DCMT vs. CAPE

Last updated Aug 4, 2026

DCMT (DoubleLine Commodity Strategy ETF) and CAPE (DoubleLine Shiller CAPE U.S. Equities ETF) are both exchange-traded funds - DCMT is a Commodities fund actively managed by DoubleLine, while CAPE is a Large Cap Value Equities fund actively managed by DoubleLine. Both are actively managed. Over the past year, DCMT returned 30.61% vs 6.82% for CAPE. Their -0.07 correlation means they have often moved in opposite directions in the past. DCMT charges 0.66%/yr vs 0.65%/yr for CAPE.

Performance

DCMT vs. CAPE - Performance Comparison

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

Returns By Period

In the year-to-date period, DCMT achieves a 26.14% return, which is significantly higher than CAPE's 2.91% return.

DCMT

• 1D: -1.24%
• 1M: 7.21%
• 6M: 20.26%
• YTD: 26.14%
• 1Y: 30.61%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 13.94%

CAPE

• 1D: 0.61%
• 1M: 0.04%
• 6M: 0.68%
• YTD: 2.91%
• 1Y: 6.82%
• 3Y*: 11.25%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 7.88%

*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	$487.88K	$462.19K	$933.98K
DCMT DoubleLine Commodity Strategy ETF	$312.97K	$269.09K	$196.68K

DCMT vs. CAPE - Yearly Performance Comparison

	2026 (YTD)	2025	2024
DCMT DoubleLine Commodity Strategy ETF	26.14%	6.04%	3.65%
CAPE DoubleLine Shiller CAPE U.S. Equities ETF	2.91%	9.10%	15.66%

Correlation

The correlation between DCMT and CAPE is -0.24, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.24
Correlation (All Time) Calculated using the full available price history since Feb 1, 2024	-0.07

The correlation between DCMT and CAPE shifts across timeframes, from -0.24 (1 year) to -0.07 (all time), reflecting how their relationship changes across market environments.

Return for Risk

DCMT vs. CAPE — Risk / Return Rank

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

DCMT

DCMT Risk / Return Rank: 58
DCMT Sharpe Ratio Rank: 65
DCMT Sortino Ratio Rank: 63
DCMT Omega Ratio Rank: 61
DCMT Calmar Ratio Rank: 51
DCMT Martin Ratio Rank: 52

CAPE

CAPE Risk / Return Rank: 26
CAPE Sharpe Ratio Rank: 26
CAPE Sortino Ratio Rank: 25
CAPE Omega Ratio Rank: 24
CAPE Calmar Ratio Rank: 24
CAPE Martin Ratio Rank: 29

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.

DCMT vs. CAPE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for DoubleLine Commodity Strategy ETF (DCMT) and DoubleLine Shiller CAPE U.S. Equities ETF (CAPE). 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.

	DCMT	CAPE	Difference
Sharpe ratio: Return per unit of total volatility	1.62	0.59	+1.03
Sortino ratio: Return per unit of downside risk	2.22	0.93	+1.29
Omega ratio: Gain probability vs. loss probability	1.28	1.11	+0.17
Calmar ratio: Return relative to maximum drawdown	1.93	0.71	+1.22
Martin ratio: Return relative to average drawdown	6.43	2.50	+3.93

DCMT vs. CAPE - Sharpe Ratio Comparison

The current DCMT Sharpe Ratio is 1.62, which is higher than the CAPE Sharpe Ratio of 0.59. The chart below compares the historical Sharpe Ratios of DCMT and CAPE, 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

DCMT vs. CAPE - Drawdown Comparison

The maximum DCMT drawdown since its inception was -15.96%, smaller than the maximum CAPE drawdown of -22.07%. Use the drawdown chart below to compare losses from any high point for DCMT and CAPE.

Drawdown Indicators

	DCMT	CAPE	Difference
Max Drawdown Largest peak-to-trough decline	-15.96%	-22.07%	+6.11%
Max Drawdown (1Y) Largest decline over 1 year	-15.96%	-9.68%	-6.28%
Max Drawdown (3Y) Largest decline over 3 years	—	-14.32%	—
Current Drawdown Current decline from peak	-9.46%	-0.67%	-8.79%
Average Drawdown Average peak-to-trough decline	-3.62%	-4.81%	+1.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.78%	2.74%	+2.04%

Volatility

DCMT vs. CAPE - Volatility Comparison

DoubleLine Commodity Strategy ETF (DCMT) has a higher volatility of 5.66% compared to DoubleLine Shiller CAPE U.S. Equities ETF (CAPE) at 4.46%. This indicates that DCMT's price experiences larger fluctuations and is considered to be riskier than CAPE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DCMT	CAPE	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.66%	4.46%	+1.20%
Volatility (6M) Calculated over the trailing 6-month period	17.01%	9.58%	+7.43%
Volatility (1Y) Calculated over the trailing 1-year period	19.04%	11.59%	+7.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.05%	16.84%	-0.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.05%	16.84%	-0.79%

DCMT vs. CAPE - Expense Ratio Comparison

DCMT has a 0.66% expense ratio, which is higher than CAPE's 0.65% expense ratio.

Dividends

DCMT vs. CAPE - Dividend Comparison

DCMT's dividend yield for the trailing twelve months is around 2.91%, more than CAPE's 1.37% yield.

Position	TTM	2025	2024	2023	2022
CAPE DoubleLine Shiller CAPE U.S. Equities ETF	1.37%	1.39%	1.23%	1.01%	0.80%
DCMT DoubleLine Commodity Strategy ETF	2.91%	3.67%	1.59%	0.00%	0.00%

Frequently Asked Questions

Can I hold both DCMT and CAPE in my portfolio?

DCMT and CAPE have a correlation of -0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DCMT or CAPE?

DCMT has higher volatility (5.66%) compared to CAPE (4.46%). In terms of maximum drawdown, DCMT dropped -15.96% vs CAPE's -22.07%.

Which ETF is better, DCMT or CAPE?

On 1-year performance, DCMT leads with 30.61% vs 6.82% for CAPE. On fees, CAPE is cheaper at 0.65% per year. On volatility, CAPE has been the lower-risk option at 4.46%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DCMT or CAPE?

Over the 1-year period, DCMT has performed better with a 30.61% return vs 6.82%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DCMT or CAPE?

CAPE is cheaper with a 0.65% expense ratio, compared with 0.66% for DCMT.

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

DCMT has the higher dividend yield at 2.91%, compared with 1.37% for CAPE.

What is the main difference between DCMT and CAPE?

DCMT is categorized as Commodities, while CAPE is Large Cap Value Equities. Their fees differ too: 0.66% for DCMT and 0.65% for CAPE.

Which has better risk-adjusted returns?

DCMT currently has the higher Sharpe Ratio (1.62 vs 0.59), 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.