NFTY vs. AIRR

Last updated Jul 16, 2026

NFTY (First Trust India NIFTY 50 Equal Weight ETF) and AIRR (First Trust RBA American Industrial Renaissance ETF) are both exchange-traded funds - NFTY is a India Equities fund tracking the NIFTY 50 Equal Weight Index, while AIRR is a Building & Construction fund tracking the Richard Bernstein Advisors American Industrial Renaissance Index. Both are passively managed. Over the past 10 years, NFTY returned 7.54%/yr vs 20.55%/yr for AIRR. At a 0.31 correlation, their price movements are largely independent. NFTY charges 0.80%/yr vs 0.69%/yr for AIRR.

Performance

NFTY vs. AIRR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust India NIFTY 50 Equal Weight ETF (NFTY) 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, NFTY achieves a -8.16% return, which is significantly lower than AIRR's 25.41% return. Over the past 10 years, NFTY has underperformed AIRR with an annualized return of 7.54%, while AIRR has yielded a comparatively higher 20.55% annualized return.

NFTY

• 1D: -0.06%
• 1M: -1.43%
• 6M: -7.38%
• YTD: -8.16%
• 1Y: -8.20%
• 3Y*: 4.59%
• 5Y*: 5.61%
• 10Y*: 7.54%

AIRR

• 1D: -0.06%
• 1M: -5.48%
• 6M: 12.41%
• YTD: 25.41%
• 1Y: 47.84%
• 3Y*: 32.29%
• 5Y*: 25.83%
• 10Y*: 20.55%

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

NFTY vs. AIRR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NFTY First Trust India NIFTY 50 Equal Weight ETF	-8.16%	5.47%	5.18%	24.00%	-3.46%	26.83%	10.04%	0.58%	-1.51%	21.78%
AIRR First Trust RBA American Industrial Renaissance ETF	25.41%	27.92%	33.45%	31.43%	-2.08%	33.01%	17.17%	33.97%	-20.57%	16.28%

Correlation

The correlation between NFTY and AIRR is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.28
Correlation (3Y) Calculated over the trailing 3-year period	0.33
Correlation (5Y) Calculated over the trailing 5-year period	0.37
Correlation (10Y) Calculated over the trailing 10-year period	0.30
Correlation (All Time) Calculated using the full available price history since Mar 11, 2014	0.31

NFTY vs. AIRR - Sectors Allocation Comparison

Sectors	NFTY	AIRR
Financial Services	20.9%	9.6%
Consumer Cyclical	16.6%	1.9%
Basic Materials	13.1%	1.9%
Healthcare	9.9%	-
Technology	9.0%	0.7%
Energy	8.5%	3.8%
Industrials	8.5%	80.8%
Consumer Defensive	8.1%	-
Utilities	3.7%	-
Communication Services	1.9%	-
Real Estate	-	-

Return for Risk

NFTY vs. AIRR — Risk / Return Rank

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

NFTY

NFTY Risk / Return Rank: 4
NFTY Sharpe Ratio Rank: 5
NFTY Sortino Ratio Rank: 4
NFTY Omega Ratio Rank: 4
NFTY Calmar Ratio Rank: 5
NFTY Martin Ratio Rank: 3

AIRR

AIRR Risk / Return Rank: 72
AIRR Sharpe Ratio Rank: 69
AIRR Sortino Ratio Rank: 65
AIRR Omega Ratio Rank: 59
AIRR Calmar Ratio Rank: 85
AIRR Martin Ratio Rank: 81

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.

NFTY vs. AIRR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust India NIFTY 50 Equal Weight ETF (NFTY) 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.

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.

	NFTY	AIRR	Difference
Sharpe ratio: Return per unit of total volatility	-0.56	1.78	-2.34
Sortino ratio: Return per unit of downside risk	-0.75	2.41	-3.16
Omega ratio: Gain probability vs. loss probability	0.92	1.29	-0.37
Calmar ratio: Return relative to maximum drawdown	-0.51	3.67	-4.18
Martin ratio: Return relative to average drawdown	-1.21	12.51	-13.72

NFTY vs. AIRR - Sharpe Ratio Comparison

The current NFTY Sharpe Ratio is -0.56, which is lower than the AIRR Sharpe Ratio of 1.78. The chart below compares the historical Sharpe Ratios of NFTY 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.

Drawdowns

NFTY vs. AIRR - Drawdown Comparison

The maximum NFTY drawdown since its inception was -47.67%, which is greater than AIRR's maximum drawdown of -42.37%. Use the drawdown chart below to compare losses from any high point for NFTY and AIRR.

Drawdown Indicators

	NFTY	AIRR	Difference
Max Drawdown Largest peak-to-trough decline	-47.67%	-42.37%	-5.30%
Max Drawdown (1Y) Largest decline over 1 year	-16.14%	-13.09%	-3.05%
Max Drawdown (3Y) Largest decline over 3 years	-21.55%	-27.95%	+6.40%
Max Drawdown (5Y) Largest decline over 5 years	-21.55%	-27.95%	+6.40%
Max Drawdown (10Y) Largest decline over 10 years	-47.67%	-42.37%	-5.30%
Current Drawdown Current decline from peak	-16.05%	-7.52%	-8.53%
Average Drawdown Average peak-to-trough decline	-9.63%	-7.45%	-2.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.79%	3.83%	+2.96%

Volatility

NFTY vs. AIRR - Volatility Comparison

The current volatility for First Trust India NIFTY 50 Equal Weight ETF (NFTY) is 3.71%, while First Trust RBA American Industrial Renaissance ETF (AIRR) has a volatility of 8.07%. This indicates that NFTY 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

	NFTY	AIRR	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.71%	8.07%	-4.36%
Volatility (6M) Calculated over the trailing 6-month period	12.61%	21.08%	-8.47%
Volatility (1Y) Calculated over the trailing 1-year period	14.72%	27.09%	-12.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.41%	25.54%	-8.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.65%	26.35%	-5.70%

NFTY vs. AIRR - Expense Ratio Comparison

NFTY has a 0.80% expense ratio, which is higher than AIRR's 0.69% expense ratio.

Dividends

NFTY vs. AIRR - Dividend Comparison

NFTY's dividend yield for the trailing twelve months is around 1.93%, more than AIRR's 0.09% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AIRR First Trust RBA American Industrial Renaissance ETF	0.09%	0.19%	0.18%	0.23%	0.12%	0.05%	0.10%	0.20%	0.43%	0.30%	0.08%	0.47%
NFTY First Trust India NIFTY 50 Equal Weight ETF	1.93%	1.24%	1.61%	0.13%	5.89%	1.53%	0.61%	0.97%	0.00%	4.10%	3.28%	4.39%

Frequently Asked Questions

Can I hold both NFTY and AIRR in my portfolio?

NFTY and AIRR have a correlation of 0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NFTY or AIRR?

AIRR has higher volatility (8.07%) compared to NFTY (3.71%). In terms of maximum drawdown, NFTY dropped -47.67% vs AIRR's -42.37%.

Which ETF is better, NFTY or AIRR?

On 10-year performance, AIRR leads with 20.55% vs 7.54% for NFTY. On fees, AIRR is cheaper at 0.69% per year. On volatility, NFTY has been the lower-risk option at 3.71%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NFTY or AIRR?

Over the 10-year period, AIRR has performed better with a 20.55% return vs 7.54%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NFTY or AIRR?

AIRR is cheaper with a 0.69% expense ratio, compared with 0.80% for NFTY.

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

NFTY has the higher dividend yield at 1.93%, compared with 0.09% for AIRR.

What is the main difference between NFTY and AIRR?

NFTY is categorized as India Equities, while AIRR is Building & Construction. NFTY tracks NIFTY 50 Equal Weight Index, while AIRR tracks Richard Bernstein Advisors American Industrial Renaissance Index. Their fees differ too: 0.80% for NFTY and 0.69% for AIRR.

Which has better risk-adjusted returns?

AIRR currently has the higher Sharpe Ratio (1.78 vs -0.56), 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.