FPXI vs. AIRR

Last updated Jun 4, 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 (TR). Both are passively managed. Over the past 10 years, FPXI returned 12.89%/yr vs 21.89%/yr for AIRR. At a 0.49 correlation, their price movements are largely independent. Both charge a 0.70% expense ratio.

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 34.41% return, which is significantly higher than AIRR's 31.77% return. Over the past 10 years, FPXI has underperformed AIRR with an annualized return of 12.89%, while AIRR has yielded a comparatively higher 21.89% annualized return.

FPXI

• 1D: -0.36%
• 1M: 13.37%
• YTD: 34.41%
• 6M: 33.60%
• 1Y: 49.62%
• 3Y*: 27.44%
• 5Y*: 4.04%
• 10Y*: 12.89%

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%

*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	34.41%	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	31.77%	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 0.59, 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	0.59
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 10, 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	31.4%	0.5%
Industrials	22.6%	84.6%
Basic Materials	14.8%	-
Healthcare	11.9%	-
Consumer Cyclical	7.2%	-
Financial Services	5.0%	9.6%
Communication Services	2.5%	-
Energy	2.3%	3.8%
Utilities	0.9%	-
Consumer Defensive	0.8%	-
Real Estate	0.6%	-

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: 63
FPXI Sharpe Ratio Rank: 63
FPXI Sortino Ratio Rank: 61
FPXI Omega Ratio Rank: 58
FPXI Calmar Ratio Rank: 68
FPXI Martin Ratio Rank: 64

AIRR

AIRR Risk / Return Rank: 78
AIRR Sharpe Ratio Rank: 79
AIRR Sortino Ratio Rank: 73
AIRR Omega Ratio Rank: 67
AIRR Calmar Ratio Rank: 87
AIRR Martin Ratio Rank: 86

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.

	FPXI	AIRR	Difference
Sharpe ratio: Return per unit of total volatility	2.13	2.61	-0.49
Sortino ratio: Return per unit of downside risk	2.89	3.37	-0.49
Omega ratio: Gain probability vs. loss probability	1.35	1.41	-0.06
Calmar ratio: Return relative to maximum drawdown	3.38	5.05	-1.68
Martin ratio: Return relative to average drawdown	11.66	18.68	-7.03
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FPXI vs. AIRR - Sharpe Ratio Comparison

The current FPXI Sharpe Ratio is 2.13, which is comparable to the AIRR Sharpe Ratio of 2.61. 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.

Sharpe Ratios by Period

	FPXI	AIRR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.13	2.61	-0.49
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.19	1.01	-0.82
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.61	0.84	-0.22
Sharpe Ratio (All Time) Calculated using the full available price history	0.48	0.67	-0.19

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	-0.36%	-1.86%	+1.50%
Average Drawdown Average peak-to-trough decline	-20.26%	-7.43%	-12.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.27%	3.53%	+0.74%

Volatility

FPXI vs. AIRR - Volatility Comparison

First Trust International Equity Opportunities ETF (FPXI) has a higher volatility of 8.88% compared to First Trust RBA American Industrial Renaissance ETF (AIRR) at 7.87%. 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	8.88%	7.87%	+1.01%
Volatility (6M) Calculated over the trailing 6-month period	19.74%	19.82%	-0.08%
Volatility (1Y) Calculated over the trailing 1-year period	23.42%	25.40%	-1.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.57%	25.29%	-3.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.18%	26.29%	-5.11%

FPXI vs. AIRR - Expense Ratio Comparison

Both FPXI and AIRR have an expense ratio of 0.70%.

Dividends

FPXI vs. AIRR - Dividend Comparison

FPXI's dividend yield for the trailing twelve months is around 0.59%, 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	0.59%	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 0.59, 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 (8.88%) compared to AIRR (7.87%). 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 21.89% vs 12.89% for FPXI. Both ETFs have the same 0.70% expense ratio. On volatility, AIRR has been the lower-risk option at 7.87%. 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 21.89% return vs 12.89%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FPXI or AIRR?

FPXI and AIRR have the same expense ratio: 0.70% per year.

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

FPXI has the higher dividend yield at 0.59%, 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 (TR).

Which has better risk-adjusted returns?

AIRR currently has the higher Sharpe Ratio (2.61 vs 2.13), 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.