CAPE vs SPY
CAPE vs SPY
DoubleLine Shiller CAPE US Equities ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. SPY offers more diversification with 503 holdings.
Side-by-Side Comparison
| Metric | CAPE | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.65% | 0.09% | |
| AUM | $240M | $789.1B | |
| Dividend Yield | 1.25% | 1.01% | |
| Holdings | 196 | 505 | |
| YTD Return | +3.33% | +11.49% | |
| 1Y Return | +5.61% | +21.37% | |
| 3Y Return (annualized) | +11.25% | +20.76% | |
| 5Y Return (annualized) | - | +12.94% | |
| Volatility (annualized) | 16.6% | 15.3% | |
| Max Drawdown | -22.1% | -56.5% | |
| Fund Family | DoubleLine Funds | State Street Investment Management | |
| Category | Equity | Equity | |
| Inception | Mar 31, 2022 | Jan 22, 1993 |
CAPE vs SPY Performance
DoubleLine Shiller CAPE US Equities ETF (CAPE) is a ETF from DoubleLine Funds and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year CAPE returned +5.61% while SPY returned +21.37%. Year to date, CAPE is up 3.33% versus a gain of 11.49% for SPY.
Over three years, CAPE compounded at +11.25% per year against +20.76% for SPY. Across the full 4-year window we track, SPY has the edge at +8.78% annualized vs +7.81%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
CAPE has been the more volatile fund, with annualized monthly volatility of 16.6% compared with 15.3% 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 -56.5% for SPY. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at 0.88. 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 1.25% against 1.01% for SPY.
Holdings Overlap
CAPE and SPY share 158 holdings out of 539 unique holdings combined, representing a 28.8% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Top Shared Holdings
| Stock | Weight in CAPE | Weight in SPY | Difference |
|---|---|---|---|
| AMZN | 5.67% | 3.69% | 1.98% |
| META | 4.55% | 2.03% | 2.52% |
| TSLA | 4.70% | 1.82% | 2.88% |
| GOOGL | Pro | Pro | Pro |
| LLY | Pro | Pro | Pro |
| GOOG | Pro | Pro | Pro |
| JNJ | Pro | Pro | Pro |
| WELL | Pro | Pro | Pro |
| PLD | Pro | Pro | Pro |
| ABBV | Pro | Pro | Pro |
See all 10 holdings CAPE shares with SPY Exact weights in each fund and the difference, for every overlapping position. Get FundXLS Pro: $29/moFirst 500 subscribers, then $49/mo. Cancel anytime. | |||
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. On a $10,000 investment, that is $56 per year of difference.
Which performed better, CAPE or SPY?
Over the past year CAPE returned +5.61% vs +21.37% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (4 years), CAPE annualized +7.81% vs +8.78% for SPY. Past performance does not guarantee future results.
Which is riskier, CAPE or SPY?
CAPE has been the more volatile fund at 16.6% annualized versus 15.3% for SPY. Worst drawdown: CAPE -22.1% vs SPY -56.5%.
Should I hold both CAPE and SPY?
CAPE and SPY have a monthly-return correlation of 0.88, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between CAPE and SPY?
CAPE and SPY share 158 common holdings with a 28.8% weight overlap. Combined, they hold 539 unique securities.
Which pays a higher dividend, CAPE or SPY?
CAPE yields 1.25% while SPY yields 1.01%, so CAPE currently pays the higher dividend yield.
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