CAPE vs. KLMT

Last updated Jun 4, 2026

CAPE (iPath Shiller CAPE ETN) and KLMT (Invesco MSCI Global Climate 500 ETF) are both Global Equities funds - CAPE tracks the Shiller Barclays CAPE US Core Sector Index while KLMT tracks the MSCI ACWI Select Climate 500 Index. Both are passively managed. Over the past year, CAPE returned 3.29% vs 27.86% for KLMT. A 0.70 correlation means they provide meaningful diversification when combined. CAPE charges 0.45%/yr vs 0.10%/yr for KLMT.

Performance

CAPE vs. KLMT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iPath Shiller CAPE ETN (CAPE) and Invesco MSCI Global Climate 500 ETF (KLMT). 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 KLMT's 12.04% return.

CAPE

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

KLMT

• 1D: -0.78%
• 1M: 5.23%
• YTD: 12.04%
• 6M: 12.88%
• 1Y: 27.86%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CAPE vs. KLMT - Yearly Performance Comparison

	2026 (YTD)	2025	2024
CAPE iPath Shiller CAPE ETN	-1.70%	9.10%	8.71%
KLMT Invesco MSCI Global Climate 500 ETF	12.04%	21.31%	4.94%

Correlation

The correlation between CAPE and KLMT 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 Jun 27, 2024	0.70

The correlation between CAPE and KLMT has been stable across timeframes, ranging from 0.62 to 0.70 - a consistent structural relationship.

CAPE vs. KLMT - Sectors Allocation Comparison

Sectors	CAPE	KLMT
Consumer Defensive	25.9%	4.6%
Communication Services	25.2%	9.6%
Healthcare	25.0%	8.0%
Consumer Cyclical	24.8%	9.2%
Real Estate	24.7%	2.7%
Financial Services	23.2%	16.9%
Basic Materials	22.0%	2.8%
Technology	0.2%	30.0%
Industrials	0.0%	10.2%
Energy	-	4.1%
Utilities	-	2.0%

Return for Risk

CAPE vs. KLMT — 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

KLMT

KLMT Risk / Return Rank: 67
KLMT Sharpe Ratio Rank: 68
KLMT Sortino Ratio Rank: 68
KLMT Omega Ratio Rank: 67
KLMT Calmar Ratio Rank: 60
KLMT Martin Ratio Rank: 70

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. KLMT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iPath Shiller CAPE ETN (CAPE) and Invesco MSCI Global Climate 500 ETF (KLMT). 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	KLMT	Difference
Sharpe ratio: Return per unit of total volatility	0.30	2.22	-1.92
Sortino ratio: Return per unit of downside risk	0.52	3.10	-2.58
Omega ratio: Gain probability vs. loss probability	1.06	1.40	-0.34
Calmar ratio: Return relative to maximum drawdown	0.34	2.93	-2.59
Martin ratio: Return relative to average drawdown	1.24	12.75	-11.50
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. KLMT - Sharpe Ratio Comparison

The current CAPE Sharpe Ratio is 0.30, which is lower than the KLMT Sharpe Ratio of 2.22. The chart below compares the historical Sharpe Ratios of CAPE and KLMT, 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	KLMT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.30	2.22	-1.92
Sharpe Ratio (All Time) Calculated using the full available price history	0.42	1.28	-0.86

Drawdowns

CAPE vs. KLMT - Drawdown Comparison

The maximum CAPE drawdown since its inception was -22.07%, which is greater than KLMT's maximum drawdown of -16.87%. Use the drawdown chart below to compare losses from any high point for CAPE and KLMT.

Drawdown Indicators

	CAPE	KLMT	Difference
Max Drawdown Largest peak-to-trough decline	-22.07%	-16.87%	-5.20%
Max Drawdown (1Y) Largest decline over 1 year	-9.68%	-9.54%	-0.14%
Max Drawdown (3Y) Largest decline over 3 years	-14.32%	—	—
Current Drawdown Current decline from peak	-4.83%	-0.78%	-4.05%
Average Drawdown Average peak-to-trough decline	-4.93%	-1.91%	-3.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.65%	2.19%	+0.46%

Volatility

CAPE vs. KLMT - Volatility Comparison

The current volatility for iPath Shiller CAPE ETN (CAPE) is 2.63%, while Invesco MSCI Global Climate 500 ETF (KLMT) has a volatility of 3.76%. This indicates that CAPE experiences smaller price fluctuations and is considered to be less risky than KLMT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CAPE	KLMT	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.63%	3.76%	-1.13%
Volatility (6M) Calculated over the trailing 6-month period	8.04%	10.07%	-2.03%
Volatility (1Y) Calculated over the trailing 1-year period	10.89%	12.61%	-1.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.93%	15.85%	+1.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.93%	15.85%	+1.08%

CAPE vs. KLMT - Expense Ratio Comparison

CAPE has a 0.45% expense ratio, which is higher than KLMT's 0.10% expense ratio.

Dividends

CAPE vs. KLMT - Dividend Comparison

CAPE's dividend yield for the trailing twelve months is around 1.41%, less than KLMT's 1.75% yield.

Position	TTM	2025	2024	2023	2022
CAPE iPath Shiller CAPE ETN	1.41%	1.39%	1.23%	1.01%	0.80%
KLMT Invesco MSCI Global Climate 500 ETF	1.75%	1.95%	0.85%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CAPE and KLMT in my portfolio?

CAPE and KLMT 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 KLMT?

KLMT has higher volatility (3.76%) compared to CAPE (2.63%). In terms of maximum drawdown, CAPE dropped -22.07% vs KLMT's -16.87%.

Which ETF is better, CAPE or KLMT?

On 1-year performance, KLMT leads with 27.86% vs 3.29% for CAPE. On fees, KLMT is cheaper at 0.10% 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 KLMT?

Over the 1-year period, KLMT has performed better with a 27.86% return vs 3.29%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CAPE or KLMT?

KLMT is cheaper with a 0.10% expense ratio, compared with 0.45% for CAPE.

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

KLMT has the higher dividend yield at 1.75%, compared with 1.41% for CAPE.

What is the main difference between CAPE and KLMT?

CAPE tracks Shiller Barclays CAPE US Core Sector Index, while KLMT tracks MSCI ACWI Select Climate 500 Index. They also come from different issuers: Barclays Capital and Invesco. Their fees differ too: 0.45% for CAPE and 0.10% for KLMT.

Which has better risk-adjusted returns?

KLMT currently has the higher Sharpe Ratio (2.22 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.