DCRE vs. CAPE

Last updated Aug 2, 2026

DCRE (DoubleLine Commercial Real Estate ETF) and CAPE (DoubleLine Shiller CAPE U.S. Equities ETF) are both exchange-traded funds - DCRE is a Short-Term Bond 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 3 years, DCRE returned 6.02%/yr vs 10.41%/yr for CAPE. Their 0.06 correlation means their historical movements had little consistent relationship. DCRE charges 0.40%/yr vs 0.65%/yr for CAPE.

Performance

DCRE vs. CAPE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in DoubleLine Commercial Real Estate ETF (DCRE) 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, DCRE achieves a 1.91% return, which is significantly lower than CAPE's 2.29% return.

DCRE

• 1D: 0.01%
• 1M: 0.17%
• 6M: 1.38%
• YTD: 1.91%
• 1Y: 4.06%
• 3Y*: 6.02%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 5.98%

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%

*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
DCRE DoubleLine Commercial Real Estate ETF	$1.46M	$1.65M	$2.31M

DCRE vs. CAPE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
DCRE DoubleLine Commercial Real Estate ETF	1.91%	5.86%	6.86%	5.22%
CAPE DoubleLine Shiller CAPE U.S. Equities ETF	2.29%	9.10%	14.40%	18.74%

Correlation

The correlation between DCRE and CAPE is 0.23, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.23
Correlation (3Y) Balances recent behavior with more history.	0.10
Correlation (All Time) Calculated using the full available price history since Apr 4, 2023	0.06

The correlation between DCRE and CAPE shifts across timeframes, from 0.06 (all time) to 0.23 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

DCRE vs. CAPE — Risk / Return Rank

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

DCRE

DCRE Risk / Return Rank: 97
DCRE Sharpe Ratio Rank: 98
DCRE Sortino Ratio Rank: 98
DCRE Omega Ratio Rank: 97
DCRE Calmar Ratio Rank: 96
DCRE Martin Ratio Rank: 96

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

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.

DCRE vs. CAPE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for DoubleLine Commercial Real Estate ETF (DCRE) 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.

	DCRE	CAPE	Difference
Sharpe ratio: Return per unit of total volatility	3.68	0.49	+3.19
Sortino ratio: Return per unit of downside risk	6.36	0.79	+5.58
Omega ratio: Gain probability vs. loss probability	1.82	1.09	+0.73
Calmar ratio: Return relative to maximum drawdown	6.39	0.58	+5.81
Martin ratio: Return relative to average drawdown	22.77	2.06	+20.70

DCRE vs. CAPE - Sharpe Ratio Comparison

The current DCRE Sharpe Ratio is 3.68, which is higher than the CAPE Sharpe Ratio of 0.49. The chart below compares the historical Sharpe Ratios of DCRE 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

DCRE vs. CAPE - Drawdown Comparison

The maximum DCRE drawdown since its inception was -0.84%, smaller than the maximum CAPE drawdown of -22.07%. Use the drawdown chart below to compare losses from any high point for DCRE and CAPE.

Drawdown Indicators

	DCRE	CAPE	Difference
Max Drawdown Largest peak-to-trough decline	-0.84%	-22.07%	+21.23%
Max Drawdown (1Y) Largest decline over 1 year	-0.68%	-9.68%	+9.00%
Max Drawdown (3Y) Largest decline over 3 years	-0.84%	-14.32%	+13.48%
Current Drawdown Current decline from peak	-0.05%	-1.27%	+1.22%
Average Drawdown Average peak-to-trough decline	-0.11%	-4.81%	+4.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.19%	2.74%	-2.55%

Volatility

DCRE vs. CAPE - Volatility Comparison

The current volatility for DoubleLine Commercial Real Estate ETF (DCRE) is 0.38%, while DoubleLine Shiller CAPE U.S. Equities ETF (CAPE) has a volatility of 4.59%. This indicates that DCRE experiences smaller price fluctuations and is considered to be less risky than CAPE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DCRE	CAPE	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.38%	4.59%	-4.21%
Volatility (6M) Calculated over the trailing 6-month period	0.96%	9.56%	-8.60%
Volatility (1Y) Calculated over the trailing 1-year period	1.19%	11.58%	-10.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.57%	16.85%	-15.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.57%	16.85%	-15.28%

DCRE vs. CAPE - Expense Ratio Comparison

DCRE has a 0.40% expense ratio, which is lower than CAPE's 0.65% expense ratio.

Dividends

DCRE vs. CAPE - Dividend Comparison

DCRE's dividend yield for the trailing twelve months is around 4.75%, 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%
DCRE DoubleLine Commercial Real Estate ETF	4.33%	4.84%	5.52%	3.47%	0.00%

Frequently Asked Questions

Can I hold both DCRE and CAPE in my portfolio?

DCRE and CAPE have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DCRE or CAPE?

CAPE has higher volatility (4.59%) compared to DCRE (0.38%). In terms of maximum drawdown, DCRE dropped -0.84% vs CAPE's -22.07%.

Which ETF is better, DCRE or CAPE?

On 3-year performance, CAPE leads with 10.41% vs 6.02% for DCRE. On fees, DCRE is cheaper at 0.40% per year. On volatility, DCRE has been the lower-risk option at 0.38%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DCRE or CAPE?

Over the 3-year period, CAPE has performed better with a 10.41% return vs 6.02%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DCRE or CAPE?

DCRE is cheaper with a 0.40% expense ratio, compared with 0.65% for CAPE.

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

DCRE has the higher dividend yield at 4.33%, compared with 1.37% for CAPE.

What is the main difference between DCRE and CAPE?

DCRE is categorized as Short-Term Bond, while CAPE is Large Cap Value Equities. Their fees differ too: 0.40% for DCRE and 0.65% for CAPE.

Which has better risk-adjusted returns?

DCRE currently has the higher Sharpe Ratio (3.68 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.