RSHO vs. AIRR

Last updated Jun 24, 2026

RSHO (Tema American Reshoring ETF) and AIRR (First Trust RBA American Industrial Renaissance ETF) are both exchange-traded funds - RSHO is a Mid Cap Blend Equities fund actively managed by Tema, while AIRR is a Building & Construction fund tracking the Richard Bernstein Advisors American Industrial Renaissance Index. RSHO is actively managed, while AIRR is passively managed. Over the past 3 years, RSHO returned 30.96%/yr vs 36.68%/yr for AIRR. Their correlation of 0.88 suggests significant overlap in exposure. RSHO charges 0.75%/yr vs 0.69%/yr for AIRR.

Performance

RSHO vs. AIRR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Tema American Reshoring ETF (RSHO) 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, RSHO achieves a 39.40% return, which is significantly higher than AIRR's 31.81% return.

RSHO

• 1D: 0.00%
• 1M: 9.15%
• YTD: 39.40%
• 6M: 36.53%
• 1Y: 62.97%
• 3Y*: 30.96%
• 5Y*: —
• 10Y*: —

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)

RSHO vs. AIRR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
RSHO Tema American Reshoring ETF	39.40%	19.23%	17.28%	28.90%
AIRR First Trust RBA American Industrial Renaissance ETF	31.81%	27.92%	33.45%	24.28%

Correlation

The correlation between RSHO and AIRR is 0.85, 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	0.85
Correlation (3Y) Calculated over the trailing 3-year period	0.88
Correlation (All Time) Calculated using the full available price history since May 11, 2023	0.88

The correlation between RSHO and AIRR has been stable across timeframes, ranging from 0.85 to 0.88 - a consistent structural relationship.

RSHO vs. AIRR - Sectors Allocation Comparison

Sectors	RSHO	AIRR
Industrials	74.2%	92.4%
Technology	11.8%	0.7%
Basic Materials	8.1%	-
Consumer Cyclical	3.7%	-
Energy	0.9%	3.8%
Financial Services	0.8%	6.9%
Communication Services	-	-
Consumer Defensive	-	-
Healthcare	-	-
Real Estate	-	-
Utilities	-	-

Return for Risk

RSHO vs. AIRR — Risk / Return Rank

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

RSHO

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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.

RSHO vs. AIRR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Tema American Reshoring ETF (RSHO) 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.

	RSHO	AIRR	Difference
Sharpe ratio: Return per unit of total volatility	2.62	2.43	+0.19
Sortino ratio: Return per unit of downside risk	3.41	3.13	+0.29
Omega ratio: Gain probability vs. loss probability	1.43	1.38	+0.04
Calmar ratio: Return relative to maximum drawdown	4.45	4.89	-0.44
Martin ratio: Return relative to average drawdown	16.97	17.83	-0.86

RSHO vs. AIRR - Sharpe Ratio Comparison

The current RSHO Sharpe Ratio is 2.62, which is comparable to the AIRR Sharpe Ratio of 2.43. The chart below compares the historical Sharpe Ratios of RSHO 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

RSHO vs. AIRR - Drawdown Comparison

The maximum RSHO drawdown since its inception was -27.31%, smaller than the maximum AIRR drawdown of -42.37%. Use the drawdown chart below to compare losses from any high point for RSHO and AIRR.

Drawdown Indicators

	RSHO	AIRR	Difference
Max Drawdown Largest peak-to-trough decline	-27.31%	-42.37%	+15.06%
Max Drawdown (1Y) Largest decline over 1 year	-14.64%	-13.09%	-1.55%
Max Drawdown (3Y) Largest decline over 3 years	-27.31%	-27.95%	+0.64%
Max Drawdown (5Y) Largest decline over 5 years	—	-27.95%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-42.37%	—
Current Drawdown Current decline from peak	0.00%	-2.80%	+2.80%
Average Drawdown Average peak-to-trough decline	-4.27%	-7.47%	+3.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.83%	3.58%	+0.25%

Volatility

RSHO vs. AIRR - Volatility Comparison

Tema American Reshoring ETF (RSHO) has a higher volatility of 9.26% compared to First Trust RBA American Industrial Renaissance ETF (AIRR) at 8.80%. This indicates that RSHO's price experiences larger fluctuations and is considered to be riskier than AIRR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RSHO	AIRR	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.26%	8.80%	+0.46%
Volatility (6M) Calculated over the trailing 6-month period	20.99%	20.63%	+0.36%
Volatility (1Y) Calculated over the trailing 1-year period	24.93%	26.40%	-1.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.82%	25.45%	-2.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.82%	26.33%	-3.51%

RSHO vs. AIRR - Expense Ratio Comparison

RSHO has a 0.75% expense ratio, which is higher than AIRR's 0.69% expense ratio.

Dividends

RSHO vs. AIRR - Dividend Comparison

RSHO has not paid dividends to shareholders, while AIRR's dividend yield for the trailing twelve months is around 0.13%.

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%
RSHO Tema American Reshoring ETF	0.21%	0.30%	0.26%	0.25%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both RSHO and AIRR in my portfolio?

RSHO and AIRR have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, RSHO or AIRR?

RSHO has higher volatility (9.26%) compared to AIRR (8.80%). In terms of maximum drawdown, RSHO dropped -27.31% vs AIRR's -42.37%.

Which ETF is better, RSHO or AIRR?

On 3-year performance, AIRR leads with 36.68% vs 30.96% for RSHO. On fees, AIRR is cheaper at 0.69% per year. On volatility, AIRR has been the lower-risk option at 8.80%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, RSHO or AIRR?

Over the 3-year period, AIRR has performed better with a 36.68% return vs 30.96%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, RSHO or AIRR?

AIRR is cheaper with a 0.69% expense ratio, compared with 0.75% for RSHO.

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

RSHO has the higher dividend yield at 0.21%, compared with 0.13% for AIRR.

What is the main difference between RSHO and AIRR?

RSHO is categorized as Mid Cap Blend Equities, while AIRR is Building & Construction. They also come from different issuers: Tema and First Trust. Their fees differ too: 0.75% for RSHO and 0.69% for AIRR.

Which has better risk-adjusted returns?

RSHO currently has the higher Sharpe Ratio (2.62 vs 2.43), 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.