DCPE vs. DIVZ

Last updated Jun 3, 2026

DCPE (DoubleLine Shiller CAPE US Equities ETF) and DIVZ (Opal Dividend Income ETF) are both Large Cap Value Equities funds. DCPE is passively managed, while DIVZ is actively managed. Over the past 3 years, DCPE returned 12.37%/yr vs 15.03%/yr for DIVZ. A 0.71 correlation means they provide meaningful diversification when combined. Both charge a 0.65% expense ratio.

Performance

DCPE vs. DIVZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in DoubleLine Shiller CAPE US Equities ETF (DCPE) and Opal Dividend Income ETF (DIVZ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DCPE achieves a -1.23% return, which is significantly lower than DIVZ's 3.10% return.

DCPE

• 1D: -0.41%
• 1M: -2.08%
• YTD: -1.23%
• 6M: -0.70%
• 1Y: 3.82%
• 3Y*: 12.37%
• 5Y*: —
• 10Y*: —

DIVZ

• 1D: -0.26%
• 1M: -0.16%
• YTD: 3.10%
• 6M: 3.41%
• 1Y: 10.40%
• 3Y*: 15.03%
• 5Y*: 8.36%
• 10Y*: —

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

DCPE vs. DIVZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
DCPE DoubleLine Shiller CAPE US Equities ETF	-1.23%	9.10%	14.40%	27.65%	-15.28%
DIVZ Opal Dividend Income ETF	3.10%	16.72%	18.44%	-0.51%	-2.13%

Correlation

The correlation between DCPE and DIVZ is 0.61, 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	0.61
Correlation (3Y) Calculated over the trailing 3-year period	0.70
Correlation (All Time) Calculated using the full available price history since Apr 5, 2022	0.71

The correlation between DCPE and DIVZ has been stable across timeframes, ranging from 0.61 to 0.71 - a consistent structural relationship.

Return for Risk

DCPE vs. DIVZ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

DCPE

DCPE Risk / Return Rank: 14
DCPE Sharpe Ratio Rank: 13
DCPE Sortino Ratio Rank: 13
DCPE Omega Ratio Rank: 13
DCPE Calmar Ratio Rank: 13
DCPE Martin Ratio Rank: 16

DIVZ

DIVZ Risk / Return Rank: 31
DIVZ Sharpe Ratio Rank: 30
DIVZ Sortino Ratio Rank: 31
DIVZ Omega Ratio Rank: 28
DIVZ Calmar Ratio Rank: 36
DIVZ Martin Ratio Rank: 30

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.

DCPE vs. DIVZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for DoubleLine Shiller CAPE US Equities ETF (DCPE) and Opal Dividend Income ETF (DIVZ). 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.

	DCPE	DIVZ	Difference
Sharpe ratio Return per unit of total volatility	0.35	1.13	-0.77
Sortino ratio Return per unit of downside risk	0.59	1.67	-1.08
Omega ratio Gain probability vs. loss probability	1.07	1.19	-0.13
Calmar ratio Return relative to maximum drawdown	0.41	1.79	-1.38
Martin ratio Return relative to average drawdown	1.51	4.44	-2.93
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DCPE vs. DIVZ - Sharpe Ratio Comparison

The current DCPE Sharpe Ratio is 0.35, which is lower than the DIVZ Sharpe Ratio of 1.13. The chart below compares the historical Sharpe Ratios of DCPE and DIVZ, 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

	DCPE	DIVZ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.35	1.13	-0.77
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.66	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.43	0.89	-0.46

Drawdowns

DCPE vs. DIVZ - Drawdown Comparison

The maximum DCPE drawdown since its inception was -22.07%, which is greater than DIVZ's maximum drawdown of -15.42%. Use the drawdown chart below to compare losses from any high point for DCPE and DIVZ.

Drawdown Indicators

	DCPE	DIVZ	Difference
Max Drawdown Largest peak-to-trough decline	-22.07%	-15.42%	-6.65%
Max Drawdown (1Y) Largest decline over 1 year	-9.68%	-5.83%	-3.85%
Max Drawdown (3Y) Largest decline over 3 years	-14.32%	-9.52%	-4.80%
Max Drawdown (5Y) Largest decline over 5 years	—	-15.42%	—
Current Drawdown Current decline from peak	-4.37%	-4.50%	+0.13%
Average Drawdown Average peak-to-trough decline	-4.93%	-3.49%	-1.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.63%	2.35%	+0.28%

Volatility

DCPE vs. DIVZ - Volatility Comparison

The current volatility for DoubleLine Shiller CAPE US Equities ETF (DCPE) is 2.64%, while Opal Dividend Income ETF (DIVZ) has a volatility of 3.33%. This indicates that DCPE experiences smaller price fluctuations and is considered to be less risky than DIVZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DCPE	DIVZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.64%	3.33%	-0.69%
Volatility (6M) Calculated over the trailing 6-month period	8.07%	7.02%	+1.05%
Volatility (1Y) Calculated over the trailing 1-year period	10.88%	9.28%	+1.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.93%	12.65%	+4.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.93%	12.57%	+4.36%

DCPE vs. DIVZ - Expense Ratio Comparison

Both DCPE and DIVZ have an expense ratio of 0.65%.

Dividends

DCPE vs. DIVZ - Dividend Comparison

DCPE's dividend yield for the trailing twelve months is around 1.40%, less than DIVZ's 2.60% yield.

Position	TTM	2025	2024	2023	2022	2021
DCPE DoubleLine Shiller CAPE US Equities ETF	1.40%	1.39%	1.23%	1.01%	0.80%	0.00%
DIVZ Opal Dividend Income ETF	2.60%	2.60%	2.63%	3.66%	3.23%	3.83%

Frequently Asked Questions

Can I hold both DCPE and DIVZ in my portfolio?

DCPE and DIVZ have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DCPE or DIVZ?

DIVZ has higher volatility (3.33%) compared to DCPE (2.64%). In terms of maximum drawdown, DCPE dropped -22.07% vs DIVZ's -15.42%.

Which ETF is better, DCPE or DIVZ?

On 3-year performance, DIVZ leads with 15.03% vs 12.37% for DCPE. Both ETFs have the same 0.65% expense ratio. On volatility, DCPE has been the lower-risk option at 2.64%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DCPE or DIVZ?

Over the 3-year period, DIVZ has performed better with a 15.03% return vs 12.37%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DCPE or DIVZ?

DCPE and DIVZ have the same expense ratio: 0.65% per year.

Which ETF pays a higher dividend yield, DCPE or DIVZ?

DIVZ has the higher dividend yield at 2.60%, compared with 1.40% for DCPE.

What is the main difference between DCPE and DIVZ?

They also come from different issuers: DoubleLine and TrueShares.

Which has better risk-adjusted returns?

DIVZ currently has the higher Sharpe Ratio (1.13 vs 0.35), 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.