CAPE vs. COPY

Last updated Jul 17, 2026

CAPE (iPath Shiller CAPE ETN) and COPY (Tweedy, Browne Insider + Value ETF) are both Global Equities funds. CAPE is passively managed, while COPY is actively managed. Over the past year, CAPE returned 6.03% vs 30.93% for COPY. A 0.64 correlation means they provide meaningful diversification when combined. CAPE charges 0.45%/yr vs 0.80%/yr for COPY.

Performance

CAPE vs. COPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iPath Shiller CAPE ETN (CAPE) and Tweedy, Browne Insider + Value ETF (COPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CAPE achieves a 3.22% return, which is significantly lower than COPY's 18.84% return.

CAPE

• 1D: 1.53%
• 1M: 1.88%
• 6M: 1.56%
• YTD: 3.22%
• 1Y: 6.03%
• 3Y*: 11.57%
• 5Y*: —
• 10Y*: —

COPY

• 1D: 0.95%
• 1M: 2.00%
• 6M: 13.89%
• YTD: 18.84%
• 1Y: 30.93%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CAPE vs. COPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
CAPE iPath Shiller CAPE ETN	3.22%	9.10%	-1.52%
COPY Tweedy, Browne Insider + Value ETF	18.84%	29.52%	0.05%

Correlation

The correlation between CAPE and COPY is 0.62, 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	0.62
Correlation (All Time) Calculated using the full available price history since Dec 27, 2024	0.64

The correlation between CAPE and COPY has been stable across timeframes, ranging from 0.62 to 0.64 - a consistent structural relationship.

Return for Risk

CAPE vs. COPY — Risk / Return Rank

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

CAPE

CAPE Risk / Return Rank: 19
CAPE Sharpe Ratio Rank: 19
CAPE Sortino Ratio Rank: 19
CAPE Omega Ratio Rank: 18
CAPE Calmar Ratio Rank: 18
CAPE Martin Ratio Rank: 23

COPY

COPY Risk / Return Rank: 86
COPY Sharpe Ratio Rank: 89
COPY Sortino Ratio Rank: 90
COPY Omega Ratio Rank: 87
COPY Calmar Ratio Rank: 81
COPY Martin Ratio Rank: 84

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. COPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iPath Shiller CAPE ETN (CAPE) and Tweedy, Browne Insider + Value ETF (COPY). 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	COPY	Difference
Sharpe ratio: Return per unit of total volatility	0.53	2.37	-1.84
Sortino ratio: Return per unit of downside risk	0.85	3.45	-2.61
Omega ratio: Gain probability vs. loss probability	1.10	1.42	-0.32
Calmar ratio: Return relative to maximum drawdown	0.63	3.43	-2.80
Martin ratio: Return relative to average drawdown	2.20	13.14	-10.95

CAPE vs. COPY - Sharpe Ratio Comparison

The current CAPE Sharpe Ratio is 0.53, which is lower than the COPY Sharpe Ratio of 2.37. The chart below compares the historical Sharpe Ratios of CAPE and COPY, 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. COPY - Drawdown Comparison

The maximum CAPE drawdown since its inception was -22.07%, which is greater than COPY's maximum drawdown of -14.05%. Use the drawdown chart below to compare losses from any high point for CAPE and COPY.

Drawdown Indicators

	CAPE	COPY	Difference
Max Drawdown Largest peak-to-trough decline	-22.07%	-14.05%	-8.02%
Max Drawdown (1Y) Largest decline over 1 year	-9.68%	-9.07%	-0.61%
Max Drawdown (3Y) Largest decline over 3 years	-14.32%	—	—
Current Drawdown Current decline from peak	-0.27%	0.00%	-0.27%
Average Drawdown Average peak-to-trough decline	-4.85%	-1.52%	-3.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.75%	2.36%	+0.39%

Volatility

CAPE vs. COPY - Volatility Comparison

iPath Shiller CAPE ETN (CAPE) has a higher volatility of 4.77% compared to Tweedy, Browne Insider + Value ETF (COPY) at 2.50%. This indicates that CAPE's price experiences larger fluctuations and is considered to be riskier than COPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CAPE	COPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.77%	2.50%	+2.27%
Volatility (6M) Calculated over the trailing 6-month period	9.32%	10.24%	-0.92%
Volatility (1Y) Calculated over the trailing 1-year period	11.37%	13.12%	-1.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.87%	16.98%	-0.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.87%	16.98%	-0.11%

CAPE vs. COPY - Expense Ratio Comparison

CAPE has a 0.45% expense ratio, which is lower than COPY's 0.80% expense ratio.

Dividends

CAPE vs. COPY - Dividend Comparison

CAPE's dividend yield for the trailing twelve months is around 1.36%, more than COPY's 0.80% yield.

Position	TTM	2025	2024	2023	2022
CAPE iPath Shiller CAPE ETN	1.36%	1.39%	1.23%	1.01%	0.80%
COPY Tweedy, Browne Insider + Value ETF	0.80%	0.95%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CAPE and COPY in my portfolio?

CAPE and COPY have a correlation of 0.62, 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 COPY?

CAPE has higher volatility (4.77%) compared to COPY (2.50%). In terms of maximum drawdown, CAPE dropped -22.07% vs COPY's -14.05%.

Which ETF is better, CAPE or COPY?

On 1-year performance, COPY leads with 30.93% vs 6.03% for CAPE. On fees, CAPE is cheaper at 0.45% per year. On volatility, COPY has been the lower-risk option at 2.50%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CAPE or COPY?

Over the 1-year period, COPY has performed better with a 30.93% return vs 6.03%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CAPE or COPY?

CAPE is cheaper with a 0.45% expense ratio, compared with 0.80% for COPY.

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

CAPE has the higher dividend yield at 1.36%, compared with 0.80% for COPY.

What is the main difference between CAPE and COPY?

They also come from different issuers: Barclays Capital and Tweedy, Browne. Their fees differ too: 0.45% for CAPE and 0.80% for COPY.

Which has better risk-adjusted returns?

COPY currently has the higher Sharpe Ratio (2.37 vs 0.53), 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.