FPX vs. IPO

Last updated Jun 7, 2026

FPX (First Trust US Equity Opportunities ETF) and IPO (Renaissance IPO ETF) are both exchange-traded funds - FPX is a Large Cap Growth Equities fund tracking the IPOX-100 U.S. Index, while IPO is a Mid Cap Growth Equities fund tracking the Renaissance IPO Index. Both are passively managed. Over the past 10 years, FPX returned 14.11%/yr vs 10.48%/yr for IPO. Their correlation of 0.85 suggests significant overlap in exposure. FPX charges 0.57%/yr vs 0.60%/yr for IPO.

Performance

FPX vs. IPO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust US Equity Opportunities ETF (FPX) and Renaissance IPO ETF (IPO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FPX achieves a 13.13% return, which is significantly lower than IPO's 17.35% return. Over the past 10 years, FPX has outperformed IPO with an annualized return of 14.11%, while IPO has yielded a comparatively lower 10.48% annualized return.

FPX

• 1D: -4.14%
• 1M: -1.16%
• YTD: 13.13%
• 6M: 9.98%
• 1Y: 32.72%
• 3Y*: 29.55%
• 5Y*: 9.33%
• 10Y*: 14.11%

IPO

• 1D: -5.57%
• 1M: 8.45%
• YTD: 17.35%
• 6M: 12.56%
• 1Y: 23.02%
• 3Y*: 19.77%
• 5Y*: -2.47%
• 10Y*: 10.48%

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

FPX vs. IPO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FPX First Trust US Equity Opportunities ETF	13.13%	37.62%	24.75%	22.26%	-35.11%	3.69%	47.89%	30.37%	-8.35%	27.03%
IPO Renaissance IPO ETF	17.35%	5.45%	15.68%	52.55%	-57.26%	-10.31%	107.88%	34.11%	-17.24%	37.16%

Correlation

The correlation between FPX and IPO is 0.74, 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	0.74
Correlation (3Y) Calculated over the trailing 3-year period	0.83
Correlation (5Y) Calculated over the trailing 5-year period	0.86
Correlation (10Y) Calculated over the trailing 10-year period	0.85
Correlation (All Time) Calculated using the full available price history since Oct 17, 2013	0.85

The correlation between FPX and IPO shifts across timeframes, from 0.74 (1 year) to 0.86 (5 years), reflecting how their relationship changes across market environments.

FPX vs. IPO - Sectors Allocation Comparison

Sectors	FPX	IPO
Technology	29.8%	40.3%
Industrials	20.0%	9.1%
Healthcare	16.1%	10.8%
Communication Services	7.0%	6.6%
Utilities	6.5%	0.3%
Energy	4.4%	1.1%
Real Estate	4.2%	4.0%
Consumer Cyclical	3.5%	14.4%
Basic Materials	3.3%	-
Financial Services	3.0%	4.3%
Consumer Defensive	2.3%	9.2%

Return for Risk

FPX vs. IPO — Risk / Return Rank

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

FPX

FPX Risk / Return Rank: 47
FPX Sharpe Ratio Rank: 43
FPX Sortino Ratio Rank: 39
FPX Omega Ratio Rank: 39
FPX Calmar Ratio Rank: 58
FPX Martin Ratio Rank: 54

IPO

IPO Risk / Return Rank: 23
IPO Sharpe Ratio Rank: 25
IPO Sortino Ratio Rank: 25
IPO Omega Ratio Rank: 24
IPO Calmar Ratio Rank: 22
IPO Martin Ratio Rank: 20

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.

FPX vs. IPO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust US Equity Opportunities ETF (FPX) and Renaissance IPO ETF (IPO). 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.

	FPX	IPO	Difference
Sharpe ratio: Return per unit of total volatility	1.47	0.84	+0.62
Sortino ratio: Return per unit of downside risk	1.95	1.30	+0.65
Omega ratio: Gain probability vs. loss probability	1.25	1.16	+0.09
Calmar ratio: Return relative to maximum drawdown	2.80	0.95	+1.86
Martin ratio: Return relative to average drawdown	9.04	2.12	+6.92
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FPX vs. IPO - Sharpe Ratio Comparison

The current FPX Sharpe Ratio is 1.47, which is higher than the IPO Sharpe Ratio of 0.84. The chart below compares the historical Sharpe Ratios of FPX and IPO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	FPX	IPO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.47	0.84	+0.62
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.35	-0.07	+0.42
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.58	0.33	+0.25
Sharpe Ratio (All Time) Calculated using the full available price history	0.56	0.29	+0.27

Drawdowns

FPX vs. IPO - Drawdown Comparison

The maximum FPX drawdown since its inception was -56.29%, smaller than the maximum IPO drawdown of -68.76%. Use the drawdown chart below to compare losses from any high point for FPX and IPO.

Drawdown Indicators

	FPX	IPO	Difference
Max Drawdown Largest peak-to-trough decline	-56.29%	-68.76%	+12.47%
Max Drawdown (1Y) Largest decline over 1 year	-12.28%	-26.24%	+13.96%
Max Drawdown (3Y) Largest decline over 3 years	-30.88%	-32.04%	+1.16%
Max Drawdown (5Y) Largest decline over 5 years	-43.14%	-66.02%	+22.88%
Max Drawdown (10Y) Largest decline over 10 years	-43.14%	-68.76%	+25.62%
Current Drawdown Current decline from peak	-5.15%	-29.10%	+23.95%
Average Drawdown Average peak-to-trough decline	-11.34%	-22.93%	+11.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.80%	11.68%	-7.88%

Volatility

FPX vs. IPO - Volatility Comparison

The current volatility for First Trust US Equity Opportunities ETF (FPX) is 7.35%, while Renaissance IPO ETF (IPO) has a volatility of 11.24%. This indicates that FPX experiences smaller price fluctuations and is considered to be less risky than IPO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FPX	IPO	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.35%	11.24%	-3.89%
Volatility (6M) Calculated over the trailing 6-month period	17.61%	22.96%	-5.35%
Volatility (1Y) Calculated over the trailing 1-year period	23.48%	29.46%	-5.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.54%	35.92%	-9.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.32%	31.54%	-7.22%

FPX vs. IPO - Expense Ratio Comparison

FPX has a 0.57% expense ratio, which is lower than IPO's 0.60% expense ratio.

Dividends

FPX vs. IPO - Dividend Comparison

FPX's dividend yield for the trailing twelve months is around 0.51%, more than IPO's 0.49% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FPX First Trust US Equity Opportunities ETF	0.51%	0.53%	0.09%	0.27%	1.08%	0.14%	0.28%	0.67%	0.88%	0.68%	0.77%	0.62%
IPO Renaissance IPO ETF	0.49%	0.66%	0.12%	0.00%	0.00%	0.00%	0.10%	0.26%	0.49%	0.43%	0.40%	0.11%

Frequently Asked Questions

Can I hold both FPX and IPO in my portfolio?

FPX and IPO have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FPX or IPO?

IPO has higher volatility (11.24%) compared to FPX (7.35%). In terms of maximum drawdown, FPX dropped -56.29% vs IPO's -68.76%.

Which ETF is better, FPX or IPO?

On 10-year performance, FPX leads with 14.11% vs 10.48% for IPO. On fees, FPX is cheaper at 0.57% per year. On volatility, FPX has been the lower-risk option at 7.35%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FPX or IPO?

Over the 10-year period, FPX has performed better with a 14.11% return vs 10.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FPX or IPO?

FPX is cheaper with a 0.57% expense ratio, compared with 0.60% for IPO.

Which ETF pays a higher dividend yield, FPX or IPO?

FPX has the higher dividend yield at 0.51%, compared with 0.49% for IPO.

What is the main difference between FPX and IPO?

FPX is categorized as Large Cap Growth Equities, while IPO is Mid Cap Growth Equities. FPX tracks IPOX-100 U.S. Index, while IPO tracks Renaissance IPO Index. They also come from different issuers: First Trust and Renaissance Capital. Their fees differ too: 0.57% for FPX and 0.60% for IPO.

Which has better risk-adjusted returns?

FPX currently has the higher Sharpe Ratio (1.47 vs 0.84), 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.