CAPE vs. VTV

Last updated Apr 1, 2026

Compare and contrast key facts about iPath Shiller CAPE ETN (CAPE) and Vanguard Value ETF (VTV).

CAPE and VTV are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. CAPE is a passively managed fund by Barclays Capital that tracks the performance of the Shiller Barclays CAPE US Core Sector Index. It was launched on Oct 10, 2012. VTV is a passively managed fund by Vanguard that tracks the performance of the MSCI US Prime Market Value Index. It was launched on Jan 26, 2004. Both CAPE and VTV are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

CAPE vs. VTV - Performance Comparison

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

CAPE vs. VTV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
CAPE iPath Shiller CAPE ETN	-4.29%	9.10%	14.40%	27.65%	-15.28%
VTV Vanguard Value ETF	3.30%	15.27%	15.95%	9.32%	-3.17%

Returns By Period

In the year-to-date period, CAPE achieves a -4.29% return, which is significantly lower than VTV's 3.30% return.

CAPE

• 1D: 2.22%
• 1M: -7.33%
• YTD: -4.29%
• 6M: -4.53%
• 1Y: 2.96%
• 3Y*: 12.22%
• 5Y*: —
• 10Y*: —

VTV

• 1D: 1.64%
• 1M: -4.81%
• YTD: 3.30%
• 6M: 6.34%
• 1Y: 16.02%
• 3Y*: 15.09%
• 5Y*: 10.86%
• 10Y*: 11.80%

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

CAPE vs. VTV - Expense Ratio Comparison

CAPE has a 0.45% expense ratio, which is higher than VTV's 0.04% expense ratio.

CAPE

iPath Shiller CAPE ETN

VTV

Vanguard Value ETF

Return for Risk

CAPE vs. VTV — 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: 18
CAPE Sortino Ratio Rank: 17
CAPE Omega Ratio Rank: 17
CAPE Calmar Ratio Rank: 21
CAPE Martin Ratio Rank: 23

VTV

VTV Risk / Return Rank: 67
VTV Sharpe Ratio Rank: 65
VTV Sortino Ratio Rank: 65
VTV Omega Ratio Rank: 67
VTV Calmar Ratio Rank: 65
VTV Martin Ratio Rank: 72

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. VTV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iPath Shiller CAPE ETN (CAPE) and Vanguard Value ETF (VTV). 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	VTV	Difference
Sharpe ratio Return per unit of total volatility	0.20	1.08	-0.88
Sortino ratio Return per unit of downside risk	0.40	1.56	-1.16
Omega ratio Gain probability vs. loss probability	1.05	1.23	-0.18
Calmar ratio Return relative to maximum drawdown	0.37	1.53	-1.16
Martin ratio Return relative to average drawdown	1.50	6.93	-5.44
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. VTV - Sharpe Ratio Comparison

The current CAPE Sharpe Ratio is 0.20, which is lower than the VTV Sharpe Ratio of 1.08. The chart below compares the historical Sharpe Ratios of CAPE and VTV, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	CAPE	VTV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.20	1.08	-0.88
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.79	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.71	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.39	0.49	-0.10

Correlation

The correlation between CAPE and VTV is 0.83, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

CAPE vs. VTV - Dividend Comparison

CAPE's dividend yield for the trailing twelve months is around 1.46%, less than VTV's 2.02% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CAPE iPath Shiller CAPE ETN	1.46%	1.39%	1.23%	1.01%	0.80%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
VTV Vanguard Value ETF	2.02%	2.05%	2.31%	2.46%	2.52%	2.15%	2.56%	2.50%	2.73%	2.29%	2.44%	2.60%

Drawdowns

CAPE vs. VTV - Drawdown Comparison

The maximum CAPE drawdown since its inception was -22.07%, smaller than the maximum VTV drawdown of -59.27%. Use the drawdown chart below to compare losses from any high point for CAPE and VTV.

Drawdown Indicators

	CAPE	VTV	Difference
Max Drawdown Largest peak-to-trough decline	-22.07%	-59.27%	+37.20%
Max Drawdown (1Y) Largest decline over 1 year	-10.89%	-11.32%	+0.43%
Max Drawdown (5Y) Largest decline over 5 years	—	-17.04%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-36.78%	—
Current Drawdown Current decline from peak	-7.33%	-4.81%	-2.52%
Average Drawdown Average peak-to-trough decline	-5.00%	-7.92%	+2.92%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.71%	2.50%	+0.21%

Volatility

CAPE vs. VTV - Volatility Comparison

iPath Shiller CAPE ETN (CAPE) has a higher volatility of 5.09% compared to Vanguard Value ETF (VTV) at 3.78%. This indicates that CAPE's price experiences larger fluctuations and is considered to be riskier than VTV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CAPE	VTV	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.09%	3.78%	+1.31%
Volatility (6M) Calculated over the trailing 6-month period	8.01%	7.72%	+0.29%
Volatility (1Y) Calculated over the trailing 1-year period	15.07%	14.93%	+0.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.14%	13.88%	+3.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.14%	16.67%	+0.47%