+12.05%
Max Drawdown (5Y) Largest decline over 5 years	-20.18%	-27.95%	+7.77%
Max Drawdown (10Y) Largest decline over 10 years	—	-42.37%	—
Current Drawdown Current decline from peak	-0.29%	-1.89%	+1.60%
Average Drawdown Average peak-to-trough decline	-3.80%	-7.48%	+3.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.24%	3.57%	-1.33%

Volatility

FDVV vs. AIRR - Volatility Comparison

The current volatility for Fidelity High Dividend ETF (FDVV) is 3.16%, while First Trust RBA American Industrial Renaissance ETF (AIRR) has a volatility of 9.32%. This indicates that FDVV 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

	FDVV	AIRR	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.16%	9.32%	-6.16%
Volatility (6M) Calculated over the trailing 6-month period	8.16%	20.81%	-12.65%
Volatility (1Y) Calculated over the trailing 1-year period	10.12%	26.19%	-16.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.76%	25.45%	-10.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.98%	26.36%	-9.38%

FDVV vs. AIRR - Expense Ratio Comparison

FDVV has a 0.29% expense ratio, which is lower than AIRR's 0.69% expense ratio.

Dividends

FDVV vs. AIRR - Dividend Comparison

FDVV's dividend yield for the trailing twelve months is around 2.70%, 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%
FDVV Fidelity High Dividend ETF	2.70%	2.89%	2.94%	3.77%	3.44%	2.70%	3.19%	3.93%	4.05%	3.66%	1.04%	0.00%

Frequently Asked Questions

Can I hold both FDVV and AIRR in my portfolio?

FDVV and AIRR have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FDVV or AIRR?

AIRR has higher volatility (9.32%) compared to FDVV (3.16%). In terms of maximum drawdown, FDVV dropped -40.25% vs AIRR's -42.37%.

Which ETF is better, FDVV or AIRR?

On 5-year performance, AIRR leads with 25.46% vs 13.53% for FDVV. On fees, FDVV is cheaper at 0.29% per year. On volatility, FDVV has been the lower-risk option at 3.16%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FDVV or AIRR?

Over the 5-year period, AIRR has performed better with a 25.46% return vs 13.53%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FDVV or AIRR?

FDVV is cheaper with a 0.29% expense ratio, compared with 0.69% for AIRR.

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

FDVV has the higher dividend yield at 2.70%, compared with 0.13% for AIRR.

What is the main difference between FDVV and AIRR?

FDVV is categorized as Large Cap Blend Equities, while AIRR is Building & Construction. FDVV tracks Fidelity Core Dividend Index, while AIRR tracks Richard Bernstein Advisors American Industrial Renaissance Index. They also come from different issuers: Fidelity and First Trust. Their fees differ too: 0.29% for FDVV and 0.69% for AIRR.

Which has better risk-adjusted returns?

AIRR currently has the higher Sharpe Ratio (2.50 vs 2.24), 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.