IVAL vs. CAPE

Last updated Aug 2, 2026

IVAL (Alpha Architect International Quantitative Value ETF) and CAPE (DoubleLine Shiller CAPE U.S. Equities ETF) are both exchange-traded funds - IVAL is a Foreign Large Cap Equities fund actively managed by Alpha Architect, while CAPE is a Large Cap Value Equities fund actively managed by DoubleLine. Both are actively managed. Over the past 3 years, IVAL returned 18.08%/yr vs 10.41%/yr for CAPE. Their 0.60 correlation means they have sometimes moved together and sometimes differently. IVAL charges 0.39%/yr vs 0.65%/yr for CAPE.

Performance

IVAL vs. CAPE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Alpha Architect International Quantitative Value ETF (IVAL) 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, IVAL achieves a 16.85% return, which is significantly higher than CAPE's 2.29% return.

IVAL

• 1D: -2.03%
• 1M: 4.21%
• 6M: 9.40%
• YTD: 16.85%
• 1Y: 34.16%
• 3Y*: 18.08%
• 5Y*: 9.92%
• 10Y*: 8.16%
• ALL TIME*: 6.66%

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
IVAL Alpha Architect International Quantitative Value ETF	$389.83K	$422.74K	$617.49K

IVAL vs. CAPE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
IVAL Alpha Architect International Quantitative Value ETF	16.85%	34.92%	-0.71%	20.61%	-11.83%
CAPE DoubleLine Shiller CAPE U.S. Equities ETF	2.29%	9.10%	14.40%	27.65%	-15.28%

Correlation

The correlation between IVAL and CAPE is 0.48, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.48
Correlation (3Y) Balances recent behavior with more history.	0.54
Correlation (All Time) Calculated using the full available price history since Apr 4, 2022	0.60

The correlation between IVAL and CAPE shifts across timeframes, from 0.48 (1 year) to 0.60 (all time), reflecting how their relationship changes across market environments.

IVAL vs. CAPE - Sectors Allocation Comparison

Sectors	IVAL	CAPE
Industrials	22.0%	0.1%
Consumer Cyclical	21.7%	0.2%
Basic Materials	17.9%	0.3%
Energy	14.2%	-
Consumer Defensive	10.2%	24.6%
Technology	6.1%	0.4%
Healthcare	4.1%	23.6%
Communication Services	4.0%	25.2%
Financial Services	-	24.6%
Real Estate	-	24.8%
Utilities	-	-

Return for Risk

IVAL vs. CAPE — Risk / Return Rank

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

IVAL

IVAL Risk / Return Rank: 86
IVAL Sharpe Ratio Rank: 91
IVAL Sortino Ratio Rank: 90
IVAL Omega Ratio Rank: 89
IVAL Calmar Ratio Rank: 84
IVAL Martin Ratio Rank: 80

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.

IVAL vs. CAPE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Alpha Architect International Quantitative Value ETF (IVAL) 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.

	IVAL	CAPE	Difference
Sharpe ratio: Return per unit of total volatility	2.28	0.49	+1.79
Sortino ratio: Return per unit of downside risk	3.13	0.79	+2.34
Omega ratio: Gain probability vs. loss probability	1.40	1.09	+0.31
Calmar ratio: Return relative to maximum drawdown	3.14	0.58	+2.56
Martin ratio: Return relative to average drawdown	10.25	2.06	+8.18

IVAL vs. CAPE - Sharpe Ratio Comparison

The current IVAL Sharpe Ratio is 2.28, which is higher than the CAPE Sharpe Ratio of 0.49. The chart below compares the historical Sharpe Ratios of IVAL 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

IVAL vs. CAPE - Drawdown Comparison

The maximum IVAL drawdown since its inception was -46.09%, which is greater than CAPE's maximum drawdown of -22.07%. Use the drawdown chart below to compare losses from any high point for IVAL and CAPE.

Drawdown Indicators

	IVAL	CAPE	Difference
Max Drawdown Largest peak-to-trough decline	-46.09%	-22.07%	-24.02%
Max Drawdown (1Y) Largest decline over 1 year	-11.24%	-9.68%	-1.56%
Max Drawdown (3Y) Largest decline over 3 years	-14.92%	-14.32%	-0.60%
Max Drawdown (5Y) Largest decline over 5 years	-28.51%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-46.09%	—	—
Current Drawdown Current decline from peak	-2.03%	-1.27%	-0.76%
Average Drawdown Average peak-to-trough decline	-11.88%	-4.81%	-7.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.44%	2.74%	+0.70%

Volatility

IVAL vs. CAPE - Volatility Comparison

Alpha Architect International Quantitative Value ETF (IVAL) has a higher volatility of 4.97% compared to DoubleLine Shiller CAPE U.S. Equities ETF (CAPE) at 4.59%. This indicates that IVAL'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

	IVAL	CAPE	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.97%	4.59%	+0.38%
Volatility (6M) Calculated over the trailing 6-month period	12.96%	9.56%	+3.40%
Volatility (1Y) Calculated over the trailing 1-year period	15.53%	11.58%	+3.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.78%	16.85%	+0.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.61%	16.85%	+1.76%

IVAL vs. CAPE - Expense Ratio Comparison

IVAL has a 0.39% expense ratio, which is lower than CAPE's 0.65% expense ratio.

Dividends

IVAL vs. CAPE - Dividend Comparison

IVAL's dividend yield for the trailing twelve months is around 2.61%, more than CAPE's 1.37% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CAPE DoubleLine Shiller CAPE U.S. Equities ETF	1.37%	1.39%	1.23%	1.01%	0.80%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
IVAL Alpha Architect International Quantitative Value ETF	2.61%	2.75%	3.60%	5.15%	8.00%	3.95%	2.07%	2.51%	2.93%	1.73%	2.02%	1.86%

Frequently Asked Questions

Can I hold both IVAL and CAPE in my portfolio?

IVAL and CAPE have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IVAL or CAPE?

IVAL has higher volatility (4.97%) compared to CAPE (4.59%). In terms of maximum drawdown, IVAL dropped -46.09% vs CAPE's -22.07%.

Which ETF is better, IVAL or CAPE?

On 3-year performance, IVAL leads with 18.08% vs 10.41% for CAPE. On fees, IVAL is cheaper at 0.39% per year. On volatility, CAPE has been the lower-risk option at 4.59%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IVAL or CAPE?

Over the 3-year period, IVAL has performed better with a 18.08% return vs 10.41%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IVAL or CAPE?

IVAL is cheaper with a 0.39% expense ratio, compared with 0.65% for CAPE.

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

IVAL has the higher dividend yield at 2.61%, compared with 1.37% for CAPE.

What is the main difference between IVAL and CAPE?

IVAL is categorized as Foreign Large Cap Equities, while CAPE is Large Cap Value Equities. They also come from different issuers: Alpha Architect and DoubleLine. Their fees differ too: 0.39% for IVAL and 0.65% for CAPE.

Which has better risk-adjusted returns?

IVAL currently has the higher Sharpe Ratio (2.28 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.