XLI vs. AIRR

Last updated Jun 23, 2026

XLI (Industrial Select Sector SPDR Fund) and AIRR (First Trust RBA American Industrial Renaissance ETF) are both exchange-traded funds - XLI is a Industrials Equities fund tracking the Industrial Select Sector Index, 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, XLI returned 14.79%/yr vs 22.39%/yr for AIRR. Their correlation of 0.82 suggests significant overlap in exposure. XLI charges 0.08%/yr vs 0.69%/yr for AIRR.

Performance

XLI vs. AIRR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Industrial Select Sector SPDR Fund (XLI) and First Trust RBA American Industrial Renaissance ETF (AIRR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, XLI achieves a 17.82% return, which is significantly lower than AIRR's 35.61% return. Over the past 10 years, XLI has underperformed AIRR with an annualized return of 14.79%, while AIRR has yielded a comparatively higher 22.39% annualized return.

XLI

• 1D: 0.74%
• 1M: 6.10%
• YTD: 17.82%
• 6M: 16.37%
• 1Y: 29.73%
• 3Y*: 22.49%
• 5Y*: 14.10%
• 10Y*: 14.79%

AIRR

• 1D: 1.80%
• 1M: 6.55%
• YTD: 35.61%
• 6M: 31.10%
• 1Y: 71.43%
• 3Y*: 37.98%
• 5Y*: 27.26%
• 10Y*: 22.39%

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

XLI vs. AIRR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
XLI Industrial Select Sector SPDR Fund	17.82%	19.35%	17.31%	18.13%	-5.57%	21.08%	10.91%	29.08%	-13.25%	23.98%
AIRR First Trust RBA American Industrial Renaissance ETF	35.61%	27.92%	33.45%	31.43%	-2.08%	33.01%	17.17%	33.97%	-20.57%	16.28%

Correlation

The correlation between XLI and AIRR is 0.86, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.86
Correlation (3Y) Calculated over the trailing 3-year period	0.85
Correlation (5Y) Calculated over the trailing 5-year period	0.86
Correlation (10Y) Calculated over the trailing 10-year period	0.83
Correlation (All Time) Calculated using the full available price history since Mar 11, 2014	0.82

The correlation between XLI and AIRR has been stable across timeframes, ranging from 0.82 to 0.86 - a consistent structural relationship.

XLI vs. AIRR - Sectors Allocation Comparison

Sectors	XLI	AIRR
Industrials	91.2%	92.4%
Utilities	4.5%	-
Technology	3.7%	0.7%
Consumer Cyclical	0.5%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Defensive	-	-
Energy	-	3.8%
Financial Services	-	6.9%
Healthcare	-	-
Real Estate	-	-

Return for Risk

XLI vs. AIRR — Risk / Return Rank

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

XLI

XLI Risk / Return Rank: 54
XLI Sharpe Ratio Rank: 57
XLI Sortino Ratio Rank: 56
XLI Omega Ratio Rank: 52
XLI Calmar Ratio Rank: 51
XLI Martin Ratio Rank: 57

AIRR

AIRR Risk / Return Rank: 85
AIRR Sharpe Ratio Rank: 87
AIRR Sortino Ratio Rank: 81
AIRR Omega Ratio Rank: 75
AIRR Calmar Ratio Rank: 91
AIRR Martin Ratio Rank: 90

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.

XLI vs. AIRR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Industrial Select Sector SPDR Fund (XLI) 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.

	XLI	AIRR	Difference
Sharpe ratio: Return per unit of total volatility	1.84	2.74	-0.89
Sortino ratio: Return per unit of downside risk	2.61	3.45	-0.84
Omega ratio: Gain probability vs. loss probability	1.32	1.43	-0.11
Calmar ratio: Return relative to maximum drawdown	2.45	5.49	-3.04
Martin ratio: Return relative to average drawdown	9.64	20.05	-10.41

XLI vs. AIRR - Sharpe Ratio Comparison

The current XLI Sharpe Ratio is 1.84, which is lower than the AIRR Sharpe Ratio of 2.74. The chart below compares the historical Sharpe Ratios of XLI 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

XLI vs. AIRR - Drawdown Comparison

The maximum XLI drawdown since its inception was -62.26%, which is greater than AIRR's maximum drawdown of -42.37%. Use the drawdown chart below to compare losses from any high point for XLI and AIRR.

Drawdown Indicators

	XLI	AIRR	Difference
Max Drawdown Largest peak-to-trough decline	-62.26%	-42.37%	-19.89%
Max Drawdown (1Y) Largest decline over 1 year	-12.21%	-13.09%	+0.88%
Max Drawdown (3Y) Largest decline over 3 years	-18.49%	-27.95%	+9.46%
Max Drawdown (5Y) Largest decline over 5 years	-21.64%	-27.95%	+6.31%
Max Drawdown (10Y) Largest decline over 10 years	-42.33%	-42.37%	+0.04%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-9.19%	-7.47%	-1.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.09%	3.57%	-0.48%

Volatility

XLI vs. AIRR - Volatility Comparison

The current volatility for Industrial Select Sector SPDR Fund (XLI) is 5.80%, while First Trust RBA American Industrial Renaissance ETF (AIRR) has a volatility of 8.25%. This indicates that XLI 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

	XLI	AIRR	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.80%	8.25%	-2.45%
Volatility (6M) Calculated over the trailing 6-month period	13.50%	20.44%	-6.94%
Volatility (1Y) Calculated over the trailing 1-year period	16.22%	26.28%	-10.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.53%	25.42%	-7.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.05%	26.35%	-6.30%

XLI vs. AIRR - Expense Ratio Comparison

XLI has a 0.08% expense ratio, which is lower than AIRR's 0.69% expense ratio.

Dividends

XLI vs. AIRR - Dividend Comparison

XLI's dividend yield for the trailing twelve months is around 1.37%, more than AIRR's 0.13% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
XLI Industrial Select Sector SPDR Fund	1.37%	1.29%	1.44%	1.63%	1.63%	1.25%	1.55%	1.94%	2.15%	1.77%	2.07%	2.15%

Frequently Asked Questions

Can I hold both XLI and AIRR in my portfolio?

XLI and AIRR have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XLI or AIRR?

AIRR has higher volatility (8.25%) compared to XLI (5.80%). In terms of maximum drawdown, XLI dropped -62.26% vs AIRR's -42.37%.

Which ETF is better, XLI or AIRR?

On 10-year performance, AIRR leads with 22.39% vs 14.79% for XLI. On fees, XLI is cheaper at 0.08% per year. On volatility, XLI has been the lower-risk option at 5.80%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XLI or AIRR?

Over the 10-year period, AIRR has performed better with a 22.39% return vs 14.79%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XLI or AIRR?

XLI is cheaper with a 0.08% expense ratio, compared with 0.69% for AIRR.

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

XLI has the higher dividend yield at 1.37%, compared with 0.13% for AIRR.

What is the main difference between XLI and AIRR?

XLI is categorized as Industrials Equities, while AIRR is Building & Construction. XLI tracks Industrial Select Sector Index, while AIRR tracks Richard Bernstein Advisors American Industrial Renaissance Index. They also come from different issuers: State Street and First Trust. Their fees differ too: 0.08% for XLI and 0.69% for AIRR.

Which has better risk-adjusted returns?

AIRR currently has the higher Sharpe Ratio (2.74 vs 1.84), 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.