TCAF vs. SCHG

Last updated Aug 2, 2026

TCAF (T. Rowe Price Capital Appreciation Equity ETF) and SCHG (Schwab U.S. Large-Cap Growth ETF) are both exchange-traded funds - TCAF is a Large Cap Blend Equities fund actively managed by T. Rowe Price, while SCHG is a Large Cap Growth Equities fund tracking the Dow Jones U.S. Large-Cap Growth Total Stock Market Index. TCAF is actively managed, while SCHG is passively managed. Over the past 3 years, TCAF returned 16.98%/yr vs 21.39%/yr for SCHG. Their correlation of 0.89 means they have usually moved in the same direction. TCAF charges 0.31%/yr vs 0.04%/yr for SCHG.

Performance

TCAF vs. SCHG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price Capital Appreciation Equity ETF (TCAF) and Schwab U.S. Large-Cap Growth ETF (SCHG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TCAF achieves a 8.56% return, which is significantly higher than SCHG's 4.99% return.

TCAF

• 1D: 0.88%
• 1M: 0.19%
• 6M: 8.61%
• YTD: 8.56%
• 1Y: 16.02%
• 3Y*: 16.98%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 17.66%

SCHG

• 1D: 1.12%
• 1M: 0.15%
• 6M: 7.02%
• YTD: 4.99%
• 1Y: 16.16%
• 3Y*: 21.39%
• 5Y*: 13.15%
• 10Y*: 18.27%
• ALL TIME*: 16.34%

*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)
SCHG Schwab U.S. Large-Cap Growth ETF	$247.66M	$249.87M	$339.91M
TCAF T. Rowe Price Capital Appreciation Equity ETF	$21.11M	$22.87M	$27.57M

TCAF vs. SCHG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
TCAF T. Rowe Price Capital Appreciation Equity ETF	8.56%	15.45%	20.93%	9.71%
SCHG Schwab U.S. Large-Cap Growth ETF	4.99%	17.50%	34.95%	13.21%

Correlation

The correlation between TCAF and SCHG is 0.89, 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.	0.89
Correlation (3Y) Balances recent behavior with more history.	0.89
Correlation (All Time) Calculated using the full available price history since Jun 15, 2023	0.89

The correlation between TCAF and SCHG has been stable across timeframes, ranging from 0.89 to 0.89 - a consistent structural relationship.

TCAF vs. SCHG - Sectors Allocation Comparison

Sectors	TCAF	SCHG
Technology	33.6%	44.0%
Healthcare	16.1%	9.9%
Communication Services	11.6%	14.1%
Financial Services	9.8%	7.7%
Utilities	9.1%	0.5%
Consumer Cyclical	6.7%	11.2%
Industrials	5.9%	7.6%
Consumer Defensive	3.2%	1.9%
Energy	2.1%	0.9%
Basic Materials	0.2%	1.6%
Real Estate	0.1%	0.6%

Return for Risk

TCAF vs. SCHG — Risk / Return Rank

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

TCAF

TCAF Risk / Return Rank: 42
TCAF Sharpe Ratio Rank: 45
TCAF Sortino Ratio Rank: 44
TCAF Omega Ratio Rank: 44
TCAF Calmar Ratio Rank: 36
TCAF Martin Ratio Rank: 43

SCHG

SCHG Risk / Return Rank: 30
SCHG Sharpe Ratio Rank: 33
SCHG Sortino Ratio Rank: 31
SCHG Omega Ratio Rank: 31
SCHG Calmar Ratio Rank: 26
SCHG Martin Ratio Rank: 30

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. SCHG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Capital Appreciation Equity ETF (TCAF) and Schwab U.S. Large-Cap Growth ETF (SCHG). 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	SCHG	Difference
Sharpe ratio: Return per unit of total volatility	1.13	0.82	+0.32
Sortino ratio: Return per unit of downside risk	1.60	1.20	+0.40
Omega ratio: Gain probability vs. loss probability	1.20	1.15	+0.06
Calmar ratio: Return relative to maximum drawdown	1.22	0.83	+0.39
Martin ratio: Return relative to average drawdown	4.74	2.62	+2.12

TCAF vs. SCHG - Sharpe Ratio Comparison

The current TCAF Sharpe Ratio is 1.13, which is higher than the SCHG Sharpe Ratio of 0.82. The chart below compares the historical Sharpe Ratios of TCAF and SCHG, 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. SCHG - Drawdown Comparison

The maximum TCAF drawdown since its inception was -16.37%, smaller than the maximum SCHG drawdown of -34.59%. Use the drawdown chart below to compare losses from any high point for TCAF and SCHG.

Drawdown Indicators

	TCAF	SCHG	Difference
Max Drawdown Largest peak-to-trough decline	-16.37%	-34.59%	+18.22%
Max Drawdown (1Y) Largest decline over 1 year	-11.33%	-16.41%	+5.08%
Max Drawdown (3Y) Largest decline over 3 years	-16.37%	-23.39%	+7.02%
Max Drawdown (5Y) Largest decline over 5 years	—	-34.59%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-34.59%	—
Current Drawdown Current decline from peak	-1.03%	-3.10%	+2.07%
Average Drawdown Average peak-to-trough decline	-2.04%	-5.19%	+3.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.92%	5.19%	-2.27%

Volatility

TCAF vs. SCHG - Volatility Comparison

The current volatility for T. Rowe Price Capital Appreciation Equity ETF (TCAF) is 3.19%, while Schwab U.S. Large-Cap Growth ETF (SCHG) has a volatility of 4.32%. This indicates that TCAF experiences smaller price fluctuations and is considered to be less risky than SCHG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TCAF	SCHG	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.19%	4.32%	-1.13%
Volatility (6M) Calculated over the trailing 6-month period	9.53%	12.90%	-3.37%
Volatility (1Y) Calculated over the trailing 1-year period	12.26%	16.67%	-4.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.91%	22.42%	-8.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.91%	21.59%	-7.68%

TCAF vs. SCHG - Expense Ratio Comparison

TCAF has a 0.31% expense ratio, which is higher than SCHG's 0.04% expense ratio.

Dividends

TCAF vs. SCHG - Dividend Comparison

TCAF's dividend yield for the trailing twelve months is around 0.46%, more than SCHG's 0.38% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SCHG Schwab U.S. Large-Cap Growth ETF	0.38%	0.36%	0.39%	0.46%	0.55%	0.42%	0.52%	0.82%	1.27%	1.01%	1.04%	1.22%
TCAF T. Rowe Price Capital Appreciation Equity ETF	0.46%	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 SCHG in my portfolio?

TCAF and SCHG have a correlation of 0.89, 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 SCHG?

SCHG has higher volatility (4.32%) compared to TCAF (3.19%). In terms of maximum drawdown, TCAF dropped -16.37% vs SCHG's -34.59%.

Which ETF is better, TCAF or SCHG?

On 3-year performance, SCHG leads with 21.39% vs 16.98% for TCAF. On fees, SCHG is cheaper at 0.04% per year. On volatility, TCAF has been the lower-risk option at 3.19%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TCAF or SCHG?

Over the 3-year period, SCHG has performed better with a 21.39% return vs 16.98%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TCAF or SCHG?

SCHG is cheaper with a 0.04% expense ratio, compared with 0.31% for TCAF.

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

TCAF has the higher dividend yield at 0.46%, compared with 0.38% for SCHG.

What is the main difference between TCAF and SCHG?

TCAF is categorized as Large Cap Blend Equities, while SCHG is Large Cap Growth Equities. They also come from different issuers: T. Rowe Price and Charles Schwab. Their fees differ too: 0.31% for TCAF and 0.04% for SCHG.

Which has better risk-adjusted returns?

TCAF currently has the higher Sharpe Ratio (1.13 vs 0.82), 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.