CAPE vs. AVGV

Last updated Jun 24, 2026

CAPE (iPath Shiller CAPE ETN) and AVGV (Avantis All Equity Markets Value ETF) are both Global Equities funds. CAPE is passively managed, while AVGV is actively managed. Over the past year, CAPE returned 3.99% vs 35.25% for AVGV. A 0.74 correlation means they provide meaningful diversification when combined. CAPE charges 0.45%/yr vs 0.26%/yr for AVGV.

Performance

CAPE vs. AVGV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iPath Shiller CAPE ETN (CAPE) and Avantis All Equity Markets Value ETF (AVGV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CAPE achieves a -0.06% return, which is significantly lower than AVGV's 16.61% return.

CAPE

• 1D: 1.38%
• 1M: -0.99%
• YTD: -0.06%
• 6M: -0.35%
• 1Y: 3.99%
• 3Y*: 11.89%
• 5Y*: —
• 10Y*: —

AVGV

• 1D: -1.36%
• 1M: 0.85%
• YTD: 16.61%
• 6M: 15.61%
• 1Y: 35.25%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

CAPE vs. AVGV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
CAPE iPath Shiller CAPE ETN	-0.06%	9.10%	14.40%	11.24%
AVGV Avantis All Equity Markets Value ETF	16.61%	22.57%	11.26%	11.88%

Correlation

The correlation between CAPE and AVGV is 0.66, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.66
Correlation (All Time) Calculated using the full available price history since Jun 29, 2023	0.74

The correlation between CAPE and AVGV has been stable across timeframes, ranging from 0.66 to 0.74 - a consistent structural relationship.

CAPE vs. AVGV - Sectors Allocation Comparison

Sectors	CAPE	AVGV
Consumer Defensive	25.9%	5.2%
Consumer Cyclical	25.7%	14.7%
Real Estate	25.3%	0.7%
Communication Services	25.1%	5.0%
Healthcare	23.6%	4.5%
Financial Services	23.2%	21.3%
Basic Materials	22.0%	7.2%
Technology	0.3%	12.1%
Industrials	0.0%	16.2%
Energy	-	12.4%
Utilities	-	0.7%

Return for Risk

CAPE vs. AVGV — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

CAPE

CAPE Risk / Return Rank: 14
CAPE Sharpe Ratio Rank: 14
CAPE Sortino Ratio Rank: 13
CAPE Omega Ratio Rank: 13
CAPE Calmar Ratio Rank: 13
CAPE Martin Ratio Rank: 16

AVGV

AVGV Risk / Return Rank: 84
AVGV Sharpe Ratio Rank: 85
AVGV Sortino Ratio Rank: 85
AVGV Omega Ratio Rank: 82
AVGV Calmar Ratio Rank: 84
AVGV Martin Ratio Rank: 85

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

CAPE vs. AVGV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iPath Shiller CAPE ETN (CAPE) and Avantis All Equity Markets Value ETF (AVGV). 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.

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	AVGV	Difference
Sharpe ratio: Return per unit of total volatility	0.36	2.64	-2.28
Sortino ratio: Return per unit of downside risk	0.60	3.64	-3.05
Omega ratio: Gain probability vs. loss probability	1.07	1.47	-0.40
Calmar ratio: Return relative to maximum drawdown	0.41	4.36	-3.95
Martin ratio: Return relative to average drawdown	1.46	16.95	-15.48

CAPE vs. AVGV - Sharpe Ratio Comparison

The current CAPE Sharpe Ratio is 0.36, which is lower than the AVGV Sharpe Ratio of 2.64. The chart below compares the historical Sharpe Ratios of CAPE and AVGV, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

CAPE vs. AVGV - Drawdown Comparison

The maximum CAPE drawdown since its inception was -22.07%, which is greater than AVGV's maximum drawdown of -17.03%. Use the drawdown chart below to compare losses from any high point for CAPE and AVGV.

Drawdown Indicators

	CAPE	AVGV	Difference
Max Drawdown Largest peak-to-trough decline	-22.07%	-17.03%	-5.04%
Max Drawdown (1Y) Largest decline over 1 year	-9.68%	-8.12%	-1.56%
Max Drawdown (3Y) Largest decline over 3 years	-14.32%	—	—
Current Drawdown Current decline from peak	-3.24%	-1.88%	-1.36%
Average Drawdown Average peak-to-trough decline	-4.90%	-2.27%	-2.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.73%	2.09%	+0.64%

Volatility

CAPE vs. AVGV - Volatility Comparison

The current volatility for iPath Shiller CAPE ETN (CAPE) is 3.60%, while Avantis All Equity Markets Value ETF (AVGV) has a volatility of 4.56%. This indicates that CAPE experiences smaller price fluctuations and is considered to be less risky than AVGV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CAPE	AVGV	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.60%	4.56%	-0.96%
Volatility (6M) Calculated over the trailing 6-month period	8.60%	10.46%	-1.86%
Volatility (1Y) Calculated over the trailing 1-year period	11.14%	13.41%	-2.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.89%	15.03%	+1.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.89%	15.03%	+1.86%

CAPE vs. AVGV - Expense Ratio Comparison

CAPE has a 0.45% expense ratio, which is higher than AVGV's 0.26% expense ratio.

Dividends

CAPE vs. AVGV - Dividend Comparison

CAPE's dividend yield for the trailing twelve months is around 1.38%, less than AVGV's 2.49% yield.

Position	TTM	2025	2024	2023	2022
AVGV Avantis All Equity Markets Value ETF	2.49%	1.98%	2.32%	1.14%	0.00%
CAPE iPath Shiller CAPE ETN	1.38%	1.39%	1.23%	1.01%	0.80%

Frequently Asked Questions

Can I hold both CAPE and AVGV in my portfolio?

CAPE and AVGV have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CAPE or AVGV?

AVGV has higher volatility (4.56%) compared to CAPE (3.60%). In terms of maximum drawdown, CAPE dropped -22.07% vs AVGV's -17.03%.

Which ETF is better, CAPE or AVGV?

On 1-year performance, AVGV leads with 35.25% vs 3.99% for CAPE. On fees, AVGV is cheaper at 0.26% per year. On volatility, CAPE has been the lower-risk option at 3.60%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CAPE or AVGV?

Over the 1-year period, AVGV has performed better with a 35.25% return vs 3.99%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CAPE or AVGV?

AVGV is cheaper with a 0.26% expense ratio, compared with 0.45% for CAPE.

Which ETF pays a higher dividend yield, CAPE or AVGV?

AVGV has the higher dividend yield at 2.49%, compared with 1.38% for CAPE.

What is the main difference between CAPE and AVGV?

They also come from different issuers: Barclays Capital and Avantis. Their fees differ too: 0.45% for CAPE and 0.26% for AVGV.

Which has better risk-adjusted returns?

AVGV currently has the higher Sharpe Ratio (2.64 vs 0.36), 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.