REFA vs. IPOS
REFA (Columbia Research Enhanced International Equity ETF) and IPOS (Renaissance International IPO ETF) are both Foreign Large Cap Equities funds - REFA tracks the Beta Advantage Research Enhanced International Equity Index while IPOS tracks the Renaissance International IPO Index. Both are passively managed. A 0.50 correlation means they provide meaningful diversification when combined. REFA charges 0.32%/yr vs 0.80%/yr for IPOS.
Performance
REFA vs. IPOS - Performance Comparison
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Returns By Period
In the year-to-date period, REFA achieves a 11.14% return, which is significantly lower than IPOS's 45.69% return.
REFA
- 1D
- 1.35%
- 1M
- 2.81%
- 6M
- 9.75%
- YTD
- 11.14%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
IPOS
- 1D
- -2.91%
- 1M
- 3.95%
- 6M
- 42.78%
- YTD
- 45.69%
- 1Y
- 67.32%
- 3Y*
- 17.92%
- 5Y*
- -6.89%
- 10Y*
- 3.94%
REFA vs. IPOS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
REFA Columbia Research Enhanced International Equity ETF | 11.14% | 0.33% |
IPOS Renaissance International IPO ETF | 45.69% | 1.27% |
Correlation
The correlation between REFA and IPOS is 0.50, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Dec 11, 2025 | 0.50 |
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Return for Risk
REFA vs. IPOS — Risk / Return Rank
REFA
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
IPOS
REFA vs. IPOS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Columbia Research Enhanced International Equity ETF (REFA) and Renaissance International IPO ETF (IPOS). 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.
| REFA | IPOS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 1.37 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 3.96 | — |
| Martin ratioReturn relative to average drawdown | — | 11.77 | — |
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Drawdowns
REFA vs. IPOS - Drawdown Comparison
The maximum REFA drawdown since its inception was -11.23%, smaller than the maximum IPOS drawdown of -73.09%. Use the drawdown chart below to compare losses from any high point for REFA and IPOS.
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Drawdown Indicators
| REFA | IPOS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -11.23% | -73.09% | +61.86% |
Max Drawdown (1Y)Largest decline over 1 year | — | -17.17% | — |
Max Drawdown (3Y)Largest decline over 3 years | — | -34.08% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -69.72% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -73.09% | — |
Current DrawdownCurrent decline from peak | -0.36% | -38.09% | +37.73% |
Average DrawdownAverage peak-to-trough decline | -2.79% | -32.03% | +29.24% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 5.76% | — |
Volatility
REFA vs. IPOS - Volatility Comparison
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Volatility by Period
| REFA | IPOS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 15.34% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 30.19% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 18.61% | 32.77% | -14.16% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.61% | 28.01% | -9.40% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.61% | 24.43% | -5.82% |
REFA vs. IPOS - Expense Ratio Comparison
REFA has a 0.32% expense ratio, which is lower than IPOS's 0.80% expense ratio.
Dividends
REFA vs. IPOS - Dividend Comparison
REFA's dividend yield for the trailing twelve months is around 0.03%, less than IPOS's 0.32% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IPOS Renaissance International IPO ETF | 0.32% | 1.04% | 0.93% | 0.33% | 0.00% | 0.00% | 0.25% | 0.89% | 1.12% | 0.87% | 1.73% | 1.08% |
REFA Columbia Research Enhanced International Equity ETF | 0.03% | 0.03% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
REFA and IPOS have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, REFA is cheaper at 0.32% per year. The better choice depends on whether you care most about return, fees, risk, or income.
REFA is cheaper with a 0.32% expense ratio, compared with 0.80% for IPOS.
IPOS has the higher dividend yield at 0.32%, compared with 0.03% for REFA.
REFA tracks Beta Advantage Research Enhanced International Equity Index, while IPOS tracks Renaissance International IPO Index. They also come from different issuers: Columbia Threadneedle and Renaissance Capital. Their fees differ too: 0.32% for REFA and 0.80% for IPOS.
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