LCAP vs. AFOS

Last updated Jul 15, 2026

LCAP (Principal Capital Appreciation Select ETF) and AFOS (ARS Focused Opportunities Strategy ETF) are both Large Cap Blend Equities funds. Over the past year, LCAP returned 24.93% vs 71.54% for AFOS. Their correlation of 0.81 suggests significant overlap in exposure. LCAP charges 0.29%/yr vs 0.45%/yr for AFOS.

Performance

LCAP vs. AFOS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Principal Capital Appreciation Select ETF (LCAP) and ARS Focused Opportunities Strategy ETF (AFOS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, LCAP achieves a 13.61% return, which is significantly lower than AFOS's 30.98% return.

LCAP

• 1D: 0.78%
• 1M: 3.26%
• 6M: 11.00%
• YTD: 13.61%
• 1Y: 24.93%
• 3Y*: —
• 5Y*: —
• 10Y*: —

AFOS

• 1D: 1.51%
• 1M: 1.47%
• 6M: 22.53%
• YTD: 30.98%
• 1Y: 71.54%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

LCAP vs. AFOS - Yearly Performance Comparison

	2026 (YTD)	2025
LCAP Principal Capital Appreciation Select ETF	13.61%	12.06%
AFOS ARS Focused Opportunities Strategy ETF	30.98%	37.10%

Correlation

The correlation between LCAP and AFOS is 0.81, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.81
Correlation (All Time) Calculated using the full available price history since Jun 26, 2025	0.81

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

Return for Risk

LCAP vs. AFOS — Risk / Return Rank

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

LCAP

LCAP Risk / Return Rank: 71
LCAP Sharpe Ratio Rank: 73
LCAP Sortino Ratio Rank: 73
LCAP Omega Ratio Rank: 70
LCAP Calmar Ratio Rank: 67
LCAP Martin Ratio Rank: 73

AFOS

AFOS Risk / Return Rank: 95
AFOS Sharpe Ratio Rank: 96
AFOS Sortino Ratio Rank: 94
AFOS Omega Ratio Rank: 93
AFOS Calmar Ratio Rank: 95
AFOS Martin Ratio Rank: 96

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.

LCAP vs. AFOS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Principal Capital Appreciation Select ETF (LCAP) and ARS Focused Opportunities Strategy ETF (AFOS). 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.

	LCAP	AFOS	Difference
Sharpe ratio: Return per unit of total volatility	1.86	3.25	-1.39
Sortino ratio: Return per unit of downside risk	2.62	3.94	-1.32
Omega ratio: Gain probability vs. loss probability	1.33	1.52	-0.19
Calmar ratio: Return relative to maximum drawdown	2.69	6.24	-3.56
Martin ratio: Return relative to average drawdown	10.57	27.13	-16.56

LCAP vs. AFOS - Sharpe Ratio Comparison

The current LCAP Sharpe Ratio is 1.86, which is lower than the AFOS Sharpe Ratio of 3.25. The chart below compares the historical Sharpe Ratios of LCAP and AFOS, 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

LCAP vs. AFOS - Drawdown Comparison

The maximum LCAP drawdown since its inception was -11.78%, roughly equal to the maximum AFOS drawdown of -11.52%. Use the drawdown chart below to compare losses from any high point for LCAP and AFOS.

Drawdown Indicators

	LCAP	AFOS	Difference
Max Drawdown Largest peak-to-trough decline	-11.78%	-11.52%	-0.26%
Max Drawdown (1Y) Largest decline over 1 year	-9.32%	-11.52%	+2.20%
Current Drawdown Current decline from peak	0.00%	-4.24%	+4.24%
Average Drawdown Average peak-to-trough decline	-1.66%	-1.54%	-0.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.36%	2.65%	-0.29%

Volatility

LCAP vs. AFOS - Volatility Comparison

The current volatility for Principal Capital Appreciation Select ETF (LCAP) is 3.81%, while ARS Focused Opportunities Strategy ETF (AFOS) has a volatility of 8.31%. This indicates that LCAP experiences smaller price fluctuations and is considered to be less risky than AFOS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	LCAP	AFOS	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.81%	8.31%	-4.50%
Volatility (6M) Calculated over the trailing 6-month period	10.81%	18.40%	-7.59%
Volatility (1Y) Calculated over the trailing 1-year period	13.45%	22.12%	-8.67%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.76%	21.75%	-4.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.76%	21.75%	-4.99%

LCAP vs. AFOS - Expense Ratio Comparison

LCAP has a 0.29% expense ratio, which is lower than AFOS's 0.45% expense ratio.

Dividends

LCAP vs. AFOS - Dividend Comparison

LCAP's dividend yield for the trailing twelve months is around 0.09%, less than AFOS's 0.23% yield.

Position	TTM	2025
AFOS ARS Focused Opportunities Strategy ETF	0.23%	0.30%
LCAP Principal Capital Appreciation Select ETF	0.09%	0.11%

Frequently Asked Questions

Can I hold both LCAP and AFOS in my portfolio?

LCAP and AFOS have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, LCAP or AFOS?

AFOS has higher volatility (8.31%) compared to LCAP (3.81%). In terms of maximum drawdown, LCAP dropped -11.78% vs AFOS's -11.52%.

Which ETF is better, LCAP or AFOS?

On 1-year performance, AFOS leads with 71.54% vs 24.93% for LCAP. On fees, LCAP is cheaper at 0.29% per year. On volatility, LCAP has been the lower-risk option at 3.81%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, LCAP or AFOS?

Over the 1-year period, AFOS has performed better with a 71.54% return vs 24.93%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, LCAP or AFOS?

LCAP is cheaper with a 0.29% expense ratio, compared with 0.45% for AFOS.

Which ETF pays a higher dividend yield, LCAP or AFOS?

AFOS has the higher dividend yield at 0.23%, compared with 0.09% for LCAP.

What is the main difference between LCAP and AFOS?

They also come from different issuers: Principal and ARS Investment Partners. Their fees differ too: 0.29% for LCAP and 0.45% for AFOS.

Which has better risk-adjusted returns?

AFOS currently has the higher Sharpe Ratio (3.25 vs 1.86), 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.