SSMG vs. IPO

Last updated Aug 5, 2026

SSMG (Virtus Silvant Small/Mid Growth ETF) and IPO (Renaissance IPO ETF) are both Mid Cap Growth Equities funds. SSMG is actively managed, while IPO is passively managed. Their 0.77 correlation means they have sometimes moved together and sometimes differently. SSMG charges 0.39%/yr vs 0.60%/yr for IPO.

Performance

SSMG vs. IPO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Virtus Silvant Small/Mid Growth ETF (SSMG) and Renaissance IPO ETF (IPO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

SSMG

• 1D: 3.18%
• 1M: -0.84%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

IPO

• 1D: 4.84%
• 1M: -3.13%
• 6M: 27.27%
• YTD: 22.17%
• 1Y: 17.75%
• 3Y*: 17.63%
• 5Y*: -2.76%
• 10Y*: 10.80%
• ALL TIME*: 8.76%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
IPO Renaissance IPO ETF	$1.06M	$1.08M	$2.24M
SSMG Virtus Silvant Small/Mid Growth ETF	$5.89K	$3.26K	$5.76K

SSMG vs. IPO - Yearly Performance Comparison

	2026 (YTD)
SSMG Virtus Silvant Small/Mid Growth ETF	7.79%
IPO Renaissance IPO ETF	14.34%

Correlation

The correlation between SSMG and IPO is 0.77, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (All Time) Calculated using the full available price history since Apr 22, 2026	0.77

SSMG vs. IPO - Sectors Allocation Comparison

Sectors	SSMG	IPO
Industrials	25.8%	12.5%
Technology	25.3%	43.6%
Healthcare	18.6%	13.0%
Consumer Cyclical	9.4%	9.6%
Financial Services	8.2%	6.3%
Energy	4.5%	3.1%
Basic Materials	3.5%	-
Utilities	1.5%	0.9%
Communication Services	1.4%	6.6%
Real Estate	0.7%	4.1%
Consumer Defensive	-	0.3%

Return for Risk

SSMG vs. IPO — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

SSMG

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

IPO

IPO Risk / Return Rank: 22
IPO Sharpe Ratio Rank: 22
IPO Sortino Ratio Rank: 24
IPO Omega Ratio Rank: 22
IPO Calmar Ratio Rank: 22
IPO Martin Ratio Rank: 20

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

SSMG vs. IPO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Virtus Silvant Small/Mid Growth ETF (SSMG) 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.

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.

	SSMG	IPO	Difference
Sharpe ratio: Return per unit of total volatility	—	0.55	—
Sortino ratio: Return per unit of downside risk	—	0.98	—
Omega ratio: Gain probability vs. loss probability	—	1.11	—
Calmar ratio: Return relative to maximum drawdown	—	0.68	—
Martin ratio: Return relative to average drawdown	—	1.47	—

Drawdowns

SSMG vs. IPO - Drawdown Comparison

The maximum SSMG drawdown since its inception was -13.72%, smaller than the maximum IPO drawdown of -68.76%. Use the drawdown chart below to compare losses from any high point for SSMG and IPO.

Drawdown Indicators

	SSMG	IPO	Difference
Max Drawdown Largest peak-to-trough decline	-13.72%	-68.76%	+55.04%
Max Drawdown (1Y) Largest decline over 1 year	—	-26.24%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-32.04%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-66.02%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-68.76%	—
Current Drawdown Current decline from peak	-4.83%	-26.18%	+21.35%
Average Drawdown Average peak-to-trough decline	-3.36%	-22.97%	+19.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	12.09%	—

Volatility

Volatility by Period

	SSMG	IPO	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	12.08%	—
Volatility (6M) Calculated over the trailing 6-month period	—	25.93%	—
Volatility (1Y) Calculated over the trailing 1-year period	28.58%	32.46%	-3.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	28.58%	36.38%	-7.80%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.58%	31.80%	-3.22%

SSMG vs. IPO - Expense Ratio Comparison

SSMG has a 0.39% expense ratio, which is lower than IPO's 0.60% expense ratio.

Dividends

SSMG vs. IPO - Dividend Comparison

SSMG has not paid dividends to shareholders, while IPO's dividend yield for the trailing twelve months is around 0.43%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IPO Renaissance IPO ETF	0.43%	0.66%	0.12%	0.00%	0.00%	0.00%	0.10%	0.26%	0.49%	0.43%	0.40%	0.11%
SSMG Virtus Silvant Small/Mid Growth ETF	0.00%	0.00%	0.00%	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 SSMG and IPO in my portfolio?

SSMG and IPO have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SSMG or IPO?

On fees, SSMG is cheaper at 0.39% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SSMG or IPO?

SSMG is cheaper with a 0.39% expense ratio, compared with 0.60% for IPO.

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

IPO has the higher dividend yield at 0.43%, compared with 0.00% for SSMG.

What is the main difference between SSMG and IPO?

They also come from different issuers: Virtus and Renaissance Capital. Their fees differ too: 0.39% for SSMG and 0.60% for IPO.