IPO vs. CSMD

Last updated Jun 5, 2026

IPO (Renaissance IPO ETF) and CSMD (Congress SMID Growth ETF) are both Mid Cap Growth Equities funds. IPO is passively managed, while CSMD is actively managed. Over the past year, IPO returned 30.62% vs 15.22% for CSMD. A 0.74 correlation means they provide meaningful diversification when combined. IPO charges 0.60%/yr vs 0.68%/yr for CSMD.

Performance

IPO vs. CSMD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Renaissance IPO ETF (IPO) and Congress SMID Growth ETF (CSMD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IPO achieves a 24.27% return, which is significantly higher than CSMD's 11.32% return.

IPO

• 1D: -0.28%
• 1M: 10.70%
• YTD: 24.27%
• 6M: 21.48%
• 1Y: 30.62%
• 3Y*: 22.67%
• 5Y*: -1.34%
• 10Y*: 11.10%

CSMD

• 1D: 0.54%
• 1M: 4.02%
• YTD: 11.32%
• 6M: 8.64%
• 1Y: 15.22%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

IPO vs. CSMD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
IPO Renaissance IPO ETF	24.27%	5.45%	15.68%	20.70%
CSMD Congress SMID Growth ETF	11.32%	5.68%	12.70%	6.44%

Correlation

The correlation between IPO and CSMD is 0.68, 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	0.68
Correlation (All Time) Calculated using the full available price history since Aug 23, 2023	0.74

The correlation between IPO and CSMD has been stable across timeframes, ranging from 0.68 to 0.74 - a consistent structural relationship.

IPO vs. CSMD - Sectors Allocation Comparison

Sectors	IPO	CSMD
Technology	40.3%	25.3%
Consumer Cyclical	14.4%	8.7%
Healthcare	10.8%	14.6%
Consumer Defensive	9.2%	6.8%
Industrials	9.1%	31.1%
Communication Services	6.6%	-
Financial Services	4.3%	3.7%
Real Estate	4.0%	1.6%
Energy	1.1%	3.6%
Utilities	0.3%	-
Basic Materials	-	2.0%

Return for Risk

IPO vs. CSMD — 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: 30
IPO Sortino Ratio Rank: 30
IPO Omega Ratio Rank: 28
IPO Calmar Ratio Rank: 25
IPO Martin Ratio Rank: 22

CSMD

CSMD Risk / Return Rank: 24
CSMD Sharpe Ratio Rank: 24
CSMD Sortino Ratio Rank: 24
CSMD Omega Ratio Rank: 24
CSMD Calmar Ratio Rank: 23
CSMD Martin Ratio Rank: 24

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. CSMD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Renaissance IPO ETF (IPO) and Congress SMID Growth ETF (CSMD). 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.

	IPO	CSMD	Difference
Sharpe ratio: Return per unit of total volatility	1.06	0.81	+0.26
Sortino ratio: Return per unit of downside risk	1.58	1.26	+0.32
Omega ratio: Gain probability vs. loss probability	1.19	1.15	+0.04
Calmar ratio: Return relative to maximum drawdown	1.17	1.03	+0.14
Martin ratio: Return relative to average drawdown	2.63	3.14	-0.52
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IPO vs. CSMD - Sharpe Ratio Comparison

The current IPO Sharpe Ratio is 1.06, which is higher than the CSMD Sharpe Ratio of 0.81. The chart below compares the historical Sharpe Ratios of IPO and CSMD, 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

	IPO	CSMD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.06	0.81	+0.26
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.04	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.35	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.31	0.67	-0.36

Drawdowns

IPO vs. CSMD - Drawdown Comparison

The maximum IPO drawdown since its inception was -68.76%, which is greater than CSMD's maximum drawdown of -22.54%. Use the drawdown chart below to compare losses from any high point for IPO and CSMD.

Drawdown Indicators

	IPO	CSMD	Difference
Max Drawdown Largest peak-to-trough decline	-68.76%	-22.54%	-46.22%
Max Drawdown (1Y) Largest decline over 1 year	-26.24%	-14.79%	-11.45%
Max Drawdown (3Y) Largest decline over 3 years	-32.04%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-66.02%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-68.76%	—	—
Current Drawdown Current decline from peak	-24.91%	0.00%	-24.91%
Average Drawdown Average peak-to-trough decline	-22.93%	-4.75%	-18.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.67%	4.85%	+6.82%

Volatility

IPO vs. CSMD - Volatility Comparison

Renaissance IPO ETF (IPO) has a higher volatility of 9.57% compared to Congress SMID Growth ETF (CSMD) at 4.74%. This indicates that IPO's price experiences larger fluctuations and is considered to be riskier than CSMD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IPO	CSMD	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.57%	4.74%	+4.83%
Volatility (6M) Calculated over the trailing 6-month period	22.24%	14.46%	+7.78%
Volatility (1Y) Calculated over the trailing 1-year period	28.91%	18.95%	+9.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	35.84%	19.76%	+16.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	31.49%	19.76%	+11.73%

IPO vs. CSMD - Expense Ratio Comparison

IPO has a 0.60% expense ratio, which is lower than CSMD's 0.68% expense ratio.

Dividends

IPO vs. CSMD - Dividend Comparison

IPO's dividend yield for the trailing twelve months is around 0.46%, while CSMD has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CSMD Congress SMID Growth ETF	0.00%	0.00%	0.40%	0.02%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
IPO Renaissance IPO ETF	0.46%	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 CSMD in my portfolio?

IPO and CSMD have a correlation of 0.68, 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 CSMD?

IPO has higher volatility (9.57%) compared to CSMD (4.74%). In terms of maximum drawdown, IPO dropped -68.76% vs CSMD's -22.54%.

Which ETF is better, IPO or CSMD?

On 1-year performance, IPO leads with 30.62% vs 15.22% for CSMD. On fees, IPO is cheaper at 0.60% per year. On volatility, CSMD has been the lower-risk option at 4.74%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IPO or CSMD?

Over the 1-year period, IPO has performed better with a 30.62% return vs 15.22%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IPO or CSMD?

IPO is cheaper with a 0.60% expense ratio, compared with 0.68% for CSMD.

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

IPO has the higher dividend yield at 0.46%, compared with 0.00% for CSMD.

What is the main difference between IPO and CSMD?

They also come from different issuers: Renaissance Capital and Congress. Their fees differ too: 0.60% for IPO and 0.68% for CSMD.

Which has better risk-adjusted returns?

IPO currently has the higher Sharpe Ratio (1.06 vs 0.81), 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.