IPO vs. IMCG

Last updated Jun 26, 2026

IPO (Renaissance IPO ETF) and IMCG (iShares Morningstar Mid-Cap Growth ETF) are both Mid Cap Growth Equities funds - IPO tracks the Renaissance IPO Index while IMCG tracks the Morningstar US Mid Cap Broad Growth Index. Both are passively managed. Over the past 10 years, IPO returned 12.31%/yr vs 15.34%/yr for IMCG. Their correlation of 0.81 suggests significant overlap in exposure. IPO charges 0.60%/yr vs 0.06%/yr for IMCG.

Performance

IPO vs. IMCG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Renaissance IPO ETF (IPO) and iShares Morningstar Mid-Cap Growth ETF (IMCG). 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 higher than IMCG's 22.01% return. Over the past 10 years, IPO has underperformed IMCG with an annualized return of 12.31%, while IMCG has yielded a comparatively higher 15.34% annualized 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%

IMCG

• 1D: 0.78%
• 1M: 4.90%
• YTD: 22.01%
• 6M: 19.78%
• 1Y: 24.49%
• 3Y*: 19.07%
• 5Y*: 7.96%
• 10Y*: 15.34%

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

IPO vs. IMCG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IPO Renaissance IPO ETF	23.60%	5.45%	15.68%	52.55%	-57.26%	-10.31%	107.88%	34.11%	-17.24%	37.16%
IMCG iShares Morningstar Mid-Cap Growth ETF	22.01%	6.55%	18.14%	20.73%	-25.79%	15.39%	45.64%	35.70%	-3.68%	25.57%

Correlation

The correlation between IPO and IMCG 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	0.80
Correlation (5Y) Calculated over the trailing 5-year period	0.83
Correlation (10Y) Calculated over the trailing 10-year period	0.81
Correlation (All Time) Calculated using the full available price history since Oct 16, 2013	0.81

The correlation between IPO and IMCG has been stable across timeframes, ranging from 0.74 to 0.83 - a consistent structural relationship.

IPO vs. IMCG - Sectors Allocation Comparison

Sectors	IPO	IMCG
Technology	46.6%	34.9%
Consumer Cyclical	12.2%	9.1%
Healthcare	8.9%	6.9%
Industrials	8.8%	25.3%
Consumer Defensive	7.8%	1.2%
Communication Services	6.7%	2.4%
Financial Services	4.4%	8.6%
Real Estate	3.5%	3.1%
Energy	0.9%	1.7%
Utilities	0.2%	2.5%
Basic Materials	-	4.3%

Return for Risk

IPO vs. IMCG — 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

IMCG

IMCG Risk / Return Rank: 51
IMCG Sharpe Ratio Rank: 48
IMCG Sortino Ratio Rank: 48
IMCG Omega Ratio Rank: 46
IMCG Calmar Ratio Rank: 57
IMCG Martin Ratio Rank: 59

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. IMCG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Renaissance IPO ETF (IPO) and iShares Morningstar Mid-Cap Growth ETF (IMCG). 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	IMCG	Difference
Sharpe ratio: Return per unit of total volatility	0.97	1.47	-0.50
Sortino ratio: Return per unit of downside risk	1.47	2.10	-0.62
Omega ratio: Gain probability vs. loss probability	1.17	1.26	-0.08
Calmar ratio: Return relative to maximum drawdown	1.12	2.42	-1.30
Martin ratio: Return relative to average drawdown	2.51	9.22	-6.71

IPO vs. IMCG - Sharpe Ratio Comparison

The current IPO Sharpe Ratio is 0.97, which is lower than the IMCG Sharpe Ratio of 1.47. The chart below compares the historical Sharpe Ratios of IPO and IMCG, 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. IMCG - Drawdown Comparison

The maximum IPO drawdown since its inception was -68.76%, which is greater than IMCG's maximum drawdown of -58.96%. Use the drawdown chart below to compare losses from any high point for IPO and IMCG.

Drawdown Indicators

	IPO	IMCG	Difference
Max Drawdown Largest peak-to-trough decline	-68.76%	-58.96%	-9.80%
Max Drawdown (1Y) Largest decline over 1 year	-26.24%	-10.17%	-16.07%
Max Drawdown (3Y) Largest decline over 3 years	-32.04%	-21.92%	-10.12%
Max Drawdown (5Y) Largest decline over 5 years	-66.02%	-35.08%	-30.94%
Max Drawdown (10Y) Largest decline over 10 years	-68.76%	-35.08%	-33.68%
Current Drawdown Current decline from peak	-25.32%	-0.34%	-24.98%
Average Drawdown Average peak-to-trough decline	-22.93%	-9.20%	-13.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.73%	2.66%	+9.07%

Volatility

IPO vs. IMCG - Volatility Comparison

Renaissance IPO ETF (IPO) has a higher volatility of 11.36% compared to iShares Morningstar Mid-Cap Growth ETF (IMCG) at 7.31%. This indicates that IPO's price experiences larger fluctuations and is considered to be riskier than IMCG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IPO	IMCG	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.36%	7.31%	+4.05%
Volatility (6M) Calculated over the trailing 6-month period	23.64%	14.06%	+9.58%
Volatility (1Y) Calculated over the trailing 1-year period	30.25%	16.73%	+13.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.08%	20.37%	+15.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	31.60%	20.59%	+11.01%

IPO vs. IMCG - Expense Ratio Comparison

IPO has a 0.60% expense ratio, which is higher than IMCG's 0.06% expense ratio.

Dividends

IPO vs. IMCG - Dividend Comparison

IPO's dividend yield for the trailing twelve months is around 0.42%, less than IMCG's 0.61% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IMCG iShares Morningstar Mid-Cap Growth ETF	0.61%	0.78%	0.78%	0.85%	0.91%	0.41%	0.09%	0.30%	0.35%	0.45%	0.52%	0.38%
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 IMCG in my portfolio?

IPO and IMCG 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, IPO or IMCG?

IPO has higher volatility (11.36%) compared to IMCG (7.31%). In terms of maximum drawdown, IPO dropped -68.76% vs IMCG's -58.96%.

Which ETF is better, IPO or IMCG?

On 10-year performance, IMCG leads with 15.34% vs 12.31% for IPO. On fees, IMCG is cheaper at 0.06% per year. On volatility, IMCG has been the lower-risk option at 7.31%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IPO or IMCG?

Over the 10-year period, IMCG has performed better with a 15.34% return vs 12.31%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IPO or IMCG?

IMCG is cheaper with a 0.06% expense ratio, compared with 0.60% for IPO.

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

IMCG has the higher dividend yield at 0.61%, compared with 0.42% for IPO.

What is the main difference between IPO and IMCG?

IPO tracks Renaissance IPO Index, while IMCG tracks Morningstar US Mid Cap Broad Growth Index. They also come from different issuers: Renaissance Capital and iShares. Their fees differ too: 0.60% for IPO and 0.06% for IMCG.

Which has better risk-adjusted returns?

IMCG currently has the higher Sharpe Ratio (1.47 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.