FHDG vs. AIRR

Last updated Jun 5, 2026

FHDG (FT Vest U.S. Equity Quarterly Dynamic Buffer ETF) and AIRR (First Trust RBA American Industrial Renaissance ETF) are both exchange-traded funds - FHDG is a Defined Outcome fund actively managed by First Trust, while AIRR is a Building & Construction fund tracking the Richard Bernstein Advisors American Industrial Renaissance (TR). FHDG is actively managed, while AIRR is passively managed. Over the past year, FHDG returned 16.14% vs 69.39% for AIRR. A 0.68 correlation means they provide meaningful diversification when combined. FHDG charges 0.85%/yr vs 0.70%/yr for AIRR.

Performance

FHDG vs. AIRR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FT Vest U.S. Equity Quarterly Dynamic Buffer ETF (FHDG) 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, FHDG achieves a 6.91% return, which is significantly lower than AIRR's 34.13% return.

FHDG

• 1D: 0.19%
• 1M: 1.88%
• YTD: 6.91%
• 6M: 7.56%
• 1Y: 16.14%
• 3Y*: —
• 5Y*: —
• 10Y*: —

AIRR

• 1D: 1.79%
• 1M: 0.86%
• YTD: 34.13%
• 6M: 32.46%
• 1Y: 69.39%
• 3Y*: 38.63%
• 5Y*: 25.85%
• 10Y*: 21.94%

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

FHDG vs. AIRR - Yearly Performance Comparison

	2026 (YTD)	2025	2024
FHDG FT Vest U.S. Equity Quarterly Dynamic Buffer ETF	6.91%	10.56%	0.53%
AIRR First Trust RBA American Industrial Renaissance ETF	34.13%	27.92%	-6.62%

Correlation

The correlation between FHDG 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 (All Time) Calculated using the full available price history since Nov 19, 2024	0.68

The correlation between FHDG and AIRR has been stable across timeframes, ranging from 0.64 to 0.68 - a consistent structural relationship.

Return for Risk

FHDG vs. AIRR — Risk / Return Rank

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

FHDG

FHDG Risk / Return Rank: 90
FHDG Sharpe Ratio Rank: 90
FHDG Sortino Ratio Rank: 92
FHDG Omega Ratio Rank: 94
FHDG Calmar Ratio Rank: 80
FHDG Martin Ratio Rank: 92

AIRR

AIRR Risk / Return Rank: 83
AIRR Sharpe Ratio Rank: 85
AIRR Sortino Ratio Rank: 79
AIRR Omega Ratio Rank: 74
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.

FHDG vs. AIRR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FT Vest U.S. Equity Quarterly Dynamic Buffer ETF (FHDG) 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.

	FHDG	AIRR	Difference
Sharpe ratio: Return per unit of total volatility	3.01	2.75	+0.25
Sortino ratio: Return per unit of downside risk	4.37	3.51	+0.87
Omega ratio: Gain probability vs. loss probability	1.66	1.43	+0.23
Calmar ratio: Return relative to maximum drawdown	4.09	5.33	-1.24
Martin ratio: Return relative to average drawdown	22.43	19.70	+2.73
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FHDG vs. AIRR - Sharpe Ratio Comparison

The current FHDG Sharpe Ratio is 3.01, which is comparable to the AIRR Sharpe Ratio of 2.75. The chart below compares the historical Sharpe Ratios of FHDG 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.

Sharpe Ratios by Period

	FHDG	AIRR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.01	2.75	+0.25
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	1.03	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.84	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.02	0.68	+0.35

Drawdowns

FHDG vs. AIRR - Drawdown Comparison

The maximum FHDG drawdown since its inception was -14.01%, smaller than the maximum AIRR drawdown of -42.37%. Use the drawdown chart below to compare losses from any high point for FHDG and AIRR.

Drawdown Indicators

	FHDG	AIRR	Difference
Max Drawdown Largest peak-to-trough decline	-14.01%	-42.37%	+28.36%
Max Drawdown (1Y) Largest decline over 1 year	-3.96%	-13.09%	+9.13%
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 Drawdown Current decline from peak	0.00%	-0.11%	+0.11%
Average Drawdown Average peak-to-trough decline	-1.12%	-7.42%	+6.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.72%	3.53%	-2.81%

Volatility

FHDG vs. AIRR - Volatility Comparison

The current volatility for FT Vest U.S. Equity Quarterly Dynamic Buffer ETF (FHDG) is 0.70%, while First Trust RBA American Industrial Renaissance ETF (AIRR) has a volatility of 6.86%. This indicates that FHDG 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

	FHDG	AIRR	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.70%	6.86%	-6.16%
Volatility (6M) Calculated over the trailing 6-month period	4.38%	19.88%	-15.50%
Volatility (1Y) Calculated over the trailing 1-year period	5.39%	25.35%	-19.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.70%	25.30%	-13.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.70%	26.29%	-14.59%

FHDG vs. AIRR - Expense Ratio Comparison

FHDG has a 0.85% expense ratio, which is higher than AIRR's 0.70% expense ratio.

Dividends

FHDG vs. AIRR - Dividend Comparison

FHDG has not paid dividends to shareholders, while AIRR's dividend yield for the trailing twelve months is around 0.13%.

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%
FHDG FT Vest U.S. Equity Quarterly Dynamic Buffer ETF	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

Can I hold both FHDG and AIRR in my portfolio?

FHDG 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, FHDG or AIRR?

AIRR has higher volatility (6.86%) compared to FHDG (0.70%). In terms of maximum drawdown, FHDG dropped -14.01% vs AIRR's -42.37%.

Which ETF is better, FHDG or AIRR?

On 1-year performance, AIRR leads with 69.39% vs 16.14% for FHDG. On fees, AIRR is cheaper at 0.70% per year. On volatility, FHDG has been the lower-risk option at 0.70%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FHDG or AIRR?

Over the 1-year period, AIRR has performed better with a 69.39% return vs 16.14%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FHDG or AIRR?

AIRR is cheaper with a 0.70% expense ratio, compared with 0.85% for FHDG.

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

AIRR has the higher dividend yield at 0.13%, compared with 0.00% for FHDG.

What is the main difference between FHDG and AIRR?

FHDG is categorized as Defined Outcome, while AIRR is Building & Construction. Their fees differ too: 0.85% for FHDG and 0.70% for AIRR.

Which has better risk-adjusted returns?

FHDG currently has the higher Sharpe Ratio (3.01 vs 2.75), 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.