JOYT vs. TCAL

Last updated Jun 4, 2026

JOYT (JPMorgan Equity And Options Total Return ETF) and TCAL (T. Rowe Price Capital Appreciation Premium Income ETF) are both Derivative Income funds. Both are actively managed. At a 0.29 correlation, their price movements are largely independent. JOYT charges 0.35%/yr vs 0.34%/yr for TCAL.

Performance

JOYT vs. TCAL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in JPMorgan Equity And Options Total Return ETF (JOYT) 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, JOYT achieves a 5.08% return, which is significantly higher than TCAL's -2.88% return.

JOYT

• 1D: -0.20%
• 1M: 2.91%
• YTD: 5.08%
• 6M: 7.03%
• 1Y: —
• 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)

JOYT vs. TCAL - Yearly Performance Comparison

	2026 (YTD)	2025
JOYT JPMorgan Equity And Options Total Return ETF	5.08%	9.58%
TCAL T. Rowe Price Capital Appreciation Premium Income ETF	-2.88%	-1.20%

Correlation

The correlation between JOYT and TCAL is 0.29, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Aug 20, 2025	0.29

JOYT vs. TCAL - Sectors Allocation Comparison

Sectors	JOYT	TCAL
Technology	35.9%	11.3%
Financial Services	11.6%	15.0%
Communication Services	10.3%	0.9%
Consumer Cyclical	9.7%	8.7%
Healthcare	8.2%	18.7%
Industrials	6.2%	19.3%
Consumer Defensive	4.6%	11.3%
Energy	3.6%	1.3%
Utilities	3.1%	9.8%
Real Estate	1.6%	2.2%
Basic Materials	0.8%	1.7%

Return for Risk

JOYT vs. TCAL — Risk / Return Rank

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

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.

JOYT vs. TCAL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan Equity And Options Total Return ETF (JOYT) 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	JOYT	TCAL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	-0.20	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.10	-0.10	+2.20

Drawdowns

JOYT vs. TCAL - Drawdown Comparison

The maximum JOYT drawdown since its inception was -6.99%, roughly equal to the maximum TCAL drawdown of -7.24%. Use the drawdown chart below to compare losses from any high point for JOYT and TCAL.

Drawdown Indicators

	JOYT	TCAL	Difference
Max Drawdown Largest peak-to-trough decline	-6.99%	-7.24%	+0.25%
Max Drawdown (1Y) Largest decline over 1 year	—	-7.00%	—
Current Drawdown Current decline from peak	-0.20%	-5.92%	+5.72%
Average Drawdown Average peak-to-trough decline	-0.87%	-2.02%	+1.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.67%	—

Volatility

Volatility by Period

	JOYT	TCAL	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	2.46%	—
Volatility (6M) Calculated over the trailing 6-month period	—	7.08%	—
Volatility (1Y) Calculated over the trailing 1-year period	9.39%	9.31%	+0.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.39%	11.25%	-1.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.39%	11.25%	-1.86%

JOYT vs. TCAL - Expense Ratio Comparison

JOYT has a 0.35% expense ratio, which is higher than TCAL's 0.34% expense ratio.

Dividends

JOYT vs. TCAL - Dividend Comparison

JOYT's dividend yield for the trailing twelve months is around 0.45%, less than TCAL's 11.96% yield.

Position	TTM	2025
JOYT JPMorgan Equity And Options Total Return ETF	0.45%	0.28%
TCAL T. Rowe Price Capital Appreciation Premium Income ETF	11.96%	8.34%

Frequently Asked Questions

Can I hold both JOYT and TCAL in my portfolio?

JOYT and TCAL have a correlation of 0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, JOYT or TCAL?

On fees, TCAL is cheaper at 0.34% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, JOYT or TCAL?

TCAL is cheaper with a 0.34% expense ratio, compared with 0.35% for JOYT.

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

TCAL has the higher dividend yield at 11.96%, compared with 0.45% for JOYT.

What is the main difference between JOYT and TCAL?

They also come from different issuers: JPMorgan and T. Rowe Price. Their fees differ too: 0.35% for JOYT and 0.34% for TCAL.