IPOS vs. AUEIX

Last updated Jun 23, 2026

IPOS (Renaissance International IPO ETF) and AUEIX (AQR Large Cap Defensive Style Fund) are both funds - IPOS is a Foreign Large Cap Equities fund tracking the Renaissance International IPO Index, while AUEIX is a Large Cap Blend Equities fund managed by AQR Funds. Over the past 10 years, IPOS returned 4.56%/yr vs 10.90%/yr for AUEIX. At a 0.37 correlation, their price movements are largely independent. IPOS charges 0.80%/yr vs 0.37%/yr for AUEIX.

Performance

IPOS vs. AUEIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Renaissance International IPO ETF (IPOS) and AQR Large Cap Defensive Style Fund (AUEIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IPOS achieves a 55.22% return, which is significantly higher than AUEIX's 5.72% return. Over the past 10 years, IPOS has underperformed AUEIX with an annualized return of 4.56%, while AUEIX has yielded a comparatively higher 10.90% annualized return.

IPOS

• 1D: 1.85%
• 1M: 21.21%
• YTD: 55.22%
• 6M: 53.61%
• 1Y: 87.31%
• 3Y*: 21.89%
• 5Y*: -5.55%
• 10Y*: 4.56%

AUEIX

• 1D: 0.43%
• 1M: -0.27%
• YTD: 5.72%
• 6M: 4.77%
• 1Y: 8.26%
• 3Y*: 10.69%
• 5Y*: 6.79%
• 10Y*: 10.90%

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

IPOS vs. AUEIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IPOS Renaissance International IPO ETF	55.22%	39.93%	-12.34%	-16.49%	-33.46%	-30.62%	50.71%	30.93%	-22.33%	36.83%
AUEIX AQR Large Cap Defensive Style Fund	5.72%	6.95%	13.85%	9.49%	-13.81%	23.52%	13.10%	28.63%	-0.27%	22.14%

Correlation

The correlation between IPOS and AUEIX is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.28
Correlation (3Y) Calculated over the trailing 3-year period	0.31
Correlation (5Y) Calculated over the trailing 5-year period	0.40
Correlation (10Y) Calculated over the trailing 10-year period	0.39
Correlation (All Time) Calculated using the full available price history since Oct 7, 2014	0.37

The correlation between IPOS and AUEIX shifts across timeframes, from 0.28 (1 year) to 0.40 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

IPOS vs. AUEIX — Risk / Return Rank

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

IPOS

IPOS Risk / Return Rank: 83
IPOS Sharpe Ratio Rank: 87
IPOS Sortino Ratio Rank: 76
IPOS Omega Ratio Rank: 83
IPOS Calmar Ratio Rank: 89
IPOS Martin Ratio Rank: 80

AUEIX

AUEIX Risk / Return Rank: 16
AUEIX Sharpe Ratio Rank: 14
AUEIX Sortino Ratio Rank: 14
AUEIX Omega Ratio Rank: 13
AUEIX Calmar Ratio Rank: 17
AUEIX Martin Ratio Rank: 20

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.

IPOS vs. AUEIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Renaissance International IPO ETF (IPOS) and AQR Large Cap Defensive Style Fund (AUEIX). 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.

	IPOS	AUEIX	Difference
Sharpe ratio: Return per unit of total volatility	2.73	1.00	+1.74
Sortino ratio: Return per unit of downside risk	3.24	1.45	+1.80
Omega ratio: Gain probability vs. loss probability	1.47	1.18	+0.30
Calmar ratio: Return relative to maximum drawdown	5.11	1.41	+3.70
Martin ratio: Return relative to average drawdown	15.32	4.67	+10.66

IPOS vs. AUEIX - Sharpe Ratio Comparison

The current IPOS Sharpe Ratio is 2.73, which is higher than the AUEIX Sharpe Ratio of 1.00. The chart below compares the historical Sharpe Ratios of IPOS and AUEIX, 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

IPOS vs. AUEIX - Drawdown Comparison

The maximum IPOS drawdown since its inception was -73.09%, which is greater than AUEIX's maximum drawdown of -30.82%. Use the drawdown chart below to compare losses from any high point for IPOS and AUEIX.

Drawdown Indicators

	IPOS	AUEIX	Difference
Max Drawdown Largest peak-to-trough decline	-73.09%	-30.82%	-42.27%
Max Drawdown (1Y) Largest decline over 1 year	-17.17%	-5.91%	-11.26%
Max Drawdown (3Y) Largest decline over 3 years	-34.08%	-10.27%	-23.81%
Max Drawdown (5Y) Largest decline over 5 years	-69.93%	-22.08%	-47.85%
Max Drawdown (10Y) Largest decline over 10 years	-73.09%	-30.82%	-42.27%
Current Drawdown Current decline from peak	-34.04%	-1.32%	-32.72%
Average Drawdown Average peak-to-trough decline	-32.01%	-3.41%	-28.60%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.72%	1.78%	+3.94%

Volatility

IPOS vs. AUEIX - Volatility Comparison

Renaissance International IPO ETF (IPOS) has a higher volatility of 14.82% compared to AQR Large Cap Defensive Style Fund (AUEIX) at 3.42%. This indicates that IPOS's price experiences larger fluctuations and is considered to be riskier than AUEIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IPOS	AUEIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.82%	3.42%	+11.40%
Volatility (6M) Calculated over the trailing 6-month period	29.53%	6.24%	+23.29%
Volatility (1Y) Calculated over the trailing 1-year period	32.20%	8.38%	+23.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.87%	13.04%	+14.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.42%	15.22%	+9.20%

IPOS vs. AUEIX - Expense Ratio Comparison

IPOS has a 0.80% expense ratio, which is higher than AUEIX's 0.37% expense ratio.

Dividends

IPOS vs. AUEIX - Dividend Comparison

IPOS's dividend yield for the trailing twelve months is around 0.30%, less than AUEIX's 21.47% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AUEIX AQR Large Cap Defensive Style Fund	21.47%	22.70%	24.31%	24.28%	10.26%	2.54%	1.29%	1.12%	1.67%	2.36%	1.99%	6.18%
IPOS Renaissance International IPO ETF	0.30%	1.04%	0.93%	0.33%	0.00%	0.00%	0.25%	0.89%	1.12%	0.87%	1.73%	1.08%

Frequently Asked Questions

Can I hold both IPOS and AUEIX in my portfolio?

IPOS and AUEIX have a correlation of 0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IPOS or AUEIX?

IPOS has higher volatility (14.82%) compared to AUEIX (3.42%). In terms of maximum drawdown, IPOS dropped -73.09% vs AUEIX's -30.82%.

Which has better risk-adjusted returns?

IPOS currently has the higher Sharpe Ratio (2.73 vs 1.00), 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.