<script src="../node_modules/vue/dist/vue.js"></script>

<div id="app">
  <example :ok="ok"></example>
  <button @click="ok = !ok">toggle</button>
</div>

<script>
const Foo = {
  render: h => h('div', 'foo')
}

const Bar = {
  render: h => h('div', 'bar')
}

Vue.component('example', {
  props: ['ok'],
  render: (h) {
    return this.ok ? h(Foo) : h(Bar)
  }
})

new Vue({
  el: '#app',
  data: { ok: true }
})
</script>