IPO vs. BRK-B

Last updated Jun 23, 2026

IPO (Renaissance IPO ETF) is Mid Cap Growth Equities fund tracking the Renaissance IPO Index, while BRK-B (Berkshire Hathaway Inc.) is a stock. Over the past 10 years, IPO returned 12.40%/yr vs 13.34%/yr for BRK-B. At a 0.32 correlation, their price movements are largely independent.

Performance

IPO vs. BRK-B - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Renaissance IPO ETF (IPO) and Berkshire Hathaway Inc. (BRK-B). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IPO achieves a 29.28% return, which is significantly higher than BRK-B's -2.78% return. Over the past 10 years, IPO has underperformed BRK-B with an annualized return of 12.40%, while BRK-B has yielded a comparatively higher 13.34% annualized return.

IPO

• 1D: -1.01%
• 1M: 11.14%
• YTD: 29.28%
• 6M: 23.90%
• 1Y: 36.21%
• 3Y*: 24.13%
• 5Y*: -1.92%
• 10Y*: 12.40%

BRK-B

• 1D: -0.16%
• 1M: 0.47%
• YTD: -2.78%
• 6M: -2.25%
• 1Y: 0.79%
• 3Y*: 13.38%
• 5Y*: 12.21%
• 10Y*: 13.34%

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

IPO vs. BRK-B - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IPO Renaissance IPO ETF	29.28%	5.45%	15.68%	52.55%	-57.26%	-10.31%	107.88%	34.11%	-17.24%	37.16%
BRK-B Berkshire Hathaway Inc.	-2.78%	10.89%	27.09%	15.46%	3.31%	28.95%	2.37%	10.93%	3.01%	21.62%

Correlation

The correlation between IPO and BRK-B is -0.12, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.12
Correlation (3Y) Calculated over the trailing 3-year period	0.15
Correlation (5Y) Calculated over the trailing 5-year period	0.25
Correlation (10Y) Calculated over the trailing 10-year period	0.28
Correlation (All Time) Calculated using the full available price history since Oct 16, 2013	0.32

The correlation between IPO and BRK-B shifts across timeframes, from -0.12 (1 year) to 0.32 (all time), reflecting how their relationship changes across market environments.

Return for Risk

IPO vs. BRK-B — Risk / Return Rank

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

IPO

IPO Risk / Return Rank: 31
IPO Sharpe Ratio Rank: 35
IPO Sortino Ratio Rank: 34
IPO Omega Ratio Rank: 31
IPO Calmar Ratio Rank: 29
IPO Martin Ratio Rank: 25

BRK-B

BRK-B Risk / Return Rank: 40
BRK-B Sharpe Ratio Rank: 44
BRK-B Sortino Ratio Rank: 36
BRK-B Omega Ratio Rank: 35
BRK-B Calmar Ratio Rank: 44
BRK-B Martin Ratio Rank: 43

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. BRK-B - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Renaissance IPO ETF (IPO) and Berkshire Hathaway Inc. (BRK-B). 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	BRK-B	Difference
Sharpe ratio: Return per unit of total volatility	1.21	0.06	+1.15
Sortino ratio: Return per unit of downside risk	1.75	0.17	+1.57
Omega ratio: Gain probability vs. loss probability	1.21	1.02	+0.19
Calmar ratio: Return relative to maximum drawdown	1.39	0.08	+1.30
Martin ratio: Return relative to average drawdown	3.10	0.17	+2.92

IPO vs. BRK-B - Sharpe Ratio Comparison

The current IPO Sharpe Ratio is 1.21, which is higher than the BRK-B Sharpe Ratio of 0.06. The chart below compares the historical Sharpe Ratios of IPO and BRK-B, 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. BRK-B - Drawdown Comparison

The maximum IPO drawdown since its inception was -68.76%, which is greater than BRK-B's maximum drawdown of -53.86%. Use the drawdown chart below to compare losses from any high point for IPO and BRK-B.

Drawdown Indicators

	IPO	BRK-B	Difference
Max Drawdown Largest peak-to-trough decline	-68.76%	-53.86%	-14.90%
Max Drawdown (1Y) Largest decline over 1 year	-26.24%	-9.42%	-16.82%
Max Drawdown (3Y) Largest decline over 3 years	-32.04%	-14.95%	-17.09%
Max Drawdown (5Y) Largest decline over 5 years	-66.02%	-26.58%	-39.44%
Max Drawdown (10Y) Largest decline over 10 years	-68.76%	-29.57%	-39.19%
Current Drawdown Current decline from peak	-21.89%	-9.47%	-12.42%
Average Drawdown Average peak-to-trough decline	-22.93%	-11.07%	-11.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.72%	4.57%	+7.15%

Volatility

IPO vs. BRK-B - Volatility Comparison

Renaissance IPO ETF (IPO) has a higher volatility of 10.97% compared to Berkshire Hathaway Inc. (BRK-B) at 3.68%. This indicates that IPO's price experiences larger fluctuations and is considered to be riskier than BRK-B based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IPO	BRK-B	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.97%	3.68%	+7.29%
Volatility (6M) Calculated over the trailing 6-month period	23.55%	10.60%	+12.95%
Volatility (1Y) Calculated over the trailing 1-year period	30.18%	14.39%	+15.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.06%	17.10%	+18.96%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	31.62%	19.44%	+12.18%

Dividends

IPO vs. BRK-B - Dividend Comparison

IPO's dividend yield for the trailing twelve months is around 0.40%, while BRK-B has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BRK-B Berkshire Hathaway Inc.	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
IPO Renaissance IPO ETF	0.40%	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 BRK-B in my portfolio?

IPO and BRK-B have a correlation of -0.12, 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 BRK-B?

IPO has higher volatility (10.97%) compared to BRK-B (3.68%). In terms of maximum drawdown, IPO dropped -68.76% vs BRK-B's -53.86%.

Which has better risk-adjusted returns?

IPO currently has the higher Sharpe Ratio (1.21 vs 0.06), 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.