IPOS vs. HDV

Last updated Aug 6, 2026

IPOS (Renaissance International IPO ETF) and HDV (iShares Core High Dividend ETF) are both exchange-traded funds - IPOS is a Foreign Large Cap Equities fund tracking the Renaissance International IPO Index, while HDV is a Dividend fund tracking the Morningstar Dividend Yield Focus Index. Both are passively managed. Over the past 10 years, IPOS returned 2.99%/yr vs 9.57%/yr for HDV. Their 0.27 correlation means their historical movements had little consistent relationship. IPOS charges 0.80%/yr vs 0.08%/yr for HDV.

Performance

IPOS vs. HDV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Renaissance International IPO ETF (IPOS) and iShares Core High Dividend ETF (HDV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IPOS achieves a 41.26% return, which is significantly higher than HDV's 19.66% return. Over the past 10 years, IPOS has underperformed HDV with an annualized return of 2.99%, while HDV has yielded a comparatively higher 9.57% annualized return.

IPOS

• 1D: 1.85%
• 1M: -5.91%
• 6M: 26.12%
• YTD: 41.26%
• 1Y: 56.15%
• 3Y*: 15.21%
• 5Y*: -5.77%
• 10Y*: 2.99%
• ALL TIME*: 2.17%

HDV

• 1D: -0.24%
• 1M: 3.72%
• 6M: 7.30%
• YTD: 19.66%
• 1Y: 24.30%
• 3Y*: 15.80%
• 5Y*: 12.00%
• 10Y*: 9.57%
• ALL TIME*: 10.79%

*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)
HDV iShares Core High Dividend ETF	$205.70M	$171.89M	$116.16M
IPOS Renaissance International IPO ETF	$97.07K	$70.55K	$103.47K

IPOS vs. HDV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IPOS Renaissance International IPO ETF	41.26%	39.93%	-12.34%	-16.49%	-33.46%	-30.62%	50.71%	30.93%	-22.33%	36.83%
HDV iShares Core High Dividend ETF	19.66%	11.90%	14.16%	1.72%	7.05%	19.45%	-6.48%	20.22%	-3.01%	13.40%

Correlation

The correlation between IPOS and HDV is -0.16, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.16
Correlation (3Y) Balances recent behavior with more history.	0.12
Correlation (5Y) Shows whether the relationship held over a longer period.	0.25
Correlation (10Y) Provides a long-term view across more market conditions.	0.28
Correlation (All Time) Calculated using the full available price history since Oct 7, 2014	0.27

The correlation between IPOS and HDV shifts across timeframes, from -0.16 (1 year) to 0.28 (10 years), reflecting how their relationship changes across market environments.

IPOS vs. HDV - Sectors Allocation Comparison

Sectors	IPOS	HDV
Technology	46.6%	0.9%
Healthcare	17.7%	23.9%
Industrials	14.5%	2.8%
Financial Services	7.5%	4.7%
Consumer Defensive	6.1%	24.3%
Energy	4.9%	19.8%
Basic Materials	4.4%	0.8%
Consumer Cyclical	3.4%	9.3%
Utilities	3.1%	8.2%
Communication Services	0.3%	5.2%
Real Estate	-	-

Return for Risk

IPOS vs. HDV — Risk / Return Rank

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

IPOS

IPOS Risk / Return Rank: 63
IPOS Sharpe Ratio Rank: 60
IPOS Sortino Ratio Rank: 56
IPOS Omega Ratio Rank: 59
IPOS Calmar Ratio Rank: 77
IPOS Martin Ratio Rank: 61

HDV

HDV Risk / Return Rank: 87
HDV Sharpe Ratio Rank: 87
HDV Sortino Ratio Rank: 90
HDV Omega Ratio Rank: 84
HDV Calmar Ratio Rank: 92
HDV Martin Ratio Rank: 84

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.

IPOS vs. HDV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Renaissance International IPO ETF (IPOS) and iShares Core High Dividend ETF (HDV). 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	HDV	Difference
Sharpe ratio: Return per unit of total volatility	1.64	2.26	-0.62
Sortino ratio: Return per unit of downside risk	2.19	3.41	-1.22
Omega ratio: Gain probability vs. loss probability	1.29	1.40	-0.10
Calmar ratio: Return relative to maximum drawdown	3.09	4.71	-1.62
Martin ratio: Return relative to average drawdown	8.35	12.85	-4.50

IPOS vs. HDV - Sharpe Ratio Comparison

The current IPOS Sharpe Ratio is 1.64, which is comparable to the HDV Sharpe Ratio of 2.26. The chart below compares the historical Sharpe Ratios of IPOS and HDV, 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. HDV - Drawdown Comparison

The maximum IPOS drawdown since its inception was -73.09%, which is greater than HDV's maximum drawdown of -37.04%. Use the drawdown chart below to compare losses from any high point for IPOS and HDV.

Drawdown Indicators

	IPOS	HDV	Difference
Max Drawdown Largest peak-to-trough decline	-73.09%	-37.04%	-36.05%
Max Drawdown (1Y) Largest decline over 1 year	-18.27%	-5.18%	-13.09%
Max Drawdown (3Y) Largest decline over 3 years	-31.19%	-10.49%	-20.70%
Max Drawdown (5Y) Largest decline over 5 years	-67.38%	-15.42%	-51.96%
Max Drawdown (10Y) Largest decline over 10 years	-73.09%	-37.04%	-36.05%
Current Drawdown Current decline from peak	-39.97%	-1.72%	-38.25%
Average Drawdown Average peak-to-trough decline	-32.10%	-3.06%	-29.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.74%	1.90%	+4.84%

Volatility

IPOS vs. HDV - Volatility Comparison

Renaissance International IPO ETF (IPOS) has a higher volatility of 10.50% compared to iShares Core High Dividend ETF (HDV) at 4.12%. This indicates that IPOS's price experiences larger fluctuations and is considered to be riskier than HDV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IPOS	HDV	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.50%	4.12%	+6.38%
Volatility (6M) Calculated over the trailing 6-month period	31.54%	8.54%	+23.00%
Volatility (1Y) Calculated over the trailing 1-year period	34.37%	10.80%	+23.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	28.22%	12.94%	+15.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.64%	15.78%	+8.86%

IPOS vs. HDV - Expense Ratio Comparison

IPOS has a 0.80% expense ratio, which is higher than HDV's 0.08% expense ratio.

Dividends

IPOS vs. HDV - Dividend Comparison

IPOS's dividend yield for the trailing twelve months is around 0.33%, less than HDV's 3.08% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HDV iShares Core High Dividend ETF	3.08%	3.22%	3.67%	3.82%	3.56%	3.47%	4.07%	3.27%	3.67%	3.27%	3.28%	3.92%
IPOS Renaissance International IPO ETF	0.33%	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 HDV in my portfolio?

IPOS and HDV have a correlation of -0.16, 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 HDV?

IPOS has higher volatility (10.50%) compared to HDV (4.12%). In terms of maximum drawdown, IPOS dropped -73.09% vs HDV's -37.04%.

Which ETF is better, IPOS or HDV?

On 10-year performance, HDV leads with 9.57% vs 2.99% for IPOS. On fees, HDV is cheaper at 0.08% per year. On volatility, HDV has been the lower-risk option at 4.12%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IPOS or HDV?

Over the 10-year period, HDV has performed better with a 9.57% return vs 2.99%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IPOS or HDV?

HDV is cheaper with a 0.08% expense ratio, compared with 0.80% for IPOS.

Which ETF pays a higher dividend yield, IPOS or HDV?

HDV has the higher dividend yield at 3.08%, compared with 0.33% for IPOS.

What is the main difference between IPOS and HDV?

IPOS is categorized as Foreign Large Cap Equities, while HDV is Dividend. IPOS tracks Renaissance International IPO Index, while HDV tracks Morningstar Dividend Yield Focus Index. They also come from different issuers: Renaissance Capital and iShares. Their fees differ too: 0.80% for IPOS and 0.08% for HDV.

Which has better risk-adjusted returns?

HDV currently has the higher Sharpe Ratio (2.26 vs 1.64), 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.