TCAF vs. PRWCX

Last updated Jun 4, 2026

TCAF (T. Rowe Price Capital Appreciation Equity ETF) and PRWCX (T. Rowe Price Capital Appreciation Fund) are both funds - TCAF is a Large Cap Blend Equities fund actively managed by T. Rowe Price, while PRWCX is a Diversified Portfolio fund managed by T. Rowe Price. Over the past year, TCAF returned 20.51% vs 14.88% for PRWCX. Their correlation of 0.92 suggests significant overlap in exposure. TCAF charges 0.31%/yr vs 0.68%/yr for PRWCX.

Performance

TCAF vs. PRWCX - 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 Capital Appreciation Fund (PRWCX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TCAF achieves a 6.51% return, which is significantly higher than PRWCX's 5.76% return.

TCAF

• 1D: -0.46%
• 1M: 3.54%
• YTD: 6.51%
• 6M: 6.60%
• 1Y: 20.51%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PRWCX

• 1D: -0.26%
• 1M: 2.52%
• YTD: 5.76%
• 6M: 5.87%
• 1Y: 14.88%
• 3Y*: 13.48%
• 5Y*: 8.87%
• 10Y*: 11.25%

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

TCAF vs. PRWCX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
TCAF T. Rowe Price Capital Appreciation Equity ETF	6.51%	15.45%	20.93%	8.40%
PRWCX T. Rowe Price Capital Appreciation Fund	5.76%	12.45%	12.50%	7.34%

Correlation

The correlation between TCAF and PRWCX is 0.93, 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	0.93
Correlation (All Time) Calculated using the full available price history since Jun 16, 2023	0.92

The correlation between TCAF and PRWCX has been stable across timeframes, ranging from 0.92 to 0.93 - a consistent structural relationship.

Return for Risk

TCAF vs. PRWCX — Risk / Return Rank

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

TCAF

TCAF Risk / Return Rank: 47
TCAF Sharpe Ratio Rank: 51
TCAF Sortino Ratio Rank: 50
TCAF Omega Ratio Rank: 52
TCAF Calmar Ratio Rank: 36
TCAF Martin Ratio Rank: 44

PRWCX

PRWCX Risk / Return Rank: 49
PRWCX Sharpe Ratio Rank: 49
PRWCX Sortino Ratio Rank: 50
PRWCX Omega Ratio Rank: 50
PRWCX Calmar Ratio Rank: 41
PRWCX Martin Ratio Rank: 53

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. PRWCX - 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 Capital Appreciation Fund (PRWCX). 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.

	TCAF	PRWCX	Difference
Sharpe ratio: Return per unit of total volatility	1.80	2.08	-0.28
Sortino ratio: Return per unit of downside risk	2.48	2.97	-0.49
Omega ratio: Gain probability vs. loss probability	1.33	1.39	-0.06
Calmar ratio: Return relative to maximum drawdown	1.82	2.45	-0.63
Martin ratio: Return relative to average drawdown	7.28	10.72	-3.44
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TCAF vs. PRWCX - Sharpe Ratio Comparison

The current TCAF Sharpe Ratio is 1.80, which is comparable to the PRWCX Sharpe Ratio of 2.08. The chart below compares the historical Sharpe Ratios of TCAF and PRWCX, 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

	TCAF	PRWCX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.80	2.08	-0.28
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.70	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.89	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.26	0.91	+0.35

Drawdowns

TCAF vs. PRWCX - Drawdown Comparison

The maximum TCAF drawdown since its inception was -16.37%, smaller than the maximum PRWCX drawdown of -41.77%. Use the drawdown chart below to compare losses from any high point for TCAF and PRWCX.

Drawdown Indicators

	TCAF	PRWCX	Difference
Max Drawdown Largest peak-to-trough decline	-16.37%	-41.77%	+25.40%
Max Drawdown (1Y) Largest decline over 1 year	-11.33%	-6.32%	-5.01%
Max Drawdown (3Y) Largest decline over 3 years	—	-15.96%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-17.07%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-26.86%	—
Current Drawdown Current decline from peak	-0.97%	-0.42%	-0.55%
Average Drawdown Average peak-to-trough decline	-2.06%	-3.33%	+1.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.82%	1.44%	+1.38%

Volatility

TCAF vs. PRWCX - Volatility Comparison

T. Rowe Price Capital Appreciation Equity ETF (TCAF) has a higher volatility of 2.43% compared to T. Rowe Price Capital Appreciation Fund (PRWCX) at 1.92%. This indicates that TCAF's price experiences larger fluctuations and is considered to be riskier than PRWCX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TCAF	PRWCX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.43%	1.92%	+0.51%
Volatility (6M) Calculated over the trailing 6-month period	8.75%	6.04%	+2.71%
Volatility (1Y) Calculated over the trailing 1-year period	11.47%	7.45%	+4.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.94%	12.74%	+1.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.94%	12.74%	+1.20%

TCAF vs. PRWCX - Expense Ratio Comparison

TCAF has a 0.31% expense ratio, which is lower than PRWCX's 0.68% expense ratio.

Dividends

TCAF vs. PRWCX - Dividend Comparison

TCAF's dividend yield for the trailing twelve months is around 0.47%, less than PRWCX's 8.33% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PRWCX T. Rowe Price Capital Appreciation Fund	8.33%	8.81%	10.38%	4.15%	9.44%	9.23%	7.97%	5.83%	7.46%	6.82%	3.51%	9.86%
TCAF T. Rowe Price Capital Appreciation Equity ETF	0.47%	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 PRWCX in my portfolio?

With a correlation of 0.93, TCAF and PRWCX 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, TCAF or PRWCX?

TCAF has higher volatility (2.43%) compared to PRWCX (1.92%). In terms of maximum drawdown, TCAF dropped -16.37% vs PRWCX's -41.77%.

Which has better risk-adjusted returns?

PRWCX currently has the higher Sharpe Ratio (2.08 vs 1.80), 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.