Do AIRR and IFRA hold the same stocks?

By their latest filings, 3% 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 IFRA?

AIRR has 15% of its weight in S&P 500 names and IFRA has 72%, so AIRR differs more from the index.

Which is cheaper, AIRR or IFRA?

AIRR charges 0.69% a year and IFRA charges 0.30%, so IFRA is cheaper. Fees come from each fund's prospectus.

Data as of Oct 28, 2026.

Thematic ETFs

AIRR vs IFRA: Holdings Overlap & Returns

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Over the year to Oct 28, 2026, AIRR returned −0.2% to IFRA's +9.4%; 3% 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 $4.0bn for iShares U.S. Infrastructure ETF.

AIRR on its own →IFRA on its own →

At a glance

14.7%

AIRR in the S&P 500

72.1%

IFRA in the S&P 500

−0.2%

AIRR total return, 1 year

+9.4%

IFRA 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.

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

72% of IFRA's weight is in S&P 500 companies and 28% is outside the index. Holdings as of Oct 27, 2026.

Pair scorecard

IFRA costs 0.39 points a year less; their one-year returns differ by 9.6 points; AIRR is 2.1 times larger.

Points (pts) are percentage points.

AIRR vs IFRA: Holdings Overlap & Returns
Measure	AIRR	IFRA
Return
Measure	AIRR	IFRA
Total return, 1 year	−0.2%	+9.4%
Drawdown
Measure	AIRR	IFRA
Below its all-time high	25.5%, high on Jun 22, 2026	9.6%, high on Jun 25, 2026
Against its benchmark
Measure	AIRR	IFRA
What it tracks	Reshoring and manufacturing	Infrastructure
Against the S&P 500, 1 year	behind by 13.9 pts
Its benchmark, total return, 1 year	+13.7%
Against its benchmark, 1 year	behind by 13.9 pts
Cost and size
Measure	AIRR	IFRA
Expense ratio	0.69%	0.30%
Net assets, as of Oct 27, 2026	$8.4bn	$4.0bn
Holdings
Measure	AIRR	IFRA
Holdings in common	3%

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

Risk and return

Apr 13, 2018 to Oct 23, 2026 · 445 weekly returns

AIRR IFRA

Return

Total return edge AIRR +277.8% +163.5%

Annualized edge AIRR +16.8% +12.0%

Price return edge AIRR +271.8% +121.3%

Risk

Volatility edge IFRA 27.2% 21.6%

Max drawdown edge IFRA (slight) −40.6% −39.2%

Risk-adjusted

Sharpe edge AIRR 0.61 0.50

Sortino edge AIRR 0.90 0.72

Calmar edge AIRR 0.41 0.31

Reading

AIRR returned more: +277.8% to +163.5%. IFRA swung less: 21.6% to 27.2%. IFRA fell slightly less at its worst: −39.2% to −40.6%.

Full scorecard

9 measures, with how each is measured Open ↓

Risk and return: AIRR vs IFRA: Holdings Overlap & Returns
Measure	AIRR	IFRA	Edge	How it is measured
Return
Total return	+277.8%	+163.5%	AIRR	Price change plus distributions, reinvested.
Annualized	+16.8%	+12.0%	AIRR	Total return as a yearly rate.
Price return	+271.8%	+121.3%	AIRR	Price change alone, distributions left out.
Risk
Volatility	27.2%	21.6%	IFRA	Spread of weekly returns, annualized. Lower is steadier.
Downside deviation	18.3%	15.1%	IFRA	Like volatility, counting only weeks below the Treasury bill rate.
Max drawdown	−40.6%	−39.2%	IFRA (slight)	Deepest fall from a high to the low after it.
Risk-adjusted
Sharpe	0.61	0.50	AIRR	Return above Treasury bills per unit of volatility.
Sortino	0.90	0.72	AIRR	Return above Treasury bills per unit of downside deviation.
Calmar	0.41	0.31	AIRR	Annualized return divided by the max drawdown.

Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 445 weekly returns. Cash rate: the 13-week Treasury bill.

What they share

By the books each fund has filed, AIRR and IFRA hold 3% of their money in the same securities at the same weight. Holdings dated Oct 27, 2026.

50%

0 half 100%

half

3% in common

Positions both hold · largest shared weight first AIRR IFRA

Mueller Industries, Inc. 2.19% 0.47%

Sterling Infrastructure, Inc. 2.78% 0.43%

Advanced Drainage Systems, Inc. 2.36% 0.36%

Owens Corning 3.20% 0.36%

IES Holdings, Inc. 1.49% 0.35%

Oshkosh Corporation 2.04% 0.32%

Everus Construction Group, Inc. 0.87% 0.20%

Granite Construction Incorporated 1.41% 0.19%

Argan, Inc. 2.97% 0.18%

Construction Partners, Inc. (Class A) 1.17% 0.16%

Tutor Perini Corporation 0.77% 0.15%

Primoris Services Corporation 1.80% 0.14%

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%

RBC Bearings Incorporated 3.19%

Dycom Industries, Inc. 3.13%

Huntington Ingalls Industries, Inc. 3.13%

Only in IFRA

UNION PACIFIC 4.24%

NEXTERA ENERGY 4.04%

CSX 3.81%

CATERPILLAR INC 3.59%

QUANTA SERVICES INC 3.39%

SOUTHERN 3.09%

NORFOLK SOUTHERN CORP 3.00%

UNITED RENTALS 2.84%

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Window by window

Window by window: AIRR vs IFRA: Holdings Overlap & Returns
	Total return		vs its benchmark
Window	AIRR	IFRA	AIRR	IFRA
3 months	−10.0%	−3.4%	−16.1 pts vs VOO	not measured
6 months	−18.4%	−3.8%	−27.5 pts vs VOO	not measured
1 year	−0.2%	+9.4%	−13.9 pts vs VOO	not measured
3 years	+112.5%	+76.3%	+17.0 pts vs VOO	not measured
Since launchNot the same days: AIRR Mar 2014 · IFRA Apr 2018	+418.8%	+167.2%	+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 IFRA iShares U.S. Infrastructure ETF · Holds 164 stocks in infrastructure, 72% of its weight in S&P 500 companies

Issuer First Trust iShares

Theme Reshoring and manufacturing Infrastructure

In the S&P 500 14.7% 72.1%

Active share vs the S&P 500 99.8% 95.7%

In the Nasdaq-100 not published 11.2%

Holdings 55 164

Top ten, share of the fund 33.2% 33.4%

Expense ratio 0.69% 0.30%

Fee for the differing part 0.69% 0.31%

Total return, 1 year −0.2% +9.4%

vs its benchmark −13.9 pts vs VOO not measured

Below its high −25.5% −9.6%

Net assets, as of Oct 27, 2026 $8.4bn $4.0bn

As of Oct 28, 2026. Source: ETFIQ.

3% of the two portfolios are the same securities at the same weight.

Client brief · page 1 of 2 Report BR-0AFFE79CEF

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

Theme. AIRR covers Reshoring and manufacturing and IFRA covers Infrastructure.
What each follows. AIRR follows Reshoring and manufacturing and IFRA follows Infrastructure.
Holdings in common. 3% of the weight is in the same securities (holdings dated Oct 27, 2026).

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.

IFRA

By weight, 72% of IFRA's portfolio is stocks that are also in the S&P 500; its active share against the S&P 500 is 96%. The top ten holdings are 33% of the fund across 164 positions, as published by its issuer for Oct 27, 2026. Over the year to Oct 28, 2026 the fund returned +9.4% with distributions reinvested. It sits 9.6% below its all-time high of Jun 25, 2026.

Questions people ask

Do AIRR and IFRA hold the same stocks?: By their latest filings, 3% 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 IFRA?: AIRR has 15% of its weight in S&P 500 names and IFRA has 72%, so AIRR differs more from the index.
Which is cheaper, AIRR or IFRA?: AIRR charges 0.69% a year and IFRA charges 0.30%, so IFRA is cheaper. Fees come from each fund's prospectus.

Other comparisons

AIRR vs IGF AIRR vs PAVE AIRR vs XT AIRR vs XME IFRA vs GDXJ IFRA vs PPA IFRA vs COPX IFRA vs ARKK

Where to next

All thematic ETFs ranked by the S&P 500 Difference Score →How the scores are computed →AIRR on its own →IFRA on its own →AIRR dividend history →AIRR holdings →IFRA dividend history →IFRA 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 ↗

IFRA filings on SEC EDGAR ↗

IFRA prospectus with the expense ratio (SEC) ↗

iShares page for IFRA ↗

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 IFRA, data as of Oct 28, 2026. https://etfiq.com/compare/themes/airr-vs-ifra

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