- ISIN
- US06742A6698
- CUSIP
- 06742A669
- Issuer
- Barclays Capital
- Inception Date
- Oct 10, 2012
- Region
- North America (U.S.)
- Category
- Global Equities
- Leveraged
- 1x (No leverage)
- Index Tracked
- Shiller Barclays CAPE US Core Sector Index
- Distribution Policy
- Distributing
- Asset Class
- Equity
- Asset Class Size
- Large-Cap
- Asset Class Style
- Blend
- Assets Under Management
- $269M
Share Price Chart
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Performance
CAPE Performance Chart
iPath Shiller CAPE ETN (CAPE) is down 1.1% since the beginning of the year. CAPE is currently trading at $32 per share.
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Returns By Period
iPath Shiller CAPE ETN (CAPE) has returned -1.14% so far this year and 4.37% over the past 12 months.
iPath Shiller CAPE ETN
- 1D
- -0.22%
- 1M
- -2.01%
- YTD
- -1.14%
- 6M
- -1.16%
- 1Y
- 4.37%
- 3Y*
- 11.00%
- 5Y*
- —
- 10Y*
- —
Benchmark (S&P 500 Index)
- 1D
- 0.00%
- 1M
- -0.34%
- YTD
- 8.39%
- 6M
- 8.57%
- 1Y
- 24.33%
- 3Y*
- 18.94%
- 5Y*
- 12.24%
- 10Y*
- 13.54%
CAPE Monthly Returns History
Based on dividend-adjusted daily data since Apr 4, 2022, CAPE's average daily return is +0.03%, while the average monthly return is +0.69%. At this rate, an investment would double in approximately 8.4 years.
Historically, 57% of months were positive and 43% were negative. The best month was Jul 2022 with a return of +12.0%, while the worst month was Sep 2022 at -10.6%. The longest winning streak lasted 7 consecutive months, and the longest losing streak was 3 months.
On a daily basis, CAPE closed higher 52% of trading days. The best single day was Apr 9, 2025 with a return of +7.3%, while the worst single day was Apr 4, 2025 at -4.6%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 2.21% | 1.05% | -7.33% | 5.50% | -0.98% | -1.12% | -1.14% | ||||||
| 2025 | 3.32% | 2.09% | -3.86% | -0.76% | 2.98% | 2.69% | -0.75% | 3.05% | 0.47% | -3.07% | 3.52% | -0.58% | 9.10% |
| 2024 | -1.09% | 4.23% | 2.38% | -5.36% | 3.41% | 1.43% | 2.90% | 2.94% | 1.09% | 0.06% | 8.52% | -6.08% | 14.40% |
| 2023 | 9.95% | -2.26% | 0.40% | 0.60% | -1.03% | 8.77% | 3.79% | -1.98% | -4.81% | -1.69% | 8.75% | 5.51% | 27.65% |
| 2022 | -5.67% | -2.35% | -9.73% | 12.04% | -3.68% | -10.59% | 7.06% | 6.36% | -7.28% | -15.28% |
Benchmark Metrics
iPath Shiller CAPE ETN has an annualized alpha of -2.99%, beta of 0.86, and R2 of 0.77 versus S&P 500 Index. Calculated based on daily prices since April 04, 2022.
- This ETF participated in 97.62% of S&P 500 Index downside but only 78.25% of its upside - more exposed to losses than it benefited from rallies.
- This ETF had an annualized alpha of -2.99% versus S&P 500 Index - delivering less than market exposure alone would predict.
- With beta of 0.86 and R2 of 0.77, this ETF moves broadly in line with S&P 500 Index - much of its variation is explained by market exposure rather than independent behavior.
- Alpha
- -2.99%
- Beta
- 0.86
- R²
- 0.77
- Upside Capture
- 78.25%
- Downside Capture
- 97.62%
Expense Ratio
CAPE has an expense ratio of 0.45%, placing it in the medium range.
Return for Risk
Risk / Return Rank
CAPE ranks 13 for risk / return — in the bottom 13% of ETFs on our site. This means you're taking on significantly more risk than the returns justify. Consider whether the potential upside is worth the volatility, or explore alternatives with better risk / return profiles.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for iPath Shiller CAPE ETN (CAPE) and compare them to S&P 500 Index.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| CAPE | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.59 | ||
| Sortino ratioReturn per unit of downside risk | -2.06 | ||
| Omega ratioGain probability vs. loss probability | 1.07 | 1.35 | -0.28 |
| Calmar ratioReturn relative to maximum drawdown | 0.41 | 2.66 | -2.25 |
| Martin ratioReturn relative to average drawdown | 1.46 | 11.86 | -10.41 |
Dividends
Dividend History
iPath Shiller CAPE ETN provided a 1.40% dividend yield over the last twelve months, with an annual payout of $0.44 per share. The fund has been increasing its distributions for 3 consecutive years.
| Period | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Dividend | $0.44 | $0.45 | $0.37 | $0.27 | $0.17 |
Dividend yield | 1.40% | 1.39% | 1.23% | 1.01% | 0.80% |
Monthly Dividends
The table displays the monthly dividend distributions for iPath Shiller CAPE ETN. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $0.00 | $0.00 | $0.00 | $0.08 | $0.00 | $0.00 | $0.08 | ||||||
| 2025 | $0.00 | $0.00 | $0.00 | $0.08 | $0.00 | $0.00 | $0.10 | $0.00 | $0.00 | $0.12 | $0.00 | $0.15 | $0.45 |
| 2024 | $0.00 | $0.00 | $0.00 | $0.07 | $0.00 | $0.00 | $0.09 | $0.00 | $0.00 | $0.08 | $0.00 | $0.13 | $0.37 |
| 2023 | $0.00 | $0.00 | $0.00 | $0.06 | $0.00 | $0.00 | $0.05 | $0.00 | $0.00 | $0.06 | $0.00 | $0.11 | $0.27 |
| 2022 | $0.06 | $0.00 | $0.00 | $0.03 | $0.00 | $0.07 | $0.17 |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the iPath Shiller CAPE ETN. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the iPath Shiller CAPE ETN was 22.07%, occurring on Oct 12, 2022. Recovery took 191 trading sessions.
The current iPath Shiller CAPE ETN drawdown is 4.29%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
Bear market2022 | -22.07%Oct 2022 | 5mo 24d | 9mo 10d | 1y 2moApr 2022 - Jul 2023 |
2025 selloff2025 | -14.32%Apr 2025 | 4mo 7d | 2mo 24d | 7mo 1dDec 2024 - Jul 2025 |
2023 correction2023 | -10.28%Oct 2023 | 2mo 27d | 1mo 5d | 4mo 2dAug 2023 - Dec 2023 |
2026 pullback2026 | -9.68%Mar 2026 | 25d | — | 3mo 21dMar 2026 - now |
2024 pullback2024 | -5.78%Aug 2024 | 19d | 16d | 1mo 5dJul 2024 - Aug 2024 |
Drawdown Indicators
| CAPE | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.07% | -56.78% | +34.71% |
Max Drawdown (1Y)Largest decline over 1 year | -9.68% | -9.10% | -0.58% |
Max Drawdown (3Y)Largest decline over 3 years | -14.32% | -18.90% | +4.58% |
Max Drawdown (5Y)Largest decline over 5 years | — | -25.43% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.92% | — |
Current DrawdownCurrent decline from peak | -4.29% | -2.49% | -1.80% |
Average DrawdownAverage peak-to-trough decline | -4.90% | -10.72% | +5.82% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.71% | 2.03% | +0.68% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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