SKYE.AS vs. AINF.AS

Last updated Jun 4, 2026

SKYE.AS (First Trust Cloud Computing UCITS ETF) and AINF.AS (iShares AI Infrastructure UCITS ETF USD (Acc)) are both Technology Equities funds - SKYE.AS tracks the MSCI World/Information Tech NR USD while AINF.AS tracks the STOXX Global AI Infrastructure Index. Both are passively managed. Over the past year, SKYE.AS returned 24.91% vs 119.64% for AINF.AS. A 0.72 correlation means they provide meaningful diversification when combined. SKYE.AS charges 0.60%/yr vs 0.35%/yr for AINF.AS.

Performance

SKYE.AS vs. AINF.AS - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in First Trust Cloud Computing UCITS ETF (SKYE.AS) and iShares AI Infrastructure UCITS ETF USD (Acc) (AINF.AS). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

SKYE.AS is traded in EUR, while AINF.AS is traded in USD. To make them comparable, the AINF.AS values have been converted to EUR using the latest available exchange rates.

Returns By Period

In the year-to-date period, SKYE.AS achieves a 14.60% return, which is significantly lower than AINF.AS's 62.06% return.

SKYE.AS

• 1D: -2.66%
• 1M: 18.07%
• YTD: 14.60%
• 6M: 14.82%
• 1Y: 24.91%
• 3Y*: 22.17%
• 5Y*: 9.52%
• 10Y*: —

AINF.AS

• 1D: 0.34%
• 1M: 28.54%
• YTD: 62.06%
• 6M: 62.39%
• 1Y: 119.64%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SKYE.AS vs. AINF.AS - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SKYE.AS First Trust Cloud Computing UCITS ETF	14.60%	-3.90%	-4.60%
AINF.AS iShares AI Infrastructure UCITS ETF USD (Acc)	62.06%	27.53%	0.59%

Correlation

The correlation between SKYE.AS and AINF.AS is 0.62, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.62
Correlation (All Time) Calculated using the full available price history since Dec 10, 2024	0.72

The correlation between SKYE.AS and AINF.AS shifts across timeframes, from 0.62 (1 year) to 0.72 (all time), reflecting how their relationship changes across market environments.

Return for Risk

SKYE.AS vs. AINF.AS — Risk / Return Rank

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

SKYE.AS

SKYE.AS Risk / Return Rank: 23
SKYE.AS Sharpe Ratio Rank: 25
SKYE.AS Sortino Ratio Rank: 26
SKYE.AS Omega Ratio Rank: 26
SKYE.AS Calmar Ratio Rank: 21
SKYE.AS Martin Ratio Rank: 18

AINF.AS

AINF.AS Risk / Return Rank: 96
AINF.AS Sharpe Ratio Rank: 97
AINF.AS Sortino Ratio Rank: 96
AINF.AS Omega Ratio Rank: 95
AINF.AS Calmar Ratio Rank: 97
AINF.AS Martin Ratio Rank: 96

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.

SKYE.AS vs. AINF.AS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Cloud Computing UCITS ETF (SKYE.AS) and iShares AI Infrastructure UCITS ETF USD (Acc) (AINF.AS). 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.

	SKYE.AS	AINF.AS	Difference
Sharpe ratio: Return per unit of total volatility	0.87	4.77	-3.91
Sortino ratio: Return per unit of downside risk	1.35	5.41	-4.06
Omega ratio: Gain probability vs. loss probability	1.17	1.72	-0.55
Calmar ratio: Return relative to maximum drawdown	0.88	10.14	-9.25
Martin ratio: Return relative to average drawdown	1.95	33.57	-31.62
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SKYE.AS vs. AINF.AS - Sharpe Ratio Comparison

The current SKYE.AS Sharpe Ratio is 0.87, which is lower than the AINF.AS Sharpe Ratio of 4.77. The chart below compares the historical Sharpe Ratios of SKYE.AS and AINF.AS, 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

	SKYE.AS	AINF.AS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.87	4.77	-3.91
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.33	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.51	2.24	-1.73

Drawdowns

SKYE.AS vs. AINF.AS - Drawdown Comparison

The maximum SKYE.AS drawdown since its inception was -49.60%, which is greater than AINF.AS's maximum drawdown of -30.52%. Use the drawdown chart below to compare losses from any high point for SKYE.AS and AINF.AS.

Drawdown Indicators

	SKYE.AS	AINF.AS	Difference
Max Drawdown Largest peak-to-trough decline	-49.60%	-30.52%	-19.08%
Max Drawdown (1Y) Largest decline over 1 year	-27.79%	-11.60%	-16.19%
Max Drawdown (3Y) Largest decline over 3 years	-36.27%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-49.60%	—	—
Current Drawdown Current decline from peak	-3.17%	0.00%	-3.17%
Average Drawdown Average peak-to-trough decline	-17.18%	-5.72%	-11.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.71%	3.52%	+9.19%

Volatility

SKYE.AS vs. AINF.AS - Volatility Comparison

First Trust Cloud Computing UCITS ETF (SKYE.AS) has a higher volatility of 11.76% compared to iShares AI Infrastructure UCITS ETF USD (Acc) (AINF.AS) at 9.07%. This indicates that SKYE.AS's price experiences larger fluctuations and is considered to be riskier than AINF.AS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SKYE.AS	AINF.AS	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.76%	9.07%	+2.69%
Volatility (6M) Calculated over the trailing 6-month period	23.77%	18.68%	+5.09%
Volatility (1Y) Calculated over the trailing 1-year period	28.45%	24.72%	+3.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	28.97%	28.40%	+0.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.82%	28.40%	+0.42%

SKYE.AS vs. AINF.AS - Expense Ratio Comparison

SKYE.AS has a 0.60% expense ratio, which is higher than AINF.AS's 0.35% expense ratio.

Dividends

SKYE.AS vs. AINF.AS - Dividend Comparison

Neither SKYE.AS nor AINF.AS has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both SKYE.AS and AINF.AS in my portfolio?

SKYE.AS and AINF.AS have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SKYE.AS or AINF.AS?

On fees, AINF.AS is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SKYE.AS or AINF.AS?

AINF.AS is cheaper with a 0.35% expense ratio, compared with 0.60% for SKYE.AS.

What is the main difference between SKYE.AS and AINF.AS?

SKYE.AS tracks MSCI World/Information Tech NR USD, while AINF.AS tracks STOXX Global AI Infrastructure Index. They also come from different issuers: First Trust and iShares. Their fees differ too: 0.60% for SKYE.AS and 0.35% for AINF.AS.