FRI vs. AIRR
FRI (First Trust S&P REIT Index Fund) and AIRR (First Trust RBA American Industrial Renaissance ETF) are both exchange-traded funds - FRI is a REIT fund tracking the S&P United States REIT, 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, FRI returned 5.42%/yr vs 20.11%/yr for AIRR. Their 0.48 correlation means their historical movements had little consistent relationship. FRI charges 0.50%/yr vs 0.69%/yr for AIRR.
Performance
FRI vs. AIRR - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with FRI having a 19.62% return and AIRR slightly lower at 19.12%. Over the past 10 years, FRI has underperformed AIRR with an annualized return of 5.42%, while AIRR has yielded a comparatively higher 20.11% annualized return.
FRI
- 1D
- -0.53%
- 1M
- 0.72%
- 6M
- 16.22%
- YTD
- 19.62%
- 1Y
- 24.63%
- 3Y*
- 11.71%
- 5Y*
- 4.87%
- 10Y*
- 5.42%
- ALL TIME*
- 5.31%
AIRR
- 1D
- 1.59%
- 1M
- -7.04%
- 6M
- 6.28%
- YTD
- 19.12%
- 1Y
- 37.54%
- 3Y*
- 29.02%
- 5Y*
- 23.37%
- 10Y*
- 20.11%
- ALL TIME*
- 15.59%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $86.28M | $88.15M | $93.52M | |
| $1.71M | $1.21M | $886.33K |
FRI vs. AIRR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FRI First Trust S&P REIT Index Fund | 19.62% | 2.80% | 7.84% | 13.33% | -24.66% | 42.55% | -7.90% | 23.67% | -4.28% | 3.86% |
AIRR First Trust RBA American Industrial Renaissance ETF | 19.12% | 27.92% | 33.45% | 31.43% | -2.08% | 33.01% | 17.17% | 33.97% | -20.57% | 16.28% |
Correlation
The correlation between FRI and AIRR is 0.26, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.26 |
Correlation (3Y) Balances recent behavior with more history. | 0.44 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.54 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.49 |
Correlation (All Time) Calculated using the full available price history since Mar 11, 2014 | 0.48 |
Over the past year, the correlation between FRI and AIRR has dropped to 0.26 - well below their long-term average of 0.48, suggesting their price drivers have been diverging.
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Return for Risk
FRI vs. AIRR — Risk / Return Rank
FRI
AIRR
FRI vs. AIRR - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust S&P REIT Index Fund (FRI) 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.
| FRI | AIRR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.55 | ||
| Sortino ratioReturn per unit of downside risk | +0.70 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 1.21 | +0.10 |
| Calmar ratioReturn relative to maximum drawdown | 3.19 | 2.01 | +1.18 |
| Martin ratioReturn relative to average drawdown | 10.66 | 7.71 | +2.95 |
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Drawdowns
FRI vs. AIRR - Drawdown Comparison
The maximum FRI drawdown since its inception was -71.95%, which is greater than AIRR's maximum drawdown of -42.37%. Use the drawdown chart below to compare losses from any high point for FRI and AIRR.
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Drawdown Indicators
| FRI | AIRR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -71.95% | -42.37% | -29.58% |
Max Drawdown (1Y)Largest decline over 1 year | -7.57% | -17.18% | +9.61% |
Max Drawdown (3Y)Largest decline over 3 years | -18.90% | -27.95% | +9.05% |
Max Drawdown (5Y)Largest decline over 5 years | -31.21% | -27.95% | -3.26% |
Max Drawdown (10Y)Largest decline over 10 years | -44.16% | -42.37% | -1.79% |
Current DrawdownCurrent decline from peak | -2.89% | -12.16% | +9.27% |
Average DrawdownAverage peak-to-trough decline | -13.59% | -7.46% | -6.13% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.26% | 4.48% | -2.22% |
Volatility
FRI vs. AIRR - Volatility Comparison
The current volatility for First Trust S&P REIT Index Fund (FRI) is 4.67%, while First Trust RBA American Industrial Renaissance ETF (AIRR) has a volatility of 10.08%. This indicates that FRI 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
| FRI | AIRR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.67% | 10.08% | -5.41% |
Volatility (6M)Calculated over the trailing 6-month period | 10.57% | 22.37% | -11.80% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.69% | 28.07% | -14.38% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.70% | 25.72% | -7.02% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.11% | 26.47% | -5.36% |
FRI vs. AIRR - Expense Ratio Comparison
FRI has a 0.50% expense ratio, which is lower than AIRR's 0.69% expense ratio.
Dividends
FRI vs. AIRR - Dividend Comparison
FRI's dividend yield for the trailing twelve months is around 2.40%, more than AIRR's 0.09% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
AIRR First Trust RBA American Industrial Renaissance ETF | 0.09% | 0.19% | 0.18% | 0.23% | 0.12% | 0.05% | 0.10% | 0.20% | 0.43% | 0.30% | 0.08% | 0.47% |
FRI First Trust S&P REIT Index Fund | 2.40% | 2.99% | 3.33% | 3.24% | 2.52% | 1.44% | 3.08% | 2.28% | 3.21% | 2.82% | 3.27% | 2.66% |
Frequently Asked Questions
FRI and AIRR have a correlation of 0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
AIRR has higher volatility (10.08%) compared to FRI (4.67%). In terms of maximum drawdown, FRI dropped -71.95% vs AIRR's -42.37%.
On 10-year performance, AIRR leads with 20.11% vs 5.42% for FRI. On fees, FRI is cheaper at 0.50% per year. On volatility, FRI has been the lower-risk option at 4.67%. 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 20.11% return vs 5.42%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FRI is cheaper with a 0.50% expense ratio, compared with 0.69% for AIRR.
FRI has the higher dividend yield at 2.40%, compared with 0.09% for AIRR.
FRI is categorized as REIT, while AIRR is Building & Construction. FRI tracks S&P United States REIT, while AIRR tracks Richard Bernstein Advisors American Industrial Renaissance Index. Their fees differ too: 0.50% for FRI and 0.69% for AIRR.
FRI currently has the higher Sharpe Ratio (1.78 vs 1.23), 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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