IPO vs. RWJ

Last updated Jun 23, 2026

IPO (Renaissance IPO ETF) and RWJ (Invesco S&P SmallCap 600 Revenue ETF) are both exchange-traded funds - IPO is a Mid Cap Growth Equities fund tracking the Renaissance IPO Index, while RWJ is a Small Cap Value Equities fund tracking the S&P SmallCap 600 Revenue-Weighted Index. Both are passively managed. Over the past 10 years, IPO returned 12.40%/yr vs 13.65%/yr for RWJ. A 0.58 correlation means they provide meaningful diversification when combined. IPO charges 0.60%/yr vs 0.39%/yr for RWJ.

Performance

IPO vs. RWJ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Renaissance IPO ETF (IPO) and Invesco S&P SmallCap 600 Revenue ETF (RWJ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IPO achieves a 29.28% return, which is significantly higher than RWJ's 19.22% return. Over the past 10 years, IPO has underperformed RWJ with an annualized return of 12.40%, while RWJ has yielded a comparatively higher 13.65% annualized return.

IPO

• 1D: -1.01%
• 1M: 11.14%
• YTD: 29.28%
• 6M: 23.90%
• 1Y: 36.21%
• 3Y*: 24.13%
• 5Y*: -1.92%
• 10Y*: 12.40%

RWJ

• 1D: -0.70%
• 1M: 4.86%
• YTD: 19.22%
• 6M: 17.01%
• 1Y: 39.78%
• 3Y*: 18.22%
• 5Y*: 8.90%
• 10Y*: 13.65%

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

IPO vs. RWJ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IPO Renaissance IPO ETF	29.28%	5.45%	15.68%	52.55%	-57.26%	-10.31%	107.88%	34.11%	-17.24%	37.16%
RWJ Invesco S&P SmallCap 600 Revenue ETF	19.22%	7.75%	11.81%	16.21%	-10.97%	52.82%	20.83%	20.29%	-16.95%	5.30%

Correlation

The correlation between IPO and RWJ is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.49
Correlation (3Y) Calculated over the trailing 3-year period	0.61
Correlation (5Y) Calculated over the trailing 5-year period	0.62
Correlation (10Y) Calculated over the trailing 10-year period	0.55
Correlation (All Time) Calculated using the full available price history since Oct 16, 2013	0.58

The correlation between IPO and RWJ shifts across timeframes, from 0.49 (1 year) to 0.62 (5 years), reflecting how their relationship changes across market environments.

IPO vs. RWJ - Sectors Allocation Comparison

Sectors	IPO	RWJ
Technology	46.6%	11.2%
Consumer Cyclical	12.2%	23.9%
Healthcare	8.9%	11.0%
Industrials	8.8%	16.0%
Consumer Defensive	7.8%	6.8%
Communication Services	6.7%	3.5%
Financial Services	4.4%	10.7%
Real Estate	3.5%	3.9%
Energy	0.9%	7.2%
Utilities	0.2%	0.8%
Basic Materials	-	5.0%

Return for Risk

IPO vs. RWJ — Risk / Return Rank

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

IPO

IPO Risk / Return Rank: 31
IPO Sharpe Ratio Rank: 35
IPO Sortino Ratio Rank: 34
IPO Omega Ratio Rank: 31
IPO Calmar Ratio Rank: 29
IPO Martin Ratio Rank: 25

RWJ

RWJ Risk / Return Rank: 66
RWJ Sharpe Ratio Rank: 65
RWJ Sortino Ratio Rank: 67
RWJ Omega Ratio Rank: 59
RWJ Calmar Ratio Rank: 72
RWJ Martin Ratio Rank: 64

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. RWJ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Renaissance IPO ETF (IPO) and Invesco S&P SmallCap 600 Revenue ETF (RWJ). 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	RWJ	Difference
Sharpe ratio: Return per unit of total volatility	1.21	2.06	-0.85
Sortino ratio: Return per unit of downside risk	1.75	2.96	-1.21
Omega ratio: Gain probability vs. loss probability	1.21	1.35	-0.14
Calmar ratio: Return relative to maximum drawdown	1.39	3.53	-2.15
Martin ratio: Return relative to average drawdown	3.10	11.35	-8.25

IPO vs. RWJ - Sharpe Ratio Comparison

The current IPO Sharpe Ratio is 1.21, which is lower than the RWJ Sharpe Ratio of 2.06. The chart below compares the historical Sharpe Ratios of IPO and RWJ, 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. RWJ - Drawdown Comparison

The maximum IPO drawdown since its inception was -68.76%, which is greater than RWJ's maximum drawdown of -55.97%. Use the drawdown chart below to compare losses from any high point for IPO and RWJ.

Drawdown Indicators

	IPO	RWJ	Difference
Max Drawdown Largest peak-to-trough decline	-68.76%	-55.97%	-12.79%
Max Drawdown (1Y) Largest decline over 1 year	-26.24%	-11.31%	-14.93%
Max Drawdown (3Y) Largest decline over 3 years	-32.04%	-29.29%	-2.75%
Max Drawdown (5Y) Largest decline over 5 years	-66.02%	-29.29%	-36.73%
Max Drawdown (10Y) Largest decline over 10 years	-68.76%	-51.33%	-17.43%
Current Drawdown Current decline from peak	-21.89%	-1.51%	-20.38%
Average Drawdown Average peak-to-trough decline	-22.93%	-9.21%	-13.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.72%	3.52%	+8.20%

Volatility

IPO vs. RWJ - Volatility Comparison

Renaissance IPO ETF (IPO) has a higher volatility of 10.97% compared to Invesco S&P SmallCap 600 Revenue ETF (RWJ) at 4.66%. This indicates that IPO's price experiences larger fluctuations and is considered to be riskier than RWJ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IPO	RWJ	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.97%	4.66%	+6.31%
Volatility (6M) Calculated over the trailing 6-month period	23.55%	12.61%	+10.94%
Volatility (1Y) Calculated over the trailing 1-year period	30.18%	19.43%	+10.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.06%	23.66%	+12.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	31.62%	26.16%	+5.46%

IPO vs. RWJ - Expense Ratio Comparison

IPO has a 0.60% expense ratio, which is higher than RWJ's 0.39% expense ratio.

Dividends

IPO vs. RWJ - Dividend Comparison

IPO's dividend yield for the trailing twelve months is around 0.40%, less than RWJ's 1.25% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IPO Renaissance IPO ETF	0.40%	0.66%	0.12%	0.00%	0.00%	0.00%	0.10%	0.26%	0.49%	0.43%	0.40%	0.11%
RWJ Invesco S&P SmallCap 600 Revenue ETF	1.25%	1.11%	1.15%	1.34%	1.02%	0.61%	0.89%	1.22%	1.44%	1.11%	0.60%	0.74%

Frequently Asked Questions

Can I hold both IPO and RWJ in my portfolio?

IPO and RWJ have a correlation of 0.49, 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 RWJ?

IPO has higher volatility (10.97%) compared to RWJ (4.66%). In terms of maximum drawdown, IPO dropped -68.76% vs RWJ's -55.97%.

Which ETF is better, IPO or RWJ?

On 10-year performance, RWJ leads with 13.65% vs 12.40% for IPO. On fees, RWJ is cheaper at 0.39% per year. On volatility, RWJ has been the lower-risk option at 4.66%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IPO or RWJ?

Over the 10-year period, RWJ has performed better with a 13.65% return vs 12.40%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IPO or RWJ?

RWJ is cheaper with a 0.39% expense ratio, compared with 0.60% for IPO.

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

RWJ has the higher dividend yield at 1.25%, compared with 0.40% for IPO.

What is the main difference between IPO and RWJ?

IPO is categorized as Mid Cap Growth Equities, while RWJ is Small Cap Value Equities. IPO tracks Renaissance IPO Index, while RWJ tracks S&P SmallCap 600 Revenue-Weighted Index. They also come from different issuers: Renaissance Capital and Invesco. Their fees differ too: 0.60% for IPO and 0.39% for RWJ.

Which has better risk-adjusted returns?

RWJ currently has the higher Sharpe Ratio (2.06 vs 1.21), 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.