MGC vs. TCAF

Last updated Jun 13, 2026

MGC (Vanguard Mega Cap ETF) and TCAF (T. Rowe Price Capital Appreciation Equity ETF) are both Large Cap Blend Equities funds. MGC is passively managed, while TCAF is actively managed. Over the past year, MGC returned 25.09% vs 16.10% for TCAF. Their correlation of 0.93 suggests significant overlap in exposure. MGC charges 0.05%/yr vs 0.31%/yr for TCAF.

Performance

MGC vs. TCAF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Mega Cap ETF (MGC) 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, MGC achieves a 8.42% return, which is significantly higher than TCAF's 4.37% return.

MGC

• 1D: 0.38%
• 1M: -0.61%
• YTD: 8.42%
• 6M: 9.06%
• 1Y: 25.09%
• 3Y*: 22.21%
• 5Y*: 14.07%
• 10Y*: 16.23%

TCAF

• 1D: 0.18%
• 1M: -0.77%
• YTD: 4.37%
• 6M: 5.06%
• 1Y: 16.10%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MGC vs. TCAF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
MGC Vanguard Mega Cap ETF	8.42%	19.31%	27.16%	10.80%
TCAF T. Rowe Price Capital Appreciation Equity ETF	4.37%	15.45%	20.93%	9.71%

Correlation

The correlation between MGC and TCAF is 0.90, 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	0.90
Correlation (All Time) Calculated using the full available price history since Jun 15, 2023	0.93

The correlation between MGC and TCAF has been stable across timeframes, ranging from 0.90 to 0.93 - a consistent structural relationship.

MGC vs. TCAF - Sectors Allocation Comparison

Sectors	MGC	TCAF
Technology	39.3%	33.7%
Communication Services	13.1%	11.4%
Financial Services	11.7%	6.0%
Consumer Cyclical	10.1%	10.6%
Healthcare	8.9%	17.3%
Industrials	6.5%	4.6%
Consumer Defensive	4.8%	3.3%
Energy	2.6%	2.6%
Basic Materials	1.2%	0.1%
Utilities	1.0%	8.6%
Real Estate	1.0%	0.1%

Return for Risk

MGC vs. TCAF — Risk / Return Rank

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

MGC

MGC Risk / Return Rank: 67
MGC Sharpe Ratio Rank: 70
MGC Sortino Ratio Rank: 67
MGC Omega Ratio Rank: 69
MGC Calmar Ratio Rank: 58
MGC Martin Ratio Rank: 70

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.

MGC vs. TCAF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Mega Cap ETF (MGC) 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.

	MGC	TCAF	Difference
Sharpe ratio: Return per unit of total volatility	1.96	1.37	+0.59
Sortino ratio: Return per unit of downside risk	2.65	1.91	+0.75
Omega ratio: Gain probability vs. loss probability	1.35	1.25	+0.10
Calmar ratio: Return relative to maximum drawdown	2.56	1.43	+1.13
Martin ratio: Return relative to average drawdown	11.18	5.64	+5.54

MGC vs. TCAF - Sharpe Ratio Comparison

The current MGC Sharpe Ratio is 1.96, which is higher than the TCAF Sharpe Ratio of 1.37. The chart below compares the historical Sharpe Ratios of MGC 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

MGC vs. TCAF - Drawdown Comparison

The maximum MGC drawdown since its inception was -52.26%, which is greater than TCAF's maximum drawdown of -16.37%. Use the drawdown chart below to compare losses from any high point for MGC and TCAF.

Drawdown Indicators

	MGC	TCAF	Difference
Max Drawdown Largest peak-to-trough decline	-52.26%	-16.37%	-35.89%
Max Drawdown (1Y) Largest decline over 1 year	-9.85%	-11.33%	+1.48%
Max Drawdown (3Y) Largest decline over 3 years	-19.28%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-25.74%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-33.07%	—	—
Current Drawdown Current decline from peak	-2.92%	-2.97%	+0.05%
Average Drawdown Average peak-to-trough decline	-7.18%	-2.07%	-5.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.25%	2.86%	-0.61%

Volatility

MGC vs. TCAF - Volatility Comparison

Vanguard Mega Cap ETF (MGC) has a higher volatility of 4.62% compared to T. Rowe Price Capital Appreciation Equity ETF (TCAF) at 3.60%. This indicates that MGC'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

	MGC	TCAF	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.62%	3.60%	+1.02%
Volatility (6M) Calculated over the trailing 6-month period	10.04%	9.20%	+0.84%
Volatility (1Y) Calculated over the trailing 1-year period	12.84%	11.77%	+1.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.34%	13.98%	+3.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.24%	13.98%	+4.26%

MGC vs. TCAF - Expense Ratio Comparison

MGC has a 0.05% expense ratio, which is lower than TCAF's 0.31% expense ratio.

Dividends

MGC vs. TCAF - Dividend Comparison

MGC's dividend yield for the trailing twelve months is around 0.89%, more than TCAF's 0.48% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MGC Vanguard Mega Cap ETF	0.89%	0.93%	1.15%	1.35%	1.65%	1.17%	1.45%	1.81%	2.10%	1.83%	2.14%	2.11%
TCAF T. Rowe Price Capital Appreciation Equity ETF	0.48%	0.50%	0.43%	0.26%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MGC and TCAF in my portfolio?

With a correlation of 0.90, MGC and TCAF move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, MGC or TCAF?

MGC has higher volatility (4.62%) compared to TCAF (3.60%). In terms of maximum drawdown, MGC dropped -52.26% vs TCAF's -16.37%.

Which ETF is better, MGC or TCAF?

On 1-year performance, MGC leads with 25.09% vs 16.10% for TCAF. On fees, MGC is cheaper at 0.05% 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, MGC or TCAF?

Over the 1-year period, MGC has performed better with a 25.09% return vs 16.10%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MGC or TCAF?

MGC is cheaper with a 0.05% expense ratio, compared with 0.31% for TCAF.

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

MGC has the higher dividend yield at 0.89%, compared with 0.48% for TCAF.

What is the main difference between MGC and TCAF?

They also come from different issuers: Vanguard and T. Rowe Price. Their fees differ too: 0.05% for MGC and 0.31% for TCAF.

Which has better risk-adjusted returns?

MGC currently has the higher Sharpe Ratio (1.96 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.