MISL vs. PRN

Last updated Jun 4, 2026

MISL (First Trust Indxx Aerospace & Defense ETF) and PRN (Invesco DWA Industrials Momentum ETF) are both exchange-traded funds - MISL is a Industrials Equities fund tracking the Indxx US Aerospace & Defense Index - Benchmark TR Gross, while PRN is a Momentum fund tracking the DWA Industrials Technical Leaders Index. Both are passively managed. Over the past 3 years, MISL returned 28.35%/yr vs 36.96%/yr for PRN. A 0.71 correlation means they provide meaningful diversification when combined. Both charge a 0.60% expense ratio.

Performance

MISL vs. PRN - Performance Comparison

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

Returns By Period

In the year-to-date period, MISL achieves a 7.59% return, which is significantly lower than PRN's 41.80% return.

MISL

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

PRN

• 1D: 0.59%
• 1M: 6.86%
• YTD: 41.80%
• 6M: 45.38%
• 1Y: 65.12%
• 3Y*: 36.96%
• 5Y*: 20.18%
• 10Y*: 18.51%

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

MISL vs. PRN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
MISL First Trust Indxx Aerospace & Defense ETF	7.59%	41.24%	20.48%	14.78%	8.22%
PRN Invesco DWA Industrials Momentum ETF	41.80%	13.74%	30.35%	37.96%	-0.59%

Correlation

The correlation between MISL and PRN is 0.70, 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	0.70
Correlation (3Y) Calculated over the trailing 3-year period	0.70
Correlation (All Time) Calculated using the full available price history since Oct 27, 2022	0.71

The correlation between MISL and PRN has been stable across timeframes, ranging from 0.70 to 0.71 - a consistent structural relationship.

MISL vs. PRN - Sectors Allocation Comparison

Sectors	MISL	PRN
Industrials	83.0%	79.3%
Technology	17.0%	19.4%
Basic Materials	-	1.8%
Communication Services	-	-
Consumer Cyclical	-	1.2%
Consumer Defensive	-	-
Energy	-	1.6%
Financial Services	-	0.1%
Healthcare	-	-
Real Estate	-	-
Utilities	-	-

Return for Risk

MISL vs. PRN — Risk / Return Rank

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

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

PRN

PRN Risk / Return Rank: 70
PRN Sharpe Ratio Rank: 68
PRN Sortino Ratio Rank: 60
PRN Omega Ratio Rank: 60
PRN Calmar Ratio Rank: 84
PRN Martin Ratio Rank: 78

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.

MISL vs. PRN - Risk-Adjusted Trends Comparison

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

	MISL	PRN	Difference
Sharpe ratio: Return per unit of total volatility	1.44	2.29	-0.84
Sortino ratio: Return per unit of downside risk	2.10	2.86	-0.76
Omega ratio: Gain probability vs. loss probability	1.24	1.37	-0.13
Calmar ratio: Return relative to maximum drawdown	2.07	4.63	-2.55
Martin ratio: Return relative to average drawdown	5.49	15.45	-9.95
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MISL vs. PRN - Sharpe Ratio Comparison

The current MISL Sharpe Ratio is 1.44, which is lower than the PRN Sharpe Ratio of 2.29. The chart below compares the historical Sharpe Ratios of MISL and PRN, 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

	MISL	PRN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.44	2.29	-0.84
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.81	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.77	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.35	0.52	+0.83

Drawdowns

MISL vs. PRN - Drawdown Comparison

The maximum MISL drawdown since its inception was -17.91%, smaller than the maximum PRN drawdown of -59.88%. Use the drawdown chart below to compare losses from any high point for MISL and PRN.

Drawdown Indicators

	MISL	PRN	Difference
Max Drawdown Largest peak-to-trough decline	-17.91%	-59.88%	+41.97%
Max Drawdown (1Y) Largest decline over 1 year	-15.69%	-14.15%	-1.54%
Max Drawdown (3Y) Largest decline over 3 years	-17.91%	-30.78%	+12.87%
Max Drawdown (5Y) Largest decline over 5 years	—	-34.84%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-36.27%	—
Current Drawdown Current decline from peak	-9.75%	-0.47%	-9.28%
Average Drawdown Average peak-to-trough decline	-3.50%	-10.84%	+7.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.91%	4.23%	+1.68%

Volatility

MISL vs. PRN - Volatility Comparison

The current volatility for First Trust Indxx Aerospace & Defense ETF (MISL) is 8.50%, while Invesco DWA Industrials Momentum ETF (PRN) has a volatility of 10.95%. This indicates that MISL experiences smaller price fluctuations and is considered to be less risky than PRN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MISL	PRN	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.50%	10.95%	-2.45%
Volatility (6M) Calculated over the trailing 6-month period	19.14%	23.22%	-4.08%
Volatility (1Y) Calculated over the trailing 1-year period	22.60%	28.66%	-6.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.14%	25.03%	-5.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.14%	24.17%	-5.03%

MISL vs. PRN - Expense Ratio Comparison

Both MISL and PRN have an expense ratio of 0.60%.

Dividends

MISL vs. PRN - Dividend Comparison

MISL's dividend yield for the trailing twelve months is around 0.36%, more than PRN's 0.11% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
PRN Invesco DWA Industrials Momentum ETF	0.11%	0.17%	0.39%	0.52%	0.82%	0.11%	0.10%	0.42%	0.29%	0.60%	0.57%	0.44%

Frequently Asked Questions

Can I hold both MISL and PRN in my portfolio?

MISL and PRN have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MISL or PRN?

PRN has higher volatility (10.95%) compared to MISL (8.50%). In terms of maximum drawdown, MISL dropped -17.91% vs PRN's -59.88%.

Which ETF is better, MISL or PRN?

On 3-year performance, PRN leads with 36.96% vs 28.35% for MISL. Both ETFs have the same 0.60% expense ratio. On volatility, MISL has been the lower-risk option at 8.50%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MISL or PRN?

Over the 3-year period, PRN has performed better with a 36.96% return vs 28.35%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MISL or PRN?

MISL and PRN have the same expense ratio: 0.60% per year.

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

MISL has the higher dividend yield at 0.36%, compared with 0.11% for PRN.

What is the main difference between MISL and PRN?

MISL is categorized as Industrials Equities, while PRN is Momentum. MISL tracks Indxx US Aerospace & Defense Index - Benchmark TR Gross, while PRN tracks DWA Industrials Technical Leaders Index. They also come from different issuers: First Trust and Invesco.

Which has better risk-adjusted returns?

PRN currently has the higher Sharpe Ratio (2.29 vs 1.44), 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.