SIJ vs. AIRR

Last updated Jun 4, 2026

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 (TR). Both are passively managed. Over the past 10 years, SIJ returned -27.77%/yr vs 21.89%/yr for AIRR. At a correlation of -0.76, they often move in opposite directions. SIJ charges 0.95%/yr vs 0.70%/yr for AIRR.

Performance

SIJ vs. AIRR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort Industrials (SIJ) 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, SIJ achieves a -21.28% return, which is significantly lower than AIRR's 31.77% return. Over the past 10 years, SIJ has underperformed AIRR with an annualized return of -27.77%, while AIRR has yielded a comparatively higher 21.89% annualized return.

SIJ

• 1D: -0.08%
• 1M: -3.55%
• YTD: -21.28%
• 6M: -22.55%
• 1Y: -31.23%
• 3Y*: -29.54%
• 5Y*: -18.51%
• 10Y*: -27.77%

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)

SIJ vs. AIRR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SIJ ProShares UltraShort Industrials	-21.28%	-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	31.77%	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 12, 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.

Return for Risk

SIJ vs. AIRR — Risk / Return Rank

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

SIJ

SIJ Risk / Return Rank: 2
SIJ Sharpe Ratio Rank: 1
SIJ Sortino Ratio Rank: 2
SIJ Omega Ratio Rank: 2
SIJ Calmar Ratio Rank: 1
SIJ Martin Ratio Rank: 1

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.

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.

	SIJ	AIRR	Difference
Sharpe ratio: Return per unit of total volatility	-1.00	2.61	-3.61
Sortino ratio: Return per unit of downside risk	-1.37	3.37	-4.74
Omega ratio: Gain probability vs. loss probability	0.84	1.41	-0.57
Calmar ratio: Return relative to maximum drawdown	-0.89	5.05	-5.94
Martin ratio: Return relative to average drawdown	-1.50	18.68	-20.18
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SIJ vs. AIRR - Sharpe Ratio Comparison

The current SIJ Sharpe Ratio is -1.00, which is lower than the AIRR Sharpe Ratio of 2.61. The chart below compares the historical Sharpe Ratios of SIJ 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

	SIJ	AIRR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.00	2.61	-3.61
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.52	1.01	-1.53
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.70	0.84	-1.54
Sharpe Ratio (All Time) Calculated using the full available price history	-0.63	0.67	-1.29

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.

Drawdown Indicators

	SIJ	AIRR	Difference
Max Drawdown Largest peak-to-trough decline	-99.93%	-42.37%	-57.56%
Max Drawdown (1Y) Largest decline over 1 year	-35.40%	-13.09%	-22.31%
Max Drawdown (3Y) Largest decline over 3 years	-69.84%	-27.95%	-41.89%
Max Drawdown (5Y) Largest decline over 5 years	-76.49%	-27.95%	-48.54%
Max Drawdown (10Y) Largest decline over 10 years	-96.54%	-42.37%	-54.17%
Current Drawdown Current decline from peak	-99.92%	-1.86%	-98.06%
Average Drawdown Average peak-to-trough decline	-86.74%	-7.43%	-79.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	20.81%	3.53%	+17.28%

Volatility

SIJ vs. AIRR - Volatility Comparison

ProShares UltraShort Industrials (SIJ) has a higher volatility of 10.18% compared to First Trust RBA American Industrial Renaissance ETF (AIRR) at 7.87%. 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.

Volatility by Period

	SIJ	AIRR	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.18%	7.87%	+2.31%
Volatility (6M) Calculated over the trailing 6-month period	26.39%	19.82%	+6.57%
Volatility (1Y) Calculated over the trailing 1-year period	31.52%	25.40%	+6.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	35.84%	25.29%	+10.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	39.62%	26.29%	+13.33%

SIJ vs. AIRR - Expense Ratio Comparison

SIJ has a 0.95% expense ratio, which is higher than AIRR's 0.70% expense ratio.

Dividends

SIJ vs. AIRR - Dividend Comparison

SIJ's dividend yield for the trailing twelve months is around 5.75%, 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	5.75%	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

Can I hold both SIJ and AIRR in my portfolio?

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.

Which is riskier, SIJ or AIRR?

SIJ has higher volatility (10.18%) compared to AIRR (7.87%). In terms of maximum drawdown, SIJ dropped -99.93% vs AIRR's -42.37%.

Which ETF is better, SIJ or AIRR?

On 10-year performance, AIRR leads with 21.89% vs -27.77% for SIJ. On fees, AIRR is cheaper at 0.70% per year. On volatility, AIRR has been the lower-risk option at 7.87%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SIJ or AIRR?

Over the 10-year period, AIRR has performed better with a 21.89% return vs -27.77%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SIJ or AIRR?

AIRR is cheaper with a 0.70% expense ratio, compared with 0.95% for SIJ.

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

SIJ has the higher dividend yield at 5.75%, compared with 0.13% for AIRR.

What is the main difference between SIJ and 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 (TR). They also come from different issuers: ProShares and First Trust. Their fees differ too: 0.95% for SIJ and 0.70% for AIRR.

Which has better risk-adjusted returns?

AIRR currently has the higher Sharpe Ratio (2.61 vs -1.00), 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.