IPOS vs. PIZ

Last updated Jun 23, 2026

IPOS (Renaissance International IPO ETF) and PIZ (Invesco DWA Developed Markets Momentum ETF) are both exchange-traded funds - IPOS is a Foreign Large Cap Equities fund tracking the Renaissance International IPO Index, while PIZ is a Momentum fund tracking the Dorsey Wright Developed Markets Technical Leaders Index. Both are passively managed. Over the past 10 years, IPOS returned 4.56%/yr vs 12.06%/yr for PIZ. A 0.52 correlation means they provide meaningful diversification when combined. Both charge a 0.80% expense ratio.

Performance

IPOS vs. PIZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Renaissance International IPO ETF (IPOS) and Invesco DWA Developed Markets Momentum ETF (PIZ). 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 PIZ's 20.73% return. Over the past 10 years, IPOS has underperformed PIZ with an annualized return of 4.56%, while PIZ has yielded a comparatively higher 12.06% 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%

PIZ

• 1D: 2.52%
• 1M: 4.20%
• YTD: 20.73%
• 6M: 20.53%
• 1Y: 34.50%
• 3Y*: 27.52%
• 5Y*: 11.36%
• 10Y*: 12.06%

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

IPOS vs. PIZ - 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%
PIZ Invesco DWA Developed Markets Momentum ETF	20.73%	37.22%	16.30%	17.96%	-30.48%	20.53%	17.96%	27.51%	-16.15%	30.96%

Correlation

The correlation between IPOS and PIZ is 0.59, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.59
Correlation (3Y) Calculated over the trailing 3-year period	0.59
Correlation (5Y) Calculated over the trailing 5-year period	0.62
Correlation (10Y) Calculated over the trailing 10-year period	0.56
Correlation (All Time) Calculated using the full available price history since Oct 7, 2014	0.52

The correlation between IPOS and PIZ shifts across timeframes, from 0.52 (all time) to 0.62 (5 years), reflecting how their relationship changes across market environments.

IPOS vs. PIZ - Sectors Allocation Comparison

Sectors	IPOS	PIZ
Technology	50.2%	14.3%
Healthcare	14.9%	0.7%
Industrials	13.4%	40.8%
Financial Services	7.3%	25.4%
Consumer Cyclical	6.3%	1.7%
Energy	4.9%	1.1%
Consumer Defensive	4.2%	1.1%
Basic Materials	3.8%	4.2%
Utilities	3.1%	1.5%
Communication Services	0.3%	-
Real Estate	-	0.4%

Return for Risk

IPOS vs. PIZ — 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

PIZ

PIZ Risk / Return Rank: 48
PIZ Sharpe Ratio Rank: 46
PIZ Sortino Ratio Rank: 46
PIZ Omega Ratio Rank: 46
PIZ Calmar Ratio Rank: 50
PIZ Martin Ratio Rank: 53

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. PIZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Renaissance International IPO ETF (IPOS) and Invesco DWA Developed Markets Momentum ETF (PIZ). 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	PIZ	Difference
Sharpe ratio: Return per unit of total volatility	2.73	1.58	+1.15
Sortino ratio: Return per unit of downside risk	3.24	2.25	+0.99
Omega ratio: Gain probability vs. loss probability	1.47	1.29	+0.19
Calmar ratio: Return relative to maximum drawdown	5.11	2.42	+2.70
Martin ratio: Return relative to average drawdown	15.32	8.89	+6.43

IPOS vs. PIZ - Sharpe Ratio Comparison

The current IPOS Sharpe Ratio is 2.73, which is higher than the PIZ Sharpe Ratio of 1.58. The chart below compares the historical Sharpe Ratios of IPOS and PIZ, 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. PIZ - Drawdown Comparison

The maximum IPOS drawdown since its inception was -73.09%, which is greater than PIZ's maximum drawdown of -60.61%. Use the drawdown chart below to compare losses from any high point for IPOS and PIZ.

Drawdown Indicators

	IPOS	PIZ	Difference
Max Drawdown Largest peak-to-trough decline	-73.09%	-60.61%	-12.48%
Max Drawdown (1Y) Largest decline over 1 year	-17.17%	-14.35%	-2.82%
Max Drawdown (3Y) Largest decline over 3 years	-34.08%	-14.67%	-19.41%
Max Drawdown (5Y) Largest decline over 5 years	-69.93%	-40.93%	-29.00%
Max Drawdown (10Y) Largest decline over 10 years	-73.09%	-40.93%	-32.16%
Current Drawdown Current decline from peak	-34.04%	-0.57%	-33.47%
Average Drawdown Average peak-to-trough decline	-32.01%	-14.89%	-17.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.72%	3.89%	+1.83%

Volatility

IPOS vs. PIZ - Volatility Comparison

Renaissance International IPO ETF (IPOS) has a higher volatility of 14.82% compared to Invesco DWA Developed Markets Momentum ETF (PIZ) at 9.71%. This indicates that IPOS's price experiences larger fluctuations and is considered to be riskier than PIZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IPOS	PIZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.82%	9.71%	+5.11%
Volatility (6M) Calculated over the trailing 6-month period	29.53%	19.69%	+9.84%
Volatility (1Y) Calculated over the trailing 1-year period	32.20%	21.98%	+10.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.87%	20.26%	+7.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.42%	19.77%	+4.65%

IPOS vs. PIZ - Expense Ratio Comparison

Both IPOS and PIZ have an expense ratio of 0.80%.

Dividends

IPOS vs. PIZ - Dividend Comparison

IPOS's dividend yield for the trailing twelve months is around 0.30%, less than PIZ's 2.07% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
PIZ Invesco DWA Developed Markets Momentum ETF	2.07%	1.55%	1.68%	1.86%	2.04%	1.01%	0.37%	1.58%	1.06%	1.30%	2.21%	1.09%

Frequently Asked Questions

Can I hold both IPOS and PIZ in my portfolio?

IPOS and PIZ have a correlation of 0.59, 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 PIZ?

IPOS has higher volatility (14.82%) compared to PIZ (9.71%). In terms of maximum drawdown, IPOS dropped -73.09% vs PIZ's -60.61%.

Which ETF is better, IPOS or PIZ?

On 10-year performance, PIZ leads with 12.06% vs 4.56% for IPOS. Both ETFs have the same 0.80% expense ratio. On volatility, PIZ has been the lower-risk option at 9.71%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IPOS or PIZ?

Over the 10-year period, PIZ has performed better with a 12.06% return vs 4.56%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IPOS or PIZ?

IPOS and PIZ have the same expense ratio: 0.80% per year.

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

PIZ has the higher dividend yield at 2.07%, compared with 0.30% for IPOS.

What is the main difference between IPOS and PIZ?

IPOS is categorized as Foreign Large Cap Equities, while PIZ is Momentum. IPOS tracks Renaissance International IPO Index, while PIZ tracks Dorsey Wright Developed Markets Technical Leaders Index. They also come from different issuers: Renaissance Capital and Invesco.

Which has better risk-adjusted returns?

IPOS currently has the higher Sharpe Ratio (2.73 vs 1.58), 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.