Are AIRR and TLT in the same category?

AIRR is a thematic ETF and TLT is a bond ETF, so they do different jobs. The table compares what both publish: return, cost and holdings.

Which returned more over the last year, AIRR or TLT?

In the year to Oct 28, 2026, with distributions reinvested, AIRR returned −0.2% and TLT −7.9%.

Which is cheaper, AIRR or TLT?

TLT is cheaper, by 0.54 percentage points a year. That is about $54 on $10,000 held for a year. Fees come from each fund's prospectus.

Data as of Oct 28, 2026.

Across categories

AIRR vs TLT: Differences, Returns & Fees

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Over the year to Oct 28, 2026, AIRR returned −0.2% to TLT's −7.9%, and TLT charges 0.15% to AIRR's 0.69%.

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Net assets on Oct 27, 2026: $8.4bn for First Trust RBA American Industrial Renaissance ETF and $47.4bn for iShares 20+ Year Treasury Bond ETF.

AIRR on its own →TLT on its own →

At a glance

−0.2%

AIRR total return, 1 year

−7.9%

TLT total return, 1 year

0.69%

AIRR expense ratio

0.15%

TLT expense ratio

Pair scorecard

TLT costs 0.54 points a year less; their one-year returns differ by 7.7 points; TLT is 5.6 times larger.

AIRR vs TLT: Differences, Returns & Fees
Measure	AIRR	TLT
Return
Measure	AIRR	TLT
Total return, 1 year	−0.2%	−7.9%
Drawdown
Measure	AIRR	TLT
Below its all-time high	25.5%, high on Jun 22, 2026
Below its high		42.6%, high on Aug 4, 2020
Against its benchmark
Measure	AIRR	TLT
What it tracks	Reshoring and manufacturing	ICE U.S. Treasury 20+ Year Bond Index
Against the S&P 500, 1 year	behind by 13.9 pts
Against its benchmark, 1 year	behind by 13.9 pts
Cost and size
Measure	AIRR	TLT
Expense ratio	0.69%	0.15%
Net assets, as of Oct 27, 2026	$8.4bn	$47.4bn
Active share vs the S&P 500	100%
Holdings
Measure	AIRR	TLT
Holdings in common	0%
In the S&P 500, by weight	15%
Top ten holdings, share of the fund	33%

Holdings in common uses holdings dated Oct 27, 2026. Method

Risk and return

Mar 21, 2014 to Oct 23, 2026 · 657 weekly returns

AIRR TLT

Return

Total return edge AIRR +394.7% +7.1%

Annualized edge AIRR +13.5% +0.5%

Price return edge AIRR +380.7% −24.8%

Risk

Volatility edge TLT 25.2% 13.7%

Max drawdown edge AIRR −40.6% −47.8%

Downside capture 112.9% 101.2%

Beta 1.20 1.01

Risk-adjusted

Sharpe edge AIRR 0.55 −0.04

Sortino edge AIRR 0.83 −0.05

Treynor 0.115 −0.072

Calmar edge AIRR 0.33 0.01

Against the benchmark

Alpha −0.8% a year 0.0% a year

Alpha t-stat −0.19 −0.01

Information ratio 0.10 −0.10

Tracking error 16.2% 0.7%

Each against its own benchmark: AIRR against VOO, Mar 21, 2014 to Oct 23, 2026; TLT against BBLB, Apr 28, 2023 to Oct 23, 2026.

Reading

AIRR returned more: +394.7% to +7.1%. TLT swung less: 13.7% to 25.2%. AIRR fell less at its worst: −40.6% to −47.8%.

Full scorecard

19 measures, with how each is measured Open ↓

Risk and return: AIRR vs TLT: Differences, Returns & Fees
Measure	AIRR	TLT	Edge	How it is measured
Return
Total return	+394.7%	+7.1%	AIRR	Price change plus distributions, reinvested.
Annualized	+13.5%	+0.5%	AIRR	Total return as a yearly rate.
Price return	+380.7%	−24.8%	AIRR	Price change alone, distributions left out.
Risk
Volatility	25.2%	13.7%	TLT	Spread of weekly returns, annualized. Lower is steadier.
Downside deviation	16.7%	10.0%	TLT	Like volatility, counting only weeks below the Treasury bill rate.
Max drawdown	−40.6%	−47.8%	AIRR	Deepest fall from a high to the low after it.
Upside capture	125.3%	102.4%		Share of its benchmark's rise caught in the weeks it rose.
Downside capture	112.9%	101.2%		Share of its benchmark's fall taken in the weeks it fell. Lower is better.
Beta	1.20	1.01	Not an edge	How far it moves for each 1% its benchmark moves.
R squared	0.60	1.00	Not an edge	Share of its weekly moves its benchmark explains.
Risk-adjusted
Sharpe	0.55	−0.04	AIRR	Return above Treasury bills per unit of volatility.
Sortino	0.83	−0.05	AIRR	Return above Treasury bills per unit of downside deviation.
Treynor	0.115	−0.072		Return above Treasury bills per unit of beta.
Calmar	0.33	0.01	AIRR	Annualized return divided by the max drawdown.
Against the benchmark
Benchmark	VOO	BBLB		The ETF each fund is measured against.
Alpha	−0.8% a year	0.0% a year	Not significant	Yearly return beyond what its beta to the benchmark predicts.
Alpha t-stat	−0.19	−0.01	Not an edge	How sure the alpha is. Below 2, it could be chance.
Alpha range	−9.7% to +8.0%	−0.8% to +0.8%	Includes zero	The 95% range for the yearly alpha.
Information ratio	0.10	−0.10		Return against its benchmark per unit of tracking error.
Tracking error	16.2%	0.7%	Not an edge	How far weekly returns stray from the benchmark, annualized.

Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 657 weekly returns. Cash rate: the 13-week Treasury bill.

What they share

By the books each fund has filed, AIRR and TLT hold 0% of their money in the same securities at the same weight. Holdings dated Oct 27, 2026.

50%

0 half 100%

half

0% in common

Positions both hold · largest shared weight first AIRR TLT

Only in one fund ↓

Only in AIRR

C.H. Robinson Worldwide, Inc. 3.83%

Karman Holdings Inc. 3.51%

Kratos Defense & Security Solutions, Inc. 3.47%

BWX Technologies, Inc. 3.33%

Herc Holdings, Inc. 3.30%

Owens Corning 3.20%

RBC Bearings Incorporated 3.19%

Dycom Industries, Inc. 3.13%

Only in TLT

TREASURY BOND 4.32%

TREASURY BOND 4.12%

TREASURY BOND (OLD) 4.07%

TREASURY BOND 4.02%

TREASURY BOND 3.93%

TREASURY BOND 3.92%

TREASURY BOND 3.89%

TREASURY BOND 3.88%

Check overlap with more funds →

Side by side

AIRR First Trust RBA American Industrial Renaissance ETF TLT iShares 20+ Year Treasury Bond ETF

Where it sits Thematic ETF Bond ETF

Issuer First Trust iShares

What it is Reshoring and manufacturing Tracks an index of 20+ year Treasuries

Total return, 1 year −0.2% −7.9%

Its benchmark over the same days +13.7% (VOO) −7.8% (BBLB)

Gap to its benchmark −13.9 pts vs VOO −0.1 pts vs BBLB

Expense ratio 0.69% 0.15%

Holdings 55 47

Net assets, as of Oct 27, 2026 $8.4bn $47.4bn

AIRR and TLT on the fields both publish, as of Oct 28, 2026. Source: ETFIQ.

Client brief · page 1 of 2 Report BR-FE8D827031

AIRR and TLT do different jobs. What does each one do in a portfolio?

What each follows. AIRR follows Reshoring and manufacturing and TLT follows ICE U.S. Treasury 20+ Year Bond Index.
Holdings in common. 0% of the weight is in the same securities (holdings dated Oct 27, 2026).
One-year total return. Over 1 year to Oct 28, 2026 AIRR returned −0.2% and TLT −7.9% with distributions reinvested, a gap of 7.7 points.

Data as of Oct 28, 2026.

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About each fund

AIRR

By weight, 15% of AIRR's portfolio is stocks that are also in the S&P 500, from its filing for Jun 30, 2026; its active share against the S&P 500 is 100%.

The top ten holdings are 33% of the fund across 55 positions, as published by its issuer for Oct 27, 2026. Over the year to Oct 28, 2026 the fund returned −0.2% with distributions reinvested against +13.7% for its benchmark, the S&P 500 Index, so a holder was behind by 13.9 pts. It sits 25.5% below its all-time high of Jun 22, 2026.

TLT

TLT tracks an index of 20+ year Treasuries. Over the year to Oct 28, 2026 it returned −7.9% with distributions reinvested, against −7.8% for its benchmark, the ICE U.S. Treasury 20+ Year Bond Index. The prospectus expense ratio is 0.15% a year. It sat 42.6% below its high of Aug 4, 2020 on Oct 28, 2026.

Questions people ask

Are AIRR and TLT in the same category?: AIRR is a thematic ETF and TLT is a bond ETF, so they do different jobs. The table compares what both publish: return, cost and holdings.
Which returned more over the last year, AIRR or TLT?: In the year to Oct 28, 2026, with distributions reinvested, AIRR returned −0.2% and TLT −7.9%.
Which is cheaper, AIRR or TLT?: TLT is cheaper, by 0.54 percentage points a year. That is about $54 on $10,000 held for a year. Fees come from each fund's prospectus.

Other comparisons

AIRR vs BSV AIRR vs VCSH AIRR vs BNDX AIRR vs VTIP TLT vs XBI IBB vs TLT GDX vs TLT REMX vs TLT

Where to next

AIRR on its own →TLT on its own →Hold both: look the portfolio through →Rankings →AIRR dividend history →AIRR holdings →TLT dividend history →TLT holdings →Standards and sources →

Sources and dates

AIRR filings on SEC EDGAR ↗

AIRR prospectus with the expense ratio (SEC) ↗

First Trust page for AIRR ↗

TLT filings on SEC EDGAR ↗

TLT prospectus with the expense ratio (SEC) ↗

iShares page for TLT ↗

Links are sources, not endorsements. A comparison is not a recommendation.

How this is computed

Overlap adds up the smaller of the two weights for each security both funds hold.

Cite this pageCitation, APA and Markdown

ETFIQ, AIRR against TLT, data as of Oct 28, 2026. https://etfiq.com/compare/any/airr-vs-tlt

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Free to use with attribution for data ETFIQ computes; issuer data stays under its owner's terms.