CAPE vs. FWD

Last updated Jun 4, 2026

CAPE (iPath Shiller CAPE ETN) and FWD (AB Disruptors ETF) are both Global Equities funds. CAPE is passively managed, while FWD is actively managed. Over the past 3 years, CAPE returned 12.19%/yr vs 39.48%/yr for FWD. A 0.54 correlation means they provide meaningful diversification when combined. CAPE charges 0.45%/yr vs 0.65%/yr for FWD.

Performance

CAPE vs. FWD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iPath Shiller CAPE ETN (CAPE) and AB Disruptors ETF (FWD). 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 FWD's 40.11% return.

CAPE

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

FWD

• 1D: -0.27%
• 1M: 14.15%
• YTD: 40.11%
• 6M: 39.78%
• 1Y: 75.95%
• 3Y*: 39.48%
• 5Y*: —
• 10Y*: —

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

CAPE vs. FWD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
CAPE iPath Shiller CAPE ETN	-1.70%	9.10%	14.40%	24.62%
FWD AB Disruptors ETF	40.11%	32.00%	29.23%	25.66%

Correlation

The correlation between CAPE and FWD is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.34
Correlation (3Y) Calculated over the trailing 3-year period	0.52
Correlation (All Time) Calculated using the full available price history since Mar 23, 2023	0.54

The correlation between CAPE and FWD shifts across timeframes, from 0.34 (1 year) to 0.54 (all time), reflecting how their relationship changes across market environments.

CAPE vs. FWD - Sectors Allocation Comparison

Sectors	CAPE	FWD
Consumer Defensive	25.9%	0.8%
Communication Services	25.2%	2.6%
Healthcare	25.0%	6.6%
Consumer Cyclical	24.8%	2.4%
Real Estate	24.7%	0.7%
Financial Services	23.2%	0.5%
Basic Materials	22.0%	1.8%
Technology	0.2%	52.6%
Industrials	0.0%	17.7%
Energy	-	2.6%
Utilities	-	1.0%

Return for Risk

CAPE vs. FWD — 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

FWD

FWD Risk / Return Rank: 87
FWD Sharpe Ratio Rank: 90
FWD Sortino Ratio Rank: 83
FWD Omega Ratio Rank: 83
FWD Calmar Ratio Rank: 91
FWD Martin Ratio Rank: 90

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. FWD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iPath Shiller CAPE ETN (CAPE) and AB Disruptors ETF (FWD). 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	FWD	Difference
Sharpe ratio: Return per unit of total volatility	0.30	3.16	-2.86
Sortino ratio: Return per unit of downside risk	0.52	3.78	-3.26
Omega ratio: Gain probability vs. loss probability	1.06	1.50	-0.45
Calmar ratio: Return relative to maximum drawdown	0.34	5.86	-5.52
Martin ratio: Return relative to average drawdown	1.24	20.83	-19.59
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CAPE vs. FWD - Sharpe Ratio Comparison

The current CAPE Sharpe Ratio is 0.30, which is lower than the FWD Sharpe Ratio of 3.16. The chart below compares the historical Sharpe Ratios of CAPE and FWD, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	CAPE	FWD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.30	3.16	-2.86
Sharpe Ratio (All Time) Calculated using the full available price history	0.42	1.67	-1.25

Drawdowns

CAPE vs. FWD - Drawdown Comparison

The maximum CAPE drawdown since its inception was -22.07%, smaller than the maximum FWD drawdown of -29.02%. Use the drawdown chart below to compare losses from any high point for CAPE and FWD.

Drawdown Indicators

	CAPE	FWD	Difference
Max Drawdown Largest peak-to-trough decline	-22.07%	-29.02%	+6.95%
Max Drawdown (1Y) Largest decline over 1 year	-9.68%	-13.03%	+3.35%
Max Drawdown (3Y) Largest decline over 3 years	-14.32%	-29.02%	+14.70%
Current Drawdown Current decline from peak	-4.83%	-0.27%	-4.56%
Average Drawdown Average peak-to-trough decline	-4.93%	-4.06%	-0.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.65%	3.66%	-1.01%

Volatility

CAPE vs. FWD - Volatility Comparison

The current volatility for iPath Shiller CAPE ETN (CAPE) is 2.63%, while AB Disruptors ETF (FWD) has a volatility of 7.77%. This indicates that CAPE experiences smaller price fluctuations and is considered to be less risky than FWD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CAPE	FWD	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.63%	7.77%	-5.14%
Volatility (6M) Calculated over the trailing 6-month period	8.04%	18.96%	-10.92%
Volatility (1Y) Calculated over the trailing 1-year period	10.89%	24.15%	-13.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.93%	24.72%	-7.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.93%	24.72%	-7.79%

CAPE vs. FWD - Expense Ratio Comparison

CAPE has a 0.45% expense ratio, which is lower than FWD's 0.65% expense ratio.

Dividends

CAPE vs. FWD - Dividend Comparison

CAPE's dividend yield for the trailing twelve months is around 1.41%, more than FWD's 0.08% yield.

Position	TTM	2025	2024	2023	2022
CAPE iPath Shiller CAPE ETN	1.41%	1.39%	1.23%	1.01%	0.80%
FWD AB Disruptors ETF	0.08%	0.11%	1.89%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CAPE and FWD in my portfolio?

CAPE and FWD have a correlation of 0.34, 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 FWD?

FWD has higher volatility (7.77%) compared to CAPE (2.63%). In terms of maximum drawdown, CAPE dropped -22.07% vs FWD's -29.02%.

Which ETF is better, CAPE or FWD?

On 3-year performance, FWD leads with 39.48% 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.

Which ETF has performed better, CAPE or FWD?

Over the 3-year period, FWD has performed better with a 39.48% return vs 12.19%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CAPE or FWD?

CAPE is cheaper with a 0.45% expense ratio, compared with 0.65% for FWD.

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

CAPE has the higher dividend yield at 1.41%, compared with 0.08% for FWD.

What is the main difference between CAPE and FWD?

They also come from different issuers: Barclays Capital and AllianceBernstein. Their fees differ too: 0.45% for CAPE and 0.65% for FWD.

Which has better risk-adjusted returns?

FWD currently has the higher Sharpe Ratio (3.16 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.