FIVA vs. IPOS

Last updated Jun 24, 2026

FIVA (Fidelity International Value Factor ETF) and IPOS (Renaissance International IPO ETF) are both Foreign Large Cap Equities funds - FIVA tracks the Fidelity International Value Factor Index while IPOS tracks the Renaissance International IPO Index. Both are passively managed. Over the past 5 years, FIVA returned 13.11%/yr vs -6.66%/yr for IPOS. A 0.57 correlation means they provide meaningful diversification when combined. FIVA charges 0.18%/yr vs 0.80%/yr for IPOS.

Performance

FIVA vs. IPOS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity International Value Factor ETF (FIVA) and Renaissance International IPO ETF (IPOS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FIVA achieves a 13.25% return, which is significantly lower than IPOS's 48.14% return.

FIVA

• 1D: -2.31%
• 1M: 1.70%
• YTD: 13.25%
• 6M: 13.22%
• 1Y: 37.08%
• 3Y*: 22.73%
• 5Y*: 13.11%
• 10Y*: —

IPOS

• 1D: -4.56%
• 1M: 15.69%
• YTD: 48.14%
• 6M: 46.95%
• 1Y: 76.08%
• 3Y*: 20.01%
• 5Y*: -6.66%
• 10Y*: 4.08%

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

FIVA vs. IPOS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
FIVA Fidelity International Value Factor ETF	13.25%	45.83%	2.53%	20.38%	-10.37%	15.90%	-1.78%	19.78%	-18.62%
IPOS Renaissance International IPO ETF	48.14%	39.93%	-12.34%	-16.49%	-33.46%	-30.62%	50.71%	30.93%	-25.79%

Correlation

The correlation between FIVA and IPOS 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	0.62
Correlation (5Y) Calculated over the trailing 5-year period	0.63
Correlation (All Time) Calculated using the full available price history since Jan 18, 2018	0.57

The correlation between FIVA and IPOS has been stable across timeframes, ranging from 0.53 to 0.63 - a consistent structural relationship.

FIVA vs. IPOS - Sectors Allocation Comparison

Sectors	FIVA	IPOS
Financial Services	27.4%	7.3%
Industrials	16.5%	13.4%
Technology	15.2%	50.2%
Healthcare	8.0%	14.9%
Basic Materials	7.7%	3.8%
Consumer Cyclical	6.6%	6.3%
Consumer Defensive	5.2%	4.2%
Energy	4.9%	4.9%
Utilities	3.3%	3.1%
Communication Services	3.0%	0.3%
Real Estate	1.5%	-

Return for Risk

FIVA vs. IPOS — Risk / Return Rank

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

FIVA

FIVA Risk / Return Rank: 73
FIVA Sharpe Ratio Rank: 77
FIVA Sortino Ratio Rank: 76
FIVA Omega Ratio Rank: 73
FIVA Calmar Ratio Rank: 67
FIVA Martin Ratio Rank: 70

IPOS

IPOS Risk / Return Rank: 77
IPOS Sharpe Ratio Rank: 79
IPOS Sortino Ratio Rank: 68
IPOS Omega Ratio Rank: 77
IPOS Calmar Ratio Rank: 85
IPOS Martin Ratio Rank: 76

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.

FIVA vs. IPOS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity International Value Factor ETF (FIVA) and Renaissance International IPO ETF (IPOS). 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.

	FIVA	IPOS	Difference
Sharpe ratio: Return per unit of total volatility	2.34	2.36	-0.02
Sortino ratio: Return per unit of downside risk	3.21	2.88	+0.33
Omega ratio: Gain probability vs. loss probability	1.41	1.42	-0.01
Calmar ratio: Return relative to maximum drawdown	3.18	4.46	-1.27
Martin ratio: Return relative to average drawdown	12.44	13.34	-0.90

FIVA vs. IPOS - Sharpe Ratio Comparison

The current FIVA Sharpe Ratio is 2.34, which is comparable to the IPOS Sharpe Ratio of 2.36. The chart below compares the historical Sharpe Ratios of FIVA and IPOS, 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

FIVA vs. IPOS - Drawdown Comparison

The maximum FIVA drawdown since its inception was -39.76%, smaller than the maximum IPOS drawdown of -73.09%. Use the drawdown chart below to compare losses from any high point for FIVA and IPOS.

Drawdown Indicators

	FIVA	IPOS	Difference
Max Drawdown Largest peak-to-trough decline	-39.76%	-73.09%	+33.33%
Max Drawdown (1Y) Largest decline over 1 year	-11.71%	-17.17%	+5.46%
Max Drawdown (3Y) Largest decline over 3 years	-14.77%	-34.08%	+19.31%
Max Drawdown (5Y) Largest decline over 5 years	-28.70%	-69.93%	+41.23%
Max Drawdown (10Y) Largest decline over 10 years	—	-73.09%	—
Current Drawdown Current decline from peak	-2.31%	-37.05%	+34.74%
Average Drawdown Average peak-to-trough decline	-7.73%	-32.02%	+24.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.99%	5.72%	-2.73%

Volatility

FIVA vs. IPOS - Volatility Comparison

The current volatility for Fidelity International Value Factor ETF (FIVA) is 6.05%, while Renaissance International IPO ETF (IPOS) has a volatility of 15.81%. This indicates that FIVA experiences smaller price fluctuations and is considered to be less risky than IPOS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FIVA	IPOS	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.05%	15.81%	-9.76%
Volatility (6M) Calculated over the trailing 6-month period	13.46%	29.95%	-16.49%
Volatility (1Y) Calculated over the trailing 1-year period	15.95%	32.50%	-16.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.45%	27.95%	-11.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.95%	24.41%	-6.46%

FIVA vs. IPOS - Expense Ratio Comparison

FIVA has a 0.18% expense ratio, which is lower than IPOS's 0.80% expense ratio.

Dividends

FIVA vs. IPOS - Dividend Comparison

FIVA's dividend yield for the trailing twelve months is around 2.66%, more than IPOS's 0.32% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FIVA Fidelity International Value Factor ETF	2.66%	2.68%	3.52%	3.63%	3.62%	3.76%	2.46%	3.61%	3.28%	0.00%	0.00%	0.00%
IPOS Renaissance International IPO ETF	0.32%	1.04%	0.93%	0.33%	0.00%	0.00%	0.25%	0.89%	1.12%	0.87%	1.73%	1.08%

Frequently Asked Questions

Can I hold both FIVA and IPOS in my portfolio?

FIVA and IPOS 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.

Which is riskier, FIVA or IPOS?

IPOS has higher volatility (15.81%) compared to FIVA (6.05%). In terms of maximum drawdown, FIVA dropped -39.76% vs IPOS's -73.09%.

Which ETF is better, FIVA or IPOS?

On 5-year performance, FIVA leads with 13.11% vs -6.66% for IPOS. On fees, FIVA is cheaper at 0.18% per year. On volatility, FIVA has been the lower-risk option at 6.05%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FIVA or IPOS?

Over the 5-year period, FIVA has performed better with a 13.11% return vs -6.66%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FIVA or IPOS?

FIVA is cheaper with a 0.18% expense ratio, compared with 0.80% for IPOS.

Which ETF pays a higher dividend yield, FIVA or IPOS?

FIVA has the higher dividend yield at 2.66%, compared with 0.32% for IPOS.

What is the main difference between FIVA and IPOS?

FIVA tracks Fidelity International Value Factor Index, while IPOS tracks Renaissance International IPO Index. They also come from different issuers: Fidelity and Renaissance Capital. Their fees differ too: 0.18% for FIVA and 0.80% for IPOS.

Which has better risk-adjusted returns?

IPOS currently has the higher Sharpe Ratio (2.36 vs 2.34), 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.