PSCI vs. AIRR

Last updated Jun 24, 2026

PSCI (Invesco S&P SmallCap Industrials ETF) and AIRR (First Trust RBA American Industrial Renaissance ETF) are both exchange-traded funds - PSCI is a Industrials Equities fund tracking the S&P SmallCap 600 Industrials 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, PSCI returned 15.82%/yr vs 22.05%/yr for AIRR. Their correlation of 0.89 suggests significant overlap in exposure. PSCI charges 0.29%/yr vs 0.69%/yr for AIRR.

Performance

PSCI vs. AIRR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P SmallCap Industrials ETF (PSCI) 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, PSCI achieves a 18.77% return, which is significantly lower than AIRR's 31.81% return. Over the past 10 years, PSCI has underperformed AIRR with an annualized return of 15.82%, while AIRR has yielded a comparatively higher 22.05% annualized return.

PSCI

• 1D: -1.73%
• 1M: 5.91%
• YTD: 18.77%
• 6M: 15.85%
• 1Y: 40.48%
• 3Y*: 22.48%
• 5Y*: 14.78%
• 10Y*: 15.82%

AIRR

• 1D: -2.80%
• 1M: 3.57%
• YTD: 31.81%
• 6M: 27.48%
• 1Y: 63.63%
• 3Y*: 36.68%
• 5Y*: 25.97%
• 10Y*: 22.05%

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

PSCI vs. AIRR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PSCI Invesco S&P SmallCap Industrials ETF	18.77%	13.50%	16.68%	31.64%	-9.02%	24.44%	12.02%	29.80%	-13.20%	17.52%
AIRR First Trust RBA American Industrial Renaissance ETF	31.81%	27.92%	33.45%	31.43%	-2.08%	33.01%	17.17%	33.97%	-20.57%	16.28%

Correlation

The correlation between PSCI and AIRR is 0.88, 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	0.88
Correlation (3Y) Calculated over the trailing 3-year period	0.90
Correlation (5Y) Calculated over the trailing 5-year period	0.90
Correlation (10Y) Calculated over the trailing 10-year period	0.90
Correlation (All Time) Calculated using the full available price history since Mar 11, 2014	0.89

The correlation between PSCI and AIRR has been stable across timeframes, ranging from 0.88 to 0.90 - a consistent structural relationship.

PSCI vs. AIRR - Sectors Allocation Comparison

Sectors	PSCI	AIRR
Industrials	83.2%	92.4%
Technology	6.9%	0.7%
Consumer Cyclical	5.2%	-
Energy	1.8%	3.8%
Real Estate	0.9%	-
Basic Materials	0.9%	-
Healthcare	0.5%	-
Communication Services	0.3%	-
Financial Services	0.1%	6.9%
Consumer Defensive	-	-
Utilities	-	-

Return for Risk

PSCI vs. AIRR — Risk / Return Rank

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

PSCI

PSCI Risk / Return Rank: 59
PSCI Sharpe Ratio Rank: 61
PSCI Sortino Ratio Rank: 63
PSCI Omega Ratio Rank: 55
PSCI Calmar Ratio Rank: 59
PSCI Martin Ratio Rank: 56

AIRR

AIRR Risk / Return Rank: 79
AIRR Sharpe Ratio Rank: 80
AIRR Sortino Ratio Rank: 73
AIRR Omega Ratio Rank: 67
AIRR Calmar Ratio Rank: 88
AIRR Martin Ratio Rank: 87

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.

PSCI vs. AIRR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P SmallCap Industrials ETF (PSCI) 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.

	PSCI	AIRR	Difference
Sharpe ratio: Return per unit of total volatility	1.90	2.43	-0.53
Sortino ratio: Return per unit of downside risk	2.75	3.13	-0.37
Omega ratio: Gain probability vs. loss probability	1.32	1.38	-0.06
Calmar ratio: Return relative to maximum drawdown	2.73	4.89	-2.15
Martin ratio: Return relative to average drawdown	9.29	17.83	-8.54

PSCI vs. AIRR - Sharpe Ratio Comparison

The current PSCI Sharpe Ratio is 1.90, which is comparable to the AIRR Sharpe Ratio of 2.43. The chart below compares the historical Sharpe Ratios of PSCI 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

PSCI vs. AIRR - Drawdown Comparison

The maximum PSCI drawdown since its inception was -45.55%, which is greater than AIRR's maximum drawdown of -42.37%. Use the drawdown chart below to compare losses from any high point for PSCI and AIRR.

Drawdown Indicators

	PSCI	AIRR	Difference
Max Drawdown Largest peak-to-trough decline	-45.55%	-42.37%	-3.18%
Max Drawdown (1Y) Largest decline over 1 year	-14.88%	-13.09%	-1.79%
Max Drawdown (3Y) Largest decline over 3 years	-29.36%	-27.95%	-1.41%
Max Drawdown (5Y) Largest decline over 5 years	-29.36%	-27.95%	-1.41%
Max Drawdown (10Y) Largest decline over 10 years	-45.55%	-42.37%	-3.18%
Current Drawdown Current decline from peak	-1.73%	-2.80%	+1.07%
Average Drawdown Average peak-to-trough decline	-6.89%	-7.47%	+0.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.37%	3.58%	+0.79%

Volatility

PSCI vs. AIRR - Volatility Comparison

The current volatility for Invesco S&P SmallCap Industrials ETF (PSCI) is 5.81%, while First Trust RBA American Industrial Renaissance ETF (AIRR) has a volatility of 8.80%. This indicates that PSCI 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

	PSCI	AIRR	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.81%	8.80%	-2.99%
Volatility (6M) Calculated over the trailing 6-month period	15.80%	20.63%	-4.83%
Volatility (1Y) Calculated over the trailing 1-year period	21.44%	26.40%	-4.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.00%	25.45%	-2.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.25%	26.33%	-1.08%

PSCI vs. AIRR - Expense Ratio Comparison

PSCI has a 0.29% expense ratio, which is lower than AIRR's 0.69% expense ratio.

Dividends

PSCI vs. AIRR - Dividend Comparison

PSCI's dividend yield for the trailing twelve months is around 1.33%, 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%
PSCI Invesco S&P SmallCap Industrials ETF	1.33%	1.56%	0.65%	0.72%	0.87%	0.69%	0.59%	0.64%	0.67%	0.71%	0.74%	1.02%

Frequently Asked Questions

Can I hold both PSCI and AIRR in my portfolio?

PSCI and AIRR have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PSCI or AIRR?

AIRR has higher volatility (8.80%) compared to PSCI (5.81%). In terms of maximum drawdown, PSCI dropped -45.55% vs AIRR's -42.37%.

Which ETF is better, PSCI or AIRR?

On 10-year performance, AIRR leads with 22.05% vs 15.82% for PSCI. On fees, PSCI is cheaper at 0.29% per year. On volatility, PSCI has been the lower-risk option at 5.81%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PSCI or AIRR?

Over the 10-year period, AIRR has performed better with a 22.05% return vs 15.82%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PSCI or AIRR?

PSCI is cheaper with a 0.29% expense ratio, compared with 0.69% for AIRR.

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

PSCI has the higher dividend yield at 1.33%, compared with 0.13% for AIRR.

What is the main difference between PSCI and AIRR?

PSCI is categorized as Industrials Equities, while AIRR is Building & Construction. PSCI tracks S&P SmallCap 600 Industrials Index, while AIRR tracks Richard Bernstein Advisors American Industrial Renaissance Index. They also come from different issuers: Invesco and First Trust. Their fees differ too: 0.29% for PSCI and 0.69% for AIRR.

Which has better risk-adjusted returns?

AIRR currently has the higher Sharpe Ratio (2.43 vs 1.90), 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.