IPO vs. PDP
Compare and contrast key facts about Renaissance IPO ETF (IPO) and Invesco Dorsey Wright Momentum ETF (PDP).
IPO and PDP are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. IPO is a passively managed fund by Renaissance Capital that tracks the performance of the Renaissance IPO Index. It was launched on Oct 14, 2013. PDP is a passively managed fund by Invesco that tracks the performance of the Dorsey Wright Technical Leaders Index. It was launched on Mar 1, 2007. Both IPO and PDP are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
IPO vs. PDP - Performance Comparison
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IPO vs. PDP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IPO Renaissance IPO ETF | -8.19% | 5.45% | 15.68% | 52.55% | -57.26% | -10.31% | 107.88% | 34.11% | -17.24% | 37.16% |
PDP Invesco Dorsey Wright Momentum ETF | 3.73% | 8.37% | 26.06% | 20.88% | -24.49% | 7.72% | 36.59% | 33.13% | -5.96% | 23.30% |
Returns By Period
In the year-to-date period, IPO achieves a -8.19% return, which is significantly lower than PDP's 3.73% return. Over the past 10 years, IPO has underperformed PDP with an annualized return of 8.27%, while PDP has yielded a comparatively higher 11.68% annualized return.
IPO
- 1D
- 5.57%
- 1M
- -3.72%
- YTD
- -8.19%
- 6M
- -15.44%
- 1Y
- 12.12%
- 3Y*
- 13.00%
- 5Y*
- -7.82%
- 10Y*
- 8.27%
PDP
- 1D
- 4.68%
- 1M
- -6.38%
- YTD
- 3.73%
- 6M
- 2.28%
- 1Y
- 20.93%
- 3Y*
- 16.94%
- 5Y*
- 7.20%
- 10Y*
- 11.68%
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IPO vs. PDP - Expense Ratio Comparison
IPO has a 0.60% expense ratio, which is lower than PDP's 0.62% expense ratio.
Return for Risk
IPO vs. PDP — Risk / Return Rank
IPO
PDP
IPO vs. PDP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Renaissance IPO ETF (IPO) and Invesco Dorsey Wright Momentum ETF (PDP). 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 | PDP | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.37 | 0.87 | -0.50 |
Sortino ratioReturn per unit of downside risk | 0.76 | 1.30 | -0.54 |
Omega ratioGain probability vs. loss probability | 1.09 | 1.17 | -0.08 |
Calmar ratioReturn relative to maximum drawdown | 0.45 | 1.78 | -1.33 |
Martin ratioReturn relative to average drawdown | 1.07 | 5.80 | -4.73 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| IPO | PDP | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.37 | 0.87 | -0.50 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.22 | 0.33 | -0.55 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.27 | 0.55 | -0.28 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.22 | 0.41 | -0.19 |
Correlation
The correlation between IPO and PDP is 0.75, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
IPO vs. PDP - Dividend Comparison
IPO's dividend yield for the trailing twelve months is around 0.62%, more than PDP's 0.13% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IPO Renaissance IPO ETF | 0.62% | 0.66% | 0.12% | 0.00% | 0.00% | 0.00% | 0.10% | 0.26% | 0.49% | 0.43% | 0.40% | 0.11% |
PDP Invesco Dorsey Wright Momentum ETF | 0.13% | 0.17% | 0.15% | 0.42% | 0.45% | 0.00% | 0.11% | 0.25% | 0.18% | 0.28% | 0.81% | 0.39% |
Drawdowns
IPO vs. PDP - Drawdown Comparison
The maximum IPO drawdown since its inception was -68.76%, which is greater than PDP's maximum drawdown of -59.34%. Use the drawdown chart below to compare losses from any high point for IPO and PDP.
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Drawdown Indicators
| IPO | PDP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -68.76% | -59.34% | -9.42% |
Max Drawdown (1Y)Largest decline over 1 year | -26.24% | -12.04% | -14.20% |
Max Drawdown (5Y)Largest decline over 5 years | -66.02% | -33.91% | -32.11% |
Max Drawdown (10Y)Largest decline over 10 years | -68.76% | -34.70% | -34.06% |
Current DrawdownCurrent decline from peak | -44.53% | -7.49% | -37.04% |
Average DrawdownAverage peak-to-trough decline | -22.77% | -10.69% | -12.08% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.01% | 3.69% | +7.32% |
Volatility
IPO vs. PDP - Volatility Comparison
Renaissance IPO ETF (IPO) has a higher volatility of 10.75% compared to Invesco Dorsey Wright Momentum ETF (PDP) at 9.98%. This indicates that IPO's price experiences larger fluctuations and is considered to be riskier than PDP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IPO | PDP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.75% | 9.98% | +0.77% |
Volatility (6M)Calculated over the trailing 6-month period | 22.44% | 18.59% | +3.85% |
Volatility (1Y)Calculated over the trailing 1-year period | 32.74% | 24.13% | +8.61% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 35.81% | 21.93% | +13.88% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 31.27% | 21.44% | +9.83% |