KLMT vs. CAPE

Last updated Jun 4, 2026

KLMT (Invesco MSCI Global Climate 500 ETF) and CAPE (iPath Shiller CAPE ETN) are both Global Equities funds - KLMT tracks the MSCI ACWI Select Climate 500 Index while CAPE tracks the Shiller Barclays CAPE US Core Sector Index. Both are passively managed. Over the past year, KLMT returned 27.86% vs 3.29% for CAPE. A 0.70 correlation means they provide meaningful diversification when combined. KLMT charges 0.10%/yr vs 0.45%/yr for CAPE.

Performance

KLMT vs. CAPE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco MSCI Global Climate 500 ETF (KLMT) 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, KLMT achieves a 12.04% return, which is significantly higher than CAPE's -1.70% return.

KLMT

• 1D: -0.78%
• 1M: 5.23%
• YTD: 12.04%
• 6M: 12.88%
• 1Y: 27.86%
• 3Y*: —
• 5Y*: —
• 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)

KLMT vs. CAPE - Yearly Performance Comparison

	2026 (YTD)	2025	2024
KLMT Invesco MSCI Global Climate 500 ETF	12.04%	21.31%	4.94%
CAPE iPath Shiller CAPE ETN	-1.70%	9.10%	8.71%

Correlation

The correlation between KLMT and CAPE is 0.62, 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	0.62
Correlation (All Time) Calculated using the full available price history since Jun 27, 2024	0.70

The correlation between KLMT and CAPE has been stable across timeframes, ranging from 0.62 to 0.70 - a consistent structural relationship.

KLMT vs. CAPE - Sectors Allocation Comparison

Sectors	KLMT	CAPE
Technology	30.0%	0.2%
Financial Services	16.9%	23.2%
Industrials	10.2%	0.0%
Communication Services	9.6%	25.2%
Consumer Cyclical	9.2%	24.8%
Healthcare	8.0%	25.0%
Consumer Defensive	4.6%	25.9%
Energy	4.1%	-
Basic Materials	2.8%	22.0%
Real Estate	2.7%	24.7%
Utilities	2.0%	-

Return for Risk

KLMT vs. CAPE — Risk / Return Rank

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

KLMT

KLMT Risk / Return Rank: 67
KLMT Sharpe Ratio Rank: 68
KLMT Sortino Ratio Rank: 68
KLMT Omega Ratio Rank: 67
KLMT Calmar Ratio Rank: 60
KLMT Martin Ratio Rank: 70

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.

KLMT vs. CAPE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco MSCI Global Climate 500 ETF (KLMT) 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.

	KLMT	CAPE	Difference
Sharpe ratio: Return per unit of total volatility	2.22	0.30	+1.92
Sortino ratio: Return per unit of downside risk	3.10	0.52	+2.58
Omega ratio: Gain probability vs. loss probability	1.40	1.06	+0.34
Calmar ratio: Return relative to maximum drawdown	2.93	0.34	+2.59
Martin ratio: Return relative to average drawdown	12.75	1.24	+11.50
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

KLMT vs. CAPE - Sharpe Ratio Comparison

The current KLMT Sharpe Ratio is 2.22, which is higher than the CAPE Sharpe Ratio of 0.30. The chart below compares the historical Sharpe Ratios of KLMT 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

	KLMT	CAPE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.22	0.30	+1.92
Sharpe Ratio (All Time) Calculated using the full available price history	1.28	0.42	+0.86

Drawdowns

KLMT vs. CAPE - Drawdown Comparison

The maximum KLMT drawdown since its inception was -16.87%, smaller than the maximum CAPE drawdown of -22.07%. Use the drawdown chart below to compare losses from any high point for KLMT and CAPE.

Drawdown Indicators

	KLMT	CAPE	Difference
Max Drawdown Largest peak-to-trough decline	-16.87%	-22.07%	+5.20%
Max Drawdown (1Y) Largest decline over 1 year	-9.54%	-9.68%	+0.14%
Max Drawdown (3Y) Largest decline over 3 years	—	-14.32%	—
Current Drawdown Current decline from peak	-0.78%	-4.83%	+4.05%
Average Drawdown Average peak-to-trough decline	-1.91%	-4.93%	+3.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.19%	2.65%	-0.46%

Volatility

KLMT vs. CAPE - Volatility Comparison

Invesco MSCI Global Climate 500 ETF (KLMT) has a higher volatility of 3.76% compared to iPath Shiller CAPE ETN (CAPE) at 2.63%. This indicates that KLMT'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

	KLMT	CAPE	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.76%	2.63%	+1.13%
Volatility (6M) Calculated over the trailing 6-month period	10.07%	8.04%	+2.03%
Volatility (1Y) Calculated over the trailing 1-year period	12.61%	10.89%	+1.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.85%	16.93%	-1.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.85%	16.93%	-1.08%

KLMT vs. CAPE - Expense Ratio Comparison

KLMT has a 0.10% expense ratio, which is lower than CAPE's 0.45% expense ratio.

Dividends

KLMT vs. CAPE - Dividend Comparison

KLMT's dividend yield for the trailing twelve months is around 1.75%, more than CAPE's 1.41% yield.

Position	TTM	2025	2024	2023	2022
CAPE iPath Shiller CAPE ETN	1.41%	1.39%	1.23%	1.01%	0.80%
KLMT Invesco MSCI Global Climate 500 ETF	1.75%	1.95%	0.85%	0.00%	0.00%

Frequently Asked Questions

Can I hold both KLMT and CAPE in my portfolio?

KLMT and CAPE have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, KLMT or CAPE?

KLMT has higher volatility (3.76%) compared to CAPE (2.63%). In terms of maximum drawdown, KLMT dropped -16.87% vs CAPE's -22.07%.

Which ETF is better, KLMT or CAPE?

On 1-year performance, KLMT leads with 27.86% vs 3.29% for CAPE. On fees, KLMT is cheaper at 0.10% 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, KLMT or CAPE?

Over the 1-year period, KLMT has performed better with a 27.86% return vs 3.29%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KLMT or CAPE?

KLMT is cheaper with a 0.10% expense ratio, compared with 0.45% for CAPE.

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

KLMT has the higher dividend yield at 1.75%, compared with 1.41% for CAPE.

What is the main difference between KLMT and CAPE?

KLMT tracks MSCI ACWI Select Climate 500 Index, while CAPE tracks Shiller Barclays CAPE US Core Sector Index. They also come from different issuers: Invesco and Barclays Capital. Their fees differ too: 0.10% for KLMT and 0.45% for CAPE.

Which has better risk-adjusted returns?

KLMT currently has the higher Sharpe Ratio (2.22 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.