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XDIV.TO vs. AIRR
Performance
Return for Risk
Drawdowns
Volatility
Dividends

XDIV.TO vs. AIRR

Last updated Jun 9, 2026

XDIV.TO (iShares Core MSCI Canadian Quality Dividend Index ETF) and AIRR (First Trust RBA American Industrial Renaissance ETF) are both exchange-traded funds - XDIV.TO is a Dividend fund tracking the MSCI Canada High Dividend Yield 10% Security Capped Index, while AIRR is a Building & Construction fund tracking the Richard Bernstein Advisors American Industrial Renaissance Index. Both are passively managed. Over the past 5 years, XDIV.TO returned 16.85%/yr vs 28.51%/yr for AIRR. A 0.53 correlation means they provide meaningful diversification when combined. XDIV.TO charges 0.11%/yr vs 0.69%/yr for AIRR.

Performance

XDIV.TO vs. AIRR - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares Core MSCI Canadian Quality Dividend Index ETF (XDIV.TO) and First Trust RBA American Industrial Renaissance ETF (AIRR). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

XDIV.TO is traded in CAD, while AIRR is traded in USD. To make them comparable, the AIRR values have been converted to CAD using the latest available exchange rates.

Returns By Period

In the year-to-date period, XDIV.TO achieves a 19.75% return, which is significantly lower than AIRR's 32.74% return.

XDIV.TO

1D
0.12%
1M
3.88%
YTD
19.75%
6M
19.03%
1Y
39.58%
3Y*
23.46%
5Y*
16.85%
10Y*
—

AIRR

1D
0.37%
1M
0.88%
YTD
32.74%
6M
30.30%
1Y
64.89%
3Y*
37.34%
5Y*
28.51%
10Y*
22.72%
*Multi-year figures are annualized to reflect compound growth (CAGR)

XDIV.TO vs. AIRR - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
XDIV.TO
iShares Core MSCI Canadian Quality Dividend Index ETF		19.75%25.04%19.84%11.95%0.49%33.31%-7.53%25.14%-9.81%8.00%
AIRR
First Trust RBA American Industrial Renaissance ETF		32.78%22.08%44.75%28.31%4.12%32.95%14.39%28.45%-13.89%7.78%

Correlation

The correlation between XDIV.TO and AIRR is 0.37, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.37

Correlation (3Y)
Calculated over the trailing 3-year period

0.46

Correlation (5Y)
Calculated over the trailing 5-year period

0.51

Correlation (All Time)
Calculated using the full available price history since Jun 14, 2017

0.53

The correlation between XDIV.TO and AIRR shifts across timeframes, from 0.37 (1 year) to 0.53 (all time), reflecting how their relationship changes across market environments.

XDIV.TO vs. AIRR - Sectors Allocation Comparison

Sectors
XDIV.TO
AIRR

Financial Services

46.7%
9.6%

Energy

28.8%
3.8%

Consumer Cyclical

11.5%

-

Utilities

11.3%

-

Technology

1.3%
0.5%

Communication Services

0.4%

-

Basic Materials

-

-

Consumer Defensive

-

-

Healthcare

-

-

Industrials

-

84.6%

Real Estate

-

-

Financial Services

XDIV.TO
46.7%
AIRR
9.6%

Energy

XDIV.TO
28.8%
AIRR
3.8%

Consumer Cyclical

XDIV.TO
11.5%
AIRR

-

Utilities

XDIV.TO
11.3%
AIRR

-

Technology

XDIV.TO
1.3%
AIRR
0.5%

Communication Services

XDIV.TO
0.4%
AIRR

-

Basic Materials

XDIV.TO

-

AIRR

-

Consumer Defensive

XDIV.TO

-

AIRR

-

Healthcare

XDIV.TO

-

AIRR

-

Industrials

XDIV.TO

-

AIRR
84.6%

Real Estate

XDIV.TO

-

AIRR

-

Compare stocks, funds, or ETFs

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iShares Core MSCI Canadian Quality Dividend Index ETF

First Trust RBA American Industrial Renaissance ETF

Often compared with XDIV.TO:
XDIV.TO vs. VDY.TOXDIV.TO vs. XEI.TOXDIV.TO vs. XDV.TOXDIV.TO vs. XEQT.TOXDIV.TO vs. HDIV.TOXDIV.TO vs. XIU.TOXDIV.TO vs. CDZ.TO
Often compared with AIRR:
AIRR vs. PAVEAIRR vs. XLIAIRR vs. RSHOAIRR vs. XHBAIRR vs. QQQAIRR vs. PSCIAIRR vs. GRID

Return for Risk

XDIV.TO vs. AIRR — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
XDIV.TO
XDIV.TO Risk / Return Rank: 9898
Overall Rank
XDIV.TO Sharpe Ratio Rank: 9898
Sharpe Ratio Rank
XDIV.TO Sortino Ratio Rank: 9898
Sortino Ratio Rank
XDIV.TO Omega Ratio Rank: 9898
Omega Ratio Rank
XDIV.TO Calmar Ratio Rank: 9999
Calmar Ratio Rank
XDIV.TO Martin Ratio Rank: 9898
Martin Ratio Rank
AIRR
AIRR Risk / Return Rank: 8282
Overall Rank
AIRR Sharpe Ratio Rank: 8383
Sharpe Ratio Rank
AIRR Sortino Ratio Rank: 7979
Sortino Ratio Rank
AIRR Omega Ratio Rank: 7373
Omega Ratio Rank
AIRR Calmar Ratio Rank: 8888
Calmar Ratio Rank
AIRR Martin Ratio Rank: 8888
Martin Ratio Rank
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.

XDIV.TO vs. AIRR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Core MSCI Canadian Quality Dividend Index ETF (XDIV.TO) 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.

XDIV.TOAIRRDifference
Sharpe ratioReturn per unit of total volatility
5.04
2.51

+2.53

Sortino ratioReturn per unit of downside risk
7.43
3.28

+4.15

Omega ratioGain probability vs. loss probability

2.05

1.39

+0.66

Calmar ratioReturn relative to maximum drawdown

17.11

5.56

+11.56

Martin ratioReturn relative to average drawdown

57.96

19.29

+38.67

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XDIV.TO vs. AIRR - Sharpe Ratio Comparison

The current XDIV.TO Sharpe Ratio is 5.04, which is higher than the AIRR Sharpe Ratio of 2.51. The chart below compares the historical Sharpe Ratios of XDIV.TO 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.

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Sharpe Ratios by Period

XDIV.TOAIRRDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

5.04

2.51

+2.53

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

1.61

1.10

+0.51

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

—

0.85

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.81

0.73

+0.08

Drawdowns

XDIV.TO vs. AIRR - Drawdown Comparison

The maximum XDIV.TO drawdown since its inception was -41.29%, which is greater than AIRR's maximum drawdown of -37.96%. Use the drawdown chart below to compare losses from any high point for XDIV.TO and AIRR.

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Drawdown Indicators

XDIV.TOAIRRDifference

Max Drawdown

Largest peak-to-trough decline

-41.29%

-37.96%

-3.33%

Max Drawdown (1Y)

Largest decline over 1 year

-2.32%

-11.74%

+9.42%

Max Drawdown (3Y)

Largest decline over 3 years

-10.53%

-27.05%

+16.52%

Max Drawdown (5Y)

Largest decline over 5 years

-17.33%

-27.05%

+9.72%

Max Drawdown (10Y)

Largest decline over 10 years

—

-37.96%

—

Current Drawdown

Current decline from peak

-0.44%

-2.45%

+2.01%

Average Drawdown

Average peak-to-trough decline

-4.40%

-6.53%

+2.13%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.68%

3.38%

-2.70%

Volatility

XDIV.TO vs. AIRR - Volatility Comparison

The current volatility for iShares Core MSCI Canadian Quality Dividend Index ETF (XDIV.TO) is 2.57%, while First Trust RBA American Industrial Renaissance ETF (AIRR) has a volatility of 7.36%. This indicates that XDIV.TO 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.

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Volatility by Period

XDIV.TOAIRRDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.57%

7.36%

-4.79%

Volatility (6M)

Calculated over the trailing 6-month period

6.39%

20.64%

-14.25%

Volatility (1Y)

Calculated over the trailing 1-year period

7.91%

26.05%

-18.14%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

10.51%

26.00%

-15.49%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.35%

26.96%

-10.61%

XDIV.TO vs. AIRR - Expense Ratio Comparison

XDIV.TO has a 0.11% expense ratio, which is lower than AIRR's 0.69% expense ratio.

Dividends

XDIV.TO vs. AIRR - Dividend Comparison

XDIV.TO's dividend yield for the trailing twelve months is around 3.31%, more than AIRR's 0.14% yield.

PositionTTM20252024202320222021202020192018201720162015
AIRR
First Trust RBA American Industrial Renaissance ETF		0.14%0.19%0.18%0.23%0.12%0.05%0.10%0.20%0.43%0.30%0.08%0.47%
XDIV.TO
iShares Core MSCI Canadian Quality Dividend Index ETF		3.31%3.90%4.50%4.42%4.15%3.76%4.85%4.24%5.13%1.92%0.00%0.00%

Frequently Asked Questions

XDIV.TO and AIRR have a correlation of 0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, XDIV.TO is cheaper at 0.11% per year. The better choice depends on whether you care most about return, fees, risk, or income.

XDIV.TO is cheaper with a 0.11% expense ratio, compared with 0.69% for AIRR.

XDIV.TO is categorized as Dividend, while AIRR is Building & Construction. XDIV.TO tracks MSCI Canada High Dividend Yield 10% Security Capped Index, while AIRR tracks Richard Bernstein Advisors American Industrial Renaissance Index. They also come from different issuers: iShares and First Trust. Their fees differ too: 0.11% for XDIV.TO and 0.69% for AIRR.

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