GSWO vs. CAPE

Last updated Jun 24, 2026

GSWO (Goldman Sachs ActiveBeta World Equity ETF) and CAPE (iPath Shiller CAPE ETN) are both Global Equities funds - GSWO tracks the Goldman Sachs ActiveBeta World Low Vol Plus Equity Index - Benchmark TR Net while CAPE tracks the Shiller Barclays CAPE US Core Sector Index. Both are passively managed. Over the past 3 years, GSWO returned 17.48%/yr vs 11.89%/yr for CAPE. Their correlation of 0.81 suggests significant overlap in exposure. GSWO charges 0.25%/yr vs 0.45%/yr for CAPE.

Performance

GSWO vs. CAPE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Goldman Sachs ActiveBeta World Equity ETF (GSWO) 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, GSWO achieves a 8.64% return, which is significantly higher than CAPE's -0.06% return.

GSWO

• 1D: -1.71%
• 1M: -0.93%
• YTD: 8.64%
• 6M: 8.14%
• 1Y: 17.89%
• 3Y*: 17.48%
• 5Y*: —
• 10Y*: —

CAPE

• 1D: 1.38%
• 1M: -0.99%
• YTD: -0.06%
• 6M: -0.35%
• 1Y: 3.99%
• 3Y*: 11.89%
• 5Y*: —
• 10Y*: —

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

GSWO vs. CAPE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
GSWO Goldman Sachs ActiveBeta World Equity ETF	8.64%	18.97%	15.29%	16.28%	-8.01%
CAPE iPath Shiller CAPE ETN	-0.06%	9.10%	14.40%	27.65%	-15.28%

Correlation

The correlation between GSWO and CAPE is 0.68, 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	0.68
Correlation (3Y) Calculated over the trailing 3-year period	0.75
Correlation (All Time) Calculated using the full available price history since Apr 4, 2022	0.81

The correlation between GSWO and CAPE shifts across timeframes, from 0.68 (1 year) to 0.81 (all time), reflecting how their relationship changes across market environments.

Return for Risk

GSWO vs. CAPE — Risk / Return Rank

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

GSWO

GSWO Risk / Return Rank: 49
GSWO Sharpe Ratio Rank: 49
GSWO Sortino Ratio Rank: 49
GSWO Omega Ratio Rank: 49
GSWO Calmar Ratio Rank: 43
GSWO Martin Ratio Rank: 57

CAPE

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

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.

GSWO vs. CAPE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs ActiveBeta World Equity ETF (GSWO) 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.

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.

	GSWO	CAPE	Difference
Sharpe ratio: Return per unit of total volatility	1.56	0.36	+1.19
Sortino ratio: Return per unit of downside risk	2.24	0.60	+1.65
Omega ratio: Gain probability vs. loss probability	1.29	1.07	+0.22
Calmar ratio: Return relative to maximum drawdown	2.01	0.41	+1.60
Martin ratio: Return relative to average drawdown	9.35	1.46	+7.89

GSWO vs. CAPE - Sharpe Ratio Comparison

The current GSWO Sharpe Ratio is 1.56, which is higher than the CAPE Sharpe Ratio of 0.36. The chart below compares the historical Sharpe Ratios of GSWO 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

GSWO vs. CAPE - Drawdown Comparison

The maximum GSWO drawdown since its inception was -17.77%, smaller than the maximum CAPE drawdown of -22.07%. Use the drawdown chart below to compare losses from any high point for GSWO and CAPE.

Drawdown Indicators

	GSWO	CAPE	Difference
Max Drawdown Largest peak-to-trough decline	-17.77%	-22.07%	+4.30%
Max Drawdown (1Y) Largest decline over 1 year	-8.93%	-9.68%	+0.75%
Max Drawdown (3Y) Largest decline over 3 years	-9.97%	-14.32%	+4.35%
Current Drawdown Current decline from peak	-2.83%	-3.24%	+0.41%
Average Drawdown Average peak-to-trough decline	-3.23%	-4.90%	+1.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.92%	2.73%	-0.81%

Volatility

GSWO vs. CAPE - Volatility Comparison

Goldman Sachs ActiveBeta World Equity ETF (GSWO) has a higher volatility of 4.94% compared to iPath Shiller CAPE ETN (CAPE) at 3.60%. This indicates that GSWO'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

	GSWO	CAPE	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.94%	3.60%	+1.34%
Volatility (6M) Calculated over the trailing 6-month period	10.08%	8.60%	+1.48%
Volatility (1Y) Calculated over the trailing 1-year period	11.58%	11.14%	+0.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.07%	16.89%	-3.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.07%	16.89%	-3.82%

GSWO vs. CAPE - Expense Ratio Comparison

GSWO has a 0.25% expense ratio, which is lower than CAPE's 0.45% expense ratio.

Dividends

GSWO vs. CAPE - Dividend Comparison

GSWO's dividend yield for the trailing twelve months is around 1.65%, more than CAPE's 1.38% yield.

Position	TTM	2025	2024	2023	2022
CAPE iPath Shiller CAPE ETN	1.38%	1.39%	1.23%	1.01%	0.80%
GSWO Goldman Sachs ActiveBeta World Equity ETF	1.65%	1.74%	1.75%	2.06%	1.73%

Frequently Asked Questions

Can I hold both GSWO and CAPE in my portfolio?

GSWO and CAPE have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GSWO or CAPE?

GSWO has higher volatility (4.94%) compared to CAPE (3.60%). In terms of maximum drawdown, GSWO dropped -17.77% vs CAPE's -22.07%.

Which ETF is better, GSWO or CAPE?

On 3-year performance, GSWO leads with 17.48% vs 11.89% for CAPE. On fees, GSWO is cheaper at 0.25% per year. On volatility, CAPE has been the lower-risk option at 3.60%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GSWO or CAPE?

Over the 3-year period, GSWO has performed better with a 17.48% return vs 11.89%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GSWO or CAPE?

GSWO is cheaper with a 0.25% expense ratio, compared with 0.45% for CAPE.

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

GSWO has the higher dividend yield at 1.65%, compared with 1.38% for CAPE.

What is the main difference between GSWO and CAPE?

GSWO tracks Goldman Sachs ActiveBeta World Low Vol Plus Equity Index - Benchmark TR Net, while CAPE tracks Shiller Barclays CAPE US Core Sector Index. They also come from different issuers: Goldman Sachs and Barclays Capital. Their fees differ too: 0.25% for GSWO and 0.45% for CAPE.

Which has better risk-adjusted returns?

GSWO currently has the higher Sharpe Ratio (1.56 vs 0.36), 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.