FPAG vs. TCAF

Last updated Jun 14, 2026

FPAG (FPA Global Equity ETF) and TCAF (T. Rowe Price Capital Appreciation Equity ETF) are both exchange-traded funds - FPAG is a Global Equities fund actively managed by FPA, while TCAF is a Large Cap Blend Equities fund actively managed by T. Rowe Price. Both are actively managed. Over the past year, FPAG returned 24.24% vs 17.29% for TCAF. Their correlation of 0.81 suggests significant overlap in exposure. FPAG charges 0.49%/yr vs 0.31%/yr for TCAF.

Performance

FPAG vs. TCAF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FPA Global Equity ETF (FPAG) and T. Rowe Price Capital Appreciation Equity ETF (TCAF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FPAG achieves a 7.98% return, which is significantly higher than TCAF's 4.37% return.

FPAG

• 1D: 0.14%
• 1M: 2.14%
• YTD: 7.98%
• 6M: 8.53%
• 1Y: 24.24%
• 3Y*: 20.33%
• 5Y*: —
• 10Y*: —

TCAF

• 1D: 0.18%
• 1M: -1.34%
• YTD: 4.37%
• 6M: 5.06%
• 1Y: 17.29%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FPAG vs. TCAF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
FPAG FPA Global Equity ETF	7.98%	25.17%	15.64%	11.33%
TCAF T. Rowe Price Capital Appreciation Equity ETF	4.37%	15.45%	20.93%	9.71%

Correlation

The correlation between FPAG and TCAF is 0.75, 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	0.75
Correlation (All Time) Calculated using the full available price history since Jun 15, 2023	0.81

The correlation between FPAG and TCAF has been stable across timeframes, ranging from 0.75 to 0.81 - a consistent structural relationship.

FPAG vs. TCAF - Sectors Allocation Comparison

Sectors	FPAG	TCAF
Communication Services	16.2%	10.5%
Basic Materials	14.0%	0.1%
Technology	13.8%	34.0%
Healthcare	13.7%	17.6%
Industrials	12.4%	4.7%
Consumer Cyclical	10.0%	12.4%
Financial Services	9.7%	6.1%
Consumer Defensive	8.7%	3.3%
Energy	1.3%	2.6%
Utilities	0.2%	8.7%
Real Estate	0.0%	0.1%

Return for Risk

FPAG vs. TCAF — Risk / Return Rank

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

FPAG

FPAG Risk / Return Rank: 47
FPAG Sharpe Ratio Rank: 49
FPAG Sortino Ratio Rank: 50
FPAG Omega Ratio Rank: 47
FPAG Calmar Ratio Rank: 42
FPAG Martin Ratio Rank: 47

TCAF

TCAF Risk / Return Rank: 41
TCAF Sharpe Ratio Rank: 44
TCAF Sortino Ratio Rank: 42
TCAF Omega Ratio Rank: 44
TCAF Calmar Ratio Rank: 33
TCAF Martin Ratio Rank: 40

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.

FPAG vs. TCAF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FPA Global Equity ETF (FPAG) and T. Rowe Price Capital Appreciation Equity ETF (TCAF). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	FPAG	TCAF	Difference
Sharpe ratio: Return per unit of total volatility	1.49	1.37	+0.11
Sortino ratio: Return per unit of downside risk	2.16	1.91	+0.26
Omega ratio: Gain probability vs. loss probability	1.27	1.25	+0.02
Calmar ratio: Return relative to maximum drawdown	1.84	1.43	+0.41
Martin ratio: Return relative to average drawdown	6.94	5.64	+1.30

FPAG vs. TCAF - Sharpe Ratio Comparison

The current FPAG Sharpe Ratio is 1.49, which is comparable to the TCAF Sharpe Ratio of 1.37. The chart below compares the historical Sharpe Ratios of FPAG and TCAF, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

FPAG vs. TCAF - Drawdown Comparison

The maximum FPAG drawdown since its inception was -28.43%, which is greater than TCAF's maximum drawdown of -16.37%. Use the drawdown chart below to compare losses from any high point for FPAG and TCAF.

Drawdown Indicators

	FPAG	TCAF	Difference
Max Drawdown Largest peak-to-trough decline	-28.43%	-16.37%	-12.06%
Max Drawdown (1Y) Largest decline over 1 year	-12.14%	-11.33%	-0.81%
Max Drawdown (3Y) Largest decline over 3 years	-18.06%	-16.37%	-1.69%
Current Drawdown Current decline from peak	-0.99%	-2.97%	+1.98%
Average Drawdown Average peak-to-trough decline	-6.33%	-2.07%	-4.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.21%	2.86%	+0.35%

Volatility

FPAG vs. TCAF - Volatility Comparison

FPA Global Equity ETF (FPAG) has a higher volatility of 4.65% compared to T. Rowe Price Capital Appreciation Equity ETF (TCAF) at 3.60%. This indicates that FPAG's price experiences larger fluctuations and is considered to be riskier than TCAF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FPAG	TCAF	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.65%	3.60%	+1.05%
Volatility (6M) Calculated over the trailing 6-month period	11.78%	9.20%	+2.58%
Volatility (1Y) Calculated over the trailing 1-year period	15.02%	11.77%	+3.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.41%	13.98%	+5.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.41%	13.98%	+5.43%

FPAG vs. TCAF - Expense Ratio Comparison

FPAG has a 0.49% expense ratio, which is higher than TCAF's 0.31% expense ratio.

Dividends

FPAG vs. TCAF - Dividend Comparison

FPAG's dividend yield for the trailing twelve months is around 1.40%, more than TCAF's 0.48% yield.

Position	TTM	2025	2024	2023	2022
FPAG FPA Global Equity ETF	1.02%	1.99%	1.42%	1.51%	1.22%
TCAF T. Rowe Price Capital Appreciation Equity ETF	0.48%	0.50%	0.43%	0.26%	0.00%

Frequently Asked Questions

Can I hold both FPAG and TCAF in my portfolio?

FPAG and TCAF have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FPAG or TCAF?

FPAG has higher volatility (4.65%) compared to TCAF (3.60%). In terms of maximum drawdown, FPAG dropped -28.43% vs TCAF's -16.37%.

Which ETF is better, FPAG or TCAF?

On 1-year performance, FPAG leads with 24.24% vs 17.29% for TCAF. On fees, TCAF is cheaper at 0.31% per year. On volatility, TCAF has been the lower-risk option at 3.60%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FPAG or TCAF?

Over the 1-year period, FPAG has performed better with a 24.24% return vs 17.29%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FPAG or TCAF?

TCAF is cheaper with a 0.31% expense ratio, compared with 0.49% for FPAG.

Which ETF pays a higher dividend yield, FPAG or TCAF?

FPAG has the higher dividend yield at 1.02%, compared with 0.48% for TCAF.

What is the main difference between FPAG and TCAF?

FPAG is categorized as Global Equities, while TCAF is Large Cap Blend Equities. They also come from different issuers: FPA and T. Rowe Price. Their fees differ too: 0.49% for FPAG and 0.31% for TCAF.

Which has better risk-adjusted returns?

FPAG currently has the higher Sharpe Ratio (1.49 vs 1.37), 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.