HVAC vs. MISL

Last updated Jun 24, 2026

HVAC (AdvisorShares HVAC and Industrials ETF) and MISL (First Trust Indxx Aerospace & Defense ETF) are both Industrials Equities funds. HVAC is actively managed, while MISL is passively managed. Over the past year, HVAC returned 53.59% vs 23.02% for MISL. A 0.57 correlation means they provide meaningful diversification when combined. HVAC charges 1.00%/yr vs 0.60%/yr for MISL.

Performance

HVAC vs. MISL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AdvisorShares HVAC and Industrials ETF (HVAC) and First Trust Indxx Aerospace & Defense ETF (MISL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HVAC achieves a 33.33% return, which is significantly higher than MISL's 3.94% return.

HVAC

• 1D: -4.46%
• 1M: 4.16%
• YTD: 33.33%
• 6M: 29.69%
• 1Y: 53.59%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MISL

• 1D: -0.22%
• 1M: -4.53%
• YTD: 3.94%
• 6M: 1.02%
• 1Y: 23.02%
• 3Y*: 25.99%
• 5Y*: —
• 10Y*: —

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

HVAC vs. MISL - Yearly Performance Comparison

	2026 (YTD)	2025
HVAC AdvisorShares HVAC and Industrials ETF	33.33%	23.15%
MISL First Trust Indxx Aerospace & Defense ETF	3.94%	37.58%

Correlation

The correlation between HVAC and MISL is 0.53, 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	0.53
Correlation (All Time) Calculated using the full available price history since Feb 4, 2025	0.57

The correlation between HVAC and MISL has been stable across timeframes, ranging from 0.53 to 0.57 - a consistent structural relationship.

HVAC vs. MISL - Sectors Allocation Comparison

Sectors	HVAC	MISL
Industrials	69.4%	82.2%
Technology	20.2%	17.8%
Consumer Cyclical	4.6%	-
Utilities	3.0%	-
Real Estate	2.8%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	-
Healthcare	-	-

Return for Risk

HVAC vs. MISL — Risk / Return Rank

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

HVAC

HVAC Risk / Return Rank: 62
HVAC Sharpe Ratio Rank: 60
HVAC Sortino Ratio Rank: 52
HVAC Omega Ratio Rank: 53
HVAC Calmar Ratio Rank: 76
HVAC Martin Ratio Rank: 72

MISL

MISL Risk / Return Rank: 28
MISL Sharpe Ratio Rank: 28
MISL Sortino Ratio Rank: 29
MISL Omega Ratio Rank: 26
MISL Calmar Ratio Rank: 31
MISL Martin Ratio Rank: 28

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.

HVAC vs. MISL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AdvisorShares HVAC and Industrials ETF (HVAC) and First Trust Indxx Aerospace & Defense ETF (MISL). 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.

	HVAC	MISL	Difference
Sharpe ratio: Return per unit of total volatility	1.84	0.97	+0.87
Sortino ratio: Return per unit of downside risk	2.35	1.51	+0.83
Omega ratio: Gain probability vs. loss probability	1.31	1.17	+0.14
Calmar ratio: Return relative to maximum drawdown	3.63	1.47	+2.16
Martin ratio: Return relative to average drawdown	12.28	3.65	+8.63

HVAC vs. MISL - Sharpe Ratio Comparison

The current HVAC Sharpe Ratio is 1.84, which is higher than the MISL Sharpe Ratio of 0.97. The chart below compares the historical Sharpe Ratios of HVAC and MISL, 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

HVAC vs. MISL - Drawdown Comparison

The maximum HVAC drawdown since its inception was -21.22%, which is greater than MISL's maximum drawdown of -17.91%. Use the drawdown chart below to compare losses from any high point for HVAC and MISL.

Drawdown Indicators

	HVAC	MISL	Difference
Max Drawdown Largest peak-to-trough decline	-21.22%	-17.91%	-3.31%
Max Drawdown (1Y) Largest decline over 1 year	-14.83%	-15.69%	+0.86%
Max Drawdown (3Y) Largest decline over 3 years	—	-17.91%	—
Current Drawdown Current decline from peak	-4.46%	-12.81%	+8.35%
Average Drawdown Average peak-to-trough decline	-3.98%	-3.58%	-0.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.38%	6.32%	-1.94%

Volatility

HVAC vs. MISL - Volatility Comparison

AdvisorShares HVAC and Industrials ETF (HVAC) has a higher volatility of 12.39% compared to First Trust Indxx Aerospace & Defense ETF (MISL) at 10.32%. This indicates that HVAC's price experiences larger fluctuations and is considered to be riskier than MISL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HVAC	MISL	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.39%	10.32%	+2.07%
Volatility (6M) Calculated over the trailing 6-month period	24.48%	20.31%	+4.17%
Volatility (1Y) Calculated over the trailing 1-year period	29.30%	23.90%	+5.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	30.27%	19.50%	+10.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	30.27%	19.50%	+10.77%

HVAC vs. MISL - Expense Ratio Comparison

HVAC has a 1.00% expense ratio, which is higher than MISL's 0.60% expense ratio.

Dividends

HVAC vs. MISL - Dividend Comparison

HVAC's dividend yield for the trailing twelve months is around 0.15%, less than MISL's 0.37% yield.

Position	TTM	2025	2024	2023	2022
HVAC AdvisorShares HVAC and Industrials ETF	0.15%	0.19%	0.00%	0.00%	0.00%
MISL First Trust Indxx Aerospace & Defense ETF	0.37%	0.40%	0.74%	0.63%	0.08%

Frequently Asked Questions

Can I hold both HVAC and MISL in my portfolio?

HVAC and MISL have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HVAC or MISL?

HVAC has higher volatility (12.39%) compared to MISL (10.32%). In terms of maximum drawdown, HVAC dropped -21.22% vs MISL's -17.91%.

Which ETF is better, HVAC or MISL?

On 1-year performance, HVAC leads with 53.59% vs 23.02% for MISL. On fees, MISL is cheaper at 0.60% per year. On volatility, MISL has been the lower-risk option at 10.32%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HVAC or MISL?

Over the 1-year period, HVAC has performed better with a 53.59% return vs 23.02%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HVAC or MISL?

MISL is cheaper with a 0.60% expense ratio, compared with 1.00% for HVAC.

Which ETF pays a higher dividend yield, HVAC or MISL?

MISL has the higher dividend yield at 0.37%, compared with 0.15% for HVAC.

What is the main difference between HVAC and MISL?

They also come from different issuers: AdvisorShares and First Trust. Their fees differ too: 1.00% for HVAC and 0.60% for MISL.

Which has better risk-adjusted returns?

HVAC currently has the higher Sharpe Ratio (1.84 vs 0.97), 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.