CAPE vs SPY
DoubleLine Shiller CAPE US Equities ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, CAPE or SPY?
Large Cap Value against Large Cap Blend.
SPY has a lower expense ratio. SPY led over 1Y, 3Y and the full window. CAPE is less concentrated, with 29.0% of the fund in its ten largest positions against 38.2%.
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 | SPY |
|---|---|---|
| Expense Ratio | 0.65% | 0.09%Best |
| AUM | $209M | $823.2B |
| Dividend Yield | 1.46% | 0.99% |
| Holdings | 182 | 1,515 |
| YTD Return | +0.19% | +13.53%Best |
| 1Y Return | +0.83% | +17.47%Best |
| 3Y Return (annualized) | +11.60% | +22.36%Best |
| 5Y Return (annualized) | - | +13.21% |
| Volatility (annualized) | 16.7% | 15.0%Best |
| Max Drawdown | -22.1% | -20.3%Best |
| $10,000 over 4.5 years | $13,406 | $18,062Best |
| Top 10 Weight | 29.0%Best | 38.2% |
| Fund Family | DoubleLine Funds | State Street Investment Management |
| Category | Equity | Equity |
| Style | Large Cap Value | Large Cap Blend |
| Inception | Mar 31, 2022 | Jan 22, 1993 |
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 SPY 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 SPY Performance
DoubleLine Shiller CAPE US Equities ETF (CAPE) is an ETF from DoubleLine Funds and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year CAPE returned +0.83% while SPY returned +17.47%. Year to date, CAPE is up 0.19% versus a gain of 13.53% for SPY.
Over three years, CAPE compounded at +11.60% per year against +22.36% for SPY.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
CAPE has been the more volatile fund, with annualized monthly volatility of 16.7% compared with 15.0% for SPY. 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 -20.3% for SPY. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.87. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
CAPE charges 0.65% per year while SPY charges 0.09%. On a $10,000 position that is $65 vs $9 annually, a gap of $56 per year that compounds over a long holding period. On income, CAPE currently yields 1.46% against 0.99% for SPY.
Holdings Overlap
89.2% of CAPE's money is in holdings SPY also owns. 16.4% of SPY's money is in holdings CAPE also owns.
Most of CAPE is already inside SPY. Owning both mostly buys the same companies twice.
131 positions in common, counted across the 170 positions we hold weights for in CAPE and 504 in SPY, against full books of 182 and 1,515.
What only one of them owns
Our book lists 366 positions for SPY that do not appear in our book for CAPE (82.8% of the fund), and 35 for CAPE that do not appear in SPY (7.1%).
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.
Top Shared Holdings
| Stock | Weight in CAPE | Weight in SPY | Difference |
|---|---|---|---|
| AMZNAmazon.Com Inc | 6.04% | 3.78% | 2.26% |
| TSLATesla Motors, Inc. | 4.28% | 1.54% | 2.74% |
| WMTWalmart, Inc. | 2.47% | 0.73% | 1.74% |
| WELLWelltower | 2.76% | 0.25% | 2.51% |
| COSTCostco Wholesale Corporation | 2.24% | 0.62% | 1.62% |
| PLDPrologis, Inc | 2.24% | 0.19% | 2.05% |
| KOCoca Cola Co. | 1.84% | 0.52% | 1.32% |
| PGProcter & Gamble Company | 1.81% | 0.52% | 1.29% |
| NEMNewmont Mining Corp (holding Snr S* Ice | 1.99% | 0.20% | 1.79% |
| PMPhilip Morris International Inc. | 1.56% | 0.46% | 1.10% |
89.2% of CAPE is already inside SPY.
You probably hold more than these two. Add the rest and see how much of the whole book is the same companies twice.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, CAPE or SPY?
CAPE has an expense ratio of 0.65% while SPY charges 0.09%. SPY is the cheaper option, by $56 a year on a $10,000 investment.
Which performed better, CAPE or SPY?
Over the past year CAPE returned +0.83% vs +17.47% for SPY, so SPY leads on 1-year performance. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, CAPE or SPY?
CAPE has been the more volatile fund at 16.7% annualized versus 15.0% for SPY. Worst drawdown: CAPE -22.1% vs SPY -20.3%.
Should I hold both CAPE and SPY?
CAPE and SPY have a monthly-return correlation of 0.87, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
What is the holdings overlap between CAPE and SPY?
89.2% of CAPE's money is in holdings SPY also owns. 16.4% of SPY's is in holdings CAPE also owns. They hold 131 positions in common, counted across the 170 positions we hold weights for in CAPE and 504 in SPY.
Which pays a higher dividend, CAPE or SPY?
CAPE yields 1.46% while SPY yields 0.99%, so CAPE currently pays the higher dividend yield.
Is SPY better than CAPE?
SPY has a lower expense ratio. SPY led over 1Y, 3Y and the full window. CAPE is less concentrated, with 29.0% of the fund in its ten largest positions against 38.2%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.