CAPE vs DFNL
DoubleLine Shiller CAPE US Equities ETF vs Davis Select Financial ETF
Which is better, CAPE or DFNL?
DFNL has been ahead.
DFNL has a lower expense ratio. DFNL led over 1Y, 3Y and the full window. CAPE is less concentrated, with 29.0% of the fund in its ten largest positions against 56.8%.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | CAPE | DFNL |
|---|---|---|
| Expense Ratio | 0.65% | 0.63%Best |
| AUM | $209M | $442M |
| Dividend Yield | 1.46% | 1.37% |
| Holdings | 182 | 90 |
| YTD Return | +0.19%Best | -0.91% |
| 1Y Return | +0.83% | +8.37%Best |
| 3Y Return (annualized) | +11.60% | +22.68%Best |
| 5Y Return (annualized) | - | +10.68% |
| Volatility (annualized) | 16.7%Best | 18.7% |
| Max Drawdown | -22.1% | -20.0%Best |
| $10,000 over 4.5 years | $13,406 | $16,686Best |
| Top 10 Weight | 29.0%Best | 56.8% |
| Fund Family | DoubleLine Funds | Davis ETFs |
| Category | Equity | Equity |
| Style | Large Cap Value | Large Cap Value |
| Inception | Mar 31, 2022 | Jan 11, 2017 |
Volatility and max drawdown, and the $10,000 over 4.5 years row, are measured over the window both funds cover: Apr 5, 2022 to Oct 14, 2026 (4.5 years).
CAPE vs DFNL growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view covers the 4.5 years both funds cover.
CAPE vs DFNL Performance
DoubleLine Shiller CAPE US Equities ETF (CAPE) is an ETF from DoubleLine Funds and Davis Select Financial ETF (DFNL) is an ETF from Davis ETFs. Over the past year CAPE returned +0.83% while DFNL returned +8.37%. Year to date, CAPE is up 0.19% versus a loss of 0.91% for DFNL.
Over three years, CAPE compounded at +11.60% per year against +22.68% for DFNL.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
DFNL has been the more volatile fund, with annualized monthly volatility of 18.7% compared with 16.7% for CAPE. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -22.1% for CAPE and -20.0% for DFNL. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.82. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
CAPE charges 0.65% per year while DFNL charges 0.63%. On a $10,000 position that is $65 vs $63 annually, a gap of $2 per year that compounds over a long holding period. On income, CAPE currently yields 1.46% against 1.37% for DFNL.
Holdings Overlap
We hold position weights for 170 holdings in CAPE and 30 in DFNL, totalling 100.0% and 100.0% of the two funds. The two books name no position in common, so there is no overlap percentage to show.
0 positions in common, counted across the 170 positions we hold weights for in CAPE and 30 in DFNL, against full books of 182 and 90.
What only one of them owns
Our book lists 23 positions for DFNL that do not appear in our book for CAPE (83.6% of the fund), and 165 for CAPE that do not appear in DFNL (95.2%).
Some of those will be the same company recorded under a different code in one of the two books, so the real difference in what you would own is no larger than this and may be smaller. We do not name the individual positions here for that reason.
You are not choosing between two funds in isolation.
Whichever of CAPE and DFNL you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, CAPE or DFNL?
CAPE has an expense ratio of 0.65% while DFNL charges 0.63%. DFNL is the cheaper option, by $2 a year on a $10,000 investment.
Which performed better, CAPE or DFNL?
Over the past year CAPE returned +0.83% vs +8.37% for DFNL, so DFNL leads on 1-year performance. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, CAPE or DFNL?
DFNL has been the more volatile fund at 18.7% annualized versus 16.7% for CAPE. Worst drawdown: CAPE -22.1% vs DFNL -20.0%.
Should I hold both CAPE and DFNL?
CAPE and DFNL have a monthly-return correlation of 0.82, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
Which pays a higher dividend, CAPE or DFNL?
CAPE yields 1.46% while DFNL yields 1.37%, so CAPE currently pays the higher dividend yield.
Is DFNL better than CAPE?
DFNL has a lower expense ratio. DFNL led over 1Y, 3Y and the full window. CAPE is less concentrated, with 29.0% of the fund in its ten largest positions against 56.8%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.