SPWO vs. IPOS

Last updated Jun 26, 2026

SPWO (SP Funds S&P World (ex-US) ETF) and IPOS (Renaissance International IPO ETF) are both Foreign Large Cap Equities funds - SPWO tracks the S&P DM Ex-U.S. & EM 50/50 Shariah Index while IPOS tracks the Renaissance International IPO Index. Both are passively managed. Over the past year, SPWO returned 42.01% vs 76.07% for IPOS. A 0.62 correlation means they provide meaningful diversification when combined. SPWO charges 0.55%/yr vs 0.80%/yr for IPOS.

Performance

SPWO vs. IPOS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SP Funds S&P World (ex-US) ETF (SPWO) 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, SPWO achieves a 24.17% return, which is significantly lower than IPOS's 50.84% return.

SPWO

• 1D: 0.58%
• 1M: 0.06%
• YTD: 24.17%
• 6M: 23.63%
• 1Y: 42.01%
• 3Y*: —
• 5Y*: —
• 10Y*: —

IPOS

• 1D: 2.24%
• 1M: 12.17%
• YTD: 50.84%
• 6M: 48.46%
• 1Y: 76.07%
• 3Y*: 20.40%
• 5Y*: -6.46%
• 10Y*: 4.27%

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

SPWO vs. IPOS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
SPWO SP Funds S&P World (ex-US) ETF	24.17%	26.32%	9.25%	1.36%
IPOS Renaissance International IPO ETF	50.84%	39.93%	-12.34%	1.14%

Correlation

The correlation between SPWO and IPOS is 0.61, 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	0.61
Correlation (All Time) Calculated using the full available price history since Dec 20, 2023	0.62

The correlation between SPWO and IPOS has been stable across timeframes, ranging from 0.61 to 0.62 - a consistent structural relationship.

SPWO vs. IPOS - Sectors Allocation Comparison

Sectors	SPWO	IPOS
Technology	49.7%	50.2%
Industrials	11.9%	13.4%
Healthcare	10.8%	14.9%
Consumer Cyclical	10.3%	6.3%
Basic Materials	7.3%	3.8%
Consumer Defensive	4.1%	4.2%
Energy	2.6%	4.9%
Communication Services	1.6%	0.3%
Financial Services	0.8%	7.3%
Real Estate	0.7%	-
Utilities	0.3%	3.1%

Return for Risk

SPWO vs. IPOS — Risk / Return Rank

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

SPWO

SPWO Risk / Return Rank: 68
SPWO Sharpe Ratio Rank: 70
SPWO Sortino Ratio Rank: 63
SPWO Omega Ratio Rank: 69
SPWO Calmar Ratio Rank: 70
SPWO Martin Ratio Rank: 71

IPOS

IPOS Risk / Return Rank: 81
IPOS Sharpe Ratio Rank: 84
IPOS Sortino Ratio Rank: 74
IPOS Omega Ratio Rank: 81
IPOS Calmar Ratio Rank: 88
IPOS Martin Ratio Rank: 79

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.

SPWO vs. IPOS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SP Funds S&P World (ex-US) ETF (SPWO) 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.

	SPWO	IPOS	Difference
Sharpe ratio: Return per unit of total volatility	1.94	2.35	-0.41
Sortino ratio: Return per unit of downside risk	2.53	2.88	-0.36
Omega ratio: Gain probability vs. loss probability	1.35	1.42	-0.07
Calmar ratio: Return relative to maximum drawdown	3.07	4.45	-1.38
Martin ratio: Return relative to average drawdown	11.34	13.31	-1.97

SPWO vs. IPOS - Sharpe Ratio Comparison

The current SPWO Sharpe Ratio is 1.94, which is comparable to the IPOS Sharpe Ratio of 2.35. The chart below compares the historical Sharpe Ratios of SPWO 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.

Drawdowns

SPWO vs. IPOS - Drawdown Comparison

The maximum SPWO drawdown since its inception was -18.03%, smaller than the maximum IPOS drawdown of -73.09%. Use the drawdown chart below to compare losses from any high point for SPWO and IPOS.

Drawdown Indicators

	SPWO	IPOS	Difference
Max Drawdown Largest peak-to-trough decline	-18.03%	-73.09%	+55.06%
Max Drawdown (1Y) Largest decline over 1 year	-13.75%	-17.17%	+3.42%
Max Drawdown (3Y) Largest decline over 3 years	—	-34.08%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-69.93%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-73.09%	—
Current Drawdown Current decline from peak	-3.78%	-35.90%	+32.12%
Average Drawdown Average peak-to-trough decline	-2.81%	-32.02%	+29.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.72%	5.73%	-2.01%

Volatility

SPWO vs. IPOS - Volatility Comparison

The current volatility for SP Funds S&P World (ex-US) ETF (SPWO) is 10.65%, while Renaissance International IPO ETF (IPOS) has a volatility of 15.29%. This indicates that SPWO 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

	SPWO	IPOS	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.65%	15.29%	-4.64%
Volatility (6M) Calculated over the trailing 6-month period	19.15%	29.97%	-10.82%
Volatility (1Y) Calculated over the trailing 1-year period	21.76%	32.49%	-10.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.87%	27.96%	-8.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.87%	24.41%	-4.54%

SPWO vs. IPOS - Expense Ratio Comparison

SPWO has a 0.55% expense ratio, which is lower than IPOS's 0.80% expense ratio.

Dividends

SPWO vs. IPOS - Dividend Comparison

SPWO's dividend yield for the trailing twelve months is around 1.05%, more than IPOS's 0.31% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IPOS Renaissance International IPO ETF	0.31%	1.04%	0.93%	0.33%	0.00%	0.00%	0.25%	0.89%	1.12%	0.87%	1.73%	1.08%
SPWO SP Funds S&P World (ex-US) ETF	1.05%	1.29%	1.24%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SPWO and IPOS in my portfolio?

SPWO and IPOS have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPWO or IPOS?

IPOS has higher volatility (15.29%) compared to SPWO (10.65%). In terms of maximum drawdown, SPWO dropped -18.03% vs IPOS's -73.09%.

Which ETF is better, SPWO or IPOS?

On 1-year performance, IPOS leads with 76.07% vs 42.01% for SPWO. On fees, SPWO is cheaper at 0.55% per year. On volatility, SPWO has been the lower-risk option at 10.65%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPWO or IPOS?

Over the 1-year period, IPOS has performed better with a 76.07% return vs 42.01%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPWO or IPOS?

SPWO is cheaper with a 0.55% expense ratio, compared with 0.80% for IPOS.

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

SPWO has the higher dividend yield at 1.05%, compared with 0.31% for IPOS.

What is the main difference between SPWO and IPOS?

SPWO tracks S&P DM Ex-U.S. & EM 50/50 Shariah Index, while IPOS tracks Renaissance International IPO Index. They also come from different issuers: SP Funds and Renaissance Capital. Their fees differ too: 0.55% for SPWO and 0.80% for IPOS.

Which has better risk-adjusted returns?

IPOS currently has the higher Sharpe Ratio (2.35 vs 1.94), 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.