DIVP vs. TCAL

Last updated Apr 1, 2026

Compare and contrast key facts about Cullen Enhanced Equity Income ETF (DIVP) and T. Rowe Price Capital Appreciation Premium Income ETF (TCAL).

DIVP and TCAL are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. DIVP is an actively managed fund by Cullen. It was launched on Mar 6, 2024. TCAL is an actively managed fund by T. Rowe Price. It was launched on Mar 26, 2025.

Performance

DIVP vs. TCAL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Cullen Enhanced Equity Income ETF (DIVP) and T. Rowe Price Capital Appreciation Premium Income ETF (TCAL). The values are adjusted to include any dividend payments, if applicable.

DIVP vs. TCAL - Yearly Performance Comparison

	2026 (YTD)	2025
DIVP Cullen Enhanced Equity Income ETF	3.87%	2.35%
TCAL T. Rowe Price Capital Appreciation Premium Income ETF	-2.47%	1.58%

Returns By Period

In the year-to-date period, DIVP achieves a 3.87% return, which is significantly higher than TCAL's -2.47% return.

DIVP

• 1D: 0.88%
• 1M: -3.84%
• YTD: 3.87%
• 6M: 6.12%
• 1Y: 5.68%
• 3Y*: —
• 5Y*: —
• 10Y*: —

TCAL

• 1D: 0.99%
• 1M: -5.52%
• YTD: -2.47%
• 6M: -2.85%
• 1Y: -1.38%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

DIVP vs. TCAL - Expense Ratio Comparison

DIVP has a 0.55% expense ratio, which is higher than TCAL's 0.34% expense ratio.

DIVP

Cullen Enhanced Equity Income ETF

TCAL

T. Rowe Price Capital Appreciation Premium Income ETF

Return for Risk

DIVP vs. TCAL — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

DIVP

DIVP Risk / Return Rank: 24
DIVP Sharpe Ratio Rank: 24
DIVP Sortino Ratio Rank: 23
DIVP Omega Ratio Rank: 23
DIVP Calmar Ratio Rank: 26
DIVP Martin Ratio Rank: 25

TCAL

TCAL Risk / Return Rank: 9
TCAL Sharpe Ratio Rank: 10
TCAL Sortino Ratio Rank: 8
TCAL Omega Ratio Rank: 8
TCAL Calmar Ratio Rank: 11
TCAL Martin Ratio Rank: 10

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

DIVP vs. TCAL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Cullen Enhanced Equity Income ETF (DIVP) and T. Rowe Price Capital Appreciation Premium Income ETF (TCAL). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	DIVP	TCAL	Difference
Sharpe ratio Return per unit of total volatility	0.41	-0.12	+0.53
Sortino ratio Return per unit of downside risk	0.66	-0.09	+0.74
Omega ratio Gain probability vs. loss probability	1.09	0.99	+0.10
Calmar ratio Return relative to maximum drawdown	0.60	-0.07	+0.67
Martin ratio Return relative to average drawdown	1.98	-0.22	+2.20
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DIVP vs. TCAL - Sharpe Ratio Comparison

The current DIVP Sharpe Ratio is 0.41, which is higher than the TCAL Sharpe Ratio of -0.12. The chart below compares the historical Sharpe Ratios of DIVP and TCAL, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	DIVP	TCAL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.41	-0.12	+0.53
Sharpe Ratio (All Time) Calculated using the full available price history	0.72	-0.08	+0.80

Correlation

The correlation between DIVP and TCAL is 0.71, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

DIVP vs. TCAL - Dividend Comparison

DIVP's dividend yield for the trailing twelve months is around 5.90%, less than TCAL's 11.74% yield.

	TTM	2025	2024
DIVP Cullen Enhanced Equity Income ETF	5.90%	6.06%	5.92%
TCAL T. Rowe Price Capital Appreciation Premium Income ETF	11.74%	8.34%	0.00%

Drawdowns

DIVP vs. TCAL - Drawdown Comparison

The maximum DIVP drawdown since its inception was -12.26%, which is greater than TCAL's maximum drawdown of -7.24%. Use the drawdown chart below to compare losses from any high point for DIVP and TCAL.

Drawdown Indicators

	DIVP	TCAL	Difference
Max Drawdown Largest peak-to-trough decline	-12.26%	-7.24%	-5.02%
Max Drawdown (1Y) Largest decline over 1 year	-11.01%	-7.24%	-3.77%
Current Drawdown Current decline from peak	-4.45%	-5.52%	+1.07%
Average Drawdown Average peak-to-trough decline	-2.44%	-1.59%	-0.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.45%	2.13%	+1.32%

Volatility

DIVP vs. TCAL - Volatility Comparison

The current volatility for Cullen Enhanced Equity Income ETF (DIVP) is 3.15%, while T. Rowe Price Capital Appreciation Premium Income ETF (TCAL) has a volatility of 3.36%. This indicates that DIVP experiences smaller price fluctuations and is considered to be less risky than TCAL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DIVP	TCAL	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.15%	3.36%	-0.21%
Volatility (6M) Calculated over the trailing 6-month period	7.46%	7.61%	-0.15%
Volatility (1Y) Calculated over the trailing 1-year period	13.83%	11.70%	+2.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.97%	11.68%	+0.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.97%	11.68%	+0.29%