FYT vs. AIRR

Last updated Jun 4, 2026

FYT (First Trust Small Cap Value AlphaDEX Fund) and AIRR (First Trust RBA American Industrial Renaissance ETF) are both exchange-traded funds - FYT is a Small Cap Value Equities fund tracking the NASDAQ AlphaDEX Small Cap Value 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, FYT returned 9.99%/yr vs 21.89%/yr for AIRR. Their correlation of 0.84 suggests significant overlap in exposure. FYT charges 0.72%/yr vs 0.70%/yr for AIRR.

Performance

FYT vs. AIRR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Small Cap Value AlphaDEX Fund (FYT) 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, FYT achieves a 15.42% return, which is significantly lower than AIRR's 31.77% return. Over the past 10 years, FYT has underperformed AIRR with an annualized return of 9.99%, while AIRR has yielded a comparatively higher 21.89% annualized return.

FYT

• 1D: -1.70%
• 1M: -1.10%
• YTD: 15.42%
• 6M: 14.14%
• 1Y: 34.20%
• 3Y*: 15.03%
• 5Y*: 5.74%
• 10Y*: 9.99%

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)

FYT vs. AIRR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FYT First Trust Small Cap Value AlphaDEX Fund	15.42%	4.00%	3.24%	22.90%	-14.05%	29.33%	9.82%	25.80%	-14.73%	7.14%
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 FYT and AIRR is 0.65, 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	0.65
Correlation (3Y) Calculated over the trailing 3-year period	0.74
Correlation (5Y) Calculated over the trailing 5-year period	0.81
Correlation (10Y) Calculated over the trailing 10-year period	0.84
Correlation (All Time) Calculated using the full available price history since Mar 12, 2014	0.84

The correlation between FYT and AIRR shifts across timeframes, from 0.65 (1 year) to 0.84 (all time), reflecting how their relationship changes across market environments.

FYT vs. AIRR - Sectors Allocation Comparison

Sectors	FYT	AIRR
Financial Services	25.5%	9.6%
Consumer Cyclical	13.3%	-
Industrials	12.9%	84.6%
Real Estate	9.1%	-
Technology	8.4%	0.5%
Consumer Defensive	7.2%	-
Energy	7.2%	3.8%
Healthcare	6.1%	-
Basic Materials	4.6%	-
Communication Services	2.7%	-
Utilities	2.7%	-

Return for Risk

FYT vs. AIRR — Risk / Return Rank

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

FYT

FYT Risk / Return Rank: 61
FYT Sharpe Ratio Rank: 53
FYT Sortino Ratio Rank: 58
FYT Omega Ratio Rank: 52
FYT Calmar Ratio Rank: 80
FYT 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.

FYT vs. AIRR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Small Cap Value AlphaDEX Fund (FYT) 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.

	FYT	AIRR	Difference
Sharpe ratio: Return per unit of total volatility	1.83	2.61	-0.79
Sortino ratio: Return per unit of downside risk	2.73	3.37	-0.64
Omega ratio: Gain probability vs. loss probability	1.32	1.41	-0.09
Calmar ratio: Return relative to maximum drawdown	4.12	5.05	-0.93
Martin ratio: Return relative to average drawdown	11.64	18.68	-7.04
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FYT vs. AIRR - Sharpe Ratio Comparison

The current FYT Sharpe Ratio is 1.83, which is lower than the AIRR Sharpe Ratio of 2.61. The chart below compares the historical Sharpe Ratios of FYT 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

	FYT	AIRR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.83	2.61	-0.79
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.26	1.01	-0.75
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.39	0.84	-0.45
Sharpe Ratio (All Time) Calculated using the full available price history	0.39	0.67	-0.28

Drawdowns

FYT vs. AIRR - Drawdown Comparison

The maximum FYT drawdown since its inception was -50.48%, which is greater than AIRR's maximum drawdown of -42.37%. Use the drawdown chart below to compare losses from any high point for FYT and AIRR.

Drawdown Indicators

	FYT	AIRR	Difference
Max Drawdown Largest peak-to-trough decline	-50.48%	-42.37%	-8.11%
Max Drawdown (1Y) Largest decline over 1 year	-8.34%	-13.09%	+4.75%
Max Drawdown (3Y) Largest decline over 3 years	-28.90%	-27.95%	-0.95%
Max Drawdown (5Y) Largest decline over 5 years	-28.90%	-27.95%	-0.95%
Max Drawdown (10Y) Largest decline over 10 years	-50.48%	-42.37%	-8.11%
Current Drawdown Current decline from peak	-2.65%	-1.86%	-0.79%
Average Drawdown Average peak-to-trough decline	-8.54%	-7.43%	-1.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.95%	3.53%	-0.58%

Volatility

FYT vs. AIRR - Volatility Comparison

The current volatility for First Trust Small Cap Value AlphaDEX Fund (FYT) is 4.66%, while First Trust RBA American Industrial Renaissance ETF (AIRR) has a volatility of 7.87%. This indicates that FYT 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.

Volatility by Period

	FYT	AIRR	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.66%	7.87%	-3.21%
Volatility (6M) Calculated over the trailing 6-month period	11.62%	19.82%	-8.20%
Volatility (1Y) Calculated over the trailing 1-year period	18.90%	25.40%	-6.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.56%	25.29%	-2.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.96%	26.29%	-0.33%

FYT vs. AIRR - Expense Ratio Comparison

FYT has a 0.72% expense ratio, which is higher than AIRR's 0.70% expense ratio.

Dividends

FYT vs. AIRR - Dividend Comparison

FYT's dividend yield for the trailing twelve months is around 1.12%, 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%
FYT First Trust Small Cap Value AlphaDEX Fund	1.12%	0.94%	2.07%	1.50%	1.36%	1.19%	0.96%	1.44%	1.78%	1.16%	1.16%	0.96%

Frequently Asked Questions

Can I hold both FYT and AIRR in my portfolio?

FYT and AIRR have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FYT or AIRR?

AIRR has higher volatility (7.87%) compared to FYT (4.66%). In terms of maximum drawdown, FYT dropped -50.48% vs AIRR's -42.37%.

Which ETF is better, FYT or AIRR?

On 10-year performance, AIRR leads with 21.89% vs 9.99% for FYT. On fees, AIRR is cheaper at 0.70% per year. On volatility, FYT has been the lower-risk option at 4.66%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FYT or AIRR?

Over the 10-year period, AIRR has performed better with a 21.89% return vs 9.99%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FYT or AIRR?

AIRR is cheaper with a 0.70% expense ratio, compared with 0.72% for FYT.

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

FYT has the higher dividend yield at 1.12%, compared with 0.13% for AIRR.

What is the main difference between FYT and AIRR?

FYT is categorized as Small Cap Value Equities, while AIRR is Building & Construction. FYT tracks NASDAQ AlphaDEX Small Cap Value Index, while AIRR tracks Richard Bernstein Advisors American Industrial Renaissance (TR). Their fees differ too: 0.72% for FYT and 0.70% for AIRR.

Which has better risk-adjusted returns?

AIRR currently has the higher Sharpe Ratio (2.61 vs 1.83), 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.