IPO vs. IVOG
IPO (Renaissance IPO ETF) and IVOG (Vanguard S&P Mid-Cap 400 Growth ETF) are both Mid Cap Growth Equities funds - IPO tracks the Renaissance IPO Index while IVOG tracks the S&P MidCap 400 Growth Index. Both are passively managed. Over the past 10 years, IPO returned 10.14%/yr vs 10.91%/yr for IVOG. Their 0.73 correlation means they have sometimes moved together and sometimes differently. IPO charges 0.60%/yr vs 0.10%/yr for IVOG.
Performance
IPO vs. IVOG - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, IPO achieves a 12.19% return, which is significantly lower than IVOG's 15.87% return. Over the past 10 years, IPO has underperformed IVOG with an annualized return of 10.14%, while IVOG has yielded a comparatively higher 10.91% annualized return.
IPO
- 1D
- -2.11%
- 1M
- -11.04%
- 6M
- 14.70%
- YTD
- 12.19%
- 1Y
- 12.44%
- 3Y*
- 12.56%
- 5Y*
- -3.83%
- 10Y*
- 10.14%
- ALL TIME*
- 8.05%
IVOG
- 1D
- -0.07%
- 1M
- -2.89%
- 6M
- 11.25%
- YTD
- 15.87%
- 1Y
- 22.81%
- 3Y*
- 13.84%
- 5Y*
- 7.47%
- 10Y*
- 10.91%
- ALL TIME*
- 12.22%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $994.90K | $1.09M | $2.23M | |
| $2.19M | $2.83M | $3.26M |
IPO vs. IVOG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IPO Renaissance IPO ETF | 12.19% | 5.45% | 15.68% | 52.55% | -57.26% | -10.31% | 107.88% | 34.11% | -17.24% | 37.16% |
IVOG Vanguard S&P Mid-Cap 400 Growth ETF | 15.87% | 7.34% | 15.62% | 17.36% | -19.08% | 18.85% | 22.60% | 26.13% | -10.58% | 19.90% |
Correlation
The correlation between IPO and IVOG is 0.69, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.69 |
Correlation (3Y) Balances recent behavior with more history. | 0.74 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.76 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.71 |
Correlation (All Time) Calculated using the full available price history since Oct 16, 2013 | 0.73 |
The correlation between IPO and IVOG has been stable across timeframes, ranging from 0.69 to 0.76 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
IPO vs. IVOG — Risk / Return Rank
IPO
IVOG
IPO vs. IVOG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Renaissance IPO ETF (IPO) and Vanguard S&P Mid-Cap 400 Growth ETF (IVOG). 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 | IVOG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.83 | ||
| Sortino ratioReturn per unit of downside risk | -1.06 | ||
| Omega ratioGain probability vs. loss probability | 1.08 | 1.21 | -0.13 |
| Calmar ratioReturn relative to maximum drawdown | 0.45 | 2.20 | -1.76 |
| Martin ratioReturn relative to average drawdown | 0.97 | 7.98 | -7.01 |
Loading charts...
Drawdowns
IPO vs. IVOG - Drawdown Comparison
The maximum IPO drawdown since its inception was -68.76%, which is greater than IVOG's maximum drawdown of -39.32%. Use the drawdown chart below to compare losses from any high point for IPO and IVOG.
Loading charts...
Drawdown Indicators
| IPO | IVOG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -68.76% | -39.32% | -29.44% |
Max Drawdown (1Y)Largest decline over 1 year | -26.24% | -9.69% | -16.55% |
Max Drawdown (3Y)Largest decline over 3 years | -32.04% | -25.61% | -6.43% |
Max Drawdown (5Y)Largest decline over 5 years | -66.02% | -29.31% | -36.71% |
Max Drawdown (10Y)Largest decline over 10 years | -68.76% | -39.32% | -29.44% |
Current DrawdownCurrent decline from peak | -32.21% | -4.80% | -27.41% |
Average DrawdownAverage peak-to-trough decline | -22.97% | -5.84% | -17.13% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 12.07% | 2.67% | +9.40% |
Volatility
IPO vs. IVOG - Volatility Comparison
Renaissance IPO ETF (IPO) has a higher volatility of 10.31% compared to Vanguard S&P Mid-Cap 400 Growth ETF (IVOG) at 4.23%. This indicates that IPO's price experiences larger fluctuations and is considered to be riskier than IVOG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| IPO | IVOG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.31% | 4.23% | +6.08% |
Volatility (6M)Calculated over the trailing 6-month period | 25.49% | 14.00% | +11.49% |
Volatility (1Y)Calculated over the trailing 1-year period | 31.90% | 17.93% | +13.97% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.26% | 20.70% | +15.56% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 31.74% | 20.61% | +11.13% |
IPO vs. IVOG - Expense Ratio Comparison
IPO has a 0.60% expense ratio, which is higher than IVOG's 0.10% expense ratio.
Dividends
IPO vs. IVOG - Dividend Comparison
IPO's dividend yield for the trailing twelve months is around 0.46%, less than IVOG's 0.56% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
IVOG Vanguard S&P Mid-Cap 400 Growth ETF | 0.56% | 0.64% | 0.79% | 1.15% | 1.05% | 0.47% | 0.74% | 1.17% | 1.01% | 0.93% | 1.11% | 1.04% |
Frequently Asked Questions
IPO and IVOG have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IPO has higher volatility (10.31%) compared to IVOG (4.23%). In terms of maximum drawdown, IPO dropped -68.76% vs IVOG's -39.32%.
On 10-year performance, IVOG leads with 10.91% vs 10.14% for IPO. On fees, IVOG is cheaper at 0.10% per year. On volatility, IVOG has been the lower-risk option at 4.23%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, IVOG has performed better with a 10.91% return vs 10.14%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IVOG is cheaper with a 0.10% expense ratio, compared with 0.60% for IPO.
IVOG has the higher dividend yield at 0.56%, compared with 0.46% for IPO.
IPO tracks Renaissance IPO Index, while IVOG tracks S&P MidCap 400 Growth Index. They also come from different issuers: Renaissance Capital and Vanguard. Their fees differ too: 0.60% for IPO and 0.10% for IVOG.
IVOG currently has the higher Sharpe Ratio (1.20 vs 0.37), 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.
Find the right allocation for IPO and IVOG
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer