JHMM vs. IPO

Last updated Jun 3, 2026

JHMM (John Hancock Multifactor Mid Cap ETF) and IPO (Renaissance IPO ETF) are both Mid Cap Growth Equities funds - JHMM tracks the John Hancock Dimensional Mid Cap Index while IPO tracks the Renaissance IPO Index. Both are passively managed. Over the past 10 years, JHMM returned 11.91%/yr vs 11.41%/yr for IPO. A 0.69 correlation means they provide meaningful diversification when combined. JHMM charges 0.42%/yr vs 0.60%/yr for IPO.

Performance

JHMM vs. IPO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in John Hancock Multifactor Mid Cap ETF (JHMM) and Renaissance IPO ETF (IPO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, JHMM achieves a 12.87% return, which is significantly lower than IPO's 26.20% return. Both investments have delivered pretty close results over the past 10 years, with JHMM having a 11.91% annualized return and IPO not far behind at 11.41%.

JHMM

• 1D: 1.01%
• 1M: 2.92%
• YTD: 12.87%
• 6M: 14.13%
• 1Y: 26.43%
• 3Y*: 17.11%
• 5Y*: 8.57%
• 10Y*: 11.91%

IPO

• 1D: -0.95%
• 1M: 15.90%
• YTD: 26.20%
• 6M: 26.45%
• 1Y: 33.87%
• 3Y*: 23.54%
• 5Y*: -0.79%
• 10Y*: 11.41%

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

JHMM vs. IPO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
JHMM John Hancock Multifactor Mid Cap ETF	12.87%	10.73%	14.61%	14.53%	-15.30%	24.54%	16.22%	30.01%	-9.57%	19.96%
IPO Renaissance IPO ETF	26.20%	5.45%	15.68%	52.55%	-57.26%	-10.31%	107.88%	34.11%	-17.24%	37.16%

Correlation

The correlation between JHMM and IPO 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	0.70
Correlation (5Y) Calculated over the trailing 5-year period	0.71
Correlation (10Y) Calculated over the trailing 10-year period	0.68
Correlation (All Time) Calculated using the full available price history since Sep 30, 2015	0.69

The correlation between JHMM and IPO shifts across timeframes, from 0.59 (1 year) to 0.71 (5 years), reflecting how their relationship changes across market environments.

JHMM vs. IPO - Sectors Allocation Comparison

Sectors	JHMM	IPO
Industrials	19.4%	9.1%
Technology	17.2%	40.3%
Financial Services	15.3%	4.3%
Consumer Cyclical	11.0%	14.4%
Healthcare	10.2%	10.8%
Utilities	5.4%	0.3%
Energy	5.4%	1.1%
Real Estate	5.4%	4.0%
Basic Materials	4.2%	-
Consumer Defensive	3.7%	9.2%
Communication Services	2.7%	6.6%

Return for Risk

JHMM vs. IPO — Risk / Return Rank

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

JHMM

JHMM Risk / Return Rank: 57
JHMM Sharpe Ratio Rank: 54
JHMM Sortino Ratio Rank: 56
JHMM Omega Ratio Rank: 52
JHMM Calmar Ratio Rank: 61
JHMM Martin Ratio Rank: 64

IPO

IPO Risk / Return Rank: 29
IPO Sharpe Ratio Rank: 32
IPO Sortino Ratio Rank: 32
IPO Omega Ratio Rank: 30
IPO Calmar Ratio Rank: 27
IPO Martin Ratio Rank: 23

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.

JHMM vs. IPO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for John Hancock Multifactor Mid Cap ETF (JHMM) and Renaissance IPO ETF (IPO). 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.

	JHMM	IPO	Difference
Sharpe ratio Return per unit of total volatility	1.88	1.18	+0.70
Sortino ratio Return per unit of downside risk	2.69	1.71	+0.98
Omega ratio Gain probability vs. loss probability	1.33	1.20	+0.13
Calmar ratio Return relative to maximum drawdown	3.06	1.35	+1.70
Martin ratio Return relative to average drawdown	11.85	3.04	+8.81
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

JHMM vs. IPO - Sharpe Ratio Comparison

The current JHMM Sharpe Ratio is 1.88, which is higher than the IPO Sharpe Ratio of 1.18. The chart below compares the historical Sharpe Ratios of JHMM and IPO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	JHMM	IPO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.88	1.18	+0.70
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.47	-0.02	+0.49
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.61	0.36	+0.25
Sharpe Ratio (All Time) Calculated using the full available price history	0.63	0.31	+0.32

Drawdowns

JHMM vs. IPO - Drawdown Comparison

The maximum JHMM drawdown since its inception was -40.71%, smaller than the maximum IPO drawdown of -68.76%. Use the drawdown chart below to compare losses from any high point for JHMM and IPO.

Drawdown Indicators

	JHMM	IPO	Difference
Max Drawdown Largest peak-to-trough decline	-40.71%	-68.76%	+28.05%
Max Drawdown (1Y) Largest decline over 1 year	-8.64%	-26.24%	+17.60%
Max Drawdown (3Y) Largest decline over 3 years	-21.88%	-32.04%	+10.16%
Max Drawdown (5Y) Largest decline over 5 years	-24.10%	-66.02%	+41.92%
Max Drawdown (10Y) Largest decline over 10 years	-40.71%	-68.76%	+28.05%
Current Drawdown Current decline from peak	0.00%	-23.75%	+23.75%
Average Drawdown Average peak-to-trough decline	-5.44%	-22.93%	+17.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.23%	11.67%	-9.44%

Volatility

JHMM vs. IPO - Volatility Comparison

The current volatility for John Hancock Multifactor Mid Cap ETF (JHMM) is 3.85%, while Renaissance IPO ETF (IPO) has a volatility of 9.45%. This indicates that JHMM experiences smaller price fluctuations and is considered to be less risky than IPO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JHMM	IPO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.85%	9.45%	-5.60%
Volatility (6M) Calculated over the trailing 6-month period	10.49%	22.23%	-11.74%
Volatility (1Y) Calculated over the trailing 1-year period	14.11%	28.89%	-14.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.32%	35.86%	-17.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.60%	31.50%	-11.90%

JHMM vs. IPO - Expense Ratio Comparison

JHMM has a 0.42% expense ratio, which is lower than IPO's 0.60% expense ratio.

Dividends

JHMM vs. IPO - Dividend Comparison

JHMM's dividend yield for the trailing twelve months is around 0.87%, more than IPO's 0.45% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IPO Renaissance IPO ETF	0.45%	0.66%	0.12%	0.00%	0.00%	0.00%	0.10%	0.26%	0.49%	0.43%	0.40%	0.11%
JHMM John Hancock Multifactor Mid Cap ETF	0.87%	0.98%	1.01%	1.17%	1.16%	0.72%	1.04%	1.02%	1.36%	0.90%	1.15%	0.33%

Frequently Asked Questions

Can I hold both JHMM and IPO in my portfolio?

JHMM and IPO 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, JHMM or IPO?

IPO has higher volatility (9.45%) compared to JHMM (3.85%). In terms of maximum drawdown, JHMM dropped -40.71% vs IPO's -68.76%.

Which ETF is better, JHMM or IPO?

On 10-year performance, JHMM leads with 11.91% vs 11.41% for IPO. On fees, JHMM is cheaper at 0.42% per year. On volatility, JHMM has been the lower-risk option at 3.85%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JHMM or IPO?

Over the 10-year period, JHMM has performed better with a 11.91% return vs 11.41%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JHMM or IPO?

JHMM is cheaper with a 0.42% expense ratio, compared with 0.60% for IPO.

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

JHMM has the higher dividend yield at 0.87%, compared with 0.45% for IPO.

What is the main difference between JHMM and IPO?

JHMM tracks John Hancock Dimensional Mid Cap Index, while IPO tracks Renaissance IPO Index. They also come from different issuers: Manulife and Renaissance Capital. Their fees differ too: 0.42% for JHMM and 0.60% for IPO.

Which has better risk-adjusted returns?

JHMM currently has the higher Sharpe Ratio (1.88 vs 1.18), 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.