diff --git a/CHANGELOG.md b/CHANGELOG.md
index dcf1595..db53f70 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -4,6 +4,22 @@ All noteable changes to this project will be documented in this file.
 
 <!--next-version-placeholder-->
 
+## v2023.5.0 (2023-06-22)
+
+### Feature
+
+* Add covariance estimator ([`4b5d5d4`](https://github.com/factorpricingmodel/factor-pricing-model-risk-model/commit/4b5d5d428faed82b21392d7eec93bb9bd38f5767))
+* Allow passing dict of covariances in accuracy functions ([`3f2452d`](https://github.com/factorpricingmodel/factor-pricing-model-risk-model/commit/3f2452d7a59ae3b3c30ad339f52b4ef423edca02))
+
+### Documentation
+
+* Remove unused imports in example notebook ([`d415101`](https://github.com/factorpricingmodel/factor-pricing-model-risk-model/commit/d415101271b0058b61a1ad6d859246e5d1da8221))
+* Update example notebook ([`cd71b0f`](https://github.com/factorpricingmodel/factor-pricing-model-risk-model/commit/cd71b0fcc804951ab1bde056702fcbfa2f67cd2e))
+* Correct typo ([`e711966`](https://github.com/factorpricingmodel/factor-pricing-model-risk-model/commit/e711966b091d8a38d6c783552a058813b21eb323))
+* Update notebook ([`f9a72a9`](https://github.com/factorpricingmodel/factor-pricing-model-risk-model/commit/f9a72a9aeb4bdf10af8c700d47fd9fefffd5c883))
+* Update README and notebook example ([`cc53ae3`](https://github.com/factorpricingmodel/factor-pricing-model-risk-model/commit/cc53ae301be387a6dd2a5a133cf6f58b9e14386c))
+* Update crypto statistical risk model notebook ([`c66f934`](https://github.com/factorpricingmodel/factor-pricing-model-risk-model/commit/c66f93462435ec40f895d1161c2b6003ccea637c))
+
 ## v2023.4.0 (2023-06-05)
 
 ### Feature
diff --git a/pyproject.toml b/pyproject.toml
index d2bc3dd..56a9666 100644
--- a/pyproject.toml
+++ b/pyproject.toml
@@ -1,6 +1,6 @@
 [tool.poetry]
 name = "factor-pricing-model-risk-model"
-version = "2023.4.0"
+version = "2023.5.0"
 description = "Package to build risk models for factor pricing model"
 authors = ["Factor Pricing Model <factor.pricing.model@gmail.com>"]
 license = "MIT"
diff --git a/src/fpm_risk_model/__init__.py b/src/fpm_risk_model/__init__.py
index dfc3daa..2dae0ce 100644
--- a/src/fpm_risk_model/__init__.py
+++ b/src/fpm_risk_model/__init__.py
@@ -1,4 +1,4 @@
-__version__ = "2023.4.0"
+__version__ = "2023.5.0"
 
 # flake8: noqa
 from .factor_risk_model import FactorRiskModel