TCAF vs. QUS

Last updated Aug 4, 2026

TCAF (T. Rowe Price Capital Appreciation Equity ETF) and QUS (State Street SPDR MSCI USA StrategicFactors ETF) are both Large Cap Blend Equities funds. TCAF is actively managed, while QUS is passively managed. Over the past 3 years, TCAF returned 18.35%/yr vs 17.10%/yr for QUS. Their correlation of 0.88 means they have usually moved in the same direction. TCAF charges 0.31%/yr vs 0.15%/yr for QUS.

Performance

TCAF vs. QUS - Performance Comparison

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

Returns By Period

As of year-to-date, both investments have demonstrated similar returns, with TCAF at 10.23% and QUS at 10.23%.

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%

QUS

• 1D: 0.83%
• 1M: 1.29%
• 6M: 7.60%
• YTD: 10.23%
• 1Y: 19.80%
• 3Y*: 17.10%
• 5Y*: 10.91%
• 10Y*: 13.54%
• ALL TIME*: 12.75%

*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)
QUS State Street SPDR MSCI USA StrategicFactors ETF	$3.01M	$4.81M	$3.43M
TCAF T. Rowe Price Capital Appreciation Equity ETF	$20.52M	$22.08M	$27.72M

TCAF vs. QUS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
TCAF T. Rowe Price Capital Appreciation Equity ETF	10.23%	15.45%	20.93%	9.71%
QUS State Street SPDR MSCI USA StrategicFactors ETF	10.23%	14.13%	18.99%	10.37%

Correlation

The correlation between TCAF and QUS is 0.82, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.82
Correlation (3Y) Balances recent behavior with more history.	0.88
Correlation (All Time) Calculated using the full available price history since Jun 15, 2023	0.88

The correlation between TCAF and QUS has been stable across timeframes, ranging from 0.82 to 0.88 - a consistent structural relationship.

TCAF vs. QUS - Sectors Allocation Comparison

Sectors	TCAF	QUS
Technology	33.6%	28.4%
Healthcare	16.1%	14.4%
Communication Services	11.6%	8.2%
Financial Services	9.8%	15.7%
Utilities	9.1%	3.9%
Consumer Cyclical	6.7%	5.7%
Industrials	5.9%	8.1%
Consumer Defensive	3.2%	8.3%
Energy	2.1%	3.3%
Basic Materials	0.2%	2.2%
Real Estate	0.1%	1.6%

Return for Risk

TCAF vs. QUS — 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

QUS

QUS Risk / Return Rank: 85
QUS Sharpe Ratio Rank: 87
QUS Sortino Ratio Rank: 88
QUS Omega Ratio Rank: 86
QUS Calmar Ratio Rank: 78
QUS Martin Ratio Rank: 86

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. QUS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Capital Appreciation Equity ETF (TCAF) and State Street SPDR MSCI USA StrategicFactors ETF (QUS). 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	QUS	Difference
Sharpe ratio: Return per unit of total volatility	1.47	2.16	-0.69
Sortino ratio: Return per unit of downside risk	2.06	3.05	-0.99
Omega ratio: Gain probability vs. loss probability	1.26	1.39	-0.13
Calmar ratio: Return relative to maximum drawdown	1.58	2.90	-1.32
Martin ratio: Return relative to average drawdown	6.11	12.95	-6.84

TCAF vs. QUS - Sharpe Ratio Comparison

The current TCAF Sharpe Ratio is 1.47, which is lower than the QUS Sharpe Ratio of 2.16. The chart below compares the historical Sharpe Ratios of TCAF and QUS, 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. QUS - Drawdown Comparison

The maximum TCAF drawdown since its inception was -16.37%, smaller than the maximum QUS drawdown of -33.78%. Use the drawdown chart below to compare losses from any high point for TCAF and QUS.

Drawdown Indicators

	TCAF	QUS	Difference
Max Drawdown Largest peak-to-trough decline	-16.37%	-33.78%	+17.41%
Max Drawdown (1Y) Largest decline over 1 year	-11.33%	-6.85%	-4.48%
Max Drawdown (3Y) Largest decline over 3 years	-16.37%	-13.94%	-2.43%
Max Drawdown (5Y) Largest decline over 5 years	—	-22.30%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-33.78%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-2.03%	-3.66%	+1.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.92%	1.53%	+1.39%

Volatility

TCAF vs. QUS - Volatility Comparison

T. Rowe Price Capital Appreciation Equity ETF (TCAF) has a higher volatility of 3.52% compared to State Street SPDR MSCI USA StrategicFactors ETF (QUS) at 2.42%. This indicates that TCAF's price experiences larger fluctuations and is considered to be riskier than QUS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TCAF	QUS	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.52%	2.42%	+1.10%
Volatility (6M) Calculated over the trailing 6-month period	9.63%	6.97%	+2.66%
Volatility (1Y) Calculated over the trailing 1-year period	12.21%	9.22%	+2.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.92%	14.32%	-0.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.92%	16.40%	-2.48%

TCAF vs. QUS - Expense Ratio Comparison

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

Dividends

TCAF vs. QUS - Dividend Comparison

TCAF's dividend yield for the trailing twelve months is around 0.45%, less than QUS's 1.27% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
QUS State Street SPDR MSCI USA StrategicFactors ETF	1.27%	1.38%	1.49%	1.57%	1.68%	1.27%	1.73%	1.81%	2.12%	1.86%	2.07%	1.48%
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 QUS in my portfolio?

TCAF and QUS have a correlation of 0.82, 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 QUS?

TCAF has higher volatility (3.52%) compared to QUS (2.42%). In terms of maximum drawdown, TCAF dropped -16.37% vs QUS's -33.78%.

Which ETF is better, TCAF or QUS?

On 3-year performance, TCAF leads with 18.35% vs 17.10% for QUS. On fees, QUS is cheaper at 0.15% per year. On volatility, QUS has been the lower-risk option at 2.42%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TCAF or QUS?

Over the 3-year period, TCAF has performed better with a 18.35% return vs 17.10%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TCAF or QUS?

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

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

QUS has the higher dividend yield at 1.27%, compared with 0.45% for TCAF.

What is the main difference between TCAF and QUS?

They also come from different issuers: T. Rowe Price and State Street. Their fees differ too: 0.31% for TCAF and 0.15% for QUS.

Which has better risk-adjusted returns?

QUS currently has the higher Sharpe Ratio (2.16 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.