ITA vs. MISL

Last updated Jun 4, 2026

ITA (iShares U.S. Aerospace & Defense ETF) and MISL (First Trust Indxx Aerospace & Defense ETF) are both exchange-traded funds - ITA is a Aerospace & Defense fund tracking the Dow Jones U.S. Select Aerospace & Defense Index, while MISL is a Industrials Equities fund tracking the Indxx US Aerospace & Defense Index - Benchmark TR Gross. Both are passively managed. Over the past 3 years, ITA returned 26.89%/yr vs 28.35%/yr for MISL. Their correlation of 0.92 suggests significant overlap in exposure. ITA charges 0.38%/yr vs 0.60%/yr for MISL.

Performance

ITA vs. MISL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares U.S. Aerospace & Defense ETF (ITA) 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, ITA achieves a 4.82% return, which is significantly lower than MISL's 7.59% return.

ITA

• 1D: -1.51%
• 1M: 4.93%
• YTD: 4.82%
• 6M: 11.61%
• 1Y: 26.06%
• 3Y*: 26.89%
• 5Y*: 15.93%
• 10Y*: 14.82%

MISL

• 1D: -2.71%
• 1M: 5.48%
• YTD: 7.59%
• 6M: 13.84%
• 1Y: 32.38%
• 3Y*: 28.35%
• 5Y*: —
• 10Y*: —

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

ITA vs. MISL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
ITA iShares U.S. Aerospace & Defense ETF	4.82%	48.64%	15.81%	14.33%	8.77%
MISL First Trust Indxx Aerospace & Defense ETF	7.59%	41.24%	20.48%	14.78%	8.22%

Correlation

The correlation between ITA and MISL is 0.92, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.92
Correlation (3Y) Calculated over the trailing 3-year period	0.91
Correlation (All Time) Calculated using the full available price history since Oct 27, 2022	0.92

The correlation between ITA and MISL has been stable across timeframes, ranging from 0.91 to 0.92 - a consistent structural relationship.

ITA vs. MISL - Sectors Allocation Comparison

Sectors	ITA	MISL
Industrials	99.8%	83.0%
Technology	0.1%	17.0%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	-
Healthcare	-	-
Real Estate	-	-
Utilities	-	-

Return for Risk

ITA vs. MISL — Risk / Return Rank

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

ITA

ITA Risk / Return Rank: 32
ITA Sharpe Ratio Rank: 34
ITA Sortino Ratio Rank: 34
ITA Omega Ratio Rank: 32
ITA Calmar Ratio Rank: 33
ITA Martin Ratio Rank: 30

MISL

MISL Risk / Return Rank: 39
MISL Sharpe Ratio Rank: 40
MISL Sortino Ratio Rank: 41
MISL Omega Ratio Rank: 35
MISL Calmar Ratio Rank: 42
MISL Martin Ratio Rank: 35

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.

ITA vs. MISL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares U.S. Aerospace & Defense ETF (ITA) 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.

	ITA	MISL	Difference
Sharpe ratio: Return per unit of total volatility	1.26	1.44	-0.19
Sortino ratio: Return per unit of downside risk	1.84	2.10	-0.26
Omega ratio: Gain probability vs. loss probability	1.22	1.24	-0.02
Calmar ratio: Return relative to maximum drawdown	1.65	2.07	-0.42
Martin ratio: Return relative to average drawdown	4.49	5.49	-1.00
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ITA vs. MISL - Sharpe Ratio Comparison

The current ITA Sharpe Ratio is 1.26, which is comparable to the MISL Sharpe Ratio of 1.44. The chart below compares the historical Sharpe Ratios of ITA 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.

Sharpe Ratios by Period

	ITA	MISL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.26	1.44	-0.19
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.80	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.64	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.51	1.35	-0.84

Drawdowns

ITA vs. MISL - Drawdown Comparison

The maximum ITA drawdown since its inception was -59.72%, which is greater than MISL's maximum drawdown of -17.91%. Use the drawdown chart below to compare losses from any high point for ITA and MISL.

Drawdown Indicators

	ITA	MISL	Difference
Max Drawdown Largest peak-to-trough decline	-59.72%	-17.91%	-41.81%
Max Drawdown (1Y) Largest decline over 1 year	-15.82%	-15.69%	-0.13%
Max Drawdown (3Y) Largest decline over 3 years	-15.82%	-17.91%	+2.09%
Max Drawdown (5Y) Largest decline over 5 years	-18.72%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-51.00%	—	—
Current Drawdown Current decline from peak	-10.19%	-9.75%	-0.44%
Average Drawdown Average peak-to-trough decline	-9.46%	-3.50%	-5.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.82%	5.91%	-0.09%

Volatility

ITA vs. MISL - Volatility Comparison

The current volatility for iShares U.S. Aerospace & Defense ETF (ITA) is 7.28%, while First Trust Indxx Aerospace & Defense ETF (MISL) has a volatility of 8.50%. This indicates that ITA experiences smaller price fluctuations and is considered to be less risky than MISL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ITA	MISL	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.28%	8.50%	-1.22%
Volatility (6M) Calculated over the trailing 6-month period	17.47%	19.14%	-1.67%
Volatility (1Y) Calculated over the trailing 1-year period	20.86%	22.60%	-1.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.02%	19.14%	+0.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.14%	19.14%	+4.00%

ITA vs. MISL - Expense Ratio Comparison

ITA has a 0.38% expense ratio, which is lower than MISL's 0.60% expense ratio.

Dividends

ITA vs. MISL - Dividend Comparison

ITA's dividend yield for the trailing twelve months is around 0.48%, more than MISL's 0.36% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ITA iShares U.S. Aerospace & Defense ETF	0.48%	0.55%	0.85%	0.93%	0.95%	0.82%	1.07%	1.54%	1.13%	0.91%	1.07%	1.04%
MISL First Trust Indxx Aerospace & Defense ETF	0.36%	0.40%	0.74%	0.63%	0.08%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ITA and MISL in my portfolio?

With a correlation of 0.92, ITA and MISL move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, ITA or MISL?

MISL has higher volatility (8.50%) compared to ITA (7.28%). In terms of maximum drawdown, ITA dropped -59.72% vs MISL's -17.91%.

Which ETF is better, ITA or MISL?

On 3-year performance, MISL leads with 28.35% vs 26.89% for ITA. On fees, ITA is cheaper at 0.38% per year. On volatility, ITA has been the lower-risk option at 7.28%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ITA or MISL?

Over the 3-year period, MISL has performed better with a 28.35% return vs 26.89%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ITA or MISL?

ITA is cheaper with a 0.38% expense ratio, compared with 0.60% for MISL.

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

ITA has the higher dividend yield at 0.48%, compared with 0.36% for MISL.

What is the main difference between ITA and MISL?

ITA is categorized as Aerospace & Defense, while MISL is Industrials Equities. ITA tracks Dow Jones U.S. Select Aerospace & Defense Index, while MISL tracks Indxx US Aerospace & Defense Index - Benchmark TR Gross. They also come from different issuers: iShares and First Trust. Their fees differ too: 0.38% for ITA and 0.60% for MISL.

Which has better risk-adjusted returns?

MISL currently has the higher Sharpe Ratio (1.44 vs 1.26), 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.