TCAF vs. MTUM

Last updated Jun 24, 2026

TCAF (T. Rowe Price Capital Appreciation Equity ETF) and MTUM (iShares MSCI USA Momentum Factor ETF) are both exchange-traded funds - TCAF is a Large Cap Blend Equities fund actively managed by T. Rowe Price, while MTUM is a Momentum fund tracking the MSCI USA Momentum SR Variant Index. TCAF is actively managed, while MTUM is passively managed. Over the past 3 years, TCAF returned 17.42%/yr vs 33.87%/yr for MTUM. A 0.79 correlation means they provide meaningful diversification when combined. TCAF charges 0.31%/yr vs 0.15%/yr for MTUM.

Performance

TCAF vs. MTUM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price Capital Appreciation Equity ETF (TCAF) and iShares MSCI USA Momentum Factor ETF (MTUM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TCAF achieves a 4.55% return, which is significantly lower than MTUM's 32.00% return.

TCAF

• 1D: -0.79%
• 1M: -1.19%
• YTD: 4.55%
• 6M: 4.09%
• 1Y: 17.22%
• 3Y*: 17.42%
• 5Y*: —
• 10Y*: —

MTUM

• 1D: -4.48%
• 1M: 8.74%
• YTD: 32.00%
• 6M: 29.92%
• 1Y: 41.78%
• 3Y*: 33.87%
• 5Y*: 15.18%
• 10Y*: 17.49%

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

TCAF vs. MTUM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
TCAF T. Rowe Price Capital Appreciation Equity ETF	4.55%	15.45%	20.93%	9.71%
MTUM iShares MSCI USA Momentum Factor ETF	32.00%	22.15%	32.89%	11.23%

Correlation

The correlation between TCAF and MTUM is 0.69, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.69
Correlation (3Y) Calculated over the trailing 3-year period	0.79
Correlation (All Time) Calculated using the full available price history since Jun 15, 2023	0.79

The correlation between TCAF and MTUM has been stable across timeframes, ranging from 0.69 to 0.79 - a consistent structural relationship.

TCAF vs. MTUM - Sectors Allocation Comparison

Sectors	TCAF	MTUM
Technology	34.0%	50.2%
Healthcare	17.6%	3.5%
Consumer Cyclical	12.4%	2.9%
Communication Services	10.5%	5.1%
Utilities	8.7%	0.6%
Financial Services	6.1%	5.0%
Industrials	4.7%	15.0%
Consumer Defensive	3.3%	3.7%
Energy	2.6%	10.5%
Basic Materials	0.1%	2.3%
Real Estate	0.1%	1.3%

Return for Risk

TCAF vs. MTUM — Risk / Return Rank

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

TCAF

TCAF Risk / Return Rank: 39
TCAF Sharpe Ratio Rank: 43
TCAF Sortino Ratio Rank: 41
TCAF Omega Ratio Rank: 42
TCAF Calmar Ratio Rank: 31
TCAF Martin Ratio Rank: 39

MTUM

MTUM Risk / Return Rank: 64
MTUM Sharpe Ratio Rank: 59
MTUM Sortino Ratio Rank: 54
MTUM Omega Ratio Rank: 59
MTUM Calmar Ratio Rank: 74
MTUM Martin Ratio Rank: 76

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.

TCAF vs. MTUM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Capital Appreciation Equity ETF (TCAF) and iShares MSCI USA Momentum Factor ETF (MTUM). 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.

	TCAF	MTUM	Difference
Sharpe ratio: Return per unit of total volatility	1.44	1.92	-0.48
Sortino ratio: Return per unit of downside risk	2.00	2.53	-0.53
Omega ratio: Gain probability vs. loss probability	1.26	1.35	-0.09
Calmar ratio: Return relative to maximum drawdown	1.53	3.64	-2.11
Martin ratio: Return relative to average drawdown	6.00	13.91	-7.92

TCAF vs. MTUM - Sharpe Ratio Comparison

The current TCAF Sharpe Ratio is 1.44, which is comparable to the MTUM Sharpe Ratio of 1.92. The chart below compares the historical Sharpe Ratios of TCAF and MTUM, 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

TCAF vs. MTUM - Drawdown Comparison

The maximum TCAF drawdown since its inception was -16.37%, smaller than the maximum MTUM drawdown of -34.08%. Use the drawdown chart below to compare losses from any high point for TCAF and MTUM.

Drawdown Indicators

	TCAF	MTUM	Difference
Max Drawdown Largest peak-to-trough decline	-16.37%	-34.08%	+17.71%
Max Drawdown (1Y) Largest decline over 1 year	-11.33%	-11.54%	+0.21%
Max Drawdown (3Y) Largest decline over 3 years	-16.37%	-20.99%	+4.62%
Max Drawdown (5Y) Largest decline over 5 years	—	-32.28%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-34.08%	—
Current Drawdown Current decline from peak	-2.80%	-4.48%	+1.68%
Average Drawdown Average peak-to-trough decline	-2.07%	-6.19%	+4.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.88%	3.01%	-0.13%

Volatility

TCAF vs. MTUM - Volatility Comparison

The current volatility for T. Rowe Price Capital Appreciation Equity ETF (TCAF) is 4.21%, while iShares MSCI USA Momentum Factor ETF (MTUM) has a volatility of 12.20%. This indicates that TCAF experiences smaller price fluctuations and is considered to be less risky than MTUM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TCAF	MTUM	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.21%	12.20%	-7.99%
Volatility (6M) Calculated over the trailing 6-month period	9.43%	19.44%	-10.01%
Volatility (1Y) Calculated over the trailing 1-year period	12.00%	21.93%	-9.93%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.02%	21.15%	-7.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.02%	21.31%	-7.29%

TCAF vs. MTUM - Expense Ratio Comparison

TCAF has a 0.31% expense ratio, which is higher than MTUM's 0.15% expense ratio.

Dividends

TCAF vs. MTUM - Dividend Comparison

TCAF's dividend yield for the trailing twelve months is around 0.48%, less than MTUM's 0.56% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MTUM iShares MSCI USA Momentum Factor ETF	0.56%	0.91%	0.75%	1.35%	1.80%	0.55%	0.83%	1.48%	1.27%	1.02%	1.43%	1.12%
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 TCAF and MTUM in my portfolio?

TCAF and MTUM have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TCAF or MTUM?

MTUM has higher volatility (12.20%) compared to TCAF (4.21%). In terms of maximum drawdown, TCAF dropped -16.37% vs MTUM's -34.08%.

Which ETF is better, TCAF or MTUM?

On 3-year performance, MTUM leads with 33.87% vs 17.42% for TCAF. On fees, MTUM is cheaper at 0.15% per year. On volatility, TCAF has been the lower-risk option at 4.21%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TCAF or MTUM?

Over the 3-year period, MTUM has performed better with a 33.87% return vs 17.42%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TCAF or MTUM?

MTUM is cheaper with a 0.15% expense ratio, compared with 0.31% for TCAF.

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

MTUM has the higher dividend yield at 0.56%, compared with 0.48% for TCAF.

What is the main difference between TCAF and MTUM?

TCAF is categorized as Large Cap Blend Equities, while MTUM is Momentum. They also come from different issuers: T. Rowe Price and iShares. Their fees differ too: 0.31% for TCAF and 0.15% for MTUM.

Which has better risk-adjusted returns?

MTUM currently has the higher Sharpe Ratio (1.92 vs 1.44), 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.