WELD vs. AIRR

Last updated Aug 1, 2026

WELD (Tema U.S. Manufacturing & Reshoring ETF) and AIRR (First Trust RBA American Industrial Renaissance ETF) are both exchange-traded funds - WELD is a Industrials Equities fund actively managed by Tema, while AIRR is a Building & Construction fund tracking the Richard Bernstein Advisors American Industrial Renaissance Index. WELD is actively managed, while AIRR is passively managed. Their correlation of 0.83 means they have usually moved in the same direction. WELD charges 0.75%/yr vs 0.69%/yr for AIRR.

Performance

WELD vs. AIRR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Tema U.S. Manufacturing & Reshoring ETF (WELD) and First Trust RBA American Industrial Renaissance ETF (AIRR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

WELD

• 1D: 2.12%
• 1M: -4.57%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

AIRR

• 1D: 1.59%
• 1M: -7.04%
• 6M: 6.28%
• YTD: 19.12%
• 1Y: 37.54%
• 3Y*: 29.02%
• 5Y*: 23.37%
• 10Y*: 20.11%
• ALL TIME*: 15.59%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
AIRR First Trust RBA American Industrial Renaissance ETF	$86.28M	$88.15M	$93.52M
WELD Tema U.S. Manufacturing & Reshoring ETF	$2.75M	$3.38M	$3.91M

WELD vs. AIRR - Yearly Performance Comparison

	2026 (YTD)
WELD Tema U.S. Manufacturing & Reshoring ETF	-11.79%
AIRR First Trust RBA American Industrial Renaissance ETF	-10.58%

Correlation

The correlation between WELD and AIRR is 0.83, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jun 22, 2026	0.83

WELD vs. AIRR - Sectors Allocation Comparison

Sectors	WELD	AIRR
Industrials	78.1%	77.6%
Technology	12.5%	3.4%
Basic Materials	7.6%	3.4%
Consumer Cyclical	3.1%	1.9%
Energy	1.0%	1.7%
Communication Services	-	-
Consumer Defensive	-	-
Financial Services	-	12.1%
Healthcare	-	-
Real Estate	-	-
Utilities	-	-

Return for Risk

WELD vs. AIRR — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

WELD

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

AIRR

AIRR Risk / Return Rank: 54
AIRR Sharpe Ratio Rank: 51
AIRR Sortino Ratio Rank: 50
AIRR Omega Ratio Rank: 46
AIRR Calmar Ratio Rank: 57
AIRR Martin Ratio Rank: 64

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

WELD vs. AIRR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Tema U.S. Manufacturing & Reshoring ETF (WELD) 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.

	WELD	AIRR	Difference
Sharpe ratio: Return per unit of total volatility	—	1.23	—
Sortino ratio: Return per unit of downside risk	—	1.77	—
Omega ratio: Gain probability vs. loss probability	—	1.21	—
Calmar ratio: Return relative to maximum drawdown	—	2.01	—
Martin ratio: Return relative to average drawdown	—	7.71	—

Drawdowns

WELD vs. AIRR - Drawdown Comparison

The maximum WELD drawdown since its inception was -16.51%, smaller than the maximum AIRR drawdown of -42.37%. Use the drawdown chart below to compare losses from any high point for WELD and AIRR.

Drawdown Indicators

	WELD	AIRR	Difference
Max Drawdown Largest peak-to-trough decline	-16.51%	-42.37%	+25.86%
Max Drawdown (1Y) Largest decline over 1 year	—	-17.18%	—
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 Drawdown Current decline from peak	-11.79%	-12.16%	+0.37%
Average Drawdown Average peak-to-trough decline	-8.77%	-7.46%	-1.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	4.48%	—

Volatility

Volatility by Period

	WELD	AIRR	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	10.08%	—
Volatility (6M) Calculated over the trailing 6-month period	—	22.37%	—
Volatility (1Y) Calculated over the trailing 1-year period	35.09%	28.07%	+7.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	35.09%	25.72%	+9.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	35.09%	26.47%	+8.62%

WELD vs. AIRR - Expense Ratio Comparison

WELD has a 0.75% expense ratio, which is higher than AIRR's 0.69% expense ratio.

Dividends

WELD vs. AIRR - Dividend Comparison

WELD 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%
WELD Tema U.S. Manufacturing & Reshoring 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

Can I hold both WELD and AIRR in my portfolio?

WELD and AIRR have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, WELD or AIRR?

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.

Which ETF is cheaper, WELD or AIRR?

AIRR is cheaper with a 0.69% expense ratio, compared with 0.75% for WELD.

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

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

What is the main difference between WELD and AIRR?

WELD is categorized as Industrials Equities, while AIRR is Building & Construction. They also come from different issuers: Tema and First Trust. Their fees differ too: 0.75% for WELD and 0.69% for AIRR.