TBLYX vs. TCAF
TBLYX (T. Rowe Price Retirement Blend 2035 Fund) and TCAF (T. Rowe Price Capital Appreciation Equity ETF) are both funds - TBLYX is a Target Retirement Date 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, TBLYX returned 19.16% vs 16.10% for TCAF. Their correlation of 0.88 suggests significant overlap in exposure. TBLYX charges 0.40%/yr vs 0.31%/yr for TCAF.
Performance
TBLYX vs. TCAF - Performance Comparison
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Returns By Period
In the year-to-date period, TBLYX achieves a 7.90% return, which is significantly higher than TCAF's 4.37% return.
TBLYX
- 1D
- 1.86%
- 1M
- 0.08%
- YTD
- 7.90%
- 6M
- 8.49%
- 1Y
- 19.16%
- 3Y*
- 15.45%
- 5Y*
- —
- 10Y*
- —
TCAF
- 1D
- 0.18%
- 1M
- -0.77%
- YTD
- 4.37%
- 6M
- 5.06%
- 1Y
- 16.10%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
TBLYX vs. TCAF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
TBLYX T. Rowe Price Retirement Blend 2035 Fund | 7.90% | 17.30% | 12.43% | 7.43% |
TCAF T. Rowe Price Capital Appreciation Equity ETF | 4.37% | 15.45% | 20.93% | 9.71% |
Correlation
The correlation between TBLYX and TCAF is 0.87, 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 | 0.87 |
Correlation (All Time) Calculated using the full available price history since Jun 15, 2023 | 0.88 |
The correlation between TBLYX and TCAF has been stable across timeframes, ranging from 0.87 to 0.88 - a consistent structural relationship.
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Return for Risk
TBLYX vs. TCAF — Risk / Return Rank
TBLYX
TCAF
TBLYX vs. TCAF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Retirement Blend 2035 Fund (TBLYX) 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.
| TBLYX | TCAF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.53 | ||
| Sortino ratioReturn per unit of downside risk | +0.76 | ||
| Omega ratioGain probability vs. loss probability | 1.36 | 1.25 | +0.11 |
| Calmar ratioReturn relative to maximum drawdown | 2.51 | 1.43 | +1.08 |
| Martin ratioReturn relative to average drawdown | 10.93 | 5.64 | +5.29 |
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Drawdowns
TBLYX vs. TCAF - Drawdown Comparison
The maximum TBLYX drawdown since its inception was -24.54%, which is greater than TCAF's maximum drawdown of -16.37%. Use the drawdown chart below to compare losses from any high point for TBLYX and TCAF.
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Drawdown Indicators
| TBLYX | TCAF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -24.54% | -16.37% | -8.17% |
Max Drawdown (1Y)Largest decline over 1 year | -7.83% | -11.33% | +3.50% |
Max Drawdown (3Y)Largest decline over 3 years | -13.02% | — | — |
Current DrawdownCurrent decline from peak | -1.58% | -2.97% | +1.39% |
Average DrawdownAverage peak-to-trough decline | -6.07% | -2.07% | -4.00% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.80% | 2.86% | -1.06% |
Volatility
TBLYX vs. TCAF - Volatility Comparison
T. Rowe Price Retirement Blend 2035 Fund (TBLYX) has a higher volatility of 4.08% compared to T. Rowe Price Capital Appreciation Equity ETF (TCAF) at 3.60%. This indicates that TBLYX'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.
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Volatility by Period
| TBLYX | TCAF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.08% | 3.60% | +0.48% |
Volatility (6M)Calculated over the trailing 6-month period | 8.52% | 9.20% | -0.68% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.34% | 11.77% | -1.43% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.11% | 13.98% | -0.87% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.11% | 13.98% | -0.87% |
TBLYX vs. TCAF - Expense Ratio Comparison
TBLYX has a 0.40% expense ratio, which is higher than TCAF's 0.31% expense ratio.
Dividends
TBLYX vs. TCAF - Dividend Comparison
TBLYX's dividend yield for the trailing twelve months is around 2.32%, more than TCAF's 0.48% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
TBLYX T. Rowe Price Retirement Blend 2035 Fund | 2.32% | 2.50% | 2.05% | 1.94% | 2.18% | 1.40% |
TCAF T. Rowe Price Capital Appreciation Equity ETF | 0.48% | 0.50% | 0.43% | 0.26% | 0.00% | 0.00% |
Frequently Asked Questions
TBLYX and TCAF have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TBLYX has higher volatility (4.08%) compared to TCAF (3.60%). In terms of maximum drawdown, TBLYX dropped -24.54% vs TCAF's -16.37%.
TBLYX currently has the higher Sharpe Ratio (1.90 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.
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