PRCHX vs. TSPA
PRCHX (T. Rowe Price Capital Appreciation and Income Fund Class I) and TSPA (T. Rowe Price US Equity Research ETF) are both funds - PRCHX is a Diversified Portfolio fund actively managed by T. Rowe Price, while TSPA is a Large Cap Blend Equities fund actively managed by T. Rowe Price. Both are actively managed. Over the past year, PRCHX returned 11.41% vs 24.31% for TSPA. Their correlation of 0.85 suggests significant overlap in exposure. PRCHX charges 0.49%/yr vs 0.34%/yr for TSPA.
Performance
PRCHX vs. TSPA - Performance Comparison
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Returns By Period
In the year-to-date period, PRCHX achieves a 2.61% return, which is significantly lower than TSPA's 9.54% return.
PRCHX
- 1D
- 0.68%
- 1M
- -0.41%
- YTD
- 2.61%
- 6M
- 3.48%
- 1Y
- 11.41%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
TSPA
- 1D
- 0.47%
- 1M
- -0.45%
- YTD
- 9.54%
- 6M
- 10.14%
- 1Y
- 24.31%
- 3Y*
- 21.63%
- 5Y*
- 14.00%
- 10Y*
- —
PRCHX vs. TSPA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
PRCHX T. Rowe Price Capital Appreciation and Income Fund Class I | 2.61% | 13.68% | 8.92% | 3.12% |
TSPA T. Rowe Price US Equity Research ETF | 9.54% | 16.44% | 26.37% | 5.19% |
Correlation
The correlation between PRCHX and TSPA is 0.88, 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 | 0.88 |
Correlation (All Time) Calculated using the full available price history since Nov 30, 2023 | 0.85 |
The correlation between PRCHX and TSPA has been stable across timeframes, ranging from 0.85 to 0.88 - a consistent structural relationship.
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Return for Risk
PRCHX vs. TSPA — Risk / Return Rank
PRCHX
TSPA
PRCHX vs. TSPA - 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 US Equity Research ETF (TSPA). 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.
| PRCHX | TSPA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.25 | ||
| Sortino ratioReturn per unit of downside risk | +0.46 | ||
| Omega ratioGain probability vs. loss probability | 1.41 | 1.35 | +0.06 |
| Calmar ratioReturn relative to maximum drawdown | 2.63 | 2.64 | -0.02 |
| Martin ratioReturn relative to average drawdown | 12.99 | 11.98 | +1.02 |
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Drawdowns
PRCHX vs. TSPA - Drawdown Comparison
The maximum PRCHX drawdown since its inception was -6.10%, smaller than the maximum TSPA drawdown of -24.72%. Use the drawdown chart below to compare losses from any high point for PRCHX and TSPA.
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Drawdown Indicators
| PRCHX | TSPA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -6.10% | -24.72% | +18.62% |
Max Drawdown (1Y)Largest decline over 1 year | -4.50% | -9.24% | +4.74% |
Max Drawdown (3Y)Largest decline over 3 years | — | -19.04% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -24.72% | — |
Current DrawdownCurrent decline from peak | -1.37% | -2.25% | +0.88% |
Average DrawdownAverage peak-to-trough decline | -0.65% | -5.47% | +4.82% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.91% | 2.04% | -1.13% |
Volatility
PRCHX vs. TSPA - Volatility Comparison
The current volatility for T. Rowe Price Capital Appreciation and Income Fund Class I (PRCHX) is 2.18%, while T. Rowe Price US Equity Research ETF (TSPA) has a volatility of 4.52%. This indicates that PRCHX experiences smaller price fluctuations and is considered to be less risky than TSPA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PRCHX | TSPA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.18% | 4.52% | -2.34% |
Volatility (6M)Calculated over the trailing 6-month period | 4.44% | 10.15% | -5.71% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.46% | 12.76% | -7.30% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.56% | 17.05% | -10.49% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.56% | 17.03% | -10.47% |
PRCHX vs. TSPA - Expense Ratio Comparison
PRCHX has a 0.49% expense ratio, which is higher than TSPA's 0.34% expense ratio.
Dividends
PRCHX vs. TSPA - Dividend Comparison
PRCHX's dividend yield for the trailing twelve months is around 5.20%, more than TSPA's 0.57% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
PRCHX T. Rowe Price Capital Appreciation and Income Fund Class I | 5.20% | 5.08% | 3.22% | 0.27% | 0.00% | 0.00% |
TSPA T. Rowe Price US Equity Research ETF | 0.57% | 0.62% | 0.50% | 0.41% | 1.16% | 0.43% |
Frequently Asked Questions
PRCHX and TSPA have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TSPA has higher volatility (4.52%) compared to PRCHX (2.18%). In terms of maximum drawdown, PRCHX dropped -6.10% vs TSPA's -24.72%.
PRCHX currently has the higher Sharpe Ratio (2.16 vs 1.91), 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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