WRND vs. CAPE

Last updated Apr 1, 2026

Compare and contrast key facts about IQ Global Equity R&D Leaders ETF (WRND) and iPath Shiller CAPE ETN (CAPE).

WRND and CAPE are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. WRND is a passively managed fund by IndexIQ that tracks the performance of the IQ Global Equity R&D Leaders Index - Benchmark TR Net. It was launched on Feb 8, 2022. CAPE is a passively managed fund by Barclays Capital that tracks the performance of the Shiller Barclays CAPE US Core Sector Index. It was launched on Oct 10, 2012. Both WRND and CAPE are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

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.

WRND vs. CAPE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
WRND IQ Global Equity R&D Leaders ETF	-3.11%	27.72%	13.46%	34.85%	-18.12%
CAPE iPath Shiller CAPE ETN	-4.29%	9.10%	14.40%	27.65%	-15.28%

Returns By Period

In the year-to-date period, WRND achieves a -3.11% return, which is significantly higher than CAPE's -4.29% return.

WRND

• 1D: 4.07%
• 1M: -6.90%
• YTD: -3.11%
• 6M: -0.04%
• 1Y: 22.97%
• 3Y*: 17.80%
• 5Y*: —
• 10Y*: —

CAPE

• 1D: 2.22%
• 1M: -7.33%
• YTD: -4.29%
• 6M: -4.53%
• 1Y: 2.96%
• 3Y*: 12.22%
• 5Y*: —
• 10Y*: —

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

WRND vs. CAPE - Expense Ratio Comparison

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

CAPE

iPath Shiller CAPE ETN

WRND

IQ Global Equity R&D Leaders ETF

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: 65
WRND Sharpe Ratio Rank: 63
WRND Sortino Ratio Rank: 65
WRND Omega Ratio Rank: 62
WRND Calmar Ratio Rank: 68
WRND Martin Ratio Rank: 67

CAPE

CAPE Risk / Return Rank: 19
CAPE Sharpe Ratio Rank: 18
CAPE Sortino Ratio Rank: 17
CAPE Omega Ratio Rank: 17
CAPE Calmar Ratio Rank: 21
CAPE Martin Ratio Rank: 23

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	1.12	0.20	+0.92
Sortino ratio Return per unit of downside risk	1.67	0.40	+1.27
Omega ratio Gain probability vs. loss probability	1.23	1.05	+0.18
Calmar ratio Return relative to maximum drawdown	1.75	0.37	+1.38
Martin ratio Return relative to average drawdown	6.86	1.50	+5.36
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 1.12, which is higher than the CAPE Sharpe Ratio of 0.20. The chart below compares the historical Sharpe Ratios of WRND and CAPE, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	WRND	CAPE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.12	0.20	+0.92
Sharpe Ratio (All Time) Calculated using the full available price history	0.58	0.39	+0.19

Correlation

The correlation between WRND and CAPE is 0.76, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

WRND vs. CAPE - Dividend Comparison

WRND's dividend yield for the trailing twelve months is around 1.18%, less than CAPE's 1.46% yield.

	TTM	2025	2024	2023	2022
WRND IQ Global Equity R&D Leaders ETF	1.18%	1.29%	1.15%	2.06%	2.06%
CAPE iPath Shiller CAPE ETN	1.46%	1.39%	1.23%	1.01%	0.80%

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	-12.75%	-10.89%	-1.86%
Current Drawdown Current decline from peak	-8.87%	-7.33%	-1.54%
Average Drawdown Average peak-to-trough decline	-6.16%	-5.00%	-1.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.26%	2.71%	+0.55%

Volatility

WRND vs. CAPE - Volatility Comparison

IQ Global Equity R&D Leaders ETF (WRND) has a higher volatility of 8.10% compared to iPath Shiller CAPE ETN (CAPE) at 5.09%. 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	8.10%	5.09%	+3.01%
Volatility (6M) Calculated over the trailing 6-month period	13.20%	8.01%	+5.19%
Volatility (1Y) Calculated over the trailing 1-year period	20.59%	15.07%	+5.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.78%	17.14%	+1.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.78%	17.14%	+1.64%