CAPE vs TCV
DoubleLine Shiller CAPE US Equities ETF vs Towle Small-Cap Value ETF
Which is better, CAPE or TCV?
TCV has been ahead.
CAPE has a lower expense ratio. TCV led over 1Y and the full window. TCV is less concentrated, with 27.7% 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 | TCV |
|---|---|---|
| Expense Ratio | 0.65%Best | 0.85% |
| AUM | $209M | $202M |
| Dividend Yield | 1.46% | 0.59% |
| Holdings | 182 | 105 |
| YTD Return | +0.19% | +23.99%Best |
| 1Y Return | +0.83% | +27.95%Best |
| 3Y Return (annualized) | +11.60% | - |
| Volatility (annualized) | 12.3%Best | 16.4% |
| Max Drawdown | -9.7%Best | -12.2% |
| $10,000 over 1.2 years | $10,192 | $12,949Best |
| Top 10 Weight | 29.0% | 27.7%Best |
| Fund Family | DoubleLine Funds | Towle |
| Category | Equity | Equity |
| Style | Large Cap Value | Large Cap Value |
| Inception | Mar 31, 2022 | Jul 16, 2025 |
Not shown on this pair: 5Y Return (annualized).
Volatility and max drawdown, and the $10,000 over 1.2 years row, are measured over the window both funds cover: Jul 17, 2025 to Oct 14, 2026 (1.2 years).
CAPE vs TCV 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 1.2 years both funds cover.
CAPE vs TCV Performance
DoubleLine Shiller CAPE US Equities ETF (CAPE) is an ETF from DoubleLine Funds and Towle Small-Cap Value ETF (TCV) is an ETF from Towle. Over the past year CAPE returned +0.83% while TCV returned +27.95%. Year to date, CAPE is up 0.19% versus a gain of 23.99% for TCV.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
TCV has been the more volatile fund, with annualized monthly volatility of 16.4% compared with 12.3% 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 -9.7% for CAPE and -12.2% for TCV. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.81. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
CAPE charges 0.65% per year while TCV charges 0.85%. On a $10,000 position that is $65 vs $85 annually, a gap of $20 per year that compounds over a long holding period. On income, CAPE currently yields 1.46% against 0.59% for TCV.
Holdings Overlap
We hold position weights for 170 holdings in CAPE and 51 in TCV, 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 51 in TCV, against full books of 182 and 105.
What only one of them owns
Our book lists 49 positions for TCV that do not appear in our book for CAPE (96.2% of the fund), and 165 for CAPE that do not appear in TCV (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 TCV 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 TCV?
CAPE has an expense ratio of 0.65% while TCV charges 0.85%. CAPE is the cheaper option, by $20 a year on a $10,000 investment.
Which performed better, CAPE or TCV?
Over the past year CAPE returned +0.83% vs +27.95% for TCV, so TCV leads on 1-year performance. Over the longest common window we track (1 years), CAPE annualized +1.60% vs +24.03% for TCV. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, CAPE or TCV?
TCV has been the more volatile fund at 16.4% annualized versus 12.3% for CAPE. Worst drawdown: CAPE -9.7% vs TCV -12.2%.
Should I hold both CAPE and TCV?
CAPE and TCV have a monthly-return correlation of 0.81, 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 TCV?
CAPE yields 1.46% while TCV yields 0.59%, so CAPE currently pays the higher dividend yield.
Is TCV better than CAPE?
CAPE has a lower expense ratio. TCV led over 1Y and the full window. TCV is less concentrated, with 27.7% 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.