IBIT vs. TCAF
IBIT (iShares Bitcoin Trust ETF) and TCAF (T. Rowe Price Capital Appreciation Equity ETF) are both exchange-traded funds - IBIT is a Cryptocurrency fund tracking the CME CF Bitcoin Reference Rate - New York Variant, while TCAF is a Large Cap Blend Equities fund actively managed by T. Rowe Price. IBIT is passively managed, while TCAF is actively managed. Over the past year, IBIT returned -40.63% vs 16.10% for TCAF. At a 0.37 correlation, their price movements are largely independent. IBIT charges 0.25%/yr vs 0.31%/yr for TCAF.
Performance
IBIT vs. TCAF - Performance Comparison
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Returns By Period
In the year-to-date period, IBIT achieves a -27.41% return, which is significantly lower than TCAF's 4.37% return.
IBIT
- 1D
- -0.03%
- 1M
- -20.12%
- YTD
- -27.41%
- 6M
- -29.61%
- 1Y
- -40.63%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
TCAF
- 1D
- 0.18%
- 1M
- -0.77%
- YTD
- 4.37%
- 6M
- 5.06%
- 1Y
- 16.10%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
IBIT vs. TCAF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
IBIT iShares Bitcoin Trust ETF | -27.41% | -6.41% | 89.87% |
TCAF T. Rowe Price Capital Appreciation Equity ETF | 4.37% | 15.45% | 21.06% |
Correlation
The correlation between IBIT and TCAF is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.44 |
Correlation (All Time) Calculated using the full available price history since Jan 11, 2024 | 0.37 |
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Return for Risk
IBIT vs. TCAF — Risk / Return Rank
IBIT
TCAF
IBIT vs. TCAF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Bitcoin Trust ETF (IBIT) 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.
| IBIT | TCAF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.30 | ||
| Sortino ratioReturn per unit of downside risk | -3.21 | ||
| Omega ratioGain probability vs. loss probability | 0.85 | 1.25 | -0.40 |
| Calmar ratioReturn relative to maximum drawdown | -0.78 | 1.43 | -2.21 |
| Martin ratioReturn relative to average drawdown | -1.37 | 5.64 | -7.01 |
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Drawdowns
IBIT vs. TCAF - Drawdown Comparison
The maximum IBIT drawdown since its inception was -52.11%, which is greater than TCAF's maximum drawdown of -16.37%. Use the drawdown chart below to compare losses from any high point for IBIT and TCAF.
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Drawdown Indicators
| IBIT | TCAF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -52.11% | -16.37% | -35.74% |
Max Drawdown (1Y)Largest decline over 1 year | -52.11% | -11.33% | -40.78% |
Current DrawdownCurrent decline from peak | -49.45% | -2.97% | -46.48% |
Average DrawdownAverage peak-to-trough decline | -16.53% | -2.07% | -14.46% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 29.64% | 2.86% | +26.78% |
Volatility
IBIT vs. TCAF - Volatility Comparison
iShares Bitcoin Trust ETF (IBIT) has a higher volatility of 12.07% compared to T. Rowe Price Capital Appreciation Equity ETF (TCAF) at 3.60%. This indicates that IBIT'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.
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Volatility by Period
| IBIT | TCAF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.07% | 3.60% | +8.47% |
Volatility (6M)Calculated over the trailing 6-month period | 34.45% | 9.20% | +25.25% |
Volatility (1Y)Calculated over the trailing 1-year period | 44.10% | 11.77% | +32.33% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 50.26% | 13.98% | +36.28% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 50.26% | 13.98% | +36.28% |
IBIT vs. TCAF - Expense Ratio Comparison
IBIT has a 0.25% expense ratio, which is lower than TCAF's 0.31% expense ratio.
Dividends
IBIT vs. TCAF - Dividend Comparison
IBIT has not paid dividends to shareholders, while TCAF's dividend yield for the trailing twelve months is around 0.48%.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
IBIT iShares Bitcoin Trust ETF | 0.00% | 0.00% | 0.00% | 0.00% |
TCAF T. Rowe Price Capital Appreciation Equity ETF | 0.48% | 0.50% | 0.43% | 0.26% |
Frequently Asked Questions
IBIT and TCAF have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IBIT has higher volatility (12.07%) compared to TCAF (3.60%). In terms of maximum drawdown, IBIT dropped -52.11% vs TCAF's -16.37%.
On 1-year performance, TCAF leads with 16.10% vs -40.63% for IBIT. On fees, IBIT is cheaper at 0.25% 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.
Over the 1-year period, TCAF has performed better with a 16.10% return vs -40.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IBIT is cheaper with a 0.25% expense ratio, compared with 0.31% for TCAF.
TCAF has the higher dividend yield at 0.48%, compared with 0.00% for IBIT.
IBIT is categorized as Cryptocurrency, while TCAF is Large Cap Blend Equities. They also come from different issuers: iShares and T. Rowe Price. Their fees differ too: 0.25% for IBIT and 0.31% for TCAF.
TCAF currently has the higher Sharpe Ratio (1.37 vs -0.92), 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.
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