FPXI vs. AIRR

Last updated Jun 24, 2026

FPXI (First Trust International Equity Opportunities ETF) and AIRR (First Trust RBA American Industrial Renaissance ETF) are both exchange-traded funds - FPXI is a Foreign Large Cap Equities fund tracking the IPOX International 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, FPXI returned 13.94%/yr vs 22.05%/yr for AIRR. At a 0.49 correlation, their price movements are largely independent. FPXI charges 0.70%/yr vs 0.69%/yr for AIRR.

Performance

FPXI vs. AIRR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust International Equity Opportunities ETF (FPXI) 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, FPXI achieves a 38.06% return, which is significantly higher than AIRR's 31.81% return. Over the past 10 years, FPXI has underperformed AIRR with an annualized return of 13.94%, while AIRR has yielded a comparatively higher 22.05% annualized return.

FPXI

• 1D: -5.63%
• 1M: 8.84%
• YTD: 38.06%
• 6M: 35.72%
• 1Y: 51.16%
• 3Y*: 29.56%
• 5Y*: 4.36%
• 10Y*: 13.94%

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)

FPXI vs. AIRR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FPXI First Trust International Equity Opportunities ETF	38.06%	26.37%	12.62%	9.56%	-31.83%	-15.73%	71.50%	33.69%	-13.07%	39.32%
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 FPXI and AIRR is 0.60, 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	0.60
Correlation (3Y) Calculated over the trailing 3-year period	0.60
Correlation (5Y) Calculated over the trailing 5-year period	0.60
Correlation (10Y) Calculated over the trailing 10-year period	0.51
Correlation (All Time) Calculated using the full available price history since Nov 7, 2014	0.49

The correlation between FPXI and AIRR shifts across timeframes, from 0.49 (all time) to 0.60 (5 years), reflecting how their relationship changes across market environments.

FPXI vs. AIRR - Sectors Allocation Comparison

Sectors	FPXI	AIRR
Technology	37.3%	0.7%
Industrials	21.5%	92.4%
Basic Materials	13.2%	-
Healthcare	10.9%	-
Consumer Cyclical	6.5%	-
Financial Services	4.2%	6.9%
Communication Services	2.2%	-
Energy	2.1%	3.8%
Utilities	1.0%	-
Consumer Defensive	0.7%	-
Real Estate	0.5%	-

Return for Risk

FPXI vs. AIRR — Risk / Return Rank

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

FPXI

FPXI Risk / Return Rank: 64
FPXI Sharpe Ratio Rank: 63
FPXI Sortino Ratio Rank: 59
FPXI Omega Ratio Rank: 57
FPXI Calmar Ratio Rank: 73
FPXI Martin Ratio Rank: 68

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.

FPXI vs. AIRR - Risk-Adjusted Trends Comparison

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

	FPXI	AIRR	Difference
Sharpe ratio: Return per unit of total volatility	1.93	2.43	-0.50
Sortino ratio: Return per unit of downside risk	2.60	3.13	-0.53
Omega ratio: Gain probability vs. loss probability	1.33	1.38	-0.05
Calmar ratio: Return relative to maximum drawdown	3.48	4.89	-1.41
Martin ratio: Return relative to average drawdown	11.66	17.83	-6.18

FPXI vs. AIRR - Sharpe Ratio Comparison

The current FPXI Sharpe Ratio is 1.93, which is comparable to the AIRR Sharpe Ratio of 2.43. The chart below compares the historical Sharpe Ratios of FPXI 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

FPXI vs. AIRR - Drawdown Comparison

The maximum FPXI drawdown since its inception was -55.78%, which is greater than AIRR's maximum drawdown of -42.37%. Use the drawdown chart below to compare losses from any high point for FPXI and AIRR.

Drawdown Indicators

	FPXI	AIRR	Difference
Max Drawdown Largest peak-to-trough decline	-55.78%	-42.37%	-13.41%
Max Drawdown (1Y) Largest decline over 1 year	-14.77%	-13.09%	-1.68%
Max Drawdown (3Y) Largest decline over 3 years	-20.58%	-27.95%	+7.37%
Max Drawdown (5Y) Largest decline over 5 years	-50.75%	-27.95%	-22.80%
Max Drawdown (10Y) Largest decline over 10 years	-55.78%	-42.37%	-13.41%
Current Drawdown Current decline from peak	-5.63%	-2.80%	-2.83%
Average Drawdown Average peak-to-trough decline	-20.17%	-7.47%	-12.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.40%	3.58%	+0.82%

Volatility

FPXI vs. AIRR - Volatility Comparison

First Trust International Equity Opportunities ETF (FPXI) has a higher volatility of 13.69% compared to First Trust RBA American Industrial Renaissance ETF (AIRR) at 8.80%. This indicates that FPXI's price experiences larger fluctuations and is considered to be riskier than AIRR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FPXI	AIRR	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.69%	8.80%	+4.89%
Volatility (6M) Calculated over the trailing 6-month period	23.40%	20.63%	+2.77%
Volatility (1Y) Calculated over the trailing 1-year period	26.63%	26.40%	+0.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.33%	25.45%	-3.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.46%	26.33%	-4.87%

FPXI vs. AIRR - Expense Ratio Comparison

FPXI has a 0.70% expense ratio, which is higher than AIRR's 0.69% expense ratio.

Dividends

FPXI vs. AIRR - Dividend Comparison

FPXI's dividend yield for the trailing twelve months is around 0.58%, 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%
FPXI First Trust International Equity Opportunities ETF	0.58%	0.70%	0.93%	0.71%	1.13%	0.71%	0.18%	0.67%	1.75%	0.75%	2.09%	1.34%

Frequently Asked Questions

Can I hold both FPXI and AIRR in my portfolio?

FPXI and AIRR have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FPXI or AIRR?

FPXI has higher volatility (13.69%) compared to AIRR (8.80%). In terms of maximum drawdown, FPXI dropped -55.78% vs AIRR's -42.37%.

Which ETF is better, FPXI or AIRR?

On 10-year performance, AIRR leads with 22.05% vs 13.94% for FPXI. On fees, AIRR is cheaper at 0.69% 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, FPXI or AIRR?

Over the 10-year period, AIRR has performed better with a 22.05% return vs 13.94%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FPXI or AIRR?

AIRR is cheaper with a 0.69% expense ratio, compared with 0.70% for FPXI.

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

FPXI has the higher dividend yield at 0.58%, compared with 0.13% for AIRR.

What is the main difference between FPXI and AIRR?

FPXI is categorized as Foreign Large Cap Equities, while AIRR is Building & Construction. FPXI tracks IPOX International Index, while AIRR tracks Richard Bernstein Advisors American Industrial Renaissance Index. Their fees differ too: 0.70% for FPXI and 0.69% for AIRR.

Which has better risk-adjusted returns?

AIRR currently has the higher Sharpe Ratio (2.43 vs 1.93), 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.