CAPE vs. ATMP
CAPE (iPath Shiller CAPE ETN) and ATMP (Barclays ETN+ Select MLP ETN) are both exchange-traded funds - CAPE is a Global Equities fund tracking the Shiller Barclays CAPE US Core Sector Index, while ATMP is a MLPs fund tracking the CIBC Atlas Select MLP VWAP. Both are passively managed. Over the past 3 years, CAPE returned 12.19%/yr vs 21.17%/yr for ATMP. At a 0.43 correlation, their price movements are largely independent. CAPE charges 0.45%/yr vs 0.95%/yr for ATMP.
Performance
CAPE vs. ATMP - Performance Comparison
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Returns By Period
In the year-to-date period, CAPE achieves a -1.70% return, which is significantly lower than ATMP's 20.02% return.
CAPE
- 1D
- -0.48%
- 1M
- -1.99%
- YTD
- -1.70%
- 6M
- -1.38%
- 1Y
- 3.29%
- 3Y*
- 12.19%
- 5Y*
- —
- 10Y*
- —
ATMP
- 1D
- 0.07%
- 1M
- -2.32%
- YTD
- 20.02%
- 6M
- 19.57%
- 1Y
- 18.01%
- 3Y*
- 21.17%
- 5Y*
- 15.87%
- 10Y*
- 4.90%
CAPE vs. ATMP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
CAPE iPath Shiller CAPE ETN | -1.70% | 9.10% | 14.40% | 27.65% | -15.28% |
ATMP Barclays ETN+ Select MLP ETN | 20.02% | 1.73% | 31.66% | 14.51% | -0.27% |
Correlation
The correlation between CAPE and ATMP is 0.13, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.13 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.33 |
Correlation (All Time) Calculated using the full available price history since Apr 5, 2022 | 0.43 |
Over the past year, the correlation between CAPE and ATMP has dropped to 0.13 - well below their long-term average of 0.43, suggesting their price drivers have been diverging.
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Return for Risk
CAPE vs. ATMP — Risk / Return Rank
CAPE
ATMP
CAPE vs. ATMP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iPath Shiller CAPE ETN (CAPE) and Barclays ETN+ Select MLP ETN (ATMP). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
| CAPE | ATMP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.00 | ||
| Sortino ratioReturn per unit of downside risk | -1.35 | ||
| Omega ratioGain probability vs. loss probability | 1.06 | 1.23 | -0.17 |
| Calmar ratioReturn relative to maximum drawdown | 0.34 | 2.51 | -2.17 |
| Martin ratioReturn relative to average drawdown | 1.24 | 6.16 | -4.91 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| CAPE | ATMP | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.30 | 1.31 | -1.00 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.72 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.18 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.42 | 0.09 | +0.33 |
Drawdowns
CAPE vs. ATMP - Drawdown Comparison
The maximum CAPE drawdown since its inception was -22.07%, smaller than the maximum ATMP drawdown of -80.86%. Use the drawdown chart below to compare losses from any high point for CAPE and ATMP.
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Drawdown Indicators
| CAPE | ATMP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.07% | -80.86% | +58.79% |
Max Drawdown (1Y)Largest decline over 1 year | -9.68% | -7.26% | -2.42% |
Max Drawdown (3Y)Largest decline over 3 years | -14.32% | -16.48% | +2.16% |
Max Drawdown (5Y)Largest decline over 5 years | — | -22.98% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -75.66% | — |
Current DrawdownCurrent decline from peak | -4.83% | -6.07% | +1.24% |
Average DrawdownAverage peak-to-trough decline | -4.93% | -31.15% | +26.22% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.65% | 2.95% | -0.30% |
Volatility
CAPE vs. ATMP - Volatility Comparison
The current volatility for iPath Shiller CAPE ETN (CAPE) is 2.63%, while Barclays ETN+ Select MLP ETN (ATMP) has a volatility of 5.61%. This indicates that CAPE experiences smaller price fluctuations and is considered to be less risky than ATMP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CAPE | ATMP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.63% | 5.61% | -2.98% |
Volatility (6M)Calculated over the trailing 6-month period | 8.04% | 10.72% | -2.68% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.89% | 14.00% | -3.11% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.93% | 22.23% | -5.30% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.93% | 27.68% | -10.75% |
CAPE vs. ATMP - Expense Ratio Comparison
CAPE has a 0.45% expense ratio, which is lower than ATMP's 0.95% expense ratio.
Dividends
CAPE vs. ATMP - Dividend Comparison
CAPE's dividend yield for the trailing twelve months is around 1.41%, while ATMP has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
ATMP Barclays ETN+ Select MLP ETN | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
CAPE iPath Shiller CAPE ETN | 1.41% | 1.39% | 1.23% | 1.01% | 0.80% |
Frequently Asked Questions
CAPE and ATMP have a correlation of 0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ATMP has higher volatility (5.61%) compared to CAPE (2.63%). In terms of maximum drawdown, CAPE dropped -22.07% vs ATMP's -80.86%.
On 3-year performance, ATMP leads with 21.17% vs 12.19% for CAPE. On fees, CAPE is cheaper at 0.45% per year. On volatility, CAPE has been the lower-risk option at 2.63%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, ATMP has performed better with a 21.17% return vs 12.19%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CAPE is cheaper with a 0.45% expense ratio, compared with 0.95% for ATMP.
CAPE has the higher dividend yield at 1.41%, compared with 0.00% for ATMP.
CAPE is categorized as Global Equities, while ATMP is MLPs. CAPE tracks Shiller Barclays CAPE US Core Sector Index, while ATMP tracks CIBC Atlas Select MLP VWAP. Their fees differ too: 0.45% for CAPE and 0.95% for ATMP.
ATMP currently has the higher Sharpe Ratio (1.31 vs 0.30), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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