LGOV vs. AIRR

Last updated Apr 1, 2026

Compare and contrast key facts about First Trust Long Duration Opportunities ETF (LGOV) and First Trust RBA American Industrial Renaissance ETF (AIRR).

LGOV and AIRR are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. LGOV is an actively managed fund by First Trust. It was launched on Jan 22, 2019. AIRR is a passively managed fund by First Trust that tracks the performance of the Richard Bernstein Advisors American Industrial Renaissance (TR). It was launched on Mar 10, 2014.

Performance

LGOV vs. AIRR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Long Duration Opportunities ETF (LGOV) and First Trust RBA American Industrial Renaissance ETF (AIRR). The values are adjusted to include any dividend payments, if applicable.

LGOV vs. AIRR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
LGOV First Trust Long Duration Opportunities ETF	-0.13%	9.13%	-2.05%	4.91%	-19.73%	-1.93%	11.31%	11.53%
AIRR First Trust RBA American Industrial Renaissance ETF	12.74%	27.92%	33.45%	31.43%	-2.08%	33.01%	17.17%	25.15%

Returns By Period

In the year-to-date period, LGOV achieves a -0.13% return, which is significantly lower than AIRR's 12.74% return.

LGOV

• 1D: 0.65%
• 1M: -3.44%
• YTD: -0.13%
• 6M: 1.30%
• 1Y: 4.59%
• 3Y*: 2.17%
• 5Y*: -1.21%
• 10Y*: —

AIRR

• 1D: 4.60%
• 1M: -6.21%
• YTD: 12.74%
• 6M: 14.68%
• 1Y: 62.71%
• 3Y*: 32.43%
• 5Y*: 22.20%
• 10Y*: 20.48%

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

LGOV vs. AIRR - Expense Ratio Comparison

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

LGOV

First Trust Long Duration Opportunities ETF

AIRR

First Trust RBA American Industrial Renaissance ETF

Return for Risk

LGOV vs. AIRR — Risk / Return Rank

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

LGOV

LGOV Risk / Return Rank: 31
LGOV Sharpe Ratio Rank: 32
LGOV Sortino Ratio Rank: 30
LGOV Omega Ratio Rank: 26
LGOV Calmar Ratio Rank: 40
LGOV Martin Ratio Rank: 29

AIRR

AIRR Risk / Return Rank: 95
AIRR Sharpe Ratio Rank: 94
AIRR Sortino Ratio Rank: 95
AIRR Omega Ratio Rank: 91
AIRR Calmar Ratio Rank: 97
AIRR Martin Ratio Rank: 96

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.

LGOV vs. AIRR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Long Duration Opportunities ETF (LGOV) 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.

	LGOV	AIRR	Difference
Sharpe ratio Return per unit of total volatility	0.59	2.23	-1.64
Sortino ratio Return per unit of downside risk	0.86	2.92	-2.06
Omega ratio Gain probability vs. loss probability	1.11	1.38	-0.28
Calmar ratio Return relative to maximum drawdown	1.00	4.78	-3.79
Martin ratio Return relative to average drawdown	2.47	16.89	-14.42
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

LGOV vs. AIRR - Sharpe Ratio Comparison

The current LGOV Sharpe Ratio is 0.59, which is lower than the AIRR Sharpe Ratio of 2.23. The chart below compares the historical Sharpe Ratios of LGOV and AIRR, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	LGOV	AIRR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.59	2.23	-1.64
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.14	0.89	-1.03
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.79	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.14	0.62	-0.48

Correlation

The correlation between LGOV and AIRR is -0.06. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.

Dividends

LGOV vs. AIRR - Dividend Comparison

LGOV's dividend yield for the trailing twelve months is around 4.17%, more than AIRR's 0.16% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
LGOV First Trust Long Duration Opportunities ETF	4.17%	4.02%	4.03%	3.59%	1.97%	2.58%	3.75%	3.01%	0.00%	0.00%	0.00%	0.00%
AIRR First Trust RBA American Industrial Renaissance ETF	0.16%	0.19%	0.18%	0.23%	0.12%	0.05%	0.10%	0.20%	0.43%	0.30%	0.08%	0.47%

Drawdowns

LGOV vs. AIRR - Drawdown Comparison

The maximum LGOV drawdown since its inception was -30.86%, smaller than the maximum AIRR drawdown of -42.37%. Use the drawdown chart below to compare losses from any high point for LGOV and AIRR.

Drawdown Indicators

	LGOV	AIRR	Difference
Max Drawdown Largest peak-to-trough decline	-30.86%	-42.37%	+11.51%
Max Drawdown (1Y) Largest decline over 1 year	-5.01%	-13.09%	+8.08%
Max Drawdown (5Y) Largest decline over 5 years	-28.14%	-27.95%	-0.19%
Max Drawdown (10Y) Largest decline over 10 years	—	-42.37%	—
Current Drawdown Current decline from peak	-14.91%	-9.09%	-5.82%
Average Drawdown Average peak-to-trough decline	-13.03%	-7.50%	-5.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.02%	3.71%	-1.69%

Volatility

LGOV vs. AIRR - Volatility Comparison

The current volatility for First Trust Long Duration Opportunities ETF (LGOV) is 2.77%, while First Trust RBA American Industrial Renaissance ETF (AIRR) has a volatility of 10.92%. This indicates that LGOV 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

	LGOV	AIRR	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.77%	10.92%	-8.15%
Volatility (6M) Calculated over the trailing 6-month period	4.69%	19.67%	-14.98%
Volatility (1Y) Calculated over the trailing 1-year period	7.84%	28.26%	-20.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.01%	25.07%	-16.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.27%	26.14%	-16.87%