SKYY vs. ARVR
SKYY (First Trust ISE Cloud Computing Index Fund) and ARVR (First Trust Indxx Metaverse ETF) are both Technology Equities funds from First Trust - SKYY tracks the ISE CTA Cloud Computing Index while ARVR tracks the Indxx Metaverse Index - Benchmark TR Net. Both are passively managed. Over the past 3 years, SKYY returned 25.22%/yr vs 21.90%/yr for ARVR. Their 0.76 correlation means they have sometimes moved together and sometimes differently. SKYY charges 0.60%/yr vs 0.70%/yr for ARVR.
Performance
SKYY vs. ARVR - Performance Comparison
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Returns By Period
In the year-to-date period, SKYY achieves a 17.95% return, which is significantly higher than ARVR's 14.93% return.
SKYY
- 1D
- 3.68%
- 1M
- 13.77%
- 6M
- 34.61%
- YTD
- 17.95%
- 1Y
- 26.63%
- 3Y*
- 25.22%
- 5Y*
- 7.49%
- 10Y*
- 16.86%
- ALL TIME*
- 14.65%
ARVR
- 1D
- 2.68%
- 1M
- 0.92%
- 6M
- 17.91%
- YTD
- 14.93%
- 1Y
- 21.20%
- 3Y*
- 21.90%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 16.61%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $6.01K | $9.48K | $34.78K | |
| $42.28M | $41.99M | $50.20M |
SKYY vs. ARVR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
SKYY First Trust ISE Cloud Computing Index Fund | 17.95% | 9.20% | 35.87% | 52.18% | -32.53% |
ARVR First Trust Indxx Metaverse ETF | 14.93% | 29.07% | 10.11% | 43.39% | -17.45% |
Correlation
The correlation between SKYY and ARVR is 0.57, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.57 |
Correlation (3Y) Balances recent behavior with more history. | 0.69 |
Correlation (All Time) Calculated using the full available price history since Apr 20, 2022 | 0.76 |
The correlation between SKYY and ARVR shifts across timeframes, from 0.57 (1 year) to 0.76 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
SKYY vs. ARVR — Risk / Return Rank
SKYY
ARVR
SKYY vs. ARVR - 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 Indxx Metaverse ETF (ARVR). 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 | ARVR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.04 | ||
| Sortino ratioReturn per unit of downside risk | +0.07 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 1.18 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 0.98 | 1.20 | -0.22 |
| Martin ratioReturn relative to average drawdown | 2.03 | 3.40 | -1.37 |
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Drawdowns
SKYY vs. ARVR - Drawdown Comparison
The maximum SKYY drawdown since its inception was -53.20%, which is greater than ARVR's maximum drawdown of -26.40%. Use the drawdown chart below to compare losses from any high point for SKYY and ARVR.
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Drawdown Indicators
| SKYY | ARVR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -53.20% | -26.40% | -26.80% |
Max Drawdown (1Y)Largest decline over 1 year | -27.39% | -17.73% | -9.66% |
Max Drawdown (3Y)Largest decline over 3 years | -31.80% | -21.46% | -10.34% |
Max Drawdown (5Y)Largest decline over 5 years | -53.20% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -53.20% | — | — |
Current DrawdownCurrent decline from peak | -1.12% | -3.94% | +2.82% |
Average DrawdownAverage peak-to-trough decline | -10.91% | -5.87% | -5.04% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 13.18% | 6.25% | +6.93% |
Volatility
SKYY vs. ARVR - Volatility Comparison
First Trust ISE Cloud Computing Index Fund (SKYY) has a higher volatility of 8.03% compared to First Trust Indxx Metaverse ETF (ARVR) at 6.84%. This indicates that SKYY's price experiences larger fluctuations and is considered to be riskier than ARVR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SKYY | ARVR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.03% | 6.84% | +1.19% |
Volatility (6M)Calculated over the trailing 6-month period | 24.33% | 18.44% | +5.89% |
Volatility (1Y)Calculated over the trailing 1-year period | 29.38% | 22.35% | +7.03% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 30.96% | 23.76% | +7.20% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 26.99% | 23.76% | +3.23% |
SKYY vs. ARVR - Expense Ratio Comparison
SKYY has a 0.60% expense ratio, which is lower than ARVR's 0.70% expense ratio.
Dividends
SKYY vs. ARVR - Dividend Comparison
SKYY has not paid dividends to shareholders, while ARVR's dividend yield for the trailing twelve months is around 0.65%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ARVR First Trust Indxx Metaverse ETF | 0.65% | 0.53% | 0.81% | 0.11% | 0.27% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
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
SKYY and ARVR have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SKYY has higher volatility (8.03%) compared to ARVR (6.84%). In terms of maximum drawdown, SKYY dropped -53.20% vs ARVR's -26.40%.
On 3-year performance, SKYY leads with 25.22% vs 21.90% for ARVR. On fees, SKYY is cheaper at 0.60% per year. On volatility, ARVR has been the lower-risk option at 6.84%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, SKYY has performed better with a 25.22% return vs 21.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SKYY is cheaper with a 0.60% expense ratio, compared with 0.70% for ARVR.
ARVR has the higher dividend yield at 0.65%, compared with 0.00% for SKYY.
SKYY tracks ISE CTA Cloud Computing Index, while ARVR tracks Indxx Metaverse Index - Benchmark TR Net. Their fees differ too: 0.60% for SKYY and 0.70% for ARVR.
ARVR currently has the higher Sharpe Ratio (0.96 vs 0.91), 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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