FMHI vs. AIRR
FMHI (First Trust Municipal High Income ETF) and AIRR (First Trust RBA American Industrial Renaissance ETF) are both exchange-traded funds - FMHI 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). FMHI is actively managed, while AIRR is passively managed. Over the past 5 years, FMHI returned 0.91%/yr vs 25.85%/yr for AIRR. At a 0.04 correlation, their price movements are largely independent. FMHI charges 0.55%/yr vs 0.70%/yr for AIRR.
Performance
FMHI vs. AIRR - Performance Comparison
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Returns By Period
In the year-to-date period, FMHI achieves a 2.68% return, which is significantly lower than AIRR's 34.13% return.
FMHI
- 1D
- 0.10%
- 1M
- 0.99%
- YTD
- 2.68%
- 6M
- 3.23%
- 1Y
- 8.49%
- 3Y*
- 5.36%
- 5Y*
- 0.91%
- 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%
FMHI vs. AIRR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FMHI First Trust Municipal High Income ETF | 2.68% | 3.54% | 5.41% | 7.20% | -14.67% | 7.58% | 4.09% | 10.34% | 2.50% | 1.08% |
AIRR First Trust RBA American Industrial Renaissance ETF | 34.13% | 27.92% | 33.45% | 31.43% | -2.08% | 33.01% | 17.17% | 33.97% | -20.57% | 3.59% |
Correlation
The correlation between FMHI and AIRR is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.22 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.13 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.10 |
Correlation (All Time) Calculated using the full available price history since Nov 6, 2017 | 0.04 |
The correlation between FMHI and AIRR shifts across timeframes, from 0.04 (all time) to 0.22 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
FMHI vs. AIRR — Risk / Return Rank
FMHI
AIRR
FMHI vs. AIRR - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust Municipal High Income ETF (FMHI) 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.
| FMHI | AIRR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | 0.00 | ||
| Sortino ratioReturn per unit of downside risk | +0.75 | ||
| Omega ratioGain probability vs. loss probability | 1.61 | 1.43 | +0.18 |
| Calmar ratioReturn relative to maximum drawdown | 3.63 | 5.33 | -1.70 |
| Martin ratioReturn relative to average drawdown | 13.66 | 19.70 | -6.04 |
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
| FMHI | AIRR | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.75 | 2.75 | 0.00 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.19 | 1.03 | -0.84 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.84 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.56 | 0.68 | -0.11 |
Drawdowns
FMHI vs. AIRR - Drawdown Comparison
The maximum FMHI drawdown since its inception was -18.83%, smaller than the maximum AIRR drawdown of -42.37%. Use the drawdown chart below to compare losses from any high point for FMHI and AIRR.
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Drawdown Indicators
| FMHI | AIRR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.83% | -42.37% | +23.54% |
Max Drawdown (1Y)Largest decline over 1 year | -2.35% | -13.09% | +10.74% |
Max Drawdown (3Y)Largest decline over 3 years | -6.17% | -27.95% | +21.78% |
Max Drawdown (5Y)Largest decline over 5 years | -18.83% | -27.95% | +9.12% |
Max Drawdown (10Y)Largest decline over 10 years | — | -42.37% | — |
Current DrawdownCurrent decline from peak | 0.00% | -0.11% | +0.11% |
Average DrawdownAverage peak-to-trough decline | -4.52% | -7.42% | +2.90% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.62% | 3.53% | -2.91% |
Volatility
FMHI vs. AIRR - Volatility Comparison
The current volatility for First Trust Municipal High Income ETF (FMHI) is 0.96%, while First Trust RBA American Industrial Renaissance ETF (AIRR) has a volatility of 6.86%. This indicates that FMHI 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
| FMHI | AIRR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.96% | 6.86% | -5.90% |
Volatility (6M)Calculated over the trailing 6-month period | 2.10% | 19.88% | -17.78% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.12% | 25.35% | -22.23% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.76% | 25.30% | -20.54% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.73% | 26.29% | -20.56% |
FMHI vs. AIRR - Expense Ratio Comparison
FMHI has a 0.55% expense ratio, which is lower than AIRR's 0.70% expense ratio.
Dividends
FMHI vs. AIRR - Dividend Comparison
FMHI's dividend yield for the trailing twelve months is around 4.24%, 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% |
FMHI First Trust Municipal High Income ETF | 4.24% | 4.16% | 4.01% | 3.89% | 3.57% | 2.87% | 3.13% | 3.33% | 3.46% | 0.30% | 0.00% | 0.00% |
Frequently Asked Questions
FMHI and AIRR have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
AIRR has higher volatility (6.86%) compared to FMHI (0.96%). In terms of maximum drawdown, FMHI dropped -18.83% vs AIRR's -42.37%.
On 5-year performance, AIRR leads with 25.85% vs 0.91% for FMHI. On fees, FMHI is cheaper at 0.55% per year. On volatility, FMHI has been the lower-risk option at 0.96%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, AIRR has performed better with a 25.85% return vs 0.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FMHI is cheaper with a 0.55% expense ratio, compared with 0.70% for AIRR.
FMHI has the higher dividend yield at 4.24%, compared with 0.13% for AIRR.
FMHI is categorized as Municipal Bonds, while AIRR is Building & Construction. Their fees differ too: 0.55% for FMHI and 0.70% for AIRR.
AIRR currently has the higher Sharpe Ratio (2.75 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.
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