CAPE vs IMCV: Grades, Fees and Holdings Compared

DoubleLine Shiller CAPE U.S. Equities ETF

CAPEDNYSE Arca

iShares Morningstar Mid-Cap Value ETF

IMCVANasdaq

Overlap

21.3%by weight

Expense ratio

IMCV −0.59pt a year

CAPE0.65%IMCV0.06%

Avg volume · 30D

IMCV 1.2×the volume

CAPE32.5KIMCV38.9K

3Y return · a year

IMCV +9.3pt

CAPE+12.9%IMCV+22.2%

CAPE vs IMCV Performance

Oct 31, 2025 – Oct 30, 2026

+3.3%CAPE+27.0%IMCV

Expense ratio: CAPE 0.65%; IMCV 0.06%, better
Fund size: CAPE $206M; IMCV $1.27B
1Y total return: CAPE +3.3%; IMCV +27.0%, better
Yield (12M): CAPE 1.58%; IMCV 1.84%, better
Holdings: CAPE 173; IMCV 271
Avg volume (30D): CAPE 32.5K sh; IMCV 38.9K sh, better
NAV per share: CAPE $32.02; IMCV $99.16
52W range

ETF.net Grade

Pillar letters and Scores for CAPE, IMCV, with each pillar’s weight
Pillar	CAPE	IMCV
Cost30% weight	F7	A96Higher
Mission25% weight	C40	A76Higher
Risk15% weight	C46	A77Higher
Tradability15% weight	D27	B69Higher
Holdings10% weight	D34	B69Higher
Durability5% weight	F21	A77Higher

Rank among US Multifactor funds

How we build Categories ›

Same Category. CAPE and IMCV are both graded against the same 99 US Multifactor funds, so their Grades compare head to head.

US Multifactor⁠

Category · 99 funds

See all 99 ›

IMCV ranks 4th and CAPE 94th of 99 funds in the US Multifactor Category.

Rank 1AVONVVanguard Russell 1000 Value ETFScore 85
Rank 2AILCViShares Morningstar Value ETFScore 81
Rank 2AVYMVanguard High Dividend Yield ETFScore 81
Rank 4AIMCViShares Morningstar Mid-Cap Value ETFScore 80
Rank 5ADCORU.S. Core Equity 1 Portfolio ETF Class SharesScore 79
Rank 94DABLDAbacus FCF Real Assets Leaders ETFScore 27
Rank 94DCAPEDoubleLine Shiller CAPE U.S. Equities ETFScore 27
Rank 96DBAGXEA Bridgeway Aggressive Investors ETFScore 25

Our read on each fund

ETF.net Research

CAPEDDoubleLine Shiller CAPE U.S. Equities ETF

IMCVAiShares Morningstar Mid-Cap Value ETF

In short

CAPE Nobel laureate Robert Shiller's CAPE ratio, wired into an ETF: each month it ranks the 11 US sectors on valuation, throws out the one with the worst momentum, and holds the four cheapest survivors in equal weight.

IMCV No data

Stated mandate

CAPE The fund seeks total returns above the S&P 500 by investing in the four cheapest U.S. large-cap sectors selected through modified CAPE valuation and momentum-based value-trap mitigation.

IMCV No data

Why people hold it

CAPE The rulebook is legible: five cheapest sectors by a modified CAPE ratio, minus the weakest 12-month performer, equal weight across the four left standing, rebalanced monthly.doubleline.com
Four equal-weight sector sleeves out of eleven is a genuinely different shape from the cap-weighted S&P 500 the fund names as its benchmark.doubleline.com
The momentum screen exists for one job: keeping the portfolio out of sectors that are cheap because something is broken, not because they are overlooked.doubleline.com
DoubleLine runs it actively against an index it built with Barclays and Shiller, live in ETF form since 2022.prnewswire.com

IMCV No data

Worth knowing

CAPE At 0.65% a year it runs well above the US multifactor median near 0.32%, and above value peers such as FNDX (0.25%) or VONV (0.06%).
Concentration cuts both ways: holding four of eleven sectors means results can diverge widely from the S&P 500 in either direction.doubleline.com
Thinly traded for its category, and unlike a traditional ETF it does not publish holdings daily, so spreads can be wider and the portfolio less visible.doubleline.com

IMCV No data

Full CAPE profile⁠

Full IMCV profile⁠

CAPE vs IMCV Holdings

How CAPE and IMCV differ

Overlap by weight

21.3%

Shared holdings make up 38.4% of CAPE and 23.9% of IMCV.

Level by level

Holdings73 in both21.3%
Sector11 Sectors25.6%
Countryby domicile99.1%
Asset classEquity100%

Sector

Sector weights in CAPE and IMCV, widest gap first
Sector	More in CAPEMore in IMCV	CAPE	IMCV
Consumer Discretionary	CAPE +22.0 points	28.9%	6.9%
Real Estate	CAPE +19.9 points	24.5%	4.6%
Financials	IMCV +18.5 points	0.0%	18.5%
Materials	CAPE +16.5 points	21.5%	5.0%
Consumer Staples	CAPE +16.0 points	24.7%	8.7%
Industrials	IMCV +14.2 points	0.0%	14.2%
Energy	IMCV +13.4 points	0.0%	13.4%
Health Care	IMCV +12.2 points	0.0%	12.2%
Utilities	IMCV +9.0 points	0.0%	9.0%
Technology	IMCV +6.2 points	0.3%	6.5%
Communication	IMCV +1.0 points	0.1%	1.1%

Country, concentration and asset class

Country by domicile

Country weights in CAPE and IMCV, widest gap first
Country	More in CAPEMore in IMCV	CAPE	IMCV
United States	IMCV +0.5 points	98.2%	98.7%
Ireland	CAPE +0.5 points	0.8%	0.3%
Other countries (3)	Same weight	1.0%	1.0%

Concentration

Weight in the 10 largest Holdings

CAPE29.0%
IMCV13.2%

Securities held

CAPE170
IMCV268

Asset class

CAPE: Equity
IMCV: Equity

Holdings

Only in CAPE97
In both73
Only in IMCV195

Only in CAPE

97 securities, 61.5% of CAPE by weight

Amazon.com Inc6.04%
Tesla Inc4.27%
Linde PLC3.35%
Welltower Inc2.76%
Walmart Inc2.47%
Costco Wholesale Corp2.24%
Prologis Inc2.24%
Newmont Corp1.99%
Coca-Cola Co/The1.84%
Procter & Gamble Co/The1.81%
Freeport-McMoRan Inc1.62%
Philip Morris International In1.56%
Home Depot Inc/The1.35%
Ecolab Inc1.21%
Equinix Inc1.12%
PepsiCo Inc1.10%
Vulcan Materials Co1.09%
Altria Group Inc1.06%
Monster Beverage Corp1.05%
Martin Marietta Materials Inc1.03%
American Tower Corp1.01%
McDonald's Corp1.01%
Booking Holdings Inc0.96%
TJX Cos Inc/The0.86%
Vivmark Residential0.86%
Ventas Inc0.80%
Starbucks Corp0.75%
Lowe's Cos Inc0.71%
Ball Corp0.57%
DoorDash Inc0.55%
Airbnb Inc0.48%
Marriott International Inc/MD0.46%
O'Reilly Automotive Inc0.46%
Avery Dennison Corp0.45%
Hilton Worldwide Holdings Inc0.45%
Casey's General Stores Inc0.44%
Royal Caribbean Cruises Ltd0.42%
Estee Lauder Cos Inc/The0.41%
Carvana Co0.33%
Jones Lang LaSalle Inc0.31%
AutoZone Inc0.31%
Chipotle Mexican Grill Inc0.30%
Healthpeak Properties Inc0.26%
Mosaic Co/The0.26%
Host Hotels & Resorts Inc0.25%
Omega Healthcare Investors Inc0.24%
CoStar Group Inc0.24%
Lamar Advertising Co0.23%
J M Smucker Co/The0.22%
Regency Centers Corp0.22%

Only in IMCV

195 securities, 75.9% of IMCV by weight

Automatic Data Processing Inc1.60%
Valero Energy Corp1.57%
Phillips 661.54%
Us Bancorp1.27%
Regeneron Pharmaceuticals1.25%
Pnc Financial Services Group1.24%
3M1.23%
Elevance Health Inc1.20%
Eog Resources1.19%
Travelers Companies1.13%
United Parcel Service Inc Class B1.11%
Slb1.09%
Moderna1.08%
Cigna1.04%
Hewlett Packard Enterprise1.00%
Cheniere Energy0.93%
Kinder Morgan0.91%
Marathon Petroleum0.88%
Oneok0.83%
Truist Financial0.82%
Marsh0.82%
Devon Energy0.78%
Sempra0.77%
Dominion Energy0.77%
Aflac0.76%
Becton Dickinson0.74%
Metlife0.73%
Williams0.72%
Delta Air Lines0.72%
Paccar Inc0.69%
Xcel Energy Inc0.68%
PayPal Holdings0.67%
Strategy Inc Class A0.65%
Exelon Corp0.65%
Northrop Grumman Corp0.64%
Occidental Petroleum Corp0.64%
Iqvia Holdings Inc0.60%
Consolidated Edison0.59%
Norfolk Southern Corp0.59%
American Electric Power Inc0.56%
American International Group0.56%
Prudential Financial Inc0.55%
Workday Class A0.53%
Diamondback Energy0.53%
Bank of New York Mellon Corp0.52%
Illinois Tool Inc0.52%
Biogen0.51%
Hartford Insurance Group0.50%
Emerson Electric0.49%
Paychex0.49%

Weight gaps

All 73 Holdings in both funds, largest gap first.

Holding weights in CAPE and IMCV, widest gap first
Holding	More in CAPEMore in IMCV	CAPE	IMCV
Corteva IncCTVA	CAPE +1.20 points	1.25%	0.05%
Sherwin-Williams Co/TheSHW	CAPE +0.86 points	1.23%	0.37%
Digital Realty Trust IncDLR	CAPE +0.84 points	1.17%	0.33%
Steel Dynamics IncSTLD	CAPE +0.82 points	0.96%	0.14%
Nucor CorpNUE	CAPE +0.78 points	1.10%	0.32%
Air Products and Chemicals IncAPD	CAPE +0.71 points	1.23%	0.52%
Simon Property Group IncSPG	CAPE +0.64 points	1.11%	0.47%
General Motors CoGM	IMCV +0.57 points	0.48%	1.05%
Realty Income CorpO	CAPE +0.55 points	1.03%	0.48%
Packaging Corp of AmericaPKG	CAPE +0.53 points	0.70%	0.17%
International Paper CoIP	CAPE +0.53 points	0.68%	0.15%
Smurfit WestRock PLCSW	CAPE +0.52 points	0.83%	0.31%
Crh PLCCRH	CAPE +0.51 points	1.04%	0.53%
Iron Mountain IncIRM	CAPE +0.48 points	0.62%	0.14%
PPG Industries IncPPG	CAPE +0.49 points	0.85%	0.36%
Albemarle CorpALB	CAPE +0.47 points	0.54%	0.07%
CBRE Group IncCBRE	CAPE +0.47 points	0.78%	0.31%
Public StoragePSA	CAPE +0.46 points	0.93%	0.47%
Colgate-Palmolive CoCL	CAPE +0.44 points	1.13%	0.69%
International Flavors & FragraIFF	CAPE +0.42 points	0.75%	0.33%
Amcor PLCAMCR	CAPE +0.42 points	0.72%	0.30%
CF Industries Holdings IncCF	CAPE +0.41 points	0.67%	0.26%
Dow IncDOW	CAPE +0.41 points	0.75%	0.34%
NIKE IncNKE	IMCV +0.33 points	0.29%	0.62%
LyondellBasell Industries NVLYB	CAPE +0.33 points	0.57%	0.24%
Ford Motor CoF	IMCV +0.32 points	0.34%	0.66%
Hershey Co/TheHSY	CAPE +0.32 points	0.42%	0.10%
DR Horton IncDHI	IMCV +0.26 points	0.24%	0.50%
Extra Space Storage IncEXR	CAPE +0.26 points	0.54%	0.28%
Weyerhaeuser CoWY	CAPE +0.24 points	0.31%	0.07%
SBA Communications CorpSBAC	CAPE +0.22 points	0.37%	0.15%
Essex Property Trust IncESS	CAPE +0.21 points	0.33%	0.12%
Church & Dwight Co IncCHD	CAPE +0.21 points	0.38%	0.17%
Target CorpTGT	CAPE +0.21 points	1.17%	0.96%
Ross Stores IncROST	CAPE +0.19 points	0.46%	0.27%
PulteGroup IncPHM	IMCV +0.17 points	0.15%	0.32%
Invitation Homes IncINVH	CAPE +0.18 points	0.29%	0.11%
eBay IncEBAY	IMCV +0.18 points	0.28%	0.46%
Sun Communities IncSUI	CAPE +0.17 points	0.25%	0.08%
Archer-Daniels-Midland CoADM	CAPE +0.15 points	0.63%	0.48%
Lennar CorpLEN	IMCV +0.14 points	0.11%	0.25%
VICI Properties IncVICI	CAPE +0.14 points	0.51%	0.37%
Kenvue IncKVUE	CAPE +0.12 points	0.58%	0.46%
Annaly Capital Management IncNLY	CAPE +0.12 points	0.30%	0.18%
Carnival Corp LtdCCL	IMCV +0.12 points	0.19%	0.31%
Genuine Parts CoGPC	IMCV +0.11 points	0.12%	0.23%
Tractor Supply CoTSCO	IMCV +0.12 points	0.11%	0.23%
NVR IncNVR	IMCV +0.11 points	0.10%	0.21%
General Mills IncGIS	CAPE +0.10 points	0.35%	0.25%
Garmin LtdGRMN	CAPE +0.09 points	0.29%	0.20%
WP Carey IncWPC	CAPE +0.09 points	0.28%	0.19%
Crown Castle IncCCI	CAPE +0.08 points	0.60%	0.52%
Mid-America Apartment CommunitMAA	CAPE +0.08 points	0.27%	0.19%
Kimberly-Clark CorpKMB	CAPE +0.08 points	0.57%	0.49%
Sysco CorpSYY	CAPE +0.08 points	0.62%	0.54%
Bunge Global SABG	CAPE +0.07 points	0.25%	0.18%
Lululemon Athletica IncLULU	IMCV +0.07 points	0.08%	0.15%
Yum! Brands IncYUM	CAPE +0.06 points	0.26%	0.20%
Kimco Realty CorpKIM	CAPE +0.06 points	0.29%	0.23%
Kraft Heinz Co/TheKHC	CAPE +0.06 points	0.35%	0.29%
Williams-Sonoma IncWSM	IMCV +0.06 points	0.17%	0.23%
Dollar General CorpDG	CAPE +0.05 points	0.45%	0.40%
Darden Restaurants IncDRI	IMCV +0.05 points	0.15%	0.20%
Tapestry IncTPR	CAPE +0.04 points	0.15%	0.11%
Mondelez International IncMDLZ	IMCV +0.04 points	1.10%	1.14%
Keurig Dr Pepper IncKDP	CAPE +0.04 points	0.70%	0.66%
Dollar Tree IncDLTR	CAPE +0.04 points	0.37%	0.33%
Tyson Foods IncTSN	CAPE +0.03 points	0.25%	0.22%
Expedia Group IncEXPE	CAPE +0.03 points	0.23%	0.20%
Constellation Brands IncSTZ	CAPE +0.02 points	0.29%	0.27%
Las Vegas Sands CorpLVS	CAPE +0.02 points	0.08%	0.06%
Ulta Beauty IncULTA	IMCV +0.02 points	0.14%	0.16%
Kroger Co/TheKR	Same weight	0.52%	0.52%

All CAPE holdings⁠All 268 IMCV holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

CAPE vs IMCV Cost

Overpaying CAPE vs IMCV

$11,447

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

CAPE 0.65%
$12,717
IMCV 0.06%
$1,270

Amount$10,000

Years30 years

Cost over time

CAPE 0.65%
IMCV 0.06%
Overpaying

Year by year

Year	CAPE	IMCV	Overpaying
10	$1,163	$110	$1,053
20	$4,440	$432	$4,008
30	$12,717	$1,270	$11,447

Expense ratio

0.65%CAPE
0.06%IMCV, cheaper

IMCV0.06%CAPE0.65%

0.04%1.01%

Middle half of US Multifactor funds
Median 0.29%

IMCV 4th cheapest of 99 funds

CAPE 91st cheapest of 99 funds

CAPE vs IMCV Dividends

Last 12 months to Oct 30, 2026

Yield (12M): CAPE 1.58%; IMCV 1.84%, better
Payout (12M): CAPE $0.51; IMCV $1.83
Last payment: CAPE $0.17; IMCV $0.52
Ex-dividend: CAPE Oct 1, 2026; IMCV Sep 15, 2026
Paid on: CAPE Oct 7, 2026; IMCV Sep 18, 2026
Frequency: CAPE Quarterly; IMCV Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

CAPEQuarterly · 18 paymentsAll CAPE payments⁠

IMCVQuarterly · 39 paymentsAll IMCV payments⁠

CAPE vs IMCV Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: CAPE 13.0%, betterIMCV 13.6%
Return per unit of riskSharpe ratio, 3 years: CAPE 0.66IMCV 1.22, better
Worst fallMax drawdown, 5 years: CAPE −22.1%since Mar 2022IMCV −19.9%
Market sensitivityBeta, 5 years: CAPE 0.78IMCV 0.88; Market = 1

CAPE and IMCV in the news

All news⁠

Category Review
US multifactor funds ran 30 points apart
Updated Oct 23, 2026CAPE

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CAPE vs IMCV

In short

Stated mandate

Why people hold it

Worth knowing

How CAPE and IMCV differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in CAPE

Only in IMCV

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

US multifactor funds ran 30 points apart

How CAPE and IMCV differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in CAPE

Only in IMCV

Weight gaps