SIZE vs. CPAI

Last updated Jun 4, 2026

SIZE (iShares MSCI USA Size Factor ETF) and CPAI (Counterpoint Quantitative Equity ETF) are both Mid Cap Blend Equities funds. SIZE is passively managed, while CPAI is actively managed. Over the past year, SIZE returned 18.11% vs 45.47% for CPAI. A 0.77 correlation means they provide meaningful diversification when combined. SIZE charges 0.15%/yr vs 0.75%/yr for CPAI.

Performance

SIZE vs. CPAI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI USA Size Factor ETF (SIZE) and Counterpoint Quantitative Equity ETF (CPAI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SIZE achieves a 9.07% return, which is significantly lower than CPAI's 27.41% return.

SIZE

• 1D: -0.68%
• 1M: 3.62%
• YTD: 9.07%
• 6M: 8.29%
• 1Y: 18.11%
• 3Y*: 15.94%
• 5Y*: 8.07%
• 10Y*: 11.76%

CPAI

• 1D: -1.84%
• 1M: 8.24%
• YTD: 27.41%
• 6M: 29.49%
• 1Y: 45.47%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SIZE vs. CPAI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
SIZE iShares MSCI USA Size Factor ETF	9.07%	10.51%	14.37%	8.18%
CPAI Counterpoint Quantitative Equity ETF	27.41%	17.79%	28.37%	6.69%

Correlation

The correlation between SIZE and CPAI 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 (All Time) Calculated using the full available price history since Nov 30, 2023	0.77

The correlation between SIZE and CPAI has been stable across timeframes, ranging from 0.68 to 0.77 - a consistent structural relationship.

SIZE vs. CPAI - Sectors Allocation Comparison

Sectors	SIZE	CPAI
Technology	19.9%	45.4%
Industrials	16.1%	5.7%
Financial Services	13.5%	4.3%
Consumer Cyclical	9.8%	4.2%
Healthcare	9.6%	16.0%
Real Estate	5.7%	-
Consumer Defensive	5.7%	9.5%
Utilities	5.5%	-
Energy	5.2%	3.7%
Basic Materials	4.8%	3.3%
Communication Services	4.1%	7.9%

Return for Risk

SIZE vs. CPAI — Risk / Return Rank

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

SIZE

SIZE Risk / Return Rank: 44
SIZE Sharpe Ratio Rank: 40
SIZE Sortino Ratio Rank: 42
SIZE Omega Ratio Rank: 38
SIZE Calmar Ratio Rank: 46
SIZE Martin Ratio Rank: 52

CPAI

CPAI Risk / Return Rank: 77
CPAI Sharpe Ratio Rank: 78
CPAI Sortino Ratio Rank: 73
CPAI Omega Ratio Rank: 71
CPAI Calmar Ratio Rank: 82
CPAI Martin Ratio Rank: 81

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.

SIZE vs. CPAI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI USA Size Factor ETF (SIZE) and Counterpoint Quantitative Equity ETF (CPAI). 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.

	SIZE	CPAI	Difference
Sharpe ratio: Return per unit of total volatility	1.43	2.52	-1.09
Sortino ratio: Return per unit of downside risk	2.12	3.33	-1.20
Omega ratio: Gain probability vs. loss probability	1.25	1.43	-0.17
Calmar ratio: Return relative to maximum drawdown	2.28	4.36	-2.08
Martin ratio: Return relative to average drawdown	8.88	15.90	-7.02
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SIZE vs. CPAI - Sharpe Ratio Comparison

The current SIZE Sharpe Ratio is 1.43, which is lower than the CPAI Sharpe Ratio of 2.52. The chart below compares the historical Sharpe Ratios of SIZE and CPAI, 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

	SIZE	CPAI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.43	2.52	-1.09
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.47	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.63	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.68	1.78	-1.09

Drawdowns

SIZE vs. CPAI - Drawdown Comparison

The maximum SIZE drawdown since its inception was -39.15%, which is greater than CPAI's maximum drawdown of -21.46%. Use the drawdown chart below to compare losses from any high point for SIZE and CPAI.

Drawdown Indicators

	SIZE	CPAI	Difference
Max Drawdown Largest peak-to-trough decline	-39.15%	-21.46%	-17.69%
Max Drawdown (1Y) Largest decline over 1 year	-7.97%	-10.48%	+2.51%
Max Drawdown (3Y) Largest decline over 3 years	-18.71%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-24.03%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-39.15%	—	—
Current Drawdown Current decline from peak	-0.68%	-1.84%	+1.16%
Average Drawdown Average peak-to-trough decline	-4.18%	-2.97%	-1.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.04%	2.87%	-0.83%

Volatility

SIZE vs. CPAI - Volatility Comparison

The current volatility for iShares MSCI USA Size Factor ETF (SIZE) is 3.17%, while Counterpoint Quantitative Equity ETF (CPAI) has a volatility of 5.35%. This indicates that SIZE experiences smaller price fluctuations and is considered to be less risky than CPAI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SIZE	CPAI	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.17%	5.35%	-2.18%
Volatility (6M) Calculated over the trailing 6-month period	9.54%	14.50%	-4.96%
Volatility (1Y) Calculated over the trailing 1-year period	12.73%	18.14%	-5.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.39%	19.19%	-1.80%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.69%	19.19%	-0.50%

SIZE vs. CPAI - Expense Ratio Comparison

SIZE has a 0.15% expense ratio, which is lower than CPAI's 0.75% expense ratio.

Dividends

SIZE vs. CPAI - Dividend Comparison

SIZE's dividend yield for the trailing twelve months is around 1.42%, more than CPAI's 0.70% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CPAI Counterpoint Quantitative Equity ETF	0.70%	0.89%	0.41%	0.06%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SIZE iShares MSCI USA Size Factor ETF	1.42%	1.50%	1.53%	1.42%	1.59%	1.19%	1.43%	1.35%	2.43%	1.58%	1.88%	1.95%

Frequently Asked Questions

Can I hold both SIZE and CPAI in my portfolio?

SIZE and CPAI 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, SIZE or CPAI?

CPAI has higher volatility (5.35%) compared to SIZE (3.17%). In terms of maximum drawdown, SIZE dropped -39.15% vs CPAI's -21.46%.

Which ETF is better, SIZE or CPAI?

On 1-year performance, CPAI leads with 45.47% vs 18.11% for SIZE. On fees, SIZE is cheaper at 0.15% per year. On volatility, SIZE has been the lower-risk option at 3.17%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SIZE or CPAI?

Over the 1-year period, CPAI has performed better with a 45.47% return vs 18.11%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SIZE or CPAI?

SIZE is cheaper with a 0.15% expense ratio, compared with 0.75% for CPAI.

Which ETF pays a higher dividend yield, SIZE or CPAI?

SIZE has the higher dividend yield at 1.42%, compared with 0.70% for CPAI.

What is the main difference between SIZE and CPAI?

They also come from different issuers: iShares and Counterpoint Funds. Their fees differ too: 0.15% for SIZE and 0.75% for CPAI.

Which has better risk-adjusted returns?

CPAI currently has the higher Sharpe Ratio (2.52 vs 1.43), 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.