FMB vs. AIRR
FMB (First Trust Managed Municipal ETF) and AIRR (First Trust RBA American Industrial Renaissance ETF) are both exchange-traded funds - FMB is a Municipal Bonds fund actively managed by First Trust, while AIRR is a Building & Construction fund tracking the Richard Bernstein Advisors American Industrial Renaissance (TR). FMB is actively managed, while AIRR is passively managed. Over the past 10 years, FMB returned 2.31%/yr vs 21.89%/yr for AIRR. At a correlation of -0.02, they often move in opposite directions. FMB charges 0.50%/yr vs 0.70%/yr for AIRR.
Performance
FMB vs. AIRR - Performance Comparison
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Returns By Period
In the year-to-date period, FMB achieves a 1.78% return, which is significantly lower than AIRR's 31.77% return. Over the past 10 years, FMB has underperformed AIRR with an annualized return of 2.31%, while AIRR has yielded a comparatively higher 21.89% annualized return.
FMB
- 1D
- -0.04%
- 1M
- 0.70%
- YTD
- 1.78%
- 6M
- 2.21%
- 1Y
- 7.15%
- 3Y*
- 3.96%
- 5Y*
- 0.72%
- 10Y*
- 2.31%
AIRR
- 1D
- 0.54%
- 1M
- 3.36%
- YTD
- 31.77%
- 6M
- 31.32%
- 1Y
- 65.82%
- 3Y*
- 37.10%
- 5Y*
- 25.40%
- 10Y*
- 21.89%
FMB vs. AIRR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FMB First Trust Managed Municipal ETF | 1.78% | 3.73% | 1.94% | 6.31% | -9.91% | 2.43% | 4.44% | 8.25% | 0.89% | 7.22% |
AIRR First Trust RBA American Industrial Renaissance ETF | 31.77% | 27.92% | 33.45% | 31.43% | -2.08% | 33.01% | 17.17% | 33.97% | -20.57% | 16.28% |
Correlation
The correlation between FMB and AIRR is 0.19, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.19 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.15 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.11 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.01 |
Correlation (All Time) Calculated using the full available price history since May 16, 2014 | -0.02 |
The correlation between FMB and AIRR shifts across timeframes, from -0.02 (all time) to 0.19 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
FMB vs. AIRR — Risk / Return Rank
FMB
AIRR
FMB vs. AIRR - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust Managed Municipal ETF (FMB) 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.
| FMB | AIRR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.08 | ||
| Sortino ratioReturn per unit of downside risk | +0.55 | ||
| Omega ratioGain probability vs. loss probability | 1.60 | 1.41 | +0.18 |
| Calmar ratioReturn relative to maximum drawdown | 2.63 | 5.05 | -2.43 |
| Martin ratioReturn relative to average drawdown | 9.44 | 18.68 | -9.24 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| FMB | AIRR | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.70 | 2.61 | +0.08 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.20 | 1.01 | -0.81 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.51 | 0.84 | -0.33 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.67 | 0.67 | 0.00 |
Drawdowns
FMB vs. AIRR - Drawdown Comparison
The maximum FMB drawdown since its inception was -14.16%, smaller than the maximum AIRR drawdown of -42.37%. Use the drawdown chart below to compare losses from any high point for FMB and AIRR.
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Drawdown Indicators
| FMB | AIRR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.16% | -42.37% | +28.21% |
Max Drawdown (1Y)Largest decline over 1 year | -2.73% | -13.09% | +10.36% |
Max Drawdown (3Y)Largest decline over 3 years | -4.76% | -27.95% | +23.19% |
Max Drawdown (5Y)Largest decline over 5 years | -14.16% | -27.95% | +13.79% |
Max Drawdown (10Y)Largest decline over 10 years | -14.16% | -42.37% | +28.21% |
Current DrawdownCurrent decline from peak | -0.50% | -1.86% | +1.36% |
Average DrawdownAverage peak-to-trough decline | -2.61% | -7.43% | +4.82% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.76% | 3.53% | -2.77% |
Volatility
FMB vs. AIRR - Volatility Comparison
The current volatility for First Trust Managed Municipal ETF (FMB) is 0.88%, while First Trust RBA American Industrial Renaissance ETF (AIRR) has a volatility of 7.87%. This indicates that FMB 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.
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Volatility by Period
| FMB | AIRR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.88% | 7.87% | -6.99% |
Volatility (6M)Calculated over the trailing 6-month period | 1.91% | 19.82% | -17.91% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.67% | 25.40% | -22.73% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.71% | 25.29% | -21.58% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.55% | 26.29% | -21.74% |
FMB vs. AIRR - Expense Ratio Comparison
FMB has a 0.50% expense ratio, which is lower than AIRR's 0.70% expense ratio.
Dividends
FMB vs. AIRR - Dividend Comparison
FMB's dividend yield for the trailing twelve months is around 3.50%, 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% |
FMB First Trust Managed Municipal ETF | 3.50% | 3.37% | 3.22% | 2.98% | 2.47% | 1.96% | 2.19% | 2.47% | 2.58% | 2.49% | 2.93% | 3.07% |
Frequently Asked Questions
FMB and AIRR have a correlation of 0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
AIRR has higher volatility (7.87%) compared to FMB (0.88%). In terms of maximum drawdown, FMB dropped -14.16% vs AIRR's -42.37%.
On 10-year performance, AIRR leads with 21.89% vs 2.31% for FMB. On fees, FMB is cheaper at 0.50% per year. On volatility, FMB has been the lower-risk option at 0.88%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, AIRR has performed better with a 21.89% return vs 2.31%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FMB is cheaper with a 0.50% expense ratio, compared with 0.70% for AIRR.
FMB has the higher dividend yield at 3.50%, compared with 0.13% for AIRR.
FMB is categorized as Municipal Bonds, while AIRR is Building & Construction. Their fees differ too: 0.50% for FMB and 0.70% for AIRR.
FMB currently has the higher Sharpe Ratio (2.70 vs 2.61), 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.
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