TCAF vs. PRDGX

Last updated Aug 4, 2026

TCAF (T. Rowe Price Capital Appreciation Equity ETF) and PRDGX (T. Rowe Price Dividend Growth Fund, Inc.) are both Large Cap Blend Equities funds from T. Rowe Price. Both are actively managed. Over the past 3 years, TCAF returned 18.35%/yr vs 14.42%/yr for PRDGX. Their correlation of 0.82 means they have usually moved in the same direction. TCAF charges 0.31%/yr vs 0.64%/yr for PRDGX.

Performance

TCAF vs. PRDGX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price Capital Appreciation Equity ETF (TCAF) and T. Rowe Price Dividend Growth Fund, Inc. (PRDGX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TCAF achieves a 10.23% return, which is significantly lower than PRDGX's 10.76% return.

TCAF

• 1D: 1.54%
• 1M: 1.74%
• 6M: 10.14%
• YTD: 10.23%
• 1Y: 17.81%
• 3Y*: 18.35%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 18.19%

PRDGX

• 1D: -0.43%
• 1M: 0.31%
• 6M: 8.04%
• YTD: 10.76%
• 1Y: 19.11%
• 3Y*: 14.42%
• 5Y*: 9.85%
• 10Y*: 12.88%
• ALL TIME*: 10.50%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
PRDGX T. Rowe Price Dividend Growth Fund, Inc.	$0.00	$0.00	$0.00
TCAF T. Rowe Price Capital Appreciation Equity ETF	$20.52M	$22.08M	$27.72M

TCAF vs. PRDGX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
TCAF T. Rowe Price Capital Appreciation Equity ETF	10.23%	15.45%	20.93%	9.71%
PRDGX T. Rowe Price Dividend Growth Fund, Inc.	10.76%	14.74%	13.48%	9.00%

Correlation

The correlation between TCAF and PRDGX is 0.74, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.74
Correlation (3Y) Balances recent behavior with more history.	0.81
Correlation (All Time) Calculated using the full available price history since Jun 15, 2023	0.82

The correlation between TCAF and PRDGX has been stable across timeframes, ranging from 0.74 to 0.82 - a consistent structural relationship.

Return for Risk

TCAF vs. PRDGX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

TCAF

TCAF Risk / Return Rank: 55
TCAF Sharpe Ratio Rank: 61
TCAF Sortino Ratio Rank: 59
TCAF Omega Ratio Rank: 59
TCAF Calmar Ratio Rank: 44
TCAF Martin Ratio Rank: 51

PRDGX

PRDGX Risk / Return Rank: 75
PRDGX Sharpe Ratio Rank: 76
PRDGX Sortino Ratio Rank: 75
PRDGX Omega Ratio Rank: 72
PRDGX Calmar Ratio Rank: 73
PRDGX Martin Ratio Rank: 81

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

TCAF vs. PRDGX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Capital Appreciation Equity ETF (TCAF) and T. Rowe Price Dividend Growth Fund, Inc. (PRDGX). 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	PRDGX	Difference
Sharpe ratio: Return per unit of total volatility	1.47	1.84	-0.37
Sortino ratio: Return per unit of downside risk	2.06	2.62	-0.56
Omega ratio: Gain probability vs. loss probability	1.26	1.33	-0.07
Calmar ratio: Return relative to maximum drawdown	1.58	2.46	-0.88
Martin ratio: Return relative to average drawdown	6.11	10.26	-4.15

TCAF vs. PRDGX - Sharpe Ratio Comparison

The current TCAF Sharpe Ratio is 1.47, which is comparable to the PRDGX Sharpe Ratio of 1.84. The chart below compares the historical Sharpe Ratios of TCAF and PRDGX, 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. PRDGX - Drawdown Comparison

The maximum TCAF drawdown since its inception was -16.37%, smaller than the maximum PRDGX drawdown of -49.79%. Use the drawdown chart below to compare losses from any high point for TCAF and PRDGX.

Drawdown Indicators

	TCAF	PRDGX	Difference
Max Drawdown Largest peak-to-trough decline	-16.37%	-49.79%	+33.42%
Max Drawdown (1Y) Largest decline over 1 year	-11.33%	-7.34%	-3.99%
Max Drawdown (3Y) Largest decline over 3 years	-16.37%	-14.15%	-2.22%
Max Drawdown (5Y) Largest decline over 5 years	—	-19.31%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-33.18%	—
Current Drawdown Current decline from peak	0.00%	-0.96%	+0.96%
Average Drawdown Average peak-to-trough decline	-2.03%	-5.39%	+3.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.92%	1.76%	+1.16%

Volatility

TCAF vs. PRDGX - Volatility Comparison

T. Rowe Price Capital Appreciation Equity ETF (TCAF) has a higher volatility of 3.52% compared to T. Rowe Price Dividend Growth Fund, Inc. (PRDGX) at 2.45%. This indicates that TCAF's price experiences larger fluctuations and is considered to be riskier than PRDGX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TCAF	PRDGX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.52%	2.45%	+1.07%
Volatility (6M) Calculated over the trailing 6-month period	9.63%	7.44%	+2.19%
Volatility (1Y) Calculated over the trailing 1-year period	12.21%	9.88%	+2.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.92%	14.03%	-0.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.92%	15.82%	-1.90%

TCAF vs. PRDGX - Expense Ratio Comparison

TCAF has a 0.31% expense ratio, which is lower than PRDGX's 0.64% expense ratio.

Dividends

TCAF vs. PRDGX - Dividend Comparison

TCAF's dividend yield for the trailing twelve months is around 0.45%, less than PRDGX's 7.31% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PRDGX T. Rowe Price Dividend Growth Fund, Inc.	7.31%	8.02%	4.66%	2.78%	3.81%	2.00%	1.03%	2.33%	3.67%	1.82%	3.07%	7.57%
TCAF T. Rowe Price Capital Appreciation Equity ETF	0.45%	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 PRDGX in my portfolio?

TCAF and PRDGX have a correlation of 0.74, 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 PRDGX?

TCAF has higher volatility (3.52%) compared to PRDGX (2.45%). In terms of maximum drawdown, TCAF dropped -16.37% vs PRDGX's -49.79%.

Which has better risk-adjusted returns?

PRDGX currently has the higher Sharpe Ratio (1.84 vs 1.47), 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.