CAPE vs. IWY

Last updated Aug 1, 2026

CAPE (DoubleLine Shiller CAPE U.S. Equities ETF) and IWY (iShares Russell Top 200 Growth ETF) are both exchange-traded funds - CAPE is a Large Cap Value Equities fund actively managed by DoubleLine, while IWY is a Large Cap Growth Equities fund tracking the Russell Top 200 Growth Index. CAPE is actively managed, while IWY is passively managed. Over the past 3 years, CAPE returned 10.41%/yr vs 19.65%/yr for IWY. Their 0.66 correlation means they have sometimes moved together and sometimes differently. CAPE charges 0.65%/yr vs 0.20%/yr for IWY.

Performance

CAPE vs. IWY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in DoubleLine Shiller CAPE U.S. Equities ETF (CAPE) and iShares Russell Top 200 Growth ETF (IWY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CAPE achieves a 2.29% return, which is significantly higher than IWY's -0.03% return.

CAPE

• 1D: 0.00%
• 1M: 0.67%
• 6M: 0.07%
• YTD: 2.29%
• 1Y: 5.64%
• 3Y*: 10.41%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 7.75%

IWY

• 1D: 0.85%
• 1M: -3.97%
• 6M: 1.67%
• YTD: -0.03%
• 1Y: 8.54%
• 3Y*: 19.65%
• 5Y*: 12.72%
• 10Y*: 18.31%
• ALL TIME*: 16.69%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
CAPE DoubleLine Shiller CAPE U.S. Equities ETF	$508.60K	$475.70K	$946.02K
IWY iShares Russell Top 200 Growth ETF	$127.32M	$104.93M	$113.90M

CAPE vs. IWY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
CAPE DoubleLine Shiller CAPE U.S. Equities ETF	2.29%	9.10%	14.40%	27.65%	-15.28%
IWY iShares Russell Top 200 Growth ETF	-0.03%	18.19%	34.89%	46.49%	-23.69%

Correlation

The correlation between CAPE and IWY is 0.25, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.25
Correlation (3Y) Balances recent behavior with more history.	0.49
Correlation (All Time) Calculated using the full available price history since Apr 4, 2022	0.66

Over the past year, the correlation between CAPE and IWY has dropped to 0.25 - well below their long-term average of 0.66, suggesting their price drivers have been diverging.

CAPE vs. IWY - Sectors Allocation Comparison

Sectors	CAPE	IWY
Communication Services	25.2%	17.5%
Real Estate	24.8%	0.2%
Consumer Defensive	24.6%	1.2%
Financial Services	24.6%	4.9%
Healthcare	23.6%	4.8%
Technology	0.4%	55.9%
Basic Materials	0.3%	0.1%
Consumer Cyclical	0.2%	7.9%
Industrials	0.1%	7.2%
Energy	-	0.0%
Utilities	-	0.0%

Return for Risk

CAPE vs. IWY — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

CAPE

CAPE Risk / Return Rank: 23
CAPE Sharpe Ratio Rank: 22
CAPE Sortino Ratio Rank: 22
CAPE Omega Ratio Rank: 21
CAPE Calmar Ratio Rank: 21
CAPE Martin Ratio Rank: 26

IWY

IWY Risk / Return Rank: 21
IWY Sharpe Ratio Rank: 22
IWY Sortino Ratio Rank: 22
IWY Omega Ratio Rank: 21
IWY Calmar Ratio Rank: 20
IWY Martin Ratio Rank: 22

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

CAPE vs. IWY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for DoubleLine Shiller CAPE U.S. Equities ETF (CAPE) and iShares Russell Top 200 Growth ETF (IWY). 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	IWY	Difference
Sharpe ratio: Return per unit of total volatility	0.49	0.48	+0.01
Sortino ratio: Return per unit of downside risk	0.79	0.79	0.00
Omega ratio: Gain probability vs. loss probability	1.09	1.09	0.00
Calmar ratio: Return relative to maximum drawdown	0.58	0.52	+0.07
Martin ratio: Return relative to average drawdown	2.06	1.50	+0.56

CAPE vs. IWY - Sharpe Ratio Comparison

The current CAPE Sharpe Ratio is 0.49, which is comparable to the IWY Sharpe Ratio of 0.48. The chart below compares the historical Sharpe Ratios of CAPE and IWY, 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. IWY - Drawdown Comparison

The maximum CAPE drawdown since its inception was -22.07%, smaller than the maximum IWY drawdown of -32.68%. Use the drawdown chart below to compare losses from any high point for CAPE and IWY.

Drawdown Indicators

	CAPE	IWY	Difference
Max Drawdown Largest peak-to-trough decline	-22.07%	-32.68%	+10.61%
Max Drawdown (1Y) Largest decline over 1 year	-9.68%	-16.63%	+6.95%
Max Drawdown (3Y) Largest decline over 3 years	-14.32%	-23.22%	+8.90%
Max Drawdown (5Y) Largest decline over 5 years	—	-32.68%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-32.68%	—
Current Drawdown Current decline from peak	-1.27%	-8.44%	+7.17%
Average Drawdown Average peak-to-trough decline	-4.81%	-4.76%	-0.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.74%	5.70%	-2.96%

Volatility

CAPE vs. IWY - Volatility Comparison

The current volatility for DoubleLine Shiller CAPE U.S. Equities ETF (CAPE) is 4.59%, while iShares Russell Top 200 Growth ETF (IWY) has a volatility of 6.91%. This indicates that CAPE experiences smaller price fluctuations and is considered to be less risky than IWY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CAPE	IWY	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.59%	6.91%	-2.32%
Volatility (6M) Calculated over the trailing 6-month period	9.56%	14.24%	-4.68%
Volatility (1Y) Calculated over the trailing 1-year period	11.58%	17.75%	-6.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.85%	21.81%	-4.96%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.85%	21.13%	-4.28%

CAPE vs. IWY - Expense Ratio Comparison

CAPE has a 0.65% expense ratio, which is higher than IWY's 0.20% expense ratio.

Dividends

CAPE vs. IWY - Dividend Comparison

CAPE's dividend yield for the trailing twelve months is around 1.37%, more than IWY's 0.36% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CAPE DoubleLine Shiller CAPE U.S. Equities ETF	1.37%	1.39%	1.23%	1.01%	0.80%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
IWY iShares Russell Top 200 Growth ETF	0.36%	0.36%	0.42%	0.68%	0.88%	0.50%	0.71%	1.06%	1.32%	1.26%	1.51%	1.58%

Frequently Asked Questions

Can I hold both CAPE and IWY in my portfolio?

CAPE and IWY have a correlation of 0.25, 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 IWY?

IWY has higher volatility (6.91%) compared to CAPE (4.59%). In terms of maximum drawdown, CAPE dropped -22.07% vs IWY's -32.68%.

Which ETF is better, CAPE or IWY?

On 3-year performance, IWY leads with 19.65% vs 10.41% for CAPE. On fees, IWY is cheaper at 0.20% per year. On volatility, CAPE has been the lower-risk option at 4.59%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CAPE or IWY?

Over the 3-year period, IWY has performed better with a 19.65% return vs 10.41%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CAPE or IWY?

IWY is cheaper with a 0.20% expense ratio, compared with 0.65% for CAPE.

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

CAPE has the higher dividend yield at 1.37%, compared with 0.36% for IWY.

What is the main difference between CAPE and IWY?

CAPE is categorized as Large Cap Value Equities, while IWY is Large Cap Growth Equities. They also come from different issuers: DoubleLine and iShares. Their fees differ too: 0.65% for CAPE and 0.20% for IWY.

Which has better risk-adjusted returns?

CAPE currently has the higher Sharpe Ratio (0.49 vs 0.48), 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.