CAPE vs. BRK-B
CAPE (iPath Shiller CAPE ETN) is Global Equities fund tracking the Shiller Barclays CAPE US Core Sector Index, while BRK-B (Berkshire Hathaway Inc.) is a stock. Over the past 3 years, CAPE returned 12.69%/yr vs 13.36%/yr for BRK-B. A 0.63 correlation means they provide meaningful diversification when combined.
Performance
CAPE vs. BRK-B - Performance Comparison
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Returns By Period
In the year-to-date period, CAPE achieves a -0.36% return, which is significantly higher than BRK-B's -4.78% return.
CAPE
- 1D
- 1.37%
- 1M
- -0.79%
- YTD
- -0.36%
- 6M
- 0.05%
- 1Y
- 4.47%
- 3Y*
- 12.69%
- 5Y*
- —
- 10Y*
- —
BRK-B
- 1D
- 0.69%
- 1M
- 2.82%
- YTD
- -4.78%
- 6M
- -4.89%
- 1Y
- -2.52%
- 3Y*
- 13.36%
- 5Y*
- 10.35%
- 10Y*
- 12.93%
CAPE vs. BRK-B - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
CAPE iPath Shiller CAPE ETN | -0.36% | 9.10% | 14.40% | 27.65% | -15.28% |
BRK-B Berkshire Hathaway Inc. | -4.78% | 10.89% | 27.09% | 15.46% | -10.58% |
Correlation
The correlation between CAPE and BRK-B is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.42 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.53 |
Correlation (All Time) Calculated using the full available price history since Apr 5, 2022 | 0.63 |
Over the past year, the correlation between CAPE and BRK-B has dropped to 0.42 - well below their long-term average of 0.63, suggesting their price drivers have been diverging.
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Return for Risk
CAPE vs. BRK-B — Risk / Return Rank
CAPE
BRK-B
CAPE vs. BRK-B - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iPath Shiller CAPE ETN (CAPE) and Berkshire Hathaway Inc. (BRK-B). 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 | BRK-B | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.59 | ||
| Sortino ratioReturn per unit of downside risk | +0.82 | ||
| Omega ratioGain probability vs. loss probability | 1.08 | 0.98 | +0.09 |
| Calmar ratioReturn relative to maximum drawdown | 0.46 | -0.27 | +0.73 |
| Martin ratioReturn relative to average drawdown | 1.68 | -0.57 | +2.25 |
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 | BRK-B | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.41 | -0.18 | +0.59 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.61 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.67 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.44 | 0.48 | -0.04 |
Drawdowns
CAPE vs. BRK-B - Drawdown Comparison
The maximum CAPE drawdown since its inception was -22.07%, smaller than the maximum BRK-B drawdown of -53.86%. Use the drawdown chart below to compare losses from any high point for CAPE and BRK-B.
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Drawdown Indicators
| CAPE | BRK-B | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.07% | -53.86% | +31.79% |
Max Drawdown (1Y)Largest decline over 1 year | -9.68% | -9.42% | -0.26% |
Max Drawdown (3Y)Largest decline over 3 years | -14.32% | -14.95% | +0.63% |
Max Drawdown (5Y)Largest decline over 5 years | — | -26.58% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -29.57% | — |
Current DrawdownCurrent decline from peak | -3.53% | -11.33% | +7.80% |
Average DrawdownAverage peak-to-trough decline | -4.93% | -11.07% | +6.14% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.66% | 4.46% | -1.80% |
Volatility
CAPE vs. BRK-B - Volatility Comparison
The current volatility for iPath Shiller CAPE ETN (CAPE) is 3.00%, while Berkshire Hathaway Inc. (BRK-B) has a volatility of 3.72%. This indicates that CAPE experiences smaller price fluctuations and is considered to be less risky than BRK-B based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CAPE | BRK-B | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.00% | 3.72% | -0.72% |
Volatility (6M)Calculated over the trailing 6-month period | 8.15% | 10.70% | -2.55% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.98% | 14.32% | -3.34% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.93% | 17.11% | -0.18% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.93% | 19.43% | -2.50% |
Dividends
CAPE vs. BRK-B - Dividend Comparison
CAPE's dividend yield for the trailing twelve months is around 1.39%, while BRK-B has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
BRK-B Berkshire Hathaway Inc. | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
CAPE iPath Shiller CAPE ETN | 1.39% | 1.39% | 1.23% | 1.01% | 0.80% |
Frequently Asked Questions
CAPE and BRK-B have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BRK-B has higher volatility (3.72%) compared to CAPE (3.00%). In terms of maximum drawdown, CAPE dropped -22.07% vs BRK-B's -53.86%.
CAPE currently has the higher Sharpe Ratio (0.41 vs -0.18), 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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