GQI vs. TCAL

Last updated Jun 5, 2026

GQI (Natixis Gateway Quality 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, GQI returned 23.97% vs -0.79% for TCAL. At a 0.38 correlation, their price movements are largely independent. Both charge a 0.34% expense ratio.

Performance

GQI vs. TCAL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Natixis Gateway Quality Income ETF (GQI) 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, GQI achieves a 8.41% return, which is significantly higher than TCAL's -2.13% return.

GQI

• 1D: 0.34%
• 1M: 3.73%
• YTD: 8.41%
• 6M: 9.37%
• 1Y: 23.97%
• 3Y*: —
• 5Y*: —
• 10Y*: —

TCAL

• 1D: 0.78%
• 1M: -0.49%
• YTD: -2.13%
• 6M: -1.99%
• 1Y: -0.79%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

GQI vs. TCAL - Yearly Performance Comparison

	2026 (YTD)	2025
GQI Natixis Gateway Quality Income ETF	8.41%	18.75%
TCAL T. Rowe Price Capital Appreciation Premium Income ETF	-2.13%	1.58%

Correlation

The correlation between GQI and TCAL is 0.32, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.32
Correlation (All Time) Calculated using the full available price history since Mar 28, 2025	0.38

GQI vs. TCAL - Sectors Allocation Comparison

Sectors	GQI	TCAL
Technology	35.5%	11.3%
Consumer Cyclical	11.4%	8.7%
Communication Services	11.4%	0.9%
Financial Services	10.3%	15.0%
Industrials	8.9%	19.3%
Healthcare	8.9%	18.7%
Consumer Defensive	6.5%	11.3%
Energy	5.3%	1.3%
Utilities	0.8%	9.8%
Basic Materials	0.6%	1.7%
Real Estate	0.5%	2.2%

Return for Risk

GQI vs. TCAL — Risk / Return Rank

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

GQI

GQI Risk / Return Rank: 80
GQI Sharpe Ratio Rank: 79
GQI Sortino Ratio Rank: 81
GQI Omega Ratio Rank: 80
GQI Calmar Ratio Rank: 70
GQI Martin Ratio Rank: 88

TCAL

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

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.

GQI vs. TCAL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Natixis Gateway Quality Income ETF (GQI) 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.

	GQI	TCAL	Difference
Sharpe ratio: Return per unit of total volatility	2.53	-0.08	+2.62
Sortino ratio: Return per unit of downside risk	3.58	-0.05	+3.64
Omega ratio: Gain probability vs. loss probability	1.47	0.99	+0.47
Calmar ratio: Return relative to maximum drawdown	3.46	-0.11	+3.57
Martin ratio: Return relative to average drawdown	18.99	-0.29	+19.28
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GQI vs. TCAL - Sharpe Ratio Comparison

The current GQI Sharpe Ratio is 2.53, which is higher than the TCAL Sharpe Ratio of -0.08. The chart below compares the historical Sharpe Ratios of GQI 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

	GQI	TCAL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.53	-0.08	+2.62
Sharpe Ratio (All Time) Calculated using the full available price history	1.27	-0.04	+1.32

Drawdowns

GQI vs. TCAL - Drawdown Comparison

The maximum GQI drawdown since its inception was -16.56%, which is greater than TCAL's maximum drawdown of -7.24%. Use the drawdown chart below to compare losses from any high point for GQI and TCAL.

Drawdown Indicators

	GQI	TCAL	Difference
Max Drawdown Largest peak-to-trough decline	-16.56%	-7.24%	-9.32%
Max Drawdown (1Y) Largest decline over 1 year	-6.96%	-7.00%	+0.04%
Current Drawdown Current decline from peak	0.00%	-5.19%	+5.19%
Average Drawdown Average peak-to-trough decline	-1.66%	-2.03%	+0.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.27%	2.69%	-1.42%

Volatility

GQI vs. TCAL - Volatility Comparison

The current volatility for Natixis Gateway Quality Income ETF (GQI) is 1.63%, while T. Rowe Price Capital Appreciation Premium Income ETF (TCAL) has a volatility of 2.60%. This indicates that GQI 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

	GQI	TCAL	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.63%	2.60%	-0.97%
Volatility (6M) Calculated over the trailing 6-month period	6.93%	7.04%	-0.11%
Volatility (1Y) Calculated over the trailing 1-year period	9.51%	9.35%	+0.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.12%	11.25%	+1.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.12%	11.25%	+1.87%

GQI vs. TCAL - Expense Ratio Comparison

Both GQI and TCAL have an expense ratio of 0.34%.

Dividends

GQI vs. TCAL - Dividend Comparison

GQI's dividend yield for the trailing twelve months is around 8.71%, less than TCAL's 11.86% yield.

Position	TTM	2025	2024	2023
GQI Natixis Gateway Quality Income ETF	8.71%	8.97%	7.77%	0.31%
TCAL T. Rowe Price Capital Appreciation Premium Income ETF	11.86%	8.34%	0.00%	0.00%

Frequently Asked Questions

Can I hold both GQI and TCAL in my portfolio?

GQI and TCAL have a correlation of 0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GQI or TCAL?

TCAL has higher volatility (2.60%) compared to GQI (1.63%). In terms of maximum drawdown, GQI dropped -16.56% vs TCAL's -7.24%.

Which ETF is better, GQI or TCAL?

On 1-year performance, GQI leads with 23.97% vs -0.79% for TCAL. Both ETFs have the same 0.34% expense ratio. On volatility, GQI has been the lower-risk option at 1.63%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GQI or TCAL?

Over the 1-year period, GQI has performed better with a 23.97% return vs -0.79%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GQI or TCAL?

GQI and TCAL have the same expense ratio: 0.34% per year.

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

TCAL has the higher dividend yield at 11.86%, compared with 8.71% for GQI.

What is the main difference between GQI and TCAL?

They also come from different issuers: Natixis and T. Rowe Price.

Which has better risk-adjusted returns?

GQI currently has the higher Sharpe Ratio (2.53 vs -0.08), 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.