CAPE vs. MDY

Last updated Aug 2, 2026

CAPE (DoubleLine Shiller CAPE U.S. Equities ETF) and MDY (SPDR S&P MidCap 400 ETF) are both exchange-traded funds - CAPE is a Large Cap Value Equities fund actively managed by DoubleLine, while MDY is a Mid Cap Blend Equities fund tracking the S&P MidCap 400 Index. CAPE is actively managed, while MDY is passively managed. Over the past 3 years, CAPE returned 10.41%/yr vs 12.71%/yr for MDY. Their 0.78 correlation means they have sometimes moved together and sometimes differently. CAPE charges 0.65%/yr vs 0.23%/yr for MDY.

Performance

CAPE vs. MDY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in DoubleLine Shiller CAPE U.S. Equities ETF (CAPE) and SPDR S&P MidCap 400 ETF (MDY). 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 lower than MDY's 14.33% return.

CAPE

• 1D: 0.00%
• 1M: -0.57%
• 6M: 0.07%
• YTD: 2.29%
• 1Y: 6.18%
• 3Y*: 10.41%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 7.75%

MDY

• 1D: -0.13%
• 1M: -1.06%
• 6M: 9.90%
• YTD: 14.33%
• 1Y: 22.39%
• 3Y*: 12.71%
• 5Y*: 8.19%
• 10Y*: 10.79%
• ALL TIME*: 11.29%

*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
MDY SPDR S&P MidCap 400 ETF	$420.06M	$401.19M	$471.25M

CAPE vs. MDY - 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%
MDY SPDR S&P MidCap 400 ETF	14.33%	7.19%	13.64%	16.07%	-9.30%

Correlation

The correlation between CAPE and MDY is 0.52, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.52
Correlation (3Y) Balances recent behavior with more history.	0.70
Correlation (All Time) Calculated using the full available price history since Apr 4, 2022	0.78

Over the past year, the correlation between CAPE and MDY has dropped to 0.52 - well below their long-term average of 0.78, suggesting their price drivers have been diverging.

CAPE vs. MDY - Sectors Allocation Comparison

Sectors	CAPE	MDY
Communication Services	25.2%	1.5%
Real Estate	24.8%	7.6%
Consumer Defensive	24.6%	3.2%
Financial Services	24.6%	14.3%
Healthcare	23.6%	10.2%
Technology	0.4%	15.3%
Basic Materials	0.3%	6.9%
Consumer Cyclical	0.2%	10.2%
Industrials	0.1%	21.7%
Energy	-	5.2%
Utilities	-	2.9%

Return for Risk

CAPE vs. MDY — 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

MDY

MDY Risk / Return Rank: 61
MDY Sharpe Ratio Rank: 56
MDY Sortino Ratio Rank: 59
MDY Omega Ratio Rank: 54
MDY Calmar Ratio Rank: 68
MDY Martin Ratio Rank: 69

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. MDY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for DoubleLine Shiller CAPE U.S. Equities ETF (CAPE) and SPDR S&P MidCap 400 ETF (MDY). 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	MDY	Difference
Sharpe ratio: Return per unit of total volatility	0.49	1.32	-0.83
Sortino ratio: Return per unit of downside risk	0.79	1.98	-1.19
Omega ratio: Gain probability vs. loss probability	1.09	1.24	-0.14
Calmar ratio: Return relative to maximum drawdown	0.58	2.34	-1.76
Martin ratio: Return relative to average drawdown	2.06	8.48	-6.42

CAPE vs. MDY - Sharpe Ratio Comparison

The current CAPE Sharpe Ratio is 0.49, which is lower than the MDY Sharpe Ratio of 1.32. The chart below compares the historical Sharpe Ratios of CAPE and MDY, 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. MDY - Drawdown Comparison

The maximum CAPE drawdown since its inception was -22.07%, smaller than the maximum MDY drawdown of -55.33%. Use the drawdown chart below to compare losses from any high point for CAPE and MDY.

Drawdown Indicators

	CAPE	MDY	Difference
Max Drawdown Largest peak-to-trough decline	-22.07%	-55.33%	+33.26%
Max Drawdown (1Y) Largest decline over 1 year	-9.68%	-8.82%	-0.86%
Max Drawdown (3Y) Largest decline over 3 years	-14.32%	-24.03%	+9.71%
Max Drawdown (5Y) Largest decline over 5 years	—	-24.03%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-42.22%	—
Current Drawdown Current decline from peak	-1.27%	-2.42%	+1.15%
Average Drawdown Average peak-to-trough decline	-4.81%	-7.00%	+2.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.74%	2.44%	+0.30%

Volatility

CAPE vs. MDY - Volatility Comparison

DoubleLine Shiller CAPE U.S. Equities ETF (CAPE) has a higher volatility of 4.59% compared to SPDR S&P MidCap 400 ETF (MDY) at 3.45%. This indicates that CAPE's price experiences larger fluctuations and is considered to be riskier than MDY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CAPE	MDY	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.59%	3.45%	+1.14%
Volatility (6M) Calculated over the trailing 6-month period	9.56%	11.59%	-2.03%
Volatility (1Y) Calculated over the trailing 1-year period	11.58%	15.69%	-4.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.85%	19.69%	-2.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.85%	21.14%	-4.29%

CAPE vs. MDY - Expense Ratio Comparison

CAPE has a 0.65% expense ratio, which is higher than MDY's 0.23% expense ratio.

Dividends

CAPE vs. MDY - Dividend Comparison

CAPE's dividend yield for the trailing twelve months is around 1.37%, more than MDY's 1.02% 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%
MDY SPDR S&P MidCap 400 ETF	1.02%	1.15%	1.18%	1.21%	1.37%	0.96%	1.12%	1.34%	1.39%	1.18%	1.31%	1.35%

Frequently Asked Questions

Can I hold both CAPE and MDY in my portfolio?

CAPE and MDY have a correlation of 0.52, 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 MDY?

CAPE has higher volatility (4.59%) compared to MDY (3.45%). In terms of maximum drawdown, CAPE dropped -22.07% vs MDY's -55.33%.

Which ETF is better, CAPE or MDY?

On 3-year performance, MDY leads with 12.71% vs 10.41% for CAPE. On fees, MDY is cheaper at 0.23% per year. On volatility, MDY has been the lower-risk option at 3.45%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CAPE or MDY?

Over the 3-year period, MDY has performed better with a 12.71% 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 MDY?

MDY is cheaper with a 0.23% expense ratio, compared with 0.65% for CAPE.

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

CAPE has the higher dividend yield at 1.37%, compared with 1.02% for MDY.

What is the main difference between CAPE and MDY?

CAPE is categorized as Large Cap Value Equities, while MDY is Mid Cap Blend Equities. They also come from different issuers: DoubleLine and State Street. Their fees differ too: 0.65% for CAPE and 0.23% for MDY.

Which has better risk-adjusted returns?

MDY currently has the higher Sharpe Ratio (1.32 vs 0.49), 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.