SPOG vs. AIRR
SPOG (Leverage Shares 2X Long SPOT Daily ETF) and AIRR (First Trust RBA American Industrial Renaissance ETF) are both exchange-traded funds - SPOG is a Leveraged Equities fund actively managed by Leverage Shares, while AIRR is a Building & Construction fund tracking the Richard Bernstein Advisors American Industrial Renaissance Index. SPOG is actively managed, while AIRR is passively managed. At a correlation of -0.11, they often move in opposite directions. SPOG charges 0.75%/yr vs 0.69%/yr for AIRR.
Performance
SPOG vs. AIRR - Performance Comparison
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Returns By Period
In the year-to-date period, SPOG achieves a -44.50% return, which is significantly lower than AIRR's 23.60% return.
SPOG
- 1D
- 0.02%
- 1M
- -1.59%
- 6M
- -32.94%
- YTD
- -44.50%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
AIRR
- 1D
- -1.76%
- 1M
- -6.18%
- 6M
- 11.62%
- YTD
- 23.60%
- 1Y
- 43.19%
- 3Y*
- 31.65%
- 5Y*
- 25.07%
- 10Y*
- 20.37%
SPOG vs. AIRR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
SPOG Leverage Shares 2X Long SPOT Daily ETF | -44.50% | -18.73% |
AIRR First Trust RBA American Industrial Renaissance ETF | 23.60% | 4.48% |
Correlation
The correlation between SPOG and AIRR is -0.11, 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 (All Time) Calculated using the full available price history since Nov 17, 2025 | -0.11 |
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Return for Risk
SPOG vs. AIRR — Risk / Return Rank
SPOG
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
AIRR
SPOG vs. AIRR - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Leverage Shares 2X Long SPOT Daily ETF (SPOG) 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.
| SPOG | AIRR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 1.27 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 3.32 | — |
| Martin ratioReturn relative to average drawdown | — | 11.47 | — |
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Drawdowns
SPOG vs. AIRR - Drawdown Comparison
The maximum SPOG drawdown since its inception was -64.41%, which is greater than AIRR's maximum drawdown of -42.37%. Use the drawdown chart below to compare losses from any high point for SPOG and AIRR.
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Drawdown Indicators
| SPOG | AIRR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -64.41% | -42.37% | -22.04% |
Max Drawdown (1Y)Largest decline over 1 year | — | -13.09% | — |
Max Drawdown (3Y)Largest decline over 3 years | — | -27.95% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -27.95% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -42.37% | — |
Current DrawdownCurrent decline from peak | -55.34% | -8.86% | -46.48% |
Average DrawdownAverage peak-to-trough decline | -42.60% | -7.45% | -35.15% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 3.78% | — |
Volatility
SPOG vs. AIRR - Volatility Comparison
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Volatility by Period
| SPOG | AIRR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 9.25% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 21.15% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 97.83% | 27.11% | +70.72% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 97.83% | 25.53% | +72.30% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 97.83% | 26.35% | +71.48% |
SPOG vs. AIRR - Expense Ratio Comparison
SPOG has a 0.75% expense ratio, which is higher than AIRR's 0.69% expense ratio.
Dividends
SPOG vs. AIRR - Dividend Comparison
SPOG 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% |
SPOG Leverage Shares 2X Long SPOT Daily ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
SPOG and AIRR have a correlation of -0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, AIRR is cheaper at 0.69% per year. The better choice depends on whether you care most about return, fees, risk, or income.
AIRR is cheaper with a 0.69% expense ratio, compared with 0.75% for SPOG.
AIRR has the higher dividend yield at 0.09%, compared with 0.00% for SPOG.
SPOG is categorized as Leveraged Equities, while AIRR is Building & Construction. They also come from different issuers: Leverage Shares and First Trust. Their fees differ too: 0.75% for SPOG and 0.69% for AIRR.
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