Do AIRR and FDN hold the same stocks?

By their latest filings, 0% of their books are the same securities at the same weight. Overlap is the sum of the smaller weight of every security they share.

Which is more different from the S&P 500, AIRR or FDN?

AIRR has 15% of its weight in S&P 500 names and FDN has 82%, so AIRR differs more from the index.

Which is cheaper, AIRR or FDN?

AIRR charges 0.69% a year and FDN charges 0.49%, so FDN is cheaper. Fees come from each fund's prospectus.

Data as of Oct 28, 2026.

Thematic ETFs

AIRR vs FDN: Holdings Overlap & Returns

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Over the year to Oct 28, 2026, AIRR returned −0.2% to FDN's −1.1%; 0% of their weight is in the same names.

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Net assets on Oct 27, 2026: $8.4bn for First Trust RBA American Industrial Renaissance ETF and $5.1bn for First Trust Dow Jones Internet Index Fund.

AIRR on its own →FDN on its own →

At a glance

14.7%

AIRR in the S&P 500

81.9%

FDN in the S&P 500

−0.2%

AIRR total return, 1 year

−1.1%

FDN total return, 1 year

AIRR · 1 year to Oct 28, 2026 85% of its weight is outside the S&P 500

15% of AIRR's weight is in S&P 500 companies and 85% is outside the index. Holdings as of Oct 27, 2026.

FDN · 1 year to Oct 28, 2026 18% of its weight is outside the S&P 500

82% of FDN's weight is in S&P 500 companies and 18% is outside the index. Holdings as of Oct 27, 2026.

Pair scorecard

FDN costs 0.20 points a year less; their one-year returns differ by 0.9 points; AIRR is 1.6 times larger.

Points (pts) are percentage points.

AIRR vs FDN: Holdings Overlap & Returns
Measure	AIRR	FDN
Return
Measure	AIRR	FDN
Total return, 1 year	−0.2%	−1.1%
Drawdown
Measure	AIRR	FDN
Below its all-time high	25.5%, high on Jun 22, 2026	6.3%, high on Oct 9, 2026
Against its benchmark
Measure	AIRR	FDN
What it tracks	Reshoring and manufacturing	Internet and e-commerce
Against the S&P 500, 1 year	behind by 13.9 pts	behind by 14.8 pts
Its benchmark, total return, 1 year	+13.7%	+13.7%
Against its benchmark, 1 year	behind by 13.9 pts	behind by 14.8 pts
Cost and size
Measure	AIRR	FDN
Expense ratio	0.69%	0.49%
Net assets, as of Oct 27, 2026	$8.4bn	$5.1bn
Holdings
Measure	AIRR	FDN
Holdings in common	0%

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

Risk and return

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

AIRR FDN

Return

Total return edge AIRR +394.7% +352.2%

Annualized edge AIRR (slight) +13.5% +12.7%

Price return edge AIRR (slight) +380.7% +352.2%

Risk

Volatility edge FDN (slight) 25.2% 23.6%

Max drawdown edge AIRR −40.6% −53.4%

Downside capture 112.9% 113.1%

Beta 1.20 1.15

Risk-adjusted

Sharpe edge Tie 0.55 0.54

Sortino edge AIRR (slight) 0.83 0.80

Treynor 0.115 0.121

Calmar edge AIRR 0.33 0.24

Against the benchmark

Alpha −0.8% a year +1.8% a year

Alpha t-stat −0.19 0.64

Information ratio 0.10 0.26

Tracking error 16.2% 13.2%

Each against its own benchmark: AIRR against VOO, Mar 21, 2014 to Oct 23, 2026; FDN against IVV, Jun 30, 2006 to Oct 23, 2026.

Reading

AIRR returned more: +394.7% to +352.2%. FDN swung slightly less: 23.6% to 25.2%. AIRR fell less at its worst: −40.6% to −53.4%.

Full scorecard

19 measures, with how each is measured Open ↓

Risk and return: AIRR vs FDN: Holdings Overlap & Returns
Measure	AIRR	FDN	Edge	How it is measured
Return
Total return	+394.7%	+352.2%	AIRR	Price change plus distributions, reinvested.
Annualized	+13.5%	+12.7%	AIRR (slight)	Total return as a yearly rate.
Price return	+380.7%	+352.2%	AIRR (slight)	Price change alone, distributions left out.
Risk
Volatility	25.2%	23.6%	FDN (slight)	Spread of weekly returns, annualized. Lower is steadier.
Downside deviation	16.7%	16.0%	FDN (slight)	Like volatility, counting only weeks below the Treasury bill rate.
Max drawdown	−40.6%	−53.4%	AIRR	Deepest fall from a high to the low after it.
Upside capture	125.3%	138.3%		Share of its benchmark's rise caught in the weeks it rose.
Downside capture	112.9%	113.1%		Share of its benchmark's fall taken in the weeks it fell. Lower is better.
Beta	1.20	1.15	Not an edge	How far it moves for each 1% its benchmark moves.
R squared	0.60	0.71	Not an edge	Share of its weekly moves its benchmark explains.
Risk-adjusted
Sharpe	0.55	0.54	Tie	Return above Treasury bills per unit of volatility.
Sortino	0.83	0.80	AIRR (slight)	Return above Treasury bills per unit of downside deviation.
Treynor	0.115	0.121		Return above Treasury bills per unit of beta.
Calmar	0.33	0.24	AIRR	Annualized return divided by the max drawdown.
Against the benchmark
Benchmark	VOO	IVV		The ETF each fund is measured against.
Alpha	−0.8% a year	+1.8% a year	Not significant	Yearly return beyond what its beta to the benchmark predicts.
Alpha t-stat	−0.19	0.64	Not an edge	How sure the alpha is. Below 2, it could be chance.
Alpha range	−9.7% to +8.0%	−3.8% to +7.4%	Includes zero	The 95% range for the yearly alpha.
Information ratio	0.10	0.26		Return against its benchmark per unit of tracking error.
Tracking error	16.2%	13.2%	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 FDN 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 FDN

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 FDN

Amazon.com, Inc. 10.23%

Meta Platforms, Inc. (Class A) 9.68%

Cisco Systems, Inc. 9.04%

Alphabet Inc. (Class A) 5.48%

Netflix, Inc. 5.28%

Salesforce, Inc. 4.53%

Arista Networks, Inc. 4.45%

Alphabet Inc. (Class C) 4.39%

Check overlap with more funds →

Window by window

Window by window: AIRR vs FDN: Holdings Overlap & Returns
	Total return		vs its benchmark
Window	AIRR	FDN	AIRR	FDN
3 months	−10.0%	+5.5%	−16.1 pts vs VOO	−0.6 pts vs IVV
6 months	−18.4%	+7.7%	−27.5 pts vs VOO	−1.4 pts vs IVV
1 year	−0.2%	−1.1%	−13.9 pts vs VOO	−14.8 pts vs IVV
3 years	+112.5%	+89.6%	+17.0 pts vs VOO	−5.8 pts vs IVV
Since launchNot the same days: AIRR Mar 2014 · FDN Jun 2006	+418.8%	+1,282.2%	+4.1 pts vs VOO	not measured

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Side by side

AIRR First Trust RBA American Industrial Renaissance ETF · Holds 55 stocks in reshoring and manufacturing, 15% of its weight in S&P 500 companies FDN First Trust Dow Jones Internet Index Fund · Holds 41 stocks in internet and e-commerce, 82% of its weight in S&P 500 companies

Issuer First Trust First Trust

Theme Reshoring and manufacturing Internet and e-commerce

In the S&P 500 14.7% 81.9%

Active share vs the S&P 500 99.8% 85.5%

In the Nasdaq-100 not published 60.0%

Holdings 55 41

Top ten, share of the fund 33.2% 61.1%

Expense ratio 0.69% 0.49%

Fee for the differing part 0.69% 0.57%

Total return, 1 year −0.2% −1.1%

vs its benchmark −13.9 pts vs VOO −14.8 pts vs IVV

Below its high −25.5% −6.3%

Net assets, as of Oct 27, 2026 $8.4bn $5.1bn

As of Oct 28, 2026. Source: ETFIQ.

0% of the two portfolios are the same securities at the same weight.

Client brief · page 1 of 2 Report BR-C5204C2932

AIRR and FDN are built for the same job. How do they differ in cost, holdings and results?

Theme. AIRR covers Reshoring and manufacturing and FDN covers Internet and e-commerce.
Concentration. The top ten holdings are 33.2% of AIRR and 61.1% of FDN, a gap of 27.9 points.
What each follows. AIRR follows Reshoring and manufacturing and FDN follows Internet and e-commerce.

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.

FDN

By weight, 82% of FDN's portfolio is stocks that are also in the S&P 500; its active share against the S&P 500 is 86%. The top ten holdings are 61% of the fund across 41 positions, as published by its issuer for Oct 27, 2026. Over the year to Oct 28, 2026 the fund returned −1.1% with distributions reinvested against +13.7% for its benchmark, the S&P 500 Index, so a holder was behind by 14.8 pts. It sits 6.3% below its all-time high of Oct 9, 2026.

Questions people ask

Do AIRR and FDN hold the same stocks?: By their latest filings, 0% of their books are the same securities at the same weight. Overlap is the sum of the smaller weight of every security they share.
Which is more different from the S&P 500, AIRR or FDN?: AIRR has 15% of its weight in S&P 500 names and FDN has 82%, so AIRR differs more from the index.
Which is cheaper, AIRR or FDN?: AIRR charges 0.69% a year and FDN charges 0.49%, so FDN is cheaper. Fees come from each fund's prospectus.

Other comparisons

AIRR vs KWEB AIRR vs XAR AIRR vs QTUM AIRR vs URA FDN vs GDXJ FDN vs PPA FDN vs ARKK FDN vs SHLD

Where to next

All thematic ETFs ranked by the S&P 500 Difference Score →How the scores are computed →AIRR on its own →FDN on its own →AIRR dividend history →AIRR holdings →FDN holdings →Method →Standards and sources →

Sources and dates

AIRR filings on SEC EDGAR ↗

AIRR prospectus with the expense ratio (SEC) ↗

First Trust page for AIRR ↗

FDN filings on SEC EDGAR ↗

FDN prospectus with the expense ratio (SEC) ↗

First Trust page for FDN ↗

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.

Every number is an ETFIQ calculation with distributions reinvested.

Cite this pageCitation, APA and Markdown

ETFIQ, AIRR against FDN, data as of Oct 28, 2026. https://etfiq.com/compare/themes/airr-vs-fdn

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