FPX vs. AIRR

Last updated Jun 24, 2026

FPX (First Trust US Equity Opportunities ETF) and AIRR (First Trust RBA American Industrial Renaissance ETF) are both exchange-traded funds - FPX is a Large Cap Growth Equities fund tracking the IPOX-100 U.S. 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, FPX returned 15.44%/yr vs 22.05%/yr for AIRR. A 0.66 correlation means they provide meaningful diversification when combined. FPX charges 0.57%/yr vs 0.69%/yr for AIRR.

Performance

FPX vs. AIRR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust US Equity Opportunities ETF (FPX) 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, FPX achieves a 19.68% return, which is significantly lower than AIRR's 31.81% return. Over the past 10 years, FPX has underperformed AIRR with an annualized return of 15.44%, while AIRR has yielded a comparatively higher 22.05% annualized return.

FPX

• 1D: -3.29%
• 1M: 3.59%
• YTD: 19.68%
• 6M: 15.47%
• 1Y: 39.59%
• 3Y*: 32.36%
• 5Y*: 9.53%
• 10Y*: 15.44%

AIRR

• 1D: -2.80%
• 1M: 3.57%
• YTD: 31.81%
• 6M: 27.48%
• 1Y: 63.63%
• 3Y*: 36.68%
• 5Y*: 25.97%
• 10Y*: 22.05%

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

FPX vs. AIRR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FPX First Trust US Equity Opportunities ETF	19.68%	37.62%	24.75%	22.26%	-35.11%	3.69%	47.89%	30.37%	-8.35%	27.03%
AIRR First Trust RBA American Industrial Renaissance ETF	31.81%	27.92%	33.45%	31.43%	-2.08%	33.01%	17.17%	33.97%	-20.57%	16.28%

Correlation

The correlation between FPX and AIRR is 0.70, 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	0.70
Correlation (3Y) Calculated over the trailing 3-year period	0.75
Correlation (5Y) Calculated over the trailing 5-year period	0.75
Correlation (10Y) Calculated over the trailing 10-year period	0.65
Correlation (All Time) Calculated using the full available price history since Mar 11, 2014	0.66

The correlation between FPX and AIRR has been stable across timeframes, ranging from 0.65 to 0.75 - a consistent structural relationship.

FPX vs. AIRR - Sectors Allocation Comparison

Sectors	FPX	AIRR
Healthcare	22.5%	-
Technology	20.6%	0.7%
Industrials	12.7%	92.4%
Consumer Cyclical	8.8%	-
Financial Services	8.8%	6.9%
Communication Services	7.8%	-
Consumer Defensive	3.9%	-
Energy	3.9%	3.8%
Real Estate	3.9%	-
Basic Materials	2.9%	-
Utilities	2.0%	-

Return for Risk

FPX vs. AIRR — Risk / Return Rank

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

FPX

FPX Risk / Return Rank: 53
FPX Sharpe Ratio Rank: 49
FPX Sortino Ratio Rank: 45
FPX Omega Ratio Rank: 44
FPX Calmar Ratio Rank: 68
FPX Martin Ratio Rank: 60

AIRR

AIRR Risk / Return Rank: 79
AIRR Sharpe Ratio Rank: 80
AIRR Sortino Ratio Rank: 73
AIRR Omega Ratio Rank: 67
AIRR Calmar Ratio Rank: 88
AIRR Martin Ratio Rank: 87

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.

FPX vs. AIRR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust US Equity Opportunities ETF (FPX) 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.

	FPX	AIRR	Difference
Sharpe ratio: Return per unit of total volatility	1.64	2.43	-0.79
Sortino ratio: Return per unit of downside risk	2.16	3.13	-0.97
Omega ratio: Gain probability vs. loss probability	1.27	1.38	-0.11
Calmar ratio: Return relative to maximum drawdown	3.24	4.89	-1.65
Martin ratio: Return relative to average drawdown	10.30	17.83	-7.53

FPX vs. AIRR - Sharpe Ratio Comparison

The current FPX Sharpe Ratio is 1.64, which is lower than the AIRR Sharpe Ratio of 2.43. The chart below compares the historical Sharpe Ratios of FPX 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

FPX vs. AIRR - Drawdown Comparison

The maximum FPX drawdown since its inception was -56.29%, which is greater than AIRR's maximum drawdown of -42.37%. Use the drawdown chart below to compare losses from any high point for FPX and AIRR.

Drawdown Indicators

	FPX	AIRR	Difference
Max Drawdown Largest peak-to-trough decline	-56.29%	-42.37%	-13.92%
Max Drawdown (1Y) Largest decline over 1 year	-12.28%	-13.09%	+0.81%
Max Drawdown (3Y) Largest decline over 3 years	-30.88%	-27.95%	-2.93%
Max Drawdown (5Y) Largest decline over 5 years	-43.14%	-27.95%	-15.19%
Max Drawdown (10Y) Largest decline over 10 years	-43.14%	-42.37%	-0.77%
Current Drawdown Current decline from peak	-3.29%	-2.80%	-0.49%
Average Drawdown Average peak-to-trough decline	-11.31%	-7.47%	-3.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.85%	3.58%	+0.27%

Volatility

FPX vs. AIRR - Volatility Comparison

First Trust US Equity Opportunities ETF (FPX) and First Trust RBA American Industrial Renaissance ETF (AIRR) have volatilities of 9.07% and 8.80%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FPX	AIRR	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.07%	8.80%	+0.27%
Volatility (6M) Calculated over the trailing 6-month period	18.03%	20.63%	-2.60%
Volatility (1Y) Calculated over the trailing 1-year period	24.36%	26.40%	-2.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.74%	25.45%	+1.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.39%	26.33%	-1.94%

FPX vs. AIRR - Expense Ratio Comparison

FPX has a 0.57% expense ratio, which is lower than AIRR's 0.69% expense ratio.

Dividends

FPX vs. AIRR - Dividend Comparison

FPX's dividend yield for the trailing twelve months is around 0.48%, 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%
FPX First Trust US Equity Opportunities ETF	0.48%	0.53%	0.09%	0.27%	1.08%	0.14%	0.28%	0.67%	0.88%	0.68%	0.77%	0.62%

Frequently Asked Questions

Can I hold both FPX and AIRR in my portfolio?

FPX and AIRR have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FPX or AIRR?

FPX has higher volatility (9.07%) compared to AIRR (8.80%). In terms of maximum drawdown, FPX dropped -56.29% vs AIRR's -42.37%.

Which ETF is better, FPX or AIRR?

On 10-year performance, AIRR leads with 22.05% vs 15.44% for FPX. On fees, FPX is cheaper at 0.57% per year. On volatility, AIRR has been the lower-risk option at 8.80%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FPX or AIRR?

Over the 10-year period, AIRR has performed better with a 22.05% return vs 15.44%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FPX or AIRR?

FPX is cheaper with a 0.57% expense ratio, compared with 0.69% for AIRR.

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

FPX has the higher dividend yield at 0.48%, compared with 0.13% for AIRR.

What is the main difference between FPX and AIRR?

FPX is categorized as Large Cap Growth Equities, while AIRR is Building & Construction. FPX tracks IPOX-100 U.S. Index, while AIRR tracks Richard Bernstein Advisors American Industrial Renaissance Index. Their fees differ too: 0.57% for FPX and 0.69% for AIRR.

Which has better risk-adjusted returns?

AIRR currently has the higher Sharpe Ratio (2.43 vs 1.64), 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.