Renaissance IPO ETF (IPO) Valuation
IPO valuation today
Holdings combined · company data as of Oct 26, 2026- P/E (TTM)
- 98.6 trailing earnings
- Forward P/E
- 22.9 analyst estimates
- Price / sales
- 0.06
- Price / book
- 6.53
- EV / EBITDA
- 20.9
- Earnings yield
- 1.01% inverse of P/E
- Dividend yield
- 0.17% of the holdings
- Return on equity
- 6.6% combined
- Net margin
- 0.1% combined
- Beta
- 2.01 weighted, vs S&P 500
IPO valuation vs other stock ETFs
| ETF | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE | Net margin | Loss-makers |
|---|---|---|---|---|---|---|---|---|
| IPO | 98.6 | 22.9 | 0.06 | 6.53 | 0.17% | 6.6% | 0.1% | 38.3% |
| SPY | 25.9 | 19.9 | 3.67 | 5.47 | 1.08% | 21.1% | 14.2% | 1.9% |
| QQQ | 34.2 | 23.4 | 5.93 | 9.27 | 0.58% | 27.1% | 17.4% | 6.9% |
| DIA | 20.9 | 18.4 | 3.16 | 5.52 | 1.55% | 26.4% | 15.1% | 0.0% |
| VTI | 28.2 | 19.4 | 3.31 | 5.00 | 1.07% | 17.7% | 11.8% | 4.6% |
| IWM | n/m | 13.9 | 1.25 | 2.03 | 1.38% | −1.7% | −1.0% | 28.1% |
Same method for every fund. n/m = not meaningful (combined trailing earnings below zero or close to it). Loss-makers = weight of holdings with negative trailing earnings.
IPO valuation by sector
| Sector | Weight | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE |
|---|---|---|---|---|---|---|---|
| Technology | 40.4% | 116.7 | 16.5 | 0.03 | 8.33 | 0.03% | 7.1% |
| Industrials | 20.0% | n/m | 45.4 | 6.21 | 8.06 | 0.06% | −2.2% |
| Healthcare | 9.6% | 127.1 | 26.7 | 2.24 | 8.95 | 0.00% | 7.0% |
| Consumer Cyclical | 6.6% | 28.3 | 16.1 | 3.85 | 4.37 | 0.00% | 15.4% |
| Financial Services | 6.3% | 61.6 | 46.0 | 4.62 | 4.61 | 0.07% | 7.5% |
| Communication Services | 5.9% | 36.3 | 23.2 | 10.81 | 8.90 | 0.00% | 24.5% |
| Real Estate | 4.2% | 243.9 | 59.2 | 3.70 | 2.25 | 2.67% | 0.9% |
| Energy | 1.4% | 15.0 | 16.5 | 2.92 | 4.65 | 1.00% | 31.1% |
| Utilities | 0.4% | n/m | 18.7 | 2.74 | 3.23 | 0.00% | −14.8% |
IPO earnings yield vs bond yields
Earnings yield = earnings ÷ price (1 ÷ P/E). The gap to bond yields is a rough gauge of the extra return stocks are priced to deliver.
How IPO weight splits by P/E
Share of the covered weight in companies with a trailing P/E in each range.
IPO largest holdings: valuation
| Symbol | Company | Weight | P/E | Fwd P/E | P/S | Div. yield | Share of earnings |
|---|---|---|---|---|---|---|---|
| SPCX | Space Exploration Technologies Corp. | 10.43% | — | 200.0 | 83.5 | — | −4.91% |
| ALAB | Astera Labs, Inc. | 9.35% | 140.8 | 55.6 | 41.3 | — | 7.11% |
| SKHY | SK Hynix Inc. American Depositary Shares | 7.79% | 8.7 | 5.4 | 0.0 | 0.08% | 95.79% |
| RDDT | Reddit, Inc. | 5.90% | 36.3 | 23.2 | 10.8 | — | 17.38% |
| RBRK | Rubrik, Inc. | 5.52% | — | 625.0 | 15.0 | — | −5.22% |
| CRWV | CoreWeave, Inc. | 5.08% | — | — | 4.5 | — | −27.20% |
| VIK | Viking Holdings Ltd | 4.24% | 27.7 | 17.2 | 5.3 | — | 16.39% |
| CRCL | Circle Internet Group, Inc. | 4.21% | 56.3 | 74.6 | 7.2 | — | 7.99% |
| AHR | American Healthcare REIT, Inc. | 2.87% | 79.4 | 48.1 | 4.6 | 1.88% | 3.87% |
| BTSG | BrightSpring Health Services, Inc. | 2.76% | 53.9 | 22.2 | 0.8 | — | 5.48% |
| KSPI | Kaspi Bank Joint Stock Company | 2.74% | — | — | — | — | — |
| CHYM | Chime Financial, Inc. | 2.33% | 33.7 | 20.6 | 4.6 | — | 7.40% |
| TEM | Tempus AI, Inc. | 1.99% | — | — | 8.2 | — | −4.61% |
| NTSK | Netskope, Inc. | 1.61% | — | — | 9.7 | — | −9.01% |
| ULS | UL Solutions Inc. | 1.61% | 29.6 | 24.9 | 4.7 | 0.79% | 5.81% |
| AS | Amer Sports, Inc. | 1.59% | 31.6 | 14.6 | 2.3 | — | 5.38% |
| FIG | Figma, Inc. | 1.50% | — | 60.6 | 8.9 | — | −20.60% |
| SARO | StandardAero, Inc. | 1.48% | 22.0 | 14.2 | 1.1 | — | 7.19% |
| TTAN | ServiceTitan, Inc. | 1.45% | — | 45.0 | 6.8 | — | −2.46% |
| FPS | Forgent Power Solutions, Inc. | 1.33% | 105.6 | 32.6 | 7.1 | — | 1.35% |
| HNGE | Hinge Health, Inc. | 1.32% | 32.7 | 33.0 | 11.1 | — | 4.31% |
| CGON | CG Oncology, Inc. | 1.30% | — | — | 851.8 | — | −6.26% |
| CAI | Caris Life Sciences, Inc. | 1.07% | 18.1 | 43.3 | 8.7 | — | 6.34% |
| FIGR | Figure Technology Solutions, Inc. | 1.01% | 31.5 | — | 9.8 | — | 3.42% |
| CBRS | Cerebras Systems Inc. | 0.97% | — | 217.4 | 44.4 | — | −1.98% |
Share of earnings = the holding's part of the fund's combined trailing profit. Green: earns more than its weight; orange: less. Symbol links go to each company's key metrics.
About IPO valuation
Adding up its 50 holdings with company data, IPO trades at 98.6 times trailing earnings and 22.9 times analysts' forward estimates, with a price-to-book ratio of 6.53 and a dividend yield of 0.17%. Its earnings yield of 1.01% is 4.31 percentage points below the 5.33% yield to maturity of the U.S. bond market (AGG).
The ten largest holdings are 58.2% of the fund and earn 116.7% of its combined profit. By sector, Real Estate is the most expensive at 243.9 times earnings and Energy the cheapest at 15.0. Companies that lost money over the past year are 38.3% of the covered weight.
How these figures are calculated. Each ratio treats the fund as one company: the earnings, sales and book value of every holding are added up in proportion to its weight and divided into the fund's price. In practice that is a weighted harmonic mean, so a single stock with a very high P/E cannot distort the result, and loss-making companies reduce the fund's earnings instead of being dropped. Covers 96.9% of the fund's weight (U.S.-listed stocks with company data); company figures as of October 26, 2026.
Related: IPO chart, IPO performance, IPO holdings, IPO dividends.
IPO valuation FAQ
What is the P/E ratio of IPO?
Based on its holdings, IPO has a trailing P/E of 98.6 and a forward P/E of 22.9 (earnings of all covered holdings combined in proportion to their weights, as of October 26, 2026).
What is the earnings yield of IPO?
The trailing earnings yield is 1.01% (1 ÷ P/E) and the forward earnings yield 4.37%. For comparison the U.S. bond market (AGG) yields 5.33% to maturity and T-bills about 3.91%.
Is IPO more expensive than the S&P 500?
IPO trades at 98.6 times trailing earnings versus 25.9 for the S&P 500 (SPY); on forward estimates the figures are 22.9 and 19.9.
What is the price-to-book ratio of IPO?
The holdings of IPO trade at 6.53 times book value, with a combined return on equity of 6.6%.
Which sector in IPO has the highest P/E?
Real Estate has the highest P/E at 243.9 and Energy the lowest at 15.0.