IPO vs. PAMC

Last updated Aug 2, 2026

IPO (Renaissance IPO ETF) and PAMC (Pacer Lunt MidCap Multi-Factor Alternator ETF) are both Mid Cap Growth Equities funds - IPO tracks the Renaissance IPO Index while PAMC tracks the Lunt Capital U.S. MidCap Multi-Factor Rotation Index. Both are passively managed. Over the past 5 years, IPO returned -3.83%/yr vs 9.60%/yr for PAMC. Their 0.64 correlation means they have sometimes moved together and sometimes differently. Both charge a 0.60% expense ratio.

Performance

IPO vs. PAMC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Renaissance IPO ETF (IPO) and Pacer Lunt MidCap Multi-Factor Alternator ETF (PAMC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IPO achieves a 12.19% return, which is significantly lower than PAMC's 15.63% 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%

PAMC

• 1D: -0.04%
• 1M: -0.96%
• 6M: 11.11%
• YTD: 15.63%
• 1Y: 25.97%
• 3Y*: 15.21%
• 5Y*: 9.60%
• 10Y*: —
• ALL TIME*: 15.20%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
IPO Renaissance IPO ETF	$994.90K	$1.09M	$2.23M
PAMC Pacer Lunt MidCap Multi-Factor Alternator ETF	$146.26K	$127.92K	$342.42K

IPO vs. PAMC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
IPO Renaissance IPO ETF	12.19%	5.45%	15.68%	52.55%	-57.26%	-10.31%	58.96%
PAMC Pacer Lunt MidCap Multi-Factor Alternator ETF	15.63%	1.54%	26.20%	19.30%	-12.15%	13.15%	34.86%

Correlation

The correlation between IPO and PAMC is 0.55, 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.	0.55
Correlation (3Y) Balances recent behavior with more history.	0.67
Correlation (5Y) Shows whether the relationship held over a longer period.	0.70
Correlation (All Time) Calculated using the full available price history since Jun 25, 2020	0.64

The correlation between IPO and PAMC shifts across timeframes, from 0.55 (1 year) to 0.70 (5 years), reflecting how their relationship changes across market environments.

IPO vs. PAMC - Sectors Allocation Comparison

Sectors	IPO	PAMC
Technology	43.6%	10.8%
Healthcare	13.0%	5.8%
Industrials	12.5%	23.2%
Consumer Cyclical	9.6%	12.5%
Communication Services	6.6%	0.8%
Financial Services	6.3%	19.8%
Real Estate	4.1%	6.8%
Energy	3.1%	7.8%
Utilities	0.9%	3.5%
Consumer Defensive	0.3%	3.4%
Basic Materials	-	5.5%

Return for Risk

IPO vs. PAMC — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

IPO

IPO Risk / Return Rank: 19
IPO Sharpe Ratio Rank: 19
IPO Sortino Ratio Rank: 21
IPO Omega Ratio Rank: 19
IPO Calmar Ratio Rank: 18
IPO Martin Ratio Rank: 17

PAMC

PAMC Risk / Return Rank: 58
PAMC Sharpe Ratio Rank: 51
PAMC Sortino Ratio Rank: 54
PAMC Omega Ratio Rank: 52
PAMC Calmar Ratio Rank: 67
PAMC Martin Ratio Rank: 69

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

IPO vs. PAMC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Renaissance IPO ETF (IPO) and Pacer Lunt MidCap Multi-Factor Alternator ETF (PAMC). 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	PAMC	Difference
Sharpe ratio: Return per unit of total volatility	0.37	1.26	-0.89
Sortino ratio: Return per unit of downside risk	0.73	1.88	-1.15
Omega ratio: Gain probability vs. loss probability	1.08	1.24	-0.15
Calmar ratio: Return relative to maximum drawdown	0.45	2.33	-1.88
Martin ratio: Return relative to average drawdown	0.97	8.42	-7.46

IPO vs. PAMC - Sharpe Ratio Comparison

The current IPO Sharpe Ratio is 0.37, which is lower than the PAMC Sharpe Ratio of 1.26. The chart below compares the historical Sharpe Ratios of IPO and PAMC, 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. PAMC - Drawdown Comparison

The maximum IPO drawdown since its inception was -68.76%, which is greater than PAMC's maximum drawdown of -27.04%. Use the drawdown chart below to compare losses from any high point for IPO and PAMC.

Drawdown Indicators

	IPO	PAMC	Difference
Max Drawdown Largest peak-to-trough decline	-68.76%	-27.04%	-41.72%
Max Drawdown (1Y) Largest decline over 1 year	-26.24%	-10.24%	-16.00%
Max Drawdown (3Y) Largest decline over 3 years	-32.04%	-26.07%	-5.97%
Max Drawdown (5Y) Largest decline over 5 years	-66.02%	-26.61%	-39.41%
Max Drawdown (10Y) Largest decline over 10 years	-68.76%	—	—
Current Drawdown Current decline from peak	-32.21%	-3.30%	-28.91%
Average Drawdown Average peak-to-trough decline	-22.97%	-7.32%	-15.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.07%	2.83%	+9.24%

Volatility

IPO vs. PAMC - Volatility Comparison

Renaissance IPO ETF (IPO) has a higher volatility of 10.31% compared to Pacer Lunt MidCap Multi-Factor Alternator ETF (PAMC) at 4.30%. This indicates that IPO's price experiences larger fluctuations and is considered to be riskier than PAMC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IPO	PAMC	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.31%	4.30%	+6.01%
Volatility (6M) Calculated over the trailing 6-month period	25.49%	14.15%	+11.34%
Volatility (1Y) Calculated over the trailing 1-year period	31.90%	18.94%	+12.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.26%	20.21%	+16.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	31.74%	20.62%	+11.12%

IPO vs. PAMC - Expense Ratio Comparison

Both IPO and PAMC have an expense ratio of 0.60%.

Dividends

IPO vs. PAMC - Dividend Comparison

IPO's dividend yield for the trailing twelve months is around 0.46%, less than PAMC's 1.12% 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%
PAMC Pacer Lunt MidCap Multi-Factor Alternator ETF	1.12%	1.11%	0.97%	0.69%	1.29%	0.36%	0.30%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both IPO and PAMC in my portfolio?

IPO and PAMC have a correlation of 0.55, 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 PAMC?

IPO has higher volatility (10.31%) compared to PAMC (4.30%). In terms of maximum drawdown, IPO dropped -68.76% vs PAMC's -27.04%.

Which ETF is better, IPO or PAMC?

On 5-year performance, PAMC leads with 9.60% vs -3.83% for IPO. Both ETFs have the same 0.60% expense ratio. On volatility, PAMC has been the lower-risk option at 4.30%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IPO or PAMC?

Over the 5-year period, PAMC has performed better with a 9.60% return vs -3.83%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IPO or PAMC?

IPO and PAMC have the same expense ratio: 0.60% per year.

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

PAMC has the higher dividend yield at 1.12%, compared with 0.46% for IPO.

What is the main difference between IPO and PAMC?

IPO tracks Renaissance IPO Index, while PAMC tracks Lunt Capital U.S. MidCap Multi-Factor Rotation Index. They also come from different issuers: Renaissance Capital and Pacer.

Which has better risk-adjusted returns?

PAMC currently has the higher Sharpe Ratio (1.26 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.