CAPE vs. BDVL

Last updated Jun 4, 2026

CAPE (iPath Shiller CAPE ETN) and BDVL (iShares Disciplined Volatility Equity Active ETF) are both Global Equities funds - CAPE tracks the Shiller Barclays CAPE US Core Sector Index while BDVL tracks the MSCI ACWI Minimum Volatility Index. Both are passively managed. A 0.76 correlation means they provide meaningful diversification when combined. CAPE charges 0.45%/yr vs 0.40%/yr for BDVL.

Performance

CAPE vs. BDVL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iPath Shiller CAPE ETN (CAPE) and iShares Disciplined Volatility Equity Active ETF (BDVL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CAPE achieves a -1.70% return, which is significantly lower than BDVL's 4.71% return.

CAPE

• 1D: -0.48%
• 1M: -1.99%
• YTD: -1.70%
• 6M: -1.38%
• 1Y: 3.29%
• 3Y*: 12.19%
• 5Y*: —
• 10Y*: —

BDVL

• 1D: -0.44%
• 1M: 0.91%
• YTD: 4.71%
• 6M: 5.43%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CAPE vs. BDVL - Yearly Performance Comparison

	2026 (YTD)	2025
CAPE iPath Shiller CAPE ETN	-1.70%	-0.71%
BDVL iShares Disciplined Volatility Equity Active ETF	4.71%	1.97%

Correlation

The correlation between CAPE and BDVL is 0.76, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Sep 16, 2025	0.76

CAPE vs. BDVL - Sectors Allocation Comparison

Sectors	CAPE	BDVL
Consumer Defensive	25.9%	6.3%
Communication Services	25.2%	10.7%
Healthcare	25.0%	11.1%
Consumer Cyclical	24.8%	8.5%
Real Estate	24.7%	1.0%
Financial Services	23.2%	13.9%
Basic Materials	22.0%	2.6%
Technology	0.2%	23.0%
Industrials	0.0%	15.4%
Energy	-	2.8%
Utilities	-	4.8%

Return for Risk

CAPE vs. BDVL — Risk / Return Rank

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

CAPE

CAPE Risk / Return Rank: 13
CAPE Sharpe Ratio Rank: 13
CAPE Sortino Ratio Rank: 12
CAPE Omega Ratio Rank: 12
CAPE Calmar Ratio Rank: 13
CAPE Martin Ratio Rank: 15

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. BDVL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iPath Shiller CAPE ETN (CAPE) and iShares Disciplined Volatility Equity Active ETF (BDVL). 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	BDVL	Difference
Sharpe ratio: Return per unit of total volatility	0.30	—	—
Sortino ratio: Return per unit of downside risk	0.52	—	—
Omega ratio: Gain probability vs. loss probability	1.06	—	—
Calmar ratio: Return relative to maximum drawdown	0.34	—	—
Martin ratio: Return relative to average drawdown	1.24	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	CAPE	BDVL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.30	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.42	1.01	-0.60

Drawdowns

CAPE vs. BDVL - Drawdown Comparison

The maximum CAPE drawdown since its inception was -22.07%, which is greater than BDVL's maximum drawdown of -7.71%. Use the drawdown chart below to compare losses from any high point for CAPE and BDVL.

Drawdown Indicators

	CAPE	BDVL	Difference
Max Drawdown Largest peak-to-trough decline	-22.07%	-7.71%	-14.36%
Max Drawdown (1Y) Largest decline over 1 year	-9.68%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-14.32%	—	—
Current Drawdown Current decline from peak	-4.83%	-0.95%	-3.88%
Average Drawdown Average peak-to-trough decline	-4.93%	-1.19%	-3.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.65%	—	—

Volatility

Volatility by Period

	CAPE	BDVL	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.63%	—	—
Volatility (6M) Calculated over the trailing 6-month period	8.04%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	10.89%	9.49%	+1.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.93%	9.49%	+7.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.93%	9.49%	+7.44%

CAPE vs. BDVL - Expense Ratio Comparison

CAPE has a 0.45% expense ratio, which is higher than BDVL's 0.40% expense ratio.

Dividends

CAPE vs. BDVL - Dividend Comparison

CAPE's dividend yield for the trailing twelve months is around 1.41%, less than BDVL's 2.66% yield.

Position	TTM	2025	2024	2023	2022
BDVL iShares Disciplined Volatility Equity Active ETF	2.66%	2.79%	0.00%	0.00%	0.00%
CAPE iPath Shiller CAPE ETN	1.41%	1.39%	1.23%	1.01%	0.80%

Frequently Asked Questions

Can I hold both CAPE and BDVL in my portfolio?

CAPE and BDVL have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, CAPE or BDVL?

On fees, BDVL is cheaper at 0.40% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, CAPE or BDVL?

BDVL is cheaper with a 0.40% expense ratio, compared with 0.45% for CAPE.

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

BDVL has the higher dividend yield at 2.66%, compared with 1.41% for CAPE.

What is the main difference between CAPE and BDVL?

CAPE tracks Shiller Barclays CAPE US Core Sector Index, while BDVL tracks MSCI ACWI Minimum Volatility Index. They also come from different issuers: Barclays Capital and iShares. Their fees differ too: 0.45% for CAPE and 0.40% for BDVL.