SIJ vs. AIRR
SIJ (ProShares UltraShort Industrials) and AIRR (First Trust RBA American Industrial Renaissance ETF) are both exchange-traded funds - SIJ is a Leveraged Equities fund tracking the DJ Global United States (All) / Industrials -IND (-200%), 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, SIJ returned -28.55%/yr vs 22.14%/yr for AIRR. At a correlation of -0.76, they often move in opposite directions. SIJ charges 0.95%/yr vs 0.69%/yr for AIRR.
Performance
SIJ vs. AIRR - Performance Comparison
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Returns By Period
In the year-to-date period, SIJ achieves a -27.64% return, which is significantly lower than AIRR's 32.79% return. Over the past 10 years, SIJ has underperformed AIRR with an annualized return of -28.55%, while AIRR has yielded a comparatively higher 22.14% annualized return.
SIJ
- 1D
- -3.10%
- 1M
- -8.30%
- YTD
- -27.64%
- 6M
- -25.32%
- 1Y
- -35.52%
- 3Y*
- -30.38%
- 5Y*
- -20.12%
- 10Y*
- -28.55%
AIRR
- 1D
- 0.74%
- 1M
- 4.33%
- YTD
- 32.79%
- 6M
- 28.48%
- 1Y
- 62.89%
- 3Y*
- 37.01%
- 5Y*
- 26.09%
- 10Y*
- 22.14%
SIJ vs. AIRR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SIJ ProShares UltraShort Industrials | -27.64% | -29.33% | -21.63% | -24.18% | 18.15% | -34.31% | -54.09% | -45.12% | 20.55% | -36.32% |
AIRR First Trust RBA American Industrial Renaissance ETF | 32.79% | 27.92% | 33.45% | 31.43% | -2.08% | 33.01% | 17.17% | 33.97% | -20.57% | 16.28% |
Correlation
The correlation between SIJ and AIRR is -0.82, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.82 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.83 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.85 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.79 |
Correlation (All Time) Calculated using the full available price history since Mar 11, 2014 | -0.76 |
The correlation between SIJ and AIRR has been stable across timeframes, ranging from -0.85 to -0.76 - a consistent structural relationship.
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Return for Risk
SIJ vs. AIRR — Risk / Return Rank
SIJ
AIRR
SIJ vs. AIRR - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Industrials (SIJ) 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.
| SIJ | AIRR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.47 | ||
| Sortino ratioReturn per unit of downside risk | -4.64 | ||
| Omega ratioGain probability vs. loss probability | 0.83 | 1.38 | -0.55 |
| Calmar ratioReturn relative to maximum drawdown | -0.96 | 4.83 | -5.79 |
| Martin ratioReturn relative to average drawdown | -1.73 | 17.62 | -19.35 |
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Drawdowns
SIJ vs. AIRR - Drawdown Comparison
The maximum SIJ drawdown since its inception was -99.93%, which is greater than AIRR's maximum drawdown of -42.37%. Use the drawdown chart below to compare losses from any high point for SIJ and AIRR.
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Drawdown Indicators
| SIJ | AIRR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.93% | -42.37% | -57.56% |
Max Drawdown (1Y)Largest decline over 1 year | -37.24% | -13.09% | -24.15% |
Max Drawdown (3Y)Largest decline over 3 years | -71.47% | -27.95% | -43.52% |
Max Drawdown (5Y)Largest decline over 5 years | -77.76% | -27.95% | -49.81% |
Max Drawdown (10Y)Largest decline over 10 years | -96.73% | -42.37% | -54.36% |
Current DrawdownCurrent decline from peak | -99.93% | -2.08% | -97.85% |
Average DrawdownAverage peak-to-trough decline | -86.76% | -7.46% | -79.30% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 20.59% | 3.58% | +17.01% |
Volatility
SIJ vs. AIRR - Volatility Comparison
ProShares UltraShort Industrials (SIJ) has a higher volatility of 12.50% compared to First Trust RBA American Industrial Renaissance ETF (AIRR) at 8.81%. This indicates that SIJ'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.
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Volatility by Period
| SIJ | AIRR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.50% | 8.81% | +3.69% |
Volatility (6M)Calculated over the trailing 6-month period | 28.23% | 20.61% | +7.62% |
Volatility (1Y)Calculated over the trailing 1-year period | 33.41% | 26.36% | +7.05% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.16% | 25.43% | +10.73% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 39.74% | 26.33% | +13.41% |
SIJ vs. AIRR - Expense Ratio Comparison
SIJ has a 0.95% expense ratio, which is higher than AIRR's 0.69% expense ratio.
Dividends
SIJ vs. AIRR - Dividend Comparison
SIJ's dividend yield for the trailing twelve months is around 6.25%, 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% |
SIJ ProShares UltraShort Industrials | 6.25% | 5.38% | 5.99% | 4.90% | 0.00% | 0.00% | 0.00% | 1.49% | 0.39% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
SIJ and AIRR have a correlation of -0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SIJ has higher volatility (12.50%) compared to AIRR (8.81%). In terms of maximum drawdown, SIJ dropped -99.93% vs AIRR's -42.37%.
On 10-year performance, AIRR leads with 22.14% vs -28.55% for SIJ. On fees, AIRR is cheaper at 0.69% per year. On volatility, AIRR has been the lower-risk option at 8.81%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, AIRR has performed better with a 22.14% return vs -28.55%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
AIRR is cheaper with a 0.69% expense ratio, compared with 0.95% for SIJ.
SIJ has the higher dividend yield at 6.25%, compared with 0.13% for AIRR.
SIJ is categorized as Leveraged Equities, while AIRR is Building & Construction. SIJ tracks DJ Global United States (All) / Industrials -IND (-200%), while AIRR tracks Richard Bernstein Advisors American Industrial Renaissance Index. They also come from different issuers: ProShares and First Trust. Their fees differ too: 0.95% for SIJ and 0.69% for AIRR.
AIRR currently has the higher Sharpe Ratio (2.40 vs -1.07), 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.
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