PKB vs. AIRR

Last updated Jun 4, 2026

PKB (Invesco Dynamic Building & Construction ETF) and AIRR (First Trust RBA American Industrial Renaissance ETF) are both Building & Construction funds - PKB tracks the Dynamic Building & Construction Intellidex Index while AIRR tracks the Richard Bernstein Advisors American Industrial Renaissance (TR). Both are passively managed. Over the past 10 years, PKB returned 15.37%/yr vs 21.89%/yr for AIRR. Their correlation of 0.82 suggests significant overlap in exposure. PKB charges 0.60%/yr vs 0.70%/yr for AIRR.

Performance

PKB vs. AIRR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Dynamic Building & Construction ETF (PKB) 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, PKB achieves a 13.11% return, which is significantly lower than AIRR's 31.77% return. Over the past 10 years, PKB has underperformed AIRR with an annualized return of 15.37%, while AIRR has yielded a comparatively higher 21.89% annualized return.

PKB

• 1D: 0.48%
• 1M: -2.15%
• YTD: 13.11%
• 6M: 10.44%
• 1Y: 34.15%
• 3Y*: 29.75%
• 5Y*: 15.65%
• 10Y*: 15.37%

AIRR

• 1D: 0.54%
• 1M: 3.36%
• YTD: 31.77%
• 6M: 31.32%
• 1Y: 65.82%
• 3Y*: 37.10%
• 5Y*: 25.40%
• 10Y*: 21.89%

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

PKB vs. AIRR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PKB Invesco Dynamic Building & Construction ETF	13.11%	22.47%	20.24%	55.29%	-24.88%	32.96%	24.49%	40.15%	-31.11%	24.67%
AIRR First Trust RBA American Industrial Renaissance ETF	31.77%	27.92%	33.45%	31.43%	-2.08%	33.01%	17.17%	33.97%	-20.57%	16.28%

Correlation

The correlation between PKB and AIRR 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	0.87
Correlation (5Y) Calculated over the trailing 5-year period	0.86
Correlation (10Y) Calculated over the trailing 10-year period	0.82
Correlation (All Time) Calculated using the full available price history since Mar 12, 2014	0.82

The correlation between PKB and AIRR has been stable across timeframes, ranging from 0.82 to 0.92 - a consistent structural relationship.

PKB vs. AIRR - Sectors Allocation Comparison

Sectors	PKB	AIRR
Industrials	47.2%	84.6%
Basic Materials	29.0%	-
Consumer Cyclical	20.8%	-
Utilities	3.0%	-
Financial Services	0.1%	9.6%
Communication Services	-	-
Consumer Defensive	-	-
Energy	-	3.8%
Healthcare	-	-
Real Estate	-	-
Technology	-	0.5%

Return for Risk

PKB vs. AIRR — Risk / Return Rank

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

PKB

PKB Risk / Return Rank: 42
PKB Sharpe Ratio Rank: 42
PKB Sortino Ratio Rank: 43
PKB Omega Ratio Rank: 38
PKB Calmar Ratio Rank: 45
PKB Martin Ratio Rank: 44

AIRR

AIRR Risk / Return Rank: 78
AIRR Sharpe Ratio Rank: 79
AIRR Sortino Ratio Rank: 73
AIRR Omega Ratio Rank: 67
AIRR Calmar Ratio Rank: 87
AIRR Martin Ratio Rank: 86

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.

PKB vs. AIRR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Dynamic Building & Construction ETF (PKB) 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.

	PKB	AIRR	Difference
Sharpe ratio: Return per unit of total volatility	1.49	2.61	-1.12
Sortino ratio: Return per unit of downside risk	2.19	3.37	-1.18
Omega ratio: Gain probability vs. loss probability	1.25	1.41	-0.16
Calmar ratio: Return relative to maximum drawdown	2.23	5.05	-2.83
Martin ratio: Return relative to average drawdown	7.21	18.68	-11.47
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PKB vs. AIRR - Sharpe Ratio Comparison

The current PKB Sharpe Ratio is 1.49, which is lower than the AIRR Sharpe Ratio of 2.61. The chart below compares the historical Sharpe Ratios of PKB 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.

Sharpe Ratios by Period

	PKB	AIRR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.49	2.61	-1.12
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.61	1.01	-0.40
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.57	0.84	-0.27
Sharpe Ratio (All Time) Calculated using the full available price history	0.37	0.67	-0.30

Drawdowns

PKB vs. AIRR - Drawdown Comparison

The maximum PKB drawdown since its inception was -65.21%, which is greater than AIRR's maximum drawdown of -42.37%. Use the drawdown chart below to compare losses from any high point for PKB and AIRR.

Drawdown Indicators

	PKB	AIRR	Difference
Max Drawdown Largest peak-to-trough decline	-65.21%	-42.37%	-22.84%
Max Drawdown (1Y) Largest decline over 1 year	-15.41%	-13.09%	-2.32%
Max Drawdown (3Y) Largest decline over 3 years	-29.75%	-27.95%	-1.80%
Max Drawdown (5Y) Largest decline over 5 years	-34.85%	-27.95%	-6.90%
Max Drawdown (10Y) Largest decline over 10 years	-52.29%	-42.37%	-9.92%
Current Drawdown Current decline from peak	-5.33%	-1.86%	-3.47%
Average Drawdown Average peak-to-trough decline	-15.77%	-7.43%	-8.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.75%	3.53%	+1.22%

Volatility

PKB vs. AIRR - Volatility Comparison

Invesco Dynamic Building & Construction ETF (PKB) and First Trust RBA American Industrial Renaissance ETF (AIRR) have volatilities of 7.61% and 7.87%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PKB	AIRR	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.61%	7.87%	-0.26%
Volatility (6M) Calculated over the trailing 6-month period	17.84%	19.82%	-1.98%
Volatility (1Y) Calculated over the trailing 1-year period	23.04%	25.40%	-2.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.69%	25.29%	+0.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.24%	26.29%	+0.95%

PKB vs. AIRR - Expense Ratio Comparison

PKB has a 0.60% expense ratio, which is lower than AIRR's 0.70% expense ratio.

Dividends

PKB vs. AIRR - Dividend Comparison

PKB's dividend yield for the trailing twelve months is around 0.14%, more than AIRR's 0.13% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AIRR First Trust RBA American Industrial Renaissance ETF	0.13%	0.19%	0.18%	0.23%	0.12%	0.05%	0.10%	0.20%	0.43%	0.30%	0.08%	0.47%
PKB Invesco Dynamic Building & Construction ETF	0.14%	0.14%	0.23%	0.33%	0.43%	0.25%	0.30%	0.37%	0.54%	0.17%	0.31%	0.11%

Frequently Asked Questions

Can I hold both PKB and AIRR in my portfolio?

With a correlation of 0.92, PKB and AIRR 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, PKB or AIRR?

AIRR has higher volatility (7.87%) compared to PKB (7.61%). In terms of maximum drawdown, PKB dropped -65.21% vs AIRR's -42.37%.

Which ETF is better, PKB or AIRR?

On 10-year performance, AIRR leads with 21.89% vs 15.37% for PKB. On fees, PKB is cheaper at 0.60% per year. On volatility, PKB has been the lower-risk option at 7.61%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PKB or AIRR?

Over the 10-year period, AIRR has performed better with a 21.89% return vs 15.37%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PKB or AIRR?

PKB is cheaper with a 0.60% expense ratio, compared with 0.70% for AIRR.

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

PKB has the higher dividend yield at 0.14%, compared with 0.13% for AIRR.

What is the main difference between PKB and AIRR?

PKB tracks Dynamic Building & Construction Intellidex Index, while AIRR tracks Richard Bernstein Advisors American Industrial Renaissance (TR). They also come from different issuers: Invesco and First Trust. Their fees differ too: 0.60% for PKB and 0.70% for AIRR.

Which has better risk-adjusted returns?

AIRR currently has the higher Sharpe Ratio (2.61 vs 1.49), 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.