Taking the chart of the IPO ETF over the SPX, we can see that the IPO stocks had an incredible bubble in 2020, allowing business owners to go public and dump shares for 10, or even 100 times what they were worth in some cases. At its peak, this bubble had increased IPO by 100% above the already increasing SPX. As it always goes, the bubble popped and now we are in a state of utter dispair. However, there is hope in sight, since the next phase to expect is a return to the mean. This could send IPO stocks once again into the spotlight, if only for awhile. All this to say, it's a good time to hold assets that had a recent IPO, namely Palantir (PLTR).
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SPX/USM2 (The S&P VS the US money supply) gives us another example: