SKYY vs. AIRR

Last updated Jul 16, 2026

SKYY (First Trust ISE Cloud Computing Index Fund) and AIRR (First Trust RBA American Industrial Renaissance ETF) are both exchange-traded funds - SKYY is a Technology Equities fund tracking the ISE CTA Cloud Computing 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, SKYY returned 16.20%/yr vs 20.55%/yr for AIRR. A 0.55 correlation means they provide meaningful diversification when combined. SKYY charges 0.60%/yr vs 0.69%/yr for AIRR.

Performance

SKYY vs. AIRR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust ISE Cloud Computing Index Fund (SKYY) 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, SKYY achieves a 5.34% return, which is significantly lower than AIRR's 25.41% return. Over the past 10 years, SKYY has underperformed AIRR with an annualized return of 16.20%, while AIRR has yielded a comparatively higher 20.55% annualized return.

SKYY

• 1D: -1.64%
• 1M: 0.22%
• 6M: 8.56%
• YTD: 5.34%
• 1Y: 14.28%
• 3Y*: 20.25%
• 5Y*: 6.06%
• 10Y*: 16.20%

AIRR

• 1D: -0.06%
• 1M: -5.48%
• 6M: 12.41%
• YTD: 25.41%
• 1Y: 47.84%
• 3Y*: 32.29%
• 5Y*: 25.83%
• 10Y*: 20.55%

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

SKYY vs. AIRR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SKYY First Trust ISE Cloud Computing Index Fund	5.34%	9.20%	35.87%	52.18%	-44.68%	10.62%	57.77%	25.25%	6.01%	33.47%
AIRR First Trust RBA American Industrial Renaissance ETF	25.41%	27.92%	33.45%	31.43%	-2.08%	33.01%	17.17%	33.97%	-20.57%	16.28%

Correlation

The correlation between SKYY and AIRR is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.34
Correlation (3Y) Calculated over the trailing 3-year period	0.54
Correlation (5Y) Calculated over the trailing 5-year period	0.58
Correlation (10Y) Calculated over the trailing 10-year period	0.52
Correlation (All Time) Calculated using the full available price history since Mar 11, 2014	0.55

Over the past year, the correlation between SKYY and AIRR has dropped to 0.34 - well below their long-term average of 0.55, suggesting their price drivers have been diverging.

SKYY vs. AIRR - Sectors Allocation Comparison

Sectors	SKYY	AIRR
Technology	89.1%	0.7%
Communication Services	4.7%	-
Consumer Cyclical	1.6%	1.9%
Healthcare	1.6%	-
Industrials	1.6%	80.8%
Basic Materials	-	1.9%
Consumer Defensive	-	-
Energy	-	3.8%
Financial Services	-	9.6%
Real Estate	-	-
Utilities	-	-

Return for Risk

SKYY vs. AIRR — Risk / Return Rank

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

SKYY

SKYY Risk / Return Rank: 18
SKYY Sharpe Ratio Rank: 19
SKYY Sortino Ratio Rank: 19
SKYY Omega Ratio Rank: 19
SKYY Calmar Ratio Rank: 17
SKYY Martin Ratio Rank: 16

AIRR

AIRR Risk / Return Rank: 72
AIRR Sharpe Ratio Rank: 69
AIRR Sortino Ratio Rank: 65
AIRR Omega Ratio Rank: 59
AIRR Calmar Ratio Rank: 85
AIRR Martin Ratio Rank: 81

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.

SKYY vs. AIRR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust ISE Cloud Computing Index Fund (SKYY) 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.

	SKYY	AIRR	Difference
Sharpe ratio: Return per unit of total volatility	0.50	1.78	-1.28
Sortino ratio: Return per unit of downside risk	0.90	2.41	-1.51
Omega ratio: Gain probability vs. loss probability	1.11	1.29	-0.18
Calmar ratio: Return relative to maximum drawdown	0.52	3.67	-3.15
Martin ratio: Return relative to average drawdown	1.11	12.51	-11.40

SKYY vs. AIRR - Sharpe Ratio Comparison

The current SKYY Sharpe Ratio is 0.50, which is lower than the AIRR Sharpe Ratio of 1.78. The chart below compares the historical Sharpe Ratios of SKYY 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

SKYY vs. AIRR - Drawdown Comparison

The maximum SKYY drawdown since its inception was -53.20%, which is greater than AIRR's maximum drawdown of -42.37%. Use the drawdown chart below to compare losses from any high point for SKYY and AIRR.

Drawdown Indicators

	SKYY	AIRR	Difference
Max Drawdown Largest peak-to-trough decline	-53.20%	-42.37%	-10.83%
Max Drawdown (1Y) Largest decline over 1 year	-27.39%	-13.09%	-14.30%
Max Drawdown (3Y) Largest decline over 3 years	-31.80%	-27.95%	-3.85%
Max Drawdown (5Y) Largest decline over 5 years	-53.20%	-27.95%	-25.25%
Max Drawdown (10Y) Largest decline over 10 years	-53.20%	-42.37%	-10.83%
Current Drawdown Current decline from peak	-11.69%	-7.52%	-4.17%
Average Drawdown Average peak-to-trough decline	-10.91%	-7.45%	-3.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.92%	3.83%	+9.09%

Volatility

SKYY vs. AIRR - Volatility Comparison

The current volatility for First Trust ISE Cloud Computing Index Fund (SKYY) is 7.23%, while First Trust RBA American Industrial Renaissance ETF (AIRR) has a volatility of 8.07%. This indicates that SKYY 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

	SKYY	AIRR	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.23%	8.07%	-0.84%
Volatility (6M) Calculated over the trailing 6-month period	24.34%	21.08%	+3.26%
Volatility (1Y) Calculated over the trailing 1-year period	28.79%	27.09%	+1.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	30.81%	25.54%	+5.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.89%	26.35%	+0.54%

SKYY vs. AIRR - Expense Ratio Comparison

SKYY has a 0.60% expense ratio, which is lower than AIRR's 0.69% expense ratio.

Dividends

SKYY vs. AIRR - Dividend Comparison

SKYY has not paid dividends to shareholders, while AIRR's dividend yield for the trailing twelve months is around 0.09%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AIRR First Trust RBA American Industrial Renaissance ETF	0.09%	0.19%	0.18%	0.23%	0.12%	0.05%	0.10%	0.20%	0.43%	0.30%	0.08%	0.47%
SKYY First Trust ISE Cloud Computing Index Fund	0.00%	0.00%	0.00%	0.00%	0.23%	0.78%	0.17%	0.54%	0.37%	0.27%	0.35%	0.41%

Frequently Asked Questions

Can I hold both SKYY and AIRR in my portfolio?

SKYY and AIRR have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SKYY or AIRR?

AIRR has higher volatility (8.07%) compared to SKYY (7.23%). In terms of maximum drawdown, SKYY dropped -53.20% vs AIRR's -42.37%.

Which ETF is better, SKYY or AIRR?

On 10-year performance, AIRR leads with 20.55% vs 16.20% for SKYY. On fees, SKYY is cheaper at 0.60% per year. On volatility, SKYY has been the lower-risk option at 7.23%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SKYY or AIRR?

Over the 10-year period, AIRR has performed better with a 20.55% return vs 16.20%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SKYY or AIRR?

SKYY is cheaper with a 0.60% expense ratio, compared with 0.69% for AIRR.

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

AIRR has the higher dividend yield at 0.09%, compared with 0.00% for SKYY.

What is the main difference between SKYY and AIRR?

SKYY is categorized as Technology Equities, while AIRR is Building & Construction. SKYY tracks ISE CTA Cloud Computing Index, while AIRR tracks Richard Bernstein Advisors American Industrial Renaissance Index. Their fees differ too: 0.60% for SKYY and 0.69% for AIRR.

Which has better risk-adjusted returns?

AIRR currently has the higher Sharpe Ratio (1.78 vs 0.50), 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.