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

XEU.TO vs. AIRR

Last updated Jun 14, 2026

XEU.TO (iShares MSCI Europe IMI Index ETF) and AIRR (First Trust RBA American Industrial Renaissance ETF) are both exchange-traded funds - XEU.TO is a Europe Equities fund tracking the Morningstar Eur GR CAD, while AIRR is a Building & Construction fund tracking the Richard Bernstein Advisors American Industrial Renaissance Index. Both are passively managed. Over the past 10 years, XEU.TO returned 10.87%/yr vs 23.10%/yr for AIRR. At a 0.46 correlation, their price movements are largely independent. XEU.TO charges 0.28%/yr vs 0.69%/yr for AIRR.

Performance

XEU.TO vs. AIRR - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares MSCI Europe IMI Index ETF (XEU.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

XEU.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, XEU.TO achieves a 9.50% return, which is significantly lower than AIRR's 34.41% return. Over the past 10 years, XEU.TO has underperformed AIRR with an annualized return of 10.87%, while AIRR has yielded a comparatively higher 23.10% annualized return.

XEU.TO

1D
0.56%
1M
6.01%
YTD
9.50%
6M
11.49%
1Y
22.18%
3Y*
18.05%
5Y*
11.14%
10Y*
10.87%

AIRR

1D
1.01%
1M
0.67%
YTD
34.41%
6M
30.61%
1Y
71.74%
3Y*
37.32%
5Y*
29.14%
10Y*
23.10%
*Multi-year figures are annualized to reflect compound growth (CAGR)

XEU.TO vs. AIRR - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
XEU.TO
iShares MSCI Europe IMI Index ETF		9.50%29.40%9.34%17.38%-10.49%16.36%3.16%18.30%-8.11%18.47%
AIRR
First Trust RBA American Industrial Renaissance ETF		34.41%22.08%44.75%28.31%4.12%32.95%14.39%28.45%-13.89%8.40%

Correlation

The correlation between XEU.TO and AIRR is 0.53, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

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

0.53

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

0.46

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

0.47

Correlation (10Y)
Calculated over the trailing 10-year period

0.47

Correlation (All Time)
Calculated using the full available price history since Apr 22, 2014

0.46

The correlation between XEU.TO and AIRR has been stable across timeframes, ranging from 0.46 to 0.53 - a consistent structural relationship.

XEU.TO vs. AIRR - Sectors Allocation Comparison

Sectors
XEU.TO
AIRR

Financial Services

22.4%
6.9%

Industrials

15.6%
92.4%

Healthcare

10.7%

-

Technology

8.8%
0.7%

Consumer Defensive

7.8%

-

Consumer Cyclical

6.5%

-

Basic Materials

5.2%

-

Energy

4.1%
3.8%

Utilities

3.6%

-

Communication Services

3.2%

-

Real Estate

1.3%

-

Financial Services

XEU.TO
22.4%
AIRR
6.9%

Industrials

XEU.TO
15.6%
AIRR
92.4%

Healthcare

XEU.TO
10.7%
AIRR

-

Technology

XEU.TO
8.8%
AIRR
0.7%

Consumer Defensive

XEU.TO
7.8%
AIRR

-

Consumer Cyclical

XEU.TO
6.5%
AIRR

-

Basic Materials

XEU.TO
5.2%
AIRR

-

Energy

XEU.TO
4.1%
AIRR
3.8%

Utilities

XEU.TO
3.6%
AIRR

-

Communication Services

XEU.TO
3.2%
AIRR

-

Real Estate

XEU.TO
1.3%
AIRR

-

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares MSCI Europe IMI Index ETF

First Trust RBA American Industrial Renaissance ETF

Often compared with XEU.TO:
XEU.TO vs. XEH.TOXEU.TO vs. XEF.TOXEU.TO vs. VE.TOXEU.TO vs. VEAXEU.TO vs. HXS.TOXEU.TO vs. XUS.TOXEU.TO vs. XDIV.TO
Often compared with AIRR:
AIRR vs. PAVEAIRR vs. XLIAIRR vs. RSHOAIRR vs. XHBAIRR vs. QQQAIRR vs. PSCIAIRR vs. GRID

Return for Risk

XEU.TO vs. AIRR — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
XEU.TO
XEU.TO Risk / Return Rank: 4444
Overall Rank
XEU.TO Sharpe Ratio Rank: 4545
Sharpe Ratio Rank
XEU.TO Sortino Ratio Rank: 4545
Sortino Ratio Rank
XEU.TO Omega Ratio Rank: 4444
Omega Ratio Rank
XEU.TO Calmar Ratio Rank: 3939
Calmar Ratio Rank
XEU.TO Martin Ratio Rank: 4545
Martin Ratio Rank
AIRR
AIRR Risk / Return Rank: 8686
Overall Rank
AIRR Sharpe Ratio Rank: 8888
Sharpe Ratio Rank
AIRR Sortino Ratio Rank: 8383
Sortino Ratio Rank
AIRR Omega Ratio Rank: 7878
Omega Ratio Rank
AIRR Calmar Ratio Rank: 9191
Calmar Ratio Rank
AIRR Martin Ratio Rank: 9090
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.

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

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Europe IMI Index ETF (XEU.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.

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.

XEU.TOAIRRDifference
Sharpe ratioReturn per unit of total volatility
1.38
2.60

-1.22

Sortino ratioReturn per unit of downside risk
2.00
3.35

-1.35

Omega ratioGain probability vs. loss probability

1.25

1.40

-0.15

Calmar ratioReturn relative to maximum drawdown

1.70

5.91

-4.20

Martin ratioReturn relative to average drawdown

6.57

20.40

-13.83

XEU.TO vs. AIRR - Sharpe Ratio Comparison

The current XEU.TO Sharpe Ratio is 1.38, which is lower than the AIRR Sharpe Ratio of 2.60. The chart below compares the historical Sharpe Ratios of XEU.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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Drawdowns

XEU.TO vs. AIRR - Drawdown Comparison

The maximum XEU.TO drawdown since its inception was -32.02%, smaller than the maximum AIRR drawdown of -37.96%. Use the drawdown chart below to compare losses from any high point for XEU.TO and AIRR.

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Drawdown Indicators

XEU.TOAIRRDifference

Max Drawdown

Largest peak-to-trough decline

-32.02%

-37.96%

+5.94%

Max Drawdown (1Y)

Largest decline over 1 year

-11.94%

-11.74%

-0.20%

Max Drawdown (3Y)

Largest decline over 3 years

-14.62%

-27.05%

+12.43%

Max Drawdown (5Y)

Largest decline over 5 years

-26.96%

-27.05%

+0.09%

Max Drawdown (10Y)

Largest decline over 10 years

-32.02%

-37.96%

+5.94%

Current Drawdown

Current decline from peak

0.00%

-1.22%

+1.22%

Average Drawdown

Average peak-to-trough decline

-5.45%

-6.53%

+1.08%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.10%

3.39%

-0.29%

Volatility

XEU.TO vs. AIRR - Volatility Comparison

The current volatility for iShares MSCI Europe IMI Index ETF (XEU.TO) is 5.29%, while First Trust RBA American Industrial Renaissance ETF (AIRR) has a volatility of 9.52%. This indicates that XEU.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

XEU.TOAIRRDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.29%

9.52%

-4.23%

Volatility (6M)

Calculated over the trailing 6-month period

12.40%

21.31%

-8.91%

Volatility (1Y)

Calculated over the trailing 1-year period

14.72%

26.67%

-11.95%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

14.80%

26.12%

-11.32%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.09%

27.01%

-10.92%

XEU.TO vs. AIRR - Expense Ratio Comparison

XEU.TO has a 0.28% expense ratio, which is lower than AIRR's 0.69% expense ratio.

Dividends

XEU.TO vs. AIRR - Dividend Comparison

XEU.TO's dividend yield for the trailing twelve months is around 2.25%, more than AIRR's 0.13% yield.

PositionTTM20252024202320222021202020192018201720162015
AIRR
First Trust RBA American Industrial Renaissance ETF		0.13%0.19%0.18%0.23%0.12%0.05%0.10%0.20%0.43%0.30%0.08%0.47%
XEU.TO
iShares MSCI Europe IMI Index ETF		2.25%2.47%2.68%2.96%3.02%2.42%1.98%3.56%3.28%2.26%2.91%2.33%

Frequently Asked Questions

XEU.TO and AIRR have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, XEU.TO is cheaper at 0.28% per year. The better choice depends on whether you care most about return, fees, risk, or income.

XEU.TO is cheaper with a 0.28% expense ratio, compared with 0.69% for AIRR.

XEU.TO is categorized as Europe Equities, while AIRR is Building & Construction. XEU.TO tracks Morningstar Eur GR CAD, while AIRR tracks Richard Bernstein Advisors American Industrial Renaissance Index. They also come from different issuers: iShares and First Trust. Their fees differ too: 0.28% for XEU.TO and 0.69% for AIRR.

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