WBIF vs. CAPE

Last updated Jun 26, 2026

WBIF (WBI BullBear Value 3000 ETF) and CAPE (iPath Shiller CAPE ETN) are both Global Equities funds. WBIF is actively managed, while CAPE is passively managed. Over the past 3 years, WBIF returned 8.61%/yr vs 12.20%/yr for CAPE. A 0.68 correlation means they provide meaningful diversification when combined. WBIF charges 1.25%/yr vs 0.45%/yr for CAPE.

Performance

WBIF vs. CAPE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in WBI BullBear Value 3000 ETF (WBIF) 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, WBIF achieves a 13.45% return, which is significantly higher than CAPE's 0.30% return.

WBIF

• 1D: 0.17%
• 1M: 4.38%
• YTD: 13.45%
• 6M: 11.76%
• 1Y: 24.26%
• 3Y*: 8.61%
• 5Y*: 3.03%
• 10Y*: 6.06%

CAPE

• 1D: 0.13%
• 1M: -0.36%
• YTD: 0.30%
• 6M: -0.55%
• 1Y: 4.72%
• 3Y*: 12.20%
• 5Y*: —
• 10Y*: —

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

WBIF vs. CAPE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
WBIF WBI BullBear Value 3000 ETF	13.45%	9.16%	3.43%	0.49%	-11.50%
CAPE iPath Shiller CAPE ETN	0.30%	9.10%	14.40%	27.65%	-15.28%

Correlation

The correlation between WBIF and CAPE is 0.53, 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	0.53
Correlation (3Y) Calculated over the trailing 3-year period	0.69
Correlation (All Time) Calculated using the full available price history since Apr 4, 2022	0.68

The correlation between WBIF and CAPE shifts across timeframes, from 0.53 (1 year) to 0.69 (3 years), reflecting how their relationship changes across market environments.

WBIF vs. CAPE - Sectors Allocation Comparison

Sectors	WBIF	CAPE
Technology	34.6%	0.3%
Financial Services	21.9%	23.2%
Consumer Cyclical	15.5%	25.7%
Industrials	10.6%	0.0%
Basic Materials	6.5%	22.0%
Healthcare	4.3%	23.6%
Consumer Defensive	2.1%	25.9%
Utilities	2.0%	-
Communication Services	1.8%	25.1%
Energy	0.7%	-
Real Estate	-	25.3%

Return for Risk

WBIF vs. CAPE — Risk / Return Rank

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

WBIF

WBIF Risk / Return Rank: 73
WBIF Sharpe Ratio Rank: 69
WBIF Sortino Ratio Rank: 71
WBIF Omega Ratio Rank: 67
WBIF Calmar Ratio Rank: 80
WBIF Martin Ratio Rank: 78

CAPE

CAPE Risk / Return Rank: 15
CAPE Sharpe Ratio Rank: 16
CAPE Sortino Ratio Rank: 15
CAPE Omega Ratio Rank: 14
CAPE Calmar Ratio Rank: 15
CAPE Martin Ratio Rank: 18

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.

WBIF vs. CAPE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for WBI BullBear Value 3000 ETF (WBIF) 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.

	WBIF	CAPE	Difference
Sharpe ratio: Return per unit of total volatility	1.96	0.43	+1.52
Sortino ratio: Return per unit of downside risk	2.81	0.70	+2.12
Omega ratio: Gain probability vs. loss probability	1.35	1.08	+0.27
Calmar ratio: Return relative to maximum drawdown	3.69	0.49	+3.20
Martin ratio: Return relative to average drawdown	13.09	1.73	+11.36

WBIF vs. CAPE - Sharpe Ratio Comparison

The current WBIF Sharpe Ratio is 1.96, which is higher than the CAPE Sharpe Ratio of 0.43. The chart below compares the historical Sharpe Ratios of WBIF 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

WBIF vs. CAPE - Drawdown Comparison

The maximum WBIF drawdown since its inception was -20.29%, smaller than the maximum CAPE drawdown of -22.07%. Use the drawdown chart below to compare losses from any high point for WBIF and CAPE.

Drawdown Indicators

	WBIF	CAPE	Difference
Max Drawdown Largest peak-to-trough decline	-20.29%	-22.07%	+1.78%
Max Drawdown (1Y) Largest decline over 1 year	-6.60%	-9.68%	+3.08%
Max Drawdown (3Y) Largest decline over 3 years	-17.16%	-14.32%	-2.84%
Max Drawdown (5Y) Largest decline over 5 years	-20.29%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-20.29%	—	—
Current Drawdown Current decline from peak	-0.50%	-2.89%	+2.39%
Average Drawdown Average peak-to-trough decline	-7.70%	-4.89%	-2.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.86%	2.74%	-0.88%

Volatility

WBIF vs. CAPE - Volatility Comparison

WBI BullBear Value 3000 ETF (WBIF) has a higher volatility of 4.54% compared to iPath Shiller CAPE ETN (CAPE) at 3.60%. This indicates that WBIF'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

	WBIF	CAPE	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.54%	3.60%	+0.94%
Volatility (6M) Calculated over the trailing 6-month period	9.08%	8.60%	+0.48%
Volatility (1Y) Calculated over the trailing 1-year period	12.46%	11.02%	+1.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.89%	16.87%	-3.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.36%	16.87%	-4.51%

WBIF vs. CAPE - Expense Ratio Comparison

WBIF has a 1.25% expense ratio, which is higher than CAPE's 0.45% expense ratio.

Dividends

WBIF vs. CAPE - Dividend Comparison

WBIF's dividend yield for the trailing twelve months is around 0.06%, less than CAPE's 1.38% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CAPE iPath Shiller CAPE ETN	1.38%	1.39%	1.23%	1.01%	0.80%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
WBIF WBI BullBear Value 3000 ETF	0.06%	0.14%	1.17%	0.82%	0.96%	2.59%	0.09%	1.04%	0.77%	0.75%	0.67%	0.86%

Frequently Asked Questions

Can I hold both WBIF and CAPE in my portfolio?

WBIF and CAPE have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, WBIF or CAPE?

WBIF has higher volatility (4.54%) compared to CAPE (3.60%). In terms of maximum drawdown, WBIF dropped -20.29% vs CAPE's -22.07%.

Which ETF is better, WBIF or CAPE?

On 3-year performance, CAPE leads with 12.20% vs 8.61% for WBIF. On fees, CAPE is cheaper at 0.45% 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, WBIF or CAPE?

Over the 3-year period, CAPE has performed better with a 12.20% return vs 8.61%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, WBIF or CAPE?

CAPE is cheaper with a 0.45% expense ratio, compared with 1.25% for WBIF.

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

CAPE has the higher dividend yield at 1.38%, compared with 0.06% for WBIF.

What is the main difference between WBIF and CAPE?

They also come from different issuers: WBI and Barclays Capital. Their fees differ too: 1.25% for WBIF and 0.45% for CAPE.

Which has better risk-adjusted returns?

WBIF currently has the higher Sharpe Ratio (1.96 vs 0.43), 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.