DIVP vs. TCAL

Last updated Jun 4, 2026

DIVP (Cullen Enhanced Equity Income ETF) and TCAL (T. Rowe Price Capital Appreciation Premium Income ETF) are both Derivative Income funds. Both are actively managed. Over the past year, DIVP returned 14.04% vs -1.87% for TCAL. A 0.71 correlation means they provide meaningful diversification when combined. DIVP charges 0.55%/yr vs 0.34%/yr for TCAL.

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.

Returns By Period

In the year-to-date period, DIVP achieves a 7.90% return, which is significantly higher than TCAL's -2.88% return.

DIVP

• 1D: -0.39%
• 1M: 2.18%
• YTD: 7.90%
• 6M: 9.10%
• 1Y: 14.04%
• 3Y*: —
• 5Y*: —
• 10Y*: —

TCAL

• 1D: 0.23%
• 1M: -1.26%
• YTD: -2.88%
• 6M: -2.97%
• 1Y: -1.87%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

DIVP vs. TCAL - Yearly Performance Comparison

	2026 (YTD)	2025
DIVP Cullen Enhanced Equity Income ETF	7.90%	2.35%
TCAL T. Rowe Price Capital Appreciation Premium Income ETF	-2.88%	1.58%

Correlation

The correlation between DIVP and TCAL is 0.66, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.66
Correlation (All Time) Calculated using the full available price history since Mar 28, 2025	0.71

The correlation between DIVP and TCAL has been stable across timeframes, ranging from 0.66 to 0.71 - a consistent structural relationship.

DIVP vs. TCAL - Sectors Allocation Comparison

Sectors	DIVP	TCAL
Healthcare	17.9%	18.7%
Financial Services	16.1%	15.0%
Energy	11.6%	1.3%
Industrials	9.3%	19.3%
Consumer Defensive	9.0%	11.3%
Technology	8.6%	11.3%
Communication Services	8.0%	0.9%
Real Estate	6.5%	2.2%
Utilities	6.3%	9.8%
Consumer Cyclical	4.4%	8.7%
Basic Materials	2.4%	1.7%

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: 39
DIVP Sharpe Ratio Rank: 39
DIVP Sortino Ratio Rank: 40
DIVP Omega Ratio Rank: 35
DIVP Calmar Ratio Rank: 46
DIVP Martin Ratio Rank: 36

TCAL

TCAL Risk / Return Rank: 6
TCAL Sharpe Ratio Rank: 7
TCAL Sortino Ratio Rank: 6
TCAL Omega Ratio Rank: 6
TCAL Calmar Ratio Rank: 6
TCAL Martin Ratio Rank: 5

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	1.39	-0.20	+1.59
Sortino ratio: Return per unit of downside risk	2.07	-0.22	+2.29
Omega ratio: Gain probability vs. loss probability	1.24	0.97	+0.26
Calmar ratio: Return relative to maximum drawdown	2.25	-0.27	+2.51
Martin ratio: Return relative to average drawdown	5.48	-0.70	+6.18
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 1.39, which is higher than the TCAL Sharpe Ratio of -0.20. The chart below compares the historical Sharpe Ratios of DIVP and TCAL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	DIVP	TCAL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.39	-0.20	+1.59
Sharpe Ratio (All Time) Calculated using the full available price history	0.83	-0.10	+0.93

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	-6.28%	-7.00%	+0.72%
Current Drawdown Current decline from peak	-0.77%	-5.92%	+5.15%
Average Drawdown Average peak-to-trough decline	-2.44%	-2.02%	-0.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.57%	2.67%	-0.10%

Volatility

DIVP vs. TCAL - Volatility Comparison

Cullen Enhanced Equity Income ETF (DIVP) and T. Rowe Price Capital Appreciation Premium Income ETF (TCAL) have volatilities of 2.43% and 2.46%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. 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	2.43%	2.46%	-0.03%
Volatility (6M) Calculated over the trailing 6-month period	7.13%	7.08%	+0.05%
Volatility (1Y) Calculated over the trailing 1-year period	10.13%	9.31%	+0.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.78%	11.25%	+0.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.78%	11.25%	+0.53%

DIVP vs. TCAL - Expense Ratio Comparison

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

Dividends

DIVP vs. TCAL - Dividend Comparison

DIVP's dividend yield for the trailing twelve months is around 5.69%, less than TCAL's 11.96% yield.

Position	TTM	2025	2024
DIVP Cullen Enhanced Equity Income ETF	5.69%	6.06%	5.92%
TCAL T. Rowe Price Capital Appreciation Premium Income ETF	11.96%	8.34%	0.00%

Frequently Asked Questions

Can I hold both DIVP and TCAL in my portfolio?

DIVP and TCAL have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DIVP or TCAL?

TCAL has higher volatility (2.46%) compared to DIVP (2.43%). In terms of maximum drawdown, DIVP dropped -12.26% vs TCAL's -7.24%.

Which ETF is better, DIVP or TCAL?

On 1-year performance, DIVP leads with 14.04% vs -1.87% for TCAL. On fees, TCAL is cheaper at 0.34% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DIVP or TCAL?

Over the 1-year period, DIVP has performed better with a 14.04% return vs -1.87%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DIVP or TCAL?

TCAL is cheaper with a 0.34% expense ratio, compared with 0.55% for DIVP.

Which ETF pays a higher dividend yield, DIVP or TCAL?

TCAL has the higher dividend yield at 11.96%, compared with 5.69% for DIVP.

What is the main difference between DIVP and TCAL?

They also come from different issuers: Cullen and T. Rowe Price. Their fees differ too: 0.55% for DIVP and 0.34% for TCAL.

Which has better risk-adjusted returns?

DIVP currently has the higher Sharpe Ratio (1.39 vs -0.20), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.