CAPE vs SSPY
DoubleLine Shiller CAPE US Equities ETF vs Stratified LargeCap Index ETF
Which is better, CAPE or SSPY?
SSPY has been ahead.
SSPY has a lower expense ratio. SSPY led over 1Y, 3Y and the full window. The two have moved almost in lockstep, correlation 0.94. SSPY is less concentrated, with 8.9% of the fund in its ten largest positions against 29.0%.
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 | SSPY |
|---|---|---|
| Expense Ratio | 0.65% | 0.45%Best |
| AUM | $209M | $129M |
| Dividend Yield | 1.46% | 1.25% |
| Holdings | 182 | 1,013 |
| YTD Return | +0.19% | +12.63%Best |
| 1Y Return | +0.83% | +15.52%Best |
| 3Y Return (annualized) | +11.60% | +15.71%Best |
| 5Y Return (annualized) | - | +8.93% |
| Volatility (annualized) | 16.7% | 15.2%Best |
| Max Drawdown | -22.1% | -18.4%Best |
| $10,000 over 4.5 years | $13,406 | $14,798Best |
| Top 10 Weight | 29.0% | 8.9%Best |
| Fund Family | DoubleLine Funds | Syntax Stratified |
| Category | Equity | Equity |
| Style | Large Cap Value | Large Cap Value |
| Inception | Mar 31, 2022 | Jan 2, 2019 |
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 SSPY 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 SSPY Performance
DoubleLine Shiller CAPE US Equities ETF (CAPE) is an ETF from DoubleLine Funds and Stratified LargeCap Index ETF (SSPY) is an ETF from Syntax Stratified. Over the past year CAPE returned +0.83% while SSPY returned +15.52%. Year to date, CAPE is up 0.19% versus a gain of 12.63% for SSPY.
Over three years, CAPE compounded at +11.60% per year against +15.71% for SSPY.
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 15.2% for SSPY. 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 -18.4% for SSPY. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.94. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
CAPE charges 0.65% per year while SSPY charges 0.45%. On a $10,000 position that is $65 vs $45 annually, a gap of $20 per year that compounds over a long holding period. On income, CAPE currently yields 1.46% against 1.25% for SSPY.
Holdings Overlap
90.5% of CAPE's money is in holdings SSPY also owns. 29.2% of SSPY's money is in holdings CAPE also owns.
Most of CAPE is already inside SSPY. Owning both mostly buys the same companies twice.
132 positions in common, counted across the 170 positions we hold weights for in CAPE and 504 in SSPY, against full books of 182 and 1,013.
What only one of them owns
Our book lists 364 positions for SSPY that do not appear in our book for CAPE (69.5% of the fund), and 33 for CAPE that do not appear in SSPY (5.0%).
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 SSPY | Difference |
|---|---|---|---|
| AMZNAmazon.Com Inc | 6.04% | 0.26% | 5.78% |
| TSLATesla Motors, Inc. | 4.28% | 0.34% | 3.94% |
| WMTWalmart, Inc. | 2.47% | 0.68% | 1.79% |
| COSTCostco Wholesale Corporation | 2.24% | 0.70% | 1.54% |
| WELLWelltower | 2.76% | 0.18% | 2.58% |
| NEMNewmont Mining Corp (holding Snr S* Ice | 1.99% | 0.32% | 1.67% |
| PLDPrologis, Inc | 2.24% | 0.06% | 2.18% |
| PGProcter & Gamble Company | 1.81% | 0.42% | 1.39% |
| KOCoca Cola Co. | 1.84% | 0.27% | 1.57% |
| PMPhilip Morris International Inc. | 1.56% | 0.38% | 1.18% |
90.5% of CAPE is already inside SSPY.
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 SSPY?
CAPE has an expense ratio of 0.65% while SSPY charges 0.45%. SSPY is the cheaper option, by $20 a year on a $10,000 investment.
Which performed better, CAPE or SSPY?
Over the past year CAPE returned +0.83% vs +15.52% for SSPY, so SSPY leads on 1-year performance. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, CAPE or SSPY?
CAPE has been the more volatile fund at 16.7% annualized versus 15.2% for SSPY. Worst drawdown: CAPE -22.1% vs SSPY -18.4%.
Should I hold both CAPE and SSPY?
CAPE and SSPY have a monthly-return correlation of 0.94, so they move almost identically. What is left to separate them is the fee and the index each one tracks. This is information, not a recommendation.
What is the holdings overlap between CAPE and SSPY?
90.5% of CAPE's money is in holdings SSPY also owns. 29.2% of SSPY's is in holdings CAPE also owns. They hold 132 positions in common, counted across the 170 positions we hold weights for in CAPE and 504 in SSPY.
Which pays a higher dividend, CAPE or SSPY?
CAPE yields 1.46% while SSPY yields 1.25%, so CAPE currently pays the higher dividend yield.
Is SSPY better than CAPE?
SSPY has a lower expense ratio. SSPY led over 1Y, 3Y and the full window. The two have moved almost in lockstep, correlation 0.94. SSPY is less concentrated, with 8.9% of the fund in its ten largest positions against 29.0%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.