SPDW vs. IPOS

Last updated Jun 4, 2026

SPDW (SPDR Portfolio World ex-US ETF) and IPOS (Renaissance International IPO ETF) are both Foreign Large Cap Equities funds - SPDW tracks the S&P Developed Ex-U.S. BMI Index while IPOS tracks the Renaissance International IPO Index. Both are passively managed. Over the past 10 years, SPDW returned 10.09%/yr vs 3.00%/yr for IPOS. A 0.55 correlation means they provide meaningful diversification when combined. SPDW charges 0.04%/yr vs 0.80%/yr for IPOS.

Performance

SPDW vs. IPOS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Portfolio World ex-US ETF (SPDW) and Renaissance International IPO ETF (IPOS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPDW achieves a 15.00% return, which is significantly lower than IPOS's 40.15% return. Over the past 10 years, SPDW has outperformed IPOS with an annualized return of 10.09%, while IPOS has yielded a comparatively lower 3.00% annualized return.

SPDW

• 1D: -0.87%
• 1M: 5.56%
• YTD: 15.00%
• 6M: 18.06%
• 1Y: 32.15%
• 3Y*: 19.77%
• 5Y*: 9.38%
• 10Y*: 10.09%

IPOS

• 1D: 0.43%
• 1M: 10.58%
• YTD: 40.15%
• 6M: 44.26%
• 1Y: 65.50%
• 3Y*: 15.28%
• 5Y*: -7.69%
• 10Y*: 3.00%

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

SPDW vs. IPOS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPDW SPDR Portfolio World ex-US ETF	15.00%	34.75%	3.55%	17.81%	-15.98%	11.45%	9.90%	22.41%	-14.22%	25.81%
IPOS Renaissance International IPO ETF	40.15%	39.93%	-12.34%	-16.49%	-33.46%	-30.62%	50.71%	30.93%	-22.33%	36.83%

Correlation

The correlation between SPDW and IPOS is 0.55, 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	0.55
Correlation (3Y) Calculated over the trailing 3-year period	0.64
Correlation (5Y) Calculated over the trailing 5-year period	0.66
Correlation (10Y) Calculated over the trailing 10-year period	0.58
Correlation (All Time) Calculated using the full available price history since Oct 8, 2014	0.55

The correlation between SPDW and IPOS shifts across timeframes, from 0.55 (all time) to 0.66 (5 years), reflecting how their relationship changes across market environments.

SPDW vs. IPOS - Sectors Allocation Comparison

Sectors	SPDW	IPOS
Financial Services	22.9%	9.6%
Industrials	19.2%	15.0%
Technology	13.7%	42.0%
Healthcare	8.3%	16.2%
Consumer Cyclical	7.8%	7.1%
Basic Materials	7.3%	5.3%
Consumer Defensive	5.7%	4.7%
Energy	5.5%	4.9%
Communication Services	3.8%	0.3%
Utilities	3.3%	3.1%
Real Estate	2.5%	-

Return for Risk

SPDW vs. IPOS — Risk / Return Rank

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

SPDW

SPDW Risk / Return Rank: 59
SPDW Sharpe Ratio Rank: 60
SPDW Sortino Ratio Rank: 59
SPDW Omega Ratio Rank: 59
SPDW Calmar Ratio Rank: 55
SPDW Martin Ratio Rank: 60

IPOS

IPOS Risk / Return Rank: 66
IPOS Sharpe Ratio Rank: 67
IPOS Sortino Ratio Rank: 58
IPOS Omega Ratio Rank: 67
IPOS Calmar Ratio Rank: 76
IPOS Martin Ratio Rank: 63

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.

SPDW vs. IPOS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio World ex-US ETF (SPDW) 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.

	SPDW	IPOS	Difference
Sharpe ratio: Return per unit of total volatility	2.07	2.24	-0.17
Sortino ratio: Return per unit of downside risk	2.87	2.76	+0.10
Omega ratio: Gain probability vs. loss probability	1.37	1.41	-0.03
Calmar ratio: Return relative to maximum drawdown	2.80	3.83	-1.04
Martin ratio: Return relative to average drawdown	10.93	11.58	-0.65
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPDW vs. IPOS - Sharpe Ratio Comparison

The current SPDW Sharpe Ratio is 2.07, which is comparable to the IPOS Sharpe Ratio of 2.24. The chart below compares the historical Sharpe Ratios of SPDW and IPOS, 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

	SPDW	IPOS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.07	2.24	-0.17
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.57	-0.28	+0.86
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.59	0.12	+0.46
Sharpe Ratio (All Time) Calculated using the full available price history	0.24	0.09	+0.15

Drawdowns

SPDW vs. IPOS - Drawdown Comparison

The maximum SPDW drawdown since its inception was -60.02%, smaller than the maximum IPOS drawdown of -73.09%. Use the drawdown chart below to compare losses from any high point for SPDW and IPOS.

Drawdown Indicators

	SPDW	IPOS	Difference
Max Drawdown Largest peak-to-trough decline	-60.02%	-73.09%	+13.07%
Max Drawdown (1Y) Largest decline over 1 year	-11.55%	-17.17%	+5.62%
Max Drawdown (3Y) Largest decline over 3 years	-13.53%	-34.08%	+20.55%
Max Drawdown (5Y) Largest decline over 5 years	-30.21%	-69.93%	+39.72%
Max Drawdown (10Y) Largest decline over 10 years	-34.98%	-73.09%	+38.11%
Current Drawdown Current decline from peak	-0.87%	-40.44%	+39.57%
Average Drawdown Average peak-to-trough decline	-12.91%	-31.99%	+19.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.95%	5.67%	-2.72%

Volatility

SPDW vs. IPOS - Volatility Comparison

The current volatility for SPDR Portfolio World ex-US ETF (SPDW) is 5.63%, while Renaissance International IPO ETF (IPOS) has a volatility of 12.05%. This indicates that SPDW experiences smaller price fluctuations and is considered to be less risky than IPOS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPDW	IPOS	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.63%	12.05%	-6.42%
Volatility (6M) Calculated over the trailing 6-month period	13.17%	26.45%	-13.28%
Volatility (1Y) Calculated over the trailing 1-year period	15.60%	29.41%	-13.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.49%	27.19%	-10.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.26%	24.13%	-6.87%

SPDW vs. IPOS - Expense Ratio Comparison

SPDW has a 0.04% expense ratio, which is lower than IPOS's 0.80% expense ratio.

Dividends

SPDW vs. IPOS - Dividend Comparison

SPDW's dividend yield for the trailing twelve months is around 2.87%, more than IPOS's 0.68% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IPOS Renaissance International IPO ETF	0.68%	1.04%	0.93%	0.33%	0.00%	0.00%	0.25%	0.89%	1.12%	0.87%	1.73%	1.08%
SPDW SPDR Portfolio World ex-US ETF	2.87%	3.30%	3.19%	2.75%	3.12%	3.04%	1.87%	3.13%	3.08%	1.86%	3.11%	2.78%

Frequently Asked Questions

Can I hold both SPDW and IPOS in my portfolio?

SPDW and IPOS have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPDW or IPOS?

IPOS has higher volatility (12.05%) compared to SPDW (5.63%). In terms of maximum drawdown, SPDW dropped -60.02% vs IPOS's -73.09%.

Which ETF is better, SPDW or IPOS?

On 10-year performance, SPDW leads with 10.09% vs 3.00% for IPOS. On fees, SPDW is cheaper at 0.04% per year. On volatility, SPDW has been the lower-risk option at 5.63%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPDW or IPOS?

Over the 10-year period, SPDW has performed better with a 10.09% return vs 3.00%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPDW or IPOS?

SPDW is cheaper with a 0.04% expense ratio, compared with 0.80% for IPOS.

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

SPDW has the higher dividend yield at 2.87%, compared with 0.68% for IPOS.

What is the main difference between SPDW and IPOS?

SPDW tracks S&P Developed Ex-U.S. BMI Index, while IPOS tracks Renaissance International IPO Index. They also come from different issuers: State Street and Renaissance Capital. Their fees differ too: 0.04% for SPDW and 0.80% for IPOS.

Which has better risk-adjusted returns?

IPOS currently has the higher Sharpe Ratio (2.24 vs 2.07), 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.