Both the NYSE FAANG+ Index and Renaissance IPO ETF () have put in place fresh 52-week highs in the past couple of days, however, zooming out, those fresh highs are on different planets. The NYSE FAANG+ index—comprised of many mega cap Tech stocks—is not only at a 52-week high, but it’s trading at record highs. Since the pre-COVID market high in February 2020, the FANG+ group is now up 120.1%.As for the IPO ETF, this week’s 52-week high only leaves the group at the highest levels since April 2022. Contrary to the all-time high for FAANG+, IPO is still down 51.7% from its February 2021 high and is up a meager 4.7% since pre-COVID. As you can see below, these two traded closely inline with each other in the early days of the post-COVID rally, but FANG+ has left IPO in the dust since the start of 2022.(Click on image to enlarge)
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FAANG+ Leaving Newcomers In The Dust
