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PID vs. CAPE
Performance
Return for Risk
Drawdowns
Volatility
Dividends

PID vs. CAPE

Last updated Jun 4, 2026

PID (Invesco International Dividend Achievers™ ETF) and CAPE (iPath Shiller CAPE ETN) are both Global Equities funds - PID tracks the Nasdaq International Dividend Achievers (NR) while CAPE tracks the Shiller Barclays CAPE US Core Sector Index. Both are passively managed. Over the past 3 years, PID returned 12.52%/yr vs 12.19%/yr for CAPE. A 0.71 correlation means they provide meaningful diversification when combined. PID charges 0.56%/yr vs 0.45%/yr for CAPE.

Performance

PID vs. CAPE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco International Dividend Achievers™ ETF (PID) and iPath Shiller CAPE ETN (CAPE). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, PID achieves a 5.45% return, which is significantly higher than CAPE's -1.70% return.

PID

1D
-1.07%
1M
1.28%
YTD
5.45%
6M
6.61%
1Y
16.04%
3Y*
12.52%
5Y*
8.28%
10Y*
8.80%

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)

PID vs. CAPE - Yearly Performance Comparison

2026 (YTD)2025202420232022
PID
Invesco International Dividend Achievers™ ETF		5.45%24.45%3.08%14.28%-13.49%
CAPE
iPath Shiller CAPE ETN		-1.70%9.10%14.40%27.65%-15.28%

Correlation

The correlation between PID 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

0.67

Correlation (All Time)
Calculated using the full available price history since Apr 5, 2022

0.71

The correlation between PID and CAPE has been stable across timeframes, ranging from 0.67 to 0.71 - a consistent structural relationship.

PID vs. CAPE - Sectors Allocation Comparison

Sectors
PID
CAPE

Financial Services

17.5%
23.2%

Utilities

14.2%

-

Communication Services

13.8%
25.2%

Energy

13.3%

-

Technology

8.7%
0.2%

Healthcare

8.4%
25.0%

Industrials

7.9%
0.0%

Consumer Cyclical

6.4%
24.8%

Consumer Defensive

6.0%
25.9%

Basic Materials

3.4%
22.0%

Real Estate

0.4%
24.7%

Financial Services

PID
17.5%
CAPE
23.2%

Utilities

PID
14.2%
CAPE

-

Communication Services

PID
13.8%
CAPE
25.2%

Energy

PID
13.3%
CAPE

-

Technology

PID
8.7%
CAPE
0.2%

Healthcare

PID
8.4%
CAPE
25.0%

Industrials

PID
7.9%
CAPE
0.0%

Consumer Cyclical

PID
6.4%
CAPE
24.8%

Consumer Defensive

PID
6.0%
CAPE
25.9%

Basic Materials

PID
3.4%
CAPE
22.0%

Real Estate

PID
0.4%
CAPE
24.7%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Invesco International Dividend Achievers™ ETF

iPath Shiller CAPE ETN

Often compared with PID:
PID vs. IDVPID vs. LVHIPID vs. DTHPID vs. DWXPID vs. PSQPID vs. VYMIPID vs. DIM
Often compared with CAPE:
CAPE vs. SPYCAPE vs. VOOCAPE vs. SCHDCAPE vs. DSEEXCAPE vs. YACKXCAPE vs. TQQQCAPE vs. MDY

Return for Risk

PID vs. CAPE — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
PID
PID Risk / Return Rank: 4646
Overall Rank
PID Sharpe Ratio Rank: 4747
Sharpe Ratio Rank
PID Sortino Ratio Rank: 5050
Sortino Ratio Rank
PID Omega Ratio Rank: 4747
Omega Ratio Rank
PID Calmar Ratio Rank: 4343
Calmar Ratio Rank
PID Martin Ratio Rank: 4444
Martin Ratio Rank
CAPE
CAPE Risk / Return Rank: 1313
Overall Rank
CAPE Sharpe Ratio Rank: 1313
Sharpe Ratio Rank
CAPE Sortino Ratio Rank: 1212
Sortino Ratio Rank
CAPE Omega Ratio Rank: 1212
Omega Ratio Rank
CAPE Calmar Ratio Rank: 1313
Calmar Ratio Rank
CAPE Martin Ratio Rank: 1515
Martin Ratio Rank
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.

PID vs. CAPE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco International Dividend Achievers™ ETF (PID) 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.

PIDCAPEDifference
Sharpe ratioReturn per unit of total volatility
1.66
0.30

+1.36

Sortino ratioReturn per unit of downside risk
2.46
0.52

+1.94

Omega ratioGain probability vs. loss probability

1.30

1.06

+0.24

Calmar ratioReturn relative to maximum drawdown

2.16

0.34

+1.81

Martin ratioReturn relative to average drawdown

7.36

1.24

+6.12

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PID vs. CAPE - Sharpe Ratio Comparison

The current PID Sharpe Ratio is 1.66, which is higher than the CAPE Sharpe Ratio of 0.30. The chart below compares the historical Sharpe Ratios of PID 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.

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Sharpe Ratios by Period

PIDCAPEDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.66

0.30

+1.36

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.60

—

—

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.49

—

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.27

0.42

-0.15

Drawdowns

PID vs. CAPE - Drawdown Comparison

The maximum PID drawdown since its inception was -66.34%, which is greater than CAPE's maximum drawdown of -22.07%. Use the drawdown chart below to compare losses from any high point for PID and CAPE.

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Drawdown Indicators

PIDCAPEDifference

Max Drawdown

Largest peak-to-trough decline

-66.34%

-22.07%

-44.27%

Max Drawdown (1Y)

Largest decline over 1 year

-7.47%

-9.68%

+2.21%

Max Drawdown (3Y)

Largest decline over 3 years

-13.34%

-14.32%

+0.98%

Max Drawdown (5Y)

Largest decline over 5 years

-22.97%

—

—

Max Drawdown (10Y)

Largest decline over 10 years

-46.07%

—

—

Current Drawdown

Current decline from peak

-2.19%

-4.83%

+2.64%

Average Drawdown

Average peak-to-trough decline

-13.04%

-4.93%

-8.11%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.18%

2.65%

-0.47%

Volatility

PID vs. CAPE - Volatility Comparison

Invesco International Dividend Achievers™ ETF (PID) and iPath Shiller CAPE ETN (CAPE) have volatilities of 2.75% and 2.63%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

PIDCAPEDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.75%

2.63%

+0.12%

Volatility (6M)

Calculated over the trailing 6-month period

7.62%

8.04%

-0.42%

Volatility (1Y)

Calculated over the trailing 1-year period

9.70%

10.89%

-1.19%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

13.97%

16.93%

-2.96%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.84%

16.93%

+0.91%

PID vs. CAPE - Expense Ratio Comparison

PID has a 0.56% expense ratio, which is higher than CAPE's 0.45% expense ratio.

Dividends

PID vs. CAPE - Dividend Comparison

PID's dividend yield for the trailing twelve months is around 3.27%, more than CAPE's 1.41% yield.

PositionTTM20252024202320222021202020192018201720162015
CAPE
iPath Shiller CAPE ETN		1.41%1.39%1.23%1.01%0.80%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
PID
Invesco International Dividend Achievers™ ETF		3.27%3.28%3.88%3.31%3.30%3.30%3.16%3.99%3.87%3.46%3.90%4.48%

Frequently Asked Questions

PID 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.

PID has higher volatility (2.75%) compared to CAPE (2.63%). In terms of maximum drawdown, PID dropped -66.34% vs CAPE's -22.07%.

On 3-year performance, PID leads with 12.52% vs 12.19% for CAPE. 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.

Over the 3-year period, PID has performed better with a 12.52% return vs 12.19%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

CAPE is cheaper with a 0.45% expense ratio, compared with 0.56% for PID.

PID has the higher dividend yield at 3.27%, compared with 1.41% for CAPE.

PID tracks Nasdaq International Dividend Achievers (NR), while CAPE tracks Shiller Barclays CAPE US Core Sector Index. They also come from different issuers: Invesco and Barclays Capital. Their fees differ too: 0.56% for PID and 0.45% for CAPE.

PID currently has the higher Sharpe Ratio (1.66 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.

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