VFLO vs. AIRR

Last updated Jul 21, 2026

VFLO (VictoryShares Free Cash Flow ETF) and AIRR (First Trust RBA American Industrial Renaissance ETF) are both exchange-traded funds - VFLO is a Large Cap Value Equities fund tracking the Victory U.S. Large Cap Free Cash Flow Index, while AIRR is a Building & Construction fund tracking the Richard Bernstein Advisors American Industrial Renaissance Index. Both are passively managed. Over the past 3 years, VFLO returned 23.47%/yr vs 30.56%/yr for AIRR. A 0.61 correlation means they provide meaningful diversification when combined. VFLO charges 0.39%/yr vs 0.69%/yr for AIRR.

Performance

VFLO vs. AIRR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VictoryShares Free Cash Flow ETF (VFLO) and First Trust RBA American Industrial Renaissance ETF (AIRR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with VFLO having a 21.88% return and AIRR slightly higher at 22.34%.

VFLO

• 1D: 0.02%
• 1M: 5.71%
• 6M: 21.18%
• YTD: 21.88%
• 1Y: 38.13%
• 3Y*: 23.47%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 25.42%

AIRR

• 1D: -0.75%
• 1M: -8.17%
• 6M: 5.94%
• YTD: 22.34%
• 1Y: 41.57%
• 3Y*: 30.56%
• 5Y*: 24.62%
• 10Y*: 20.34%
• ALL TIME*: 15.88%

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

VFLO vs. AIRR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
VFLO VictoryShares Free Cash Flow ETF	21.88%	17.51%	21.83%	15.05%
AIRR First Trust RBA American Industrial Renaissance ETF	22.34%	27.92%	33.45%	10.55%

Correlation

The correlation between VFLO and AIRR is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.39
Correlation (3Y) Calculated over the trailing 3-year period	0.61
Correlation (All Time) Calculated using the full available price history since Jun 22, 2023	0.61

Over the past year, the correlation between VFLO and AIRR has dropped to 0.39 - well below their long-term average of 0.61, suggesting their price drivers have been diverging.

VFLO vs. AIRR - Sectors Allocation Comparison

Sectors	VFLO	AIRR
Technology	30.4%	0.7%
Energy	22.6%	1.9%
Healthcare	21.6%	-
Consumer Cyclical	10.8%	1.9%
Basic Materials	7.0%	1.9%
Communication Services	4.4%	-
Utilities	3.3%	-
Financial Services	0.0%	9.6%
Industrials	0.0%	82.7%
Consumer Defensive	0.0%	-
Real Estate	0.0%	-

Return for Risk

VFLO vs. AIRR — Risk / Return Rank

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

VFLO

VFLO Risk / Return Rank: 92
VFLO Sharpe Ratio Rank: 92
VFLO Sortino Ratio Rank: 92
VFLO Omega Ratio Rank: 90
VFLO Calmar Ratio Rank: 95
VFLO Martin Ratio Rank: 94

AIRR

AIRR Risk / Return Rank: 67
AIRR Sharpe Ratio Rank: 63
AIRR Sortino Ratio Rank: 60
AIRR Omega Ratio Rank: 54
AIRR Calmar Ratio Rank: 82
AIRR Martin Ratio Rank: 77

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.

VFLO vs. AIRR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VictoryShares Free Cash Flow ETF (VFLO) 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.

	VFLO	AIRR	Difference
Sharpe ratio: Return per unit of total volatility	2.46	1.54	+0.92
Sortino ratio: Return per unit of downside risk	3.47	2.16	+1.31
Omega ratio: Gain probability vs. loss probability	1.44	1.26	+0.18
Calmar ratio: Return relative to maximum drawdown	5.95	3.19	+2.76
Martin ratio: Return relative to average drawdown	18.53	10.53	+8.00

VFLO vs. AIRR - Sharpe Ratio Comparison

The current VFLO Sharpe Ratio is 2.46, which is higher than the AIRR Sharpe Ratio of 1.54. The chart below compares the historical Sharpe Ratios of VFLO 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

VFLO vs. AIRR - Drawdown Comparison

The maximum VFLO drawdown since its inception was -17.79%, smaller than the maximum AIRR drawdown of -42.37%. Use the drawdown chart below to compare losses from any high point for VFLO and AIRR.

Drawdown Indicators

	VFLO	AIRR	Difference
Max Drawdown Largest peak-to-trough decline	-17.79%	-42.37%	+24.58%
Max Drawdown (1Y) Largest decline over 1 year	-6.44%	-13.09%	+6.65%
Max Drawdown (3Y) Largest decline over 3 years	-17.79%	-27.95%	+10.16%
Max Drawdown (5Y) Largest decline over 5 years	—	-27.95%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-42.37%	—
Current Drawdown Current decline from peak	-0.61%	-9.79%	+9.18%
Average Drawdown Average peak-to-trough decline	-2.45%	-7.46%	+5.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.06%	3.96%	-1.90%

Volatility

VFLO vs. AIRR - Volatility Comparison

The current volatility for VictoryShares Free Cash Flow ETF (VFLO) is 3.23%, while First Trust RBA American Industrial Renaissance ETF (AIRR) has a volatility of 8.05%. This indicates that VFLO 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

	VFLO	AIRR	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.23%	8.05%	-4.82%
Volatility (6M) Calculated over the trailing 6-month period	12.11%	21.03%	-8.92%
Volatility (1Y) Calculated over the trailing 1-year period	15.58%	27.10%	-11.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.97%	25.49%	-9.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.97%	26.35%	-10.38%

VFLO vs. AIRR - Expense Ratio Comparison

VFLO has a 0.39% expense ratio, which is lower than AIRR's 0.69% expense ratio.

Dividends

VFLO vs. AIRR - Dividend Comparison

VFLO's dividend yield for the trailing twelve months is around 1.12%, more than AIRR's 0.09% yield.

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%
VFLO VictoryShares Free Cash Flow ETF	1.12%	1.60%	1.20%	0.71%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both VFLO and AIRR in my portfolio?

VFLO and AIRR have a correlation of 0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VFLO or AIRR?

AIRR has higher volatility (8.05%) compared to VFLO (3.23%). In terms of maximum drawdown, VFLO dropped -17.79% vs AIRR's -42.37%.

Which ETF is better, VFLO or AIRR?

On 3-year performance, AIRR leads with 30.56% vs 23.47% for VFLO. On fees, VFLO is cheaper at 0.39% per year. On volatility, VFLO has been the lower-risk option at 3.23%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VFLO or AIRR?

Over the 3-year period, AIRR has performed better with a 30.56% return vs 23.47%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VFLO or AIRR?

VFLO is cheaper with a 0.39% expense ratio, compared with 0.69% for AIRR.

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

VFLO has the higher dividend yield at 1.12%, compared with 0.09% for AIRR.

What is the main difference between VFLO and AIRR?

VFLO is categorized as Large Cap Value Equities, while AIRR is Building & Construction. VFLO tracks Victory U.S. Large Cap Free Cash Flow Index, while AIRR tracks Richard Bernstein Advisors American Industrial Renaissance Index. They also come from different issuers: Victory and First Trust. Their fees differ too: 0.39% for VFLO and 0.69% for AIRR.

Which has better risk-adjusted returns?

VFLO currently has the higher Sharpe Ratio (2.46 vs 1.54), 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.