PRCHX vs. TCAF

Last updated Jun 3, 2026

PRCHX (T. Rowe Price Capital Appreciation and Income Fund Class I) and TCAF (T. Rowe Price Capital Appreciation Equity ETF) are both funds - PRCHX is a Diversified Portfolio fund actively managed by T. Rowe Price, while TCAF is a Large Cap Blend Equities fund actively managed by T. Rowe Price. Both are actively managed. Over the past year, PRCHX returned 14.35% vs 21.86% for TCAF. Their correlation of 0.88 suggests significant overlap in exposure. PRCHX charges 0.49%/yr vs 0.31%/yr for TCAF.

Performance

PRCHX vs. TCAF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price Capital Appreciation and Income Fund Class I (PRCHX) 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, PRCHX achieves a 3.92% return, which is significantly lower than TCAF's 7.01% return.

PRCHX

• 1D: -0.10%
• 1M: 1.75%
• YTD: 3.92%
• 6M: 4.31%
• 1Y: 14.35%
• 3Y*: —
• 5Y*: —
• 10Y*: —

TCAF

• 1D: -0.32%
• 1M: 3.99%
• YTD: 7.01%
• 6M: 7.07%
• 1Y: 21.86%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PRCHX vs. TCAF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
PRCHX T. Rowe Price Capital Appreciation and Income Fund Class I	3.92%	13.68%	8.92%	3.12%
TCAF T. Rowe Price Capital Appreciation Equity ETF	7.01%	15.45%	20.93%	4.10%

Correlation

The correlation between PRCHX and TCAF is 0.91, 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	0.91
Correlation (All Time) Calculated using the full available price history since Dec 1, 2023	0.88

The correlation between PRCHX and TCAF has been stable across timeframes, ranging from 0.88 to 0.91 - a consistent structural relationship.

Return for Risk

PRCHX vs. TCAF — Risk / Return Rank

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

PRCHX

PRCHX Risk / Return Rank: 81
PRCHX Sharpe Ratio Rank: 85
PRCHX Sortino Ratio Rank: 84
PRCHX Omega Ratio Rank: 81
PRCHX Calmar Ratio Rank: 69
PRCHX Martin Ratio Rank: 85

TCAF

TCAF Risk / Return Rank: 51
TCAF Sharpe Ratio Rank: 56
TCAF Sortino Ratio Rank: 54
TCAF Omega Ratio Rank: 56
TCAF Calmar Ratio Rank: 40
TCAF Martin Ratio Rank: 48

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.

PRCHX vs. TCAF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Capital Appreciation and Income Fund Class I (PRCHX) 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.

	PRCHX	TCAF	Difference
Sharpe ratio Return per unit of total volatility	2.75	1.92	+0.83
Sortino ratio Return per unit of downside risk	3.99	2.63	+1.36
Omega ratio Gain probability vs. loss probability	1.53	1.35	+0.18
Calmar ratio Return relative to maximum drawdown	3.20	2.01	+1.19
Martin ratio Return relative to average drawdown	16.32	8.07	+8.25
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PRCHX vs. TCAF - Sharpe Ratio Comparison

The current PRCHX Sharpe Ratio is 2.75, which is higher than the TCAF Sharpe Ratio of 1.92. The chart below compares the historical Sharpe Ratios of PRCHX 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.

Sharpe Ratios by Period

	PRCHX	TCAF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.75	1.92	+0.83
Sharpe Ratio (All Time) Calculated using the full available price history	1.85	1.28	+0.58

Drawdowns

PRCHX vs. TCAF - Drawdown Comparison

The maximum PRCHX drawdown since its inception was -6.10%, smaller than the maximum TCAF drawdown of -16.37%. Use the drawdown chart below to compare losses from any high point for PRCHX and TCAF.

Drawdown Indicators

	PRCHX	TCAF	Difference
Max Drawdown Largest peak-to-trough decline	-6.10%	-16.37%	+10.27%
Max Drawdown (1Y) Largest decline over 1 year	-4.50%	-11.33%	+6.83%
Current Drawdown Current decline from peak	-0.10%	-0.51%	+0.41%
Average Drawdown Average peak-to-trough decline	-0.64%	-2.06%	+1.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.88%	2.82%	-1.94%

Volatility

PRCHX vs. TCAF - Volatility Comparison

The current volatility for T. Rowe Price Capital Appreciation and Income Fund Class I (PRCHX) is 1.66%, while T. Rowe Price Capital Appreciation Equity ETF (TCAF) has a volatility of 2.35%. This indicates that PRCHX experiences smaller price fluctuations and is considered to be less risky than TCAF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PRCHX	TCAF	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.66%	2.35%	-0.69%
Volatility (6M) Calculated over the trailing 6-month period	4.18%	8.78%	-4.60%
Volatility (1Y) Calculated over the trailing 1-year period	5.24%	11.47%	-6.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.52%	13.95%	-7.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.52%	13.95%	-7.43%

PRCHX vs. TCAF - Expense Ratio Comparison

PRCHX has a 0.49% expense ratio, which is higher than TCAF's 0.31% expense ratio.

Dividends

PRCHX vs. TCAF - Dividend Comparison

PRCHX's dividend yield for the trailing twelve months is around 5.13%, more than TCAF's 0.47% yield.

Position	TTM	2025	2024	2023
PRCHX T. Rowe Price Capital Appreciation and Income Fund Class I	5.13%	5.08%	3.22%	0.27%
TCAF T. Rowe Price Capital Appreciation Equity ETF	0.47%	0.50%	0.43%	0.26%

Frequently Asked Questions

Can I hold both PRCHX and TCAF in my portfolio?

With a correlation of 0.91, PRCHX 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, PRCHX or TCAF?

TCAF has higher volatility (2.35%) compared to PRCHX (1.66%). In terms of maximum drawdown, PRCHX dropped -6.10% vs TCAF's -16.37%.

Which has better risk-adjusted returns?

PRCHX currently has the higher Sharpe Ratio (2.75 vs 1.92), 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.