CAPE vs SPY
Comparison between DOUBLELINE SHILLER CAPE U.S. EQUITIES ETF (CAPE, ETF) and SPDR S&P 500 ETF Trust (SPY, ETF).
CAPE vs SPY - Performance Comparison
Key Characteristics
Financial metrics and valuation ratios
Net Assets
CAPE
$238M
Winner
SPY
$781B
Expense Ratio
CAPE
0.65%
Winner
SPY
0.09%
Max Drawdown
Winner
CAPE
22.43%
SPY
56.47%
Sharpe Ratio
CAPE
0.07
Winner
SPY
1.25
5Y Beta
Winner
CAPE
0.62
SPY
1.00
P/E Ratio
Winner
CAPE
26.26
SPY
28.78
Forward P/E
CAPE
21.24
Winner
SPY
21.23
5Y Dividends CAGR
CAPE
N/A
SPY
6.00%
5Y EPS CAGR
CAPE
14.21%
Winner
SPY
25.62%
Debt to Equity
Winner
CAPE
-15.69%
SPY
31.92%
P/S Ratio
Winner
CAPE
2.43
SPY
3.76
P/B Ratio
Winner
CAPE
3.91
SPY
5.64
CAPE vs SPY - Holdings Comparison
CAPE and SPY have 160 common holdings. Overlap is 28.48%
CAPE's top 25 holdings weight is 49.57%. SPY's top 25 holdings weight is 51.74%.
| Rank | CAPE | SPY |
|---|---|---|
| #1 | AMAZON.COM INC (AMZN) - 7.16% | NVIDIA CORP (NVDA) - 7.89% |
| #2 | TESLA INC (TSLA) - 4.65% | APPLE INC (AAPL) - 7.37% |
| #3 | META PLATFORMS INC CLASS A (META) - 3.36% | MICROSOFT CORP (MSFT) - 4.50% |
| #4 | ELI LILLY AND CO (LLY) - 3.33% | AMAZON.COM INC (AMZN) - 3.82% |
| #5 | WELLTOWER INC (WELL) - 2.58% | ALPHABET INC CLASS A (GOOGL) - 3.33% |
| #6 | JOHNSON & JOHNSON (JNJ) - 2.49% | BROADCOM INC (AVGO) - 2.86% |
| #7 | ALPHABET INC CLASS A (GOOGL) - 2.46% | ALPHABET INC CLASS C (GOOG) - 2.68% |
| #8 | PROLOGIS INC (PLD) - 2.32% | META PLATFORMS INC CLASS A (META) - 2.29% |
| #9 | ALPHABET INC CLASS C (GOOG) - 1.96% | TESLA INC (TSLA) - 1.70% |
| #10 | ABBVIE INC (ABBV) - 1.67% | MICRON TECHNOLOGY INC (MU) - 1.56% |
| #11 | UNITEDHEALTH GROUP INC (UNH) - 1.51% | JPMORGAN CHASE & CO (JPM) - 1.42% |
| #12 | THE HOME DEPOT INC (HD) - 1.42% | ELI LILLY AND CO (LLY) - 1.40% |
| #13 | EQUINIX INC (EQIX) - 1.22% | BERKSHIRE HATHAWAY INC CLASS B (BRK-B) - 1.37% |
| #14 | MERCK & CO INC (MRK) - 1.21% | ADVANCED MICRO DEVICES INC (AMD) - 1.32% |
| #15 | DIGITAL REALTY TRUST INC (DLR) - 1.21% | EXXONMOBIL HOLDINGS CORP (XOM) - 0.92% |
| #16 | SIMON PROPERTY GROUP INC (SPG) - 1.18% | JOHNSON & JOHNSON (JNJ) - 0.91% |
| #17 | TAKE-TWO INTERACTIVE SOFTWARE INC (TTWO) - 1.16% | VISA INC CLASS A (V) - 0.90% |
| #18 | THE WALT DISNEY CO (DIS) - 1.14% | WALMART INC (WMT) - 0.76% |
| #19 | LIVE NATION ENTERTAINMENT INC (LYV) - 1.11% | INTEL CORP (INTC) - 0.75% |
| #20 | AMERICAN TOWER CORP (AMT) - 1.10% | APPLIED MATERIALS INC (AMAT) - 0.70% |
| #21 | ECHOSTAR CORP CLASS A (ECHO) - 1.09% | CISCO SYSTEMS INC (CSCO) - 0.68% |
| #22 | REALTY INCOME CORP (O) - 1.09% | MASTERCARD INC CLASS A (MA) - 0.66% |
| #23 | OMNICOM GROUP INC (OMC) - 1.06% | ABBVIE INC (ABBV) - 0.66% |
| #24 | NETFLIX INC (NFLX) - 1.05% | CATERPILLAR INC (CAT) - 0.65% |
| #25 | n/a (WBD) - 1.04% | LAM RESEARCH CORP (LRCX) - 0.64% |
| Total Holdings | 194 | 505 |
CAPE vs SPY - Historical Returns
Returns include dividend reinvestment.
1M
Winner
CAPE
+3.03%
SPY
+0.52%
3M
CAPE
+0.68%
Winner
SPY
+6.55%
6M
CAPE
-0.06%
Winner
SPY
+9.76%
1Y
CAPE
+3.39%
Winner
SPY
+20.32%
5Y(CAGR)
CAPE
+7.62%
Winner
SPY
+13.01%
10Y(CAGR)
CAPE
N/A
SPY
+15.06%
Max(CAGR)
CAPE
+7.62%
Winner
SPY
+8.50%
CAPE vs SPY - Annual Returns (1999 - 2026)
Returns include dividend reinvestment.
| Year | CAPE | SPY |
|---|---|---|
| 2026 | +1.97% | +10.11% |
| 2025 | +9.55% | +18.00% |
| 2024 | +14.49% | +25.59% |
| 2023 | +28.01% | +26.72% |
| 2022 | -15.28% | -18.64% |
| 2021 | N/A | +30.52% |
| 2020 | N/A | +17.28% |
| 2019 | N/A | +31.09% |
| 2018 | N/A | -5.24% |
| 2017 | N/A | +20.78% |
| 2016 | N/A | +13.59% |
| 2015 | N/A | +1.31% |
| 2014 | N/A | +14.56% |
| 2013 | N/A | +29.00% |
| 2012 | N/A | +14.17% |
| 2011 | N/A | +0.85% |
| 2010 | N/A | +13.14% |
| 2009 | N/A | +22.67% |
| 2008 | N/A | -36.25% |
| 2007 | N/A | +5.32% |
| 2006 | N/A | +13.85% |
| 2005 | N/A | +5.32% |
| 2004 | N/A | +10.75% |
| 2003 | N/A | +24.18% |
| 2002 | N/A | -22.42% |
| 2001 | N/A | -10.13% |
| 2000 | N/A | -8.84% |
| 1999 | N/A | +8.61% |
CAPE vs SPY Drawdown Comparison
The maximum drawdown for CAPE was -22.08%, occurring on Oct 12, 2022. Recovery took 312 trading sessions.
The maximum drawdown for SPY was -55.20%, occurring on Mar 9, 2009. Recovery took 1224 trading sessions.
The current CAPE drawdown is -1.87%. The current SPY drawdown is -1.24%.
| Rank | CAPE | SPY |
|---|---|---|
| #1 | -22.08% Apr 20, 2022 - Jul 19, 2023 | -55.20% Oct 9, 2007 - Aug 16, 2012 |
| #2 | -14.32% Nov 29, 2024 - Jul 1, 2025 | -47.50% Mar 24, 2000 - Oct 26, 2006 |
| #3 | -10.29% Jul 31, 2023 - Dec 1, 2023 | -33.70% Feb 19, 2020 - Aug 10, 2020 |
| #4 | -9.68% Feb 27, 2026 - Jul 7, 2026 | -24.50% Jan 3, 2022 - Dec 13, 2023 |
| #5 | -5.78% Jul 16, 2024 - Aug 21, 2024 | -19.34% Sep 20, 2018 - Apr 12, 2019 |
| #6 | -5.69% Mar 28, 2024 - Jul 2, 2024 | -18.76% Feb 19, 2025 - Jun 26, 2025 |
| #7 | -4.79% Sep 11, 2025 - Jan 9, 2026 | -13.02% Jul 20, 2015 - Apr 18, 2016 |
| #8 | -3.27% Dec 28, 2023 - Jan 30, 2024 | -10.10% Jan 26, 2018 - Aug 6, 2018 |
| #9 | -3.20% Jul 23, 2025 - Aug 22, 2025 | -9.44% Sep 2, 2020 - Nov 11, 2020 |
| #10 | -2.60% Aug 30, 2024 - Sep 16, 2024 | -9.30% Jan 19, 2000 - Mar 17, 2000 |
| #11 | -2.16% Jul 3, 2025 - Jul 22, 2025 | -9.05% Jul 19, 2007 - Oct 5, 2007 |
| #12 | -2.13% Apr 5, 2022 - Apr 20, 2022 | -8.88% Jan 27, 2026 - Apr 14, 2026 |
| #13 | -2.12% Jul 7, 2026 - Jul 8, 2026 | -8.41% Jul 16, 2024 - Sep 19, 2024 |
| #14 | -1.78% Sep 19, 2024 - Oct 14, 2024 | -7.35% Sep 14, 2012 - Jan 2, 2013 |
| #15 | -1.76% Jan 30, 2024 - Feb 2, 2024 | -7.27% Sep 18, 2014 - Oct 31, 2014 |
Correlation
Correlation between CAPE and SPY is 0.97 which considered as a very strong positive correlation - the stocks move almost identically together.
0.97
-101
Dividend Comparison (1999 - 2026)
CAPE vs SPY dividend yield comparison.
| Year | CAPE | SPY |
|---|---|---|
| 2026 | 0.57% | 0.49% |
| 2025 | 1.39% | 1.07% |
| 2024 | 1.23% | 1.21% |
| 2023 | 1.01% | 1.40% |
| 2022 | 0.80% | 1.65% |
| 2021 | 0.00% | 1.20% |
| 2020 | 0.00% | 1.52% |
| 2019 | 0.00% | 1.75% |
| 2018 | 0.00% | 2.04% |
| 2017 | 0.00% | 1.80% |
| 2016 | 0.00% | 2.03% |
| 2015 | 0.00% | 2.06% |
| 2014 | 0.00% | 1.87% |
| 2013 | 0.00% | 1.81% |
| 2012 | 0.00% | 2.18% |
| 2011 | 0.00% | 2.05% |
| 2010 | 0.00% | 1.80% |
| 2009 | 0.00% | 1.95% |
| 2008 | 0.00% | 3.02% |
| 2007 | 0.00% | 1.85% |
| 2006 | 0.00% | 1.73% |
| 2005 | 0.00% | 1.73% |
| 2004 | 0.00% | 1.82% |
| 2003 | 0.00% | 1.47% |
| 2002 | 0.00% | 1.70% |
| 2001 | 0.00% | 1.25% |
| 2000 | 0.00% | 1.15% |
| 1999 | 0.00% | 0.24% |
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