IPO vs. KMID

Last updated Jul 14, 2026

IPO (Renaissance IPO ETF) and KMID (Virtus KAR Mid-Cap ETF) are both Mid Cap Growth Equities funds. IPO is passively managed, while KMID is actively managed. Over the past year, IPO returned 26.88% vs -0.02% for KMID. A 0.52 correlation means they provide meaningful diversification when combined. IPO charges 0.60%/yr vs 0.80%/yr for KMID.

Performance

IPO vs. KMID - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Renaissance IPO ETF (IPO) and Virtus KAR Mid-Cap ETF (KMID). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IPO achieves a 22.19% return, which is significantly higher than KMID's 3.38% return.

IPO

• 1D: -3.23%
• 1M: -0.02%
• 6M: 15.20%
• YTD: 22.19%
• 1Y: 26.88%
• 3Y*: 17.15%
• 5Y*: -1.77%
• 10Y*: 11.10%

KMID

• 1D: 0.48%
• 1M: 0.39%
• 6M: -0.30%
• YTD: 3.38%
• 1Y: -0.02%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

IPO vs. KMID - Yearly Performance Comparison

	2026 (YTD)	2025	2024
IPO Renaissance IPO ETF	22.19%	5.45%	0.12%
KMID Virtus KAR Mid-Cap ETF	3.38%	0.31%	-3.02%

Correlation

The correlation between IPO and KMID is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.46
Correlation (All Time) Calculated using the full available price history since Oct 16, 2024	0.52

The correlation between IPO and KMID has been stable across timeframes, ranging from 0.46 to 0.52 - a consistent structural relationship.

IPO vs. KMID - Sectors Allocation Comparison

Sectors	IPO	KMID
Technology	46.6%	15.8%
Consumer Cyclical	12.2%	8.7%
Healthcare	8.9%	11.5%
Industrials	8.8%	52.2%
Consumer Defensive	7.8%	-
Communication Services	6.7%	-
Financial Services	4.4%	11.8%
Real Estate	3.5%	-
Energy	0.9%	-
Utilities	0.2%	-
Basic Materials	-	-

Return for Risk

IPO vs. KMID — Risk / Return Rank

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

IPO

IPO Risk / Return Rank: 28
IPO Sharpe Ratio Rank: 30
IPO Sortino Ratio Rank: 30
IPO Omega Ratio Rank: 28
IPO Calmar Ratio Rank: 26
IPO Martin Ratio Rank: 23

KMID

KMID Risk / Return Rank: 8
KMID Sharpe Ratio Rank: 9
KMID Sortino Ratio Rank: 8
KMID Omega Ratio Rank: 8
KMID Calmar Ratio Rank: 8
KMID Martin Ratio Rank: 8

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. KMID - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Renaissance IPO ETF (IPO) and Virtus KAR Mid-Cap ETF (KMID). 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	KMID	Difference
Sharpe ratio: Return per unit of total volatility	0.88	-0.06	+0.93
Sortino ratio: Return per unit of downside risk	1.36	0.03	+1.33
Omega ratio: Gain probability vs. loss probability	1.16	1.00	+0.16
Calmar ratio: Return relative to maximum drawdown	1.03	-0.08	+1.11
Martin ratio: Return relative to average drawdown	2.29	-0.19	+2.48

IPO vs. KMID - Sharpe Ratio Comparison

The current IPO Sharpe Ratio is 0.88, which is higher than the KMID Sharpe Ratio of -0.06. The chart below compares the historical Sharpe Ratios of IPO and KMID, 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. KMID - Drawdown Comparison

The maximum IPO drawdown since its inception was -68.76%, which is greater than KMID's maximum drawdown of -18.89%. Use the drawdown chart below to compare losses from any high point for IPO and KMID.

Drawdown Indicators

	IPO	KMID	Difference
Max Drawdown Largest peak-to-trough decline	-68.76%	-18.89%	-49.87%
Max Drawdown (1Y) Largest decline over 1 year	-26.24%	-10.71%	-15.53%
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	-26.17%	-3.87%	-22.30%
Average Drawdown Average peak-to-trough decline	-22.94%	-5.70%	-17.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.75%	4.43%	+7.32%

Volatility

IPO vs. KMID - Volatility Comparison

Renaissance IPO ETF (IPO) has a higher volatility of 10.82% compared to Virtus KAR Mid-Cap ETF (KMID) at 4.94%. This indicates that IPO's price experiences larger fluctuations and is considered to be riskier than KMID based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IPO	KMID	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.82%	4.94%	+5.88%
Volatility (6M) Calculated over the trailing 6-month period	24.36%	11.69%	+12.67%
Volatility (1Y) Calculated over the trailing 1-year period	30.88%	14.91%	+15.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.19%	16.86%	+19.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	31.64%	16.86%	+14.78%

IPO vs. KMID - Expense Ratio Comparison

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

Dividends

IPO vs. KMID - Dividend Comparison

IPO's dividend yield for the trailing twelve months is around 0.43%, more than KMID's 0.11% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IPO Renaissance IPO ETF	0.43%	0.66%	0.12%	0.00%	0.00%	0.00%	0.10%	0.26%	0.49%	0.43%	0.40%	0.11%
KMID Virtus KAR Mid-Cap ETF	0.11%	0.06%	0.05%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both IPO and KMID in my portfolio?

IPO and KMID have a correlation of 0.46, 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 KMID?

IPO has higher volatility (10.82%) compared to KMID (4.94%). In terms of maximum drawdown, IPO dropped -68.76% vs KMID's -18.89%.

Which ETF is better, IPO or KMID?

On 1-year performance, IPO leads with 26.88% vs -0.02% for KMID. On fees, IPO is cheaper at 0.60% per year. On volatility, KMID has been the lower-risk option at 4.94%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IPO or KMID?

Over the 1-year period, IPO has performed better with a 26.88% return vs -0.02%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IPO or KMID?

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

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

IPO has the higher dividend yield at 0.43%, compared with 0.11% for KMID.

What is the main difference between IPO and KMID?

They also come from different issuers: Renaissance Capital and Virtus. Their fees differ too: 0.60% for IPO and 0.80% for KMID.

Which has better risk-adjusted returns?

IPO currently has the higher Sharpe Ratio (0.88 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.