GRN vs. CAPE

Last updated Jun 4, 2026

GRN (iPath Series B Carbon ETN) and CAPE (iPath Shiller CAPE ETN) are both exchange-traded funds - GRN is a Commodities fund tracking the Barclays Global Carbon II Index, while CAPE is a Global Equities fund tracking the Shiller Barclays CAPE US Core Sector Index. Both are passively managed. Over the past 3 years, GRN returned 0.39%/yr vs 12.19%/yr for CAPE. At a 0.06 correlation, their price movements are largely independent. GRN charges 0.75%/yr vs 0.45%/yr for CAPE.

Performance

GRN vs. CAPE - Performance Comparison

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

Returns By Period

In the year-to-date period, GRN achieves a -8.60% return, which is significantly lower than CAPE's -1.70% return.

GRN

• 1D: -0.42%
• 1M: 8.55%
• YTD: -8.60%
• 6M: -4.48%
• 1Y: 9.03%
• 3Y*: 0.39%
• 5Y*: 9.52%
• 10Y*: —

CAPE

• 1D: -0.48%
• 1M: -1.99%
• YTD: -1.70%
• 6M: -1.38%
• 1Y: 3.29%
• 3Y*: 12.19%
• 5Y*: —
• 10Y*: —

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

GRN vs. CAPE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
GRN iPath Series B Carbon ETN	-8.60%	20.33%	-7.34%	-2.99%	1.96%
CAPE iPath Shiller CAPE ETN	-1.70%	9.10%	14.40%	27.65%	-15.28%

Correlation

The correlation between GRN and CAPE is 0.16, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.16
Correlation (3Y) Calculated over the trailing 3-year period	0.03
Correlation (All Time) Calculated using the full available price history since Apr 5, 2022	0.06

The correlation between GRN and CAPE shifts across timeframes, from 0.03 (3 years) to 0.16 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

GRN vs. CAPE — Risk / Return Rank

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

GRN

GRN Risk / Return Rank: 13
GRN Sharpe Ratio Rank: 13
GRN Sortino Ratio Rank: 13
GRN Omega Ratio Rank: 14
GRN Calmar Ratio Rank: 12
GRN Martin Ratio Rank: 13

CAPE

CAPE Risk / Return Rank: 13
CAPE Sharpe Ratio Rank: 13
CAPE Sortino Ratio Rank: 12
CAPE Omega Ratio Rank: 12
CAPE Calmar Ratio Rank: 13
CAPE Martin Ratio Rank: 15

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.

GRN vs. CAPE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iPath Series B Carbon ETN (GRN) and iPath Shiller CAPE ETN (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.

	GRN	CAPE	Difference
Sharpe ratio: Return per unit of total volatility	0.33	0.30	+0.02
Sortino ratio: Return per unit of downside risk	0.61	0.52	+0.10
Omega ratio: Gain probability vs. loss probability	1.08	1.06	+0.02
Calmar ratio: Return relative to maximum drawdown	0.30	0.34	-0.04
Martin ratio: Return relative to average drawdown	0.77	1.24	-0.48
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GRN vs. CAPE - Sharpe Ratio Comparison

The current GRN Sharpe Ratio is 0.33, which is comparable to the CAPE Sharpe Ratio of 0.30. The chart below compares the historical Sharpe Ratios of GRN 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.

Sharpe Ratios by Period

	GRN	CAPE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.33	0.30	+0.02
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.24	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.42	0.42	0.00

Drawdowns

GRN vs. CAPE - Drawdown Comparison

The maximum GRN drawdown since its inception was -47.96%, which is greater than CAPE's maximum drawdown of -22.07%. Use the drawdown chart below to compare losses from any high point for GRN and CAPE.

Drawdown Indicators

	GRN	CAPE	Difference
Max Drawdown Largest peak-to-trough decline	-47.96%	-22.07%	-25.89%
Max Drawdown (1Y) Largest decline over 1 year	-30.39%	-9.68%	-20.71%
Max Drawdown (3Y) Largest decline over 3 years	-45.30%	-14.32%	-30.98%
Max Drawdown (5Y) Largest decline over 5 years	-47.96%	—	—
Current Drawdown Current decline from peak	-19.73%	-4.83%	-14.90%
Average Drawdown Average peak-to-trough decline	-17.54%	-4.93%	-12.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.83%	2.65%	+9.18%

Volatility

GRN vs. CAPE - Volatility Comparison

iPath Series B Carbon ETN (GRN) has a higher volatility of 6.65% compared to iPath Shiller CAPE ETN (CAPE) at 2.63%. This indicates that GRN'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

	GRN	CAPE	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.65%	2.63%	+4.02%
Volatility (6M) Calculated over the trailing 6-month period	24.47%	8.04%	+16.43%
Volatility (1Y) Calculated over the trailing 1-year period	27.74%	10.89%	+16.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	39.82%	16.93%	+22.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	41.95%	16.93%	+25.02%

GRN vs. CAPE - Expense Ratio Comparison

GRN has a 0.75% expense ratio, which is higher than CAPE's 0.45% expense ratio.

Dividends

GRN vs. CAPE - Dividend Comparison

GRN has not paid dividends to shareholders, while CAPE's dividend yield for the trailing twelve months is around 1.41%.

Position	TTM	2025	2024	2023	2022
CAPE iPath Shiller CAPE ETN	1.41%	1.39%	1.23%	1.01%	0.80%
GRN iPath Series B Carbon ETN	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both GRN and CAPE in my portfolio?

GRN and CAPE have a correlation of 0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GRN or CAPE?

GRN has higher volatility (6.65%) compared to CAPE (2.63%). In terms of maximum drawdown, GRN dropped -47.96% vs CAPE's -22.07%.

Which ETF is better, GRN or CAPE?

On 3-year performance, CAPE leads with 12.19% vs 0.39% for GRN. On fees, CAPE is cheaper at 0.45% per year. On volatility, CAPE has been the lower-risk option at 2.63%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GRN or CAPE?

Over the 3-year period, CAPE has performed better with a 12.19% return vs 0.39%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GRN or CAPE?

CAPE is cheaper with a 0.45% expense ratio, compared with 0.75% for GRN.

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

CAPE has the higher dividend yield at 1.41%, compared with 0.00% for GRN.

What is the main difference between GRN and CAPE?

GRN is categorized as Commodities, while CAPE is Global Equities. GRN tracks Barclays Global Carbon II Index, while CAPE tracks Shiller Barclays CAPE US Core Sector Index. Their fees differ too: 0.75% for GRN and 0.45% for CAPE.

Which has better risk-adjusted returns?

GRN currently has the higher Sharpe Ratio (0.33 vs 0.30), 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.