IPO vs. BOUT

Last updated Jun 26, 2026

IPO (Renaissance IPO ETF) and BOUT (Innovator IBD Breakout Opportunities ETF) are both Mid Cap Growth Equities funds - IPO tracks the Renaissance IPO Index while BOUT tracks the IBD Breakout Stocks Total Return Index. Both are passively managed. Over the past 5 years, IPO returned -2.92%/yr vs 8.77%/yr for BOUT. A 0.65 correlation means they provide meaningful diversification when combined. IPO charges 0.60%/yr vs 0.80%/yr for BOUT.

Performance

IPO vs. BOUT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Renaissance IPO ETF (IPO) and Innovator IBD Breakout Opportunities ETF (BOUT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IPO achieves a 23.60% return, which is significantly lower than BOUT's 34.56% return.

IPO

• 1D: -0.35%
• 1M: 4.80%
• YTD: 23.60%
• 6M: 20.33%
• 1Y: 29.33%
• 3Y*: 22.52%
• 5Y*: -2.92%
• 10Y*: 12.31%

BOUT

• 1D: 2.38%
• 1M: 3.46%
• YTD: 34.56%
• 6M: 30.84%
• 1Y: 36.71%
• 3Y*: 17.47%
• 5Y*: 8.77%
• 10Y*: —

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

IPO vs. BOUT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
IPO Renaissance IPO ETF	23.60%	5.45%	15.68%	52.55%	-57.26%	-10.31%	107.88%	34.11%	-23.55%
BOUT Innovator IBD Breakout Opportunities ETF	34.56%	-6.77%	18.82%	13.27%	-22.60%	22.69%	50.56%	20.59%	-30.42%

Correlation

The correlation between IPO and BOUT is 0.62, 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	0.62
Correlation (3Y) Calculated over the trailing 3-year period	0.70
Correlation (5Y) Calculated over the trailing 5-year period	0.62
Correlation (All Time) Calculated using the full available price history since Sep 13, 2018	0.65

The correlation between IPO and BOUT has been stable across timeframes, ranging from 0.62 to 0.70 - a consistent structural relationship.

IPO vs. BOUT - Sectors Allocation Comparison

Sectors	IPO	BOUT
Technology	46.6%	33.0%
Consumer Cyclical	12.2%	10.8%
Healthcare	8.9%	6.5%
Industrials	8.8%	3.2%
Consumer Defensive	7.8%	4.8%
Communication Services	6.7%	3.3%
Financial Services	4.4%	18.3%
Real Estate	3.5%	3.9%
Energy	0.9%	4.0%
Utilities	0.2%	7.0%
Basic Materials	-	12.3%

Return for Risk

IPO vs. BOUT — Risk / Return Rank

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

IPO

IPO Risk / Return Rank: 27
IPO Sharpe Ratio Rank: 29
IPO Sortino Ratio Rank: 29
IPO Omega Ratio Rank: 27
IPO Calmar Ratio Rank: 26
IPO Martin Ratio Rank: 22

BOUT

BOUT Risk / Return Rank: 58
BOUT Sharpe Ratio Rank: 56
BOUT Sortino Ratio Rank: 53
BOUT Omega Ratio Rank: 52
BOUT Calmar Ratio Rank: 71
BOUT Martin Ratio Rank: 60

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.

IPO vs. BOUT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Renaissance IPO ETF (IPO) and Innovator IBD Breakout Opportunities ETF (BOUT). 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.

	IPO	BOUT	Difference
Sharpe ratio: Return per unit of total volatility	0.97	1.68	-0.70
Sortino ratio: Return per unit of downside risk	1.47	2.27	-0.79
Omega ratio: Gain probability vs. loss probability	1.17	1.29	-0.12
Calmar ratio: Return relative to maximum drawdown	1.12	3.14	-2.01
Martin ratio: Return relative to average drawdown	2.51	9.27	-6.76

IPO vs. BOUT - Sharpe Ratio Comparison

The current IPO Sharpe Ratio is 0.97, which is lower than the BOUT Sharpe Ratio of 1.68. The chart below compares the historical Sharpe Ratios of IPO and BOUT, 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

IPO vs. BOUT - Drawdown Comparison

The maximum IPO drawdown since its inception was -68.76%, which is greater than BOUT's maximum drawdown of -36.98%. Use the drawdown chart below to compare losses from any high point for IPO and BOUT.

Drawdown Indicators

	IPO	BOUT	Difference
Max Drawdown Largest peak-to-trough decline	-68.76%	-36.98%	-31.78%
Max Drawdown (1Y) Largest decline over 1 year	-26.24%	-11.76%	-14.48%
Max Drawdown (3Y) Largest decline over 3 years	-32.04%	-25.31%	-6.73%
Max Drawdown (5Y) Largest decline over 5 years	-66.02%	-28.28%	-37.74%
Max Drawdown (10Y) Largest decline over 10 years	-68.76%	—	—
Current Drawdown Current decline from peak	-25.32%	0.00%	-25.32%
Average Drawdown Average peak-to-trough decline	-22.93%	-12.28%	-10.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.73%	3.97%	+7.76%

Volatility

IPO vs. BOUT - Volatility Comparison

Renaissance IPO ETF (IPO) has a higher volatility of 11.36% compared to Innovator IBD Breakout Opportunities ETF (BOUT) at 8.32%. This indicates that IPO's price experiences larger fluctuations and is considered to be riskier than BOUT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IPO	BOUT	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.36%	8.32%	+3.04%
Volatility (6M) Calculated over the trailing 6-month period	23.64%	17.30%	+6.34%
Volatility (1Y) Calculated over the trailing 1-year period	30.25%	22.01%	+8.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.08%	19.73%	+16.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	31.60%	23.01%	+8.59%

IPO vs. BOUT - Expense Ratio Comparison

IPO has a 0.60% expense ratio, which is lower than BOUT's 0.80% expense ratio.

Dividends

IPO vs. BOUT - Dividend Comparison

IPO's dividend yield for the trailing twelve months is around 0.42%, more than BOUT's 0.26% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BOUT Innovator IBD Breakout Opportunities ETF	0.26%	0.34%	0.60%	1.32%	1.35%	0.00%	0.00%	0.00%	0.22%	0.00%	0.00%	0.00%
IPO Renaissance IPO ETF	0.42%	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 IPO and BOUT in my portfolio?

IPO and BOUT have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IPO or BOUT?

IPO has higher volatility (11.36%) compared to BOUT (8.32%). In terms of maximum drawdown, IPO dropped -68.76% vs BOUT's -36.98%.

Which ETF is better, IPO or BOUT?

On 5-year performance, BOUT leads with 8.77% vs -2.92% for IPO. On fees, IPO is cheaper at 0.60% per year. On volatility, BOUT has been the lower-risk option at 8.32%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IPO or BOUT?

Over the 5-year period, BOUT has performed better with a 8.77% return vs -2.92%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IPO or BOUT?

IPO is cheaper with a 0.60% expense ratio, compared with 0.80% for BOUT.

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

IPO has the higher dividend yield at 0.42%, compared with 0.26% for BOUT.

What is the main difference between IPO and BOUT?

IPO tracks Renaissance IPO Index, while BOUT tracks IBD Breakout Stocks Total Return Index. They also come from different issuers: Renaissance Capital and Innovator. Their fees differ too: 0.60% for IPO and 0.80% for BOUT.

Which has better risk-adjusted returns?

BOUT currently has the higher Sharpe Ratio (1.68 vs 0.97), 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.