WRND vs. CAPE

Last updated Jun 4, 2026

WRND (IQ Global Equity R&D Leaders ETF) and CAPE (iPath Shiller CAPE ETN) are both Global Equities funds - WRND tracks the IQ Global Equity R&D Leaders Index - Benchmark TR Net while CAPE tracks the Shiller Barclays CAPE US Core Sector Index. Both are passively managed. Over the past 3 years, WRND returned 22.64%/yr vs 12.19%/yr for CAPE. A 0.75 correlation means they provide meaningful diversification when combined. WRND charges 0.18%/yr vs 0.45%/yr for CAPE.

Performance

WRND vs. CAPE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in IQ Global Equity R&D Leaders ETF (WRND) 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, WRND achieves a 16.08% return, which is significantly higher than CAPE's -1.70% return.

WRND

• 1D: -0.80%
• 1M: 5.16%
• YTD: 16.08%
• 6M: 16.09%
• 1Y: 39.52%
• 3Y*: 22.64%
• 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)

WRND vs. CAPE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
WRND IQ Global Equity R&D Leaders ETF	16.08%	27.72%	13.46%	34.85%	-18.12%
CAPE iPath Shiller CAPE ETN	-1.70%	9.10%	14.40%	27.65%	-15.28%

Correlation

The correlation between WRND and CAPE is 0.52, 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	0.52
Correlation (3Y) Calculated over the trailing 3-year period	0.65
Correlation (All Time) Calculated using the full available price history since Apr 5, 2022	0.75

Over the past year, the correlation between WRND and CAPE has dropped to 0.52 - well below their long-term average of 0.75, suggesting their price drivers have been diverging.

WRND vs. CAPE - Sectors Allocation Comparison

Sectors	WRND	CAPE
Technology	49.9%	0.2%
Industrials	14.0%	0.0%
Communication Services	13.2%	25.2%
Healthcare	11.7%	25.0%
Consumer Cyclical	8.7%	24.8%
Consumer Defensive	1.6%	25.9%
Basic Materials	1.0%	22.0%
Energy	-	-
Financial Services	-	23.2%
Real Estate	-	24.7%
Utilities	-	-

Return for Risk

WRND vs. CAPE — Risk / Return Rank

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

WRND

WRND Risk / Return Rank: 69
WRND Sharpe Ratio Rank: 73
WRND Sortino Ratio Rank: 70
WRND Omega Ratio Rank: 67
WRND Calmar Ratio Rank: 65
WRND Martin Ratio Rank: 72

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.

WRND vs. CAPE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for IQ Global Equity R&D Leaders ETF (WRND) 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.

	WRND	CAPE	Difference
Sharpe ratio: Return per unit of total volatility	2.36	0.30	+2.06
Sortino ratio: Return per unit of downside risk	3.19	0.52	+2.67
Omega ratio: Gain probability vs. loss probability	1.40	1.06	+0.34
Calmar ratio: Return relative to maximum drawdown	3.19	0.34	+2.85
Martin ratio: Return relative to average drawdown	13.52	1.24	+12.27
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

WRND vs. CAPE - Sharpe Ratio Comparison

The current WRND Sharpe Ratio is 2.36, which is higher than the CAPE Sharpe Ratio of 0.30. The chart below compares the historical Sharpe Ratios of WRND 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

	WRND	CAPE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.36	0.30	+2.06
Sharpe Ratio (All Time) Calculated using the full available price history	0.81	0.42	+0.39

Drawdowns

WRND vs. CAPE - Drawdown Comparison

The maximum WRND drawdown since its inception was -27.16%, which is greater than CAPE's maximum drawdown of -22.07%. Use the drawdown chart below to compare losses from any high point for WRND and CAPE.

Drawdown Indicators

	WRND	CAPE	Difference
Max Drawdown Largest peak-to-trough decline	-27.16%	-22.07%	-5.09%
Max Drawdown (1Y) Largest decline over 1 year	-12.43%	-9.68%	-2.75%
Max Drawdown (3Y) Largest decline over 3 years	-18.41%	-14.32%	-4.09%
Current Drawdown Current decline from peak	-0.80%	-4.83%	+4.03%
Average Drawdown Average peak-to-trough decline	-5.97%	-4.93%	-1.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.93%	2.65%	+0.28%

Volatility

WRND vs. CAPE - Volatility Comparison

IQ Global Equity R&D Leaders ETF (WRND) has a higher volatility of 4.77% compared to iPath Shiller CAPE ETN (CAPE) at 2.63%. This indicates that WRND'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

	WRND	CAPE	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.77%	2.63%	+2.14%
Volatility (6M) Calculated over the trailing 6-month period	13.45%	8.04%	+5.41%
Volatility (1Y) Calculated over the trailing 1-year period	16.81%	10.89%	+5.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.79%	16.93%	+1.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.79%	16.93%	+1.86%

WRND vs. CAPE - Expense Ratio Comparison

WRND has a 0.18% expense ratio, which is lower than CAPE's 0.45% expense ratio.

Dividends

WRND vs. CAPE - Dividend Comparison

WRND's dividend yield for the trailing twelve months is around 0.99%, less 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%
WRND IQ Global Equity R&D Leaders ETF	0.99%	1.29%	1.15%	2.06%	2.06%

Frequently Asked Questions

Can I hold both WRND and CAPE in my portfolio?

WRND and CAPE have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, WRND or CAPE?

WRND has higher volatility (4.77%) compared to CAPE (2.63%). In terms of maximum drawdown, WRND dropped -27.16% vs CAPE's -22.07%.

Which ETF is better, WRND or CAPE?

On 3-year performance, WRND leads with 22.64% vs 12.19% for CAPE. On fees, WRND is cheaper at 0.18% 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, WRND or CAPE?

Over the 3-year period, WRND has performed better with a 22.64% return vs 12.19%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, WRND or CAPE?

WRND is cheaper with a 0.18% expense ratio, compared with 0.45% for CAPE.

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

CAPE has the higher dividend yield at 1.41%, compared with 0.99% for WRND.

What is the main difference between WRND and CAPE?

WRND tracks IQ Global Equity R&D Leaders Index - Benchmark TR Net, while CAPE tracks Shiller Barclays CAPE US Core Sector Index. They also come from different issuers: IndexIQ and Barclays Capital. Their fees differ too: 0.18% for WRND and 0.45% for CAPE.

Which has better risk-adjusted returns?

WRND currently has the higher Sharpe Ratio (2.36 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.