TCAF vs. TGRW

Last updated Apr 1, 2026

Compare and contrast key facts about T. Rowe Price Capital Appreciation Equity ETF (TCAF) and T. Rowe Price Growth Stock ETF (TGRW).

TCAF and TGRW are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. TCAF is an actively managed fund by T. Rowe Price. It was launched on Jun 14, 2023. TGRW is an actively managed fund by T. Rowe Price. It was launched on Aug 4, 2020.

Performance

TCAF vs. TGRW - 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 Growth Stock ETF (TGRW). The values are adjusted to include any dividend payments, if applicable.

TCAF vs. TGRW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
TCAF T. Rowe Price Capital Appreciation Equity ETF	-6.88%	15.45%	20.93%	8.40%
TGRW T. Rowe Price Growth Stock ETF	-11.99%	15.62%	29.94%	11.91%

Returns By Period

In the year-to-date period, TCAF achieves a -6.88% return, which is significantly higher than TGRW's -11.99% return.

TCAF

• 1D: 2.98%
• 1M: -5.55%
• YTD: -6.88%
• 6M: -5.12%
• 1Y: 10.81%
• 3Y*: —
• 5Y*: —
• 10Y*: —

TGRW

• 1D: 3.89%
• 1M: -5.72%
• YTD: -11.99%
• 6M: -11.09%
• 1Y: 13.20%
• 3Y*: 18.97%
• 5Y*: 6.43%
• 10Y*: —

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

TCAF vs. TGRW - Expense Ratio Comparison

TCAF has a 0.31% expense ratio, which is lower than TGRW's 0.52% expense ratio.

TGRW

T. Rowe Price Growth Stock ETF

TCAF

T. Rowe Price Capital Appreciation Equity ETF

Return for Risk

TCAF vs. TGRW — 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: 36
TCAF Sortino Ratio Rank: 38
TCAF Omega Ratio Rank: 39
TCAF Calmar Ratio Rank: 42
TCAF Martin Ratio Rank: 41

TGRW

TGRW Risk / Return Rank: 32
TGRW Sharpe Ratio Rank: 32
TGRW Sortino Ratio Rank: 36
TGRW Omega Ratio Rank: 35
TGRW Calmar Ratio Rank: 30
TGRW Martin Ratio Rank: 28

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. TGRW - 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 Growth Stock ETF (TGRW). 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	TGRW	Difference
Sharpe ratio Return per unit of total volatility	0.63	0.58	+0.05
Sortino ratio Return per unit of downside risk	1.02	1.00	+0.02
Omega ratio Gain probability vs. loss probability	1.15	1.14	+0.01
Calmar ratio Return relative to maximum drawdown	0.98	0.68	+0.30
Martin ratio Return relative to average drawdown	3.61	2.28	+1.33
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. TGRW - Sharpe Ratio Comparison

The current TCAF Sharpe Ratio is 0.63, which is comparable to the TGRW Sharpe Ratio of 0.58. The chart below compares the historical Sharpe Ratios of TCAF and TGRW, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	TCAF	TGRW	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.63	0.58	+0.05
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.28	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.93	0.38	+0.55

Correlation

The correlation between TCAF and TGRW is 0.86, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

TCAF vs. TGRW - Dividend Comparison

TCAF's dividend yield for the trailing twelve months is around 0.54%, while TGRW has not paid dividends to shareholders.

	TTM	2025	2024	2023	2022	2021	2020
TCAF T. Rowe Price Capital Appreciation Equity ETF	0.54%	0.50%	0.43%	0.26%	0.00%	0.00%	0.00%
TGRW T. Rowe Price Growth Stock ETF	0.00%	0.00%	0.00%	0.01%	0.00%	0.40%	0.21%

Drawdowns

TCAF vs. TGRW - Drawdown Comparison

The maximum TCAF drawdown since its inception was -16.37%, smaller than the maximum TGRW drawdown of -43.33%. Use the drawdown chart below to compare losses from any high point for TCAF and TGRW.

Drawdown Indicators

	TCAF	TGRW	Difference
Max Drawdown Largest peak-to-trough decline	-16.37%	-43.33%	+26.96%
Max Drawdown (1Y) Largest decline over 1 year	-11.33%	-18.84%	+7.51%
Max Drawdown (5Y) Largest decline over 5 years	—	-43.33%	—
Current Drawdown Current decline from peak	-8.66%	-15.68%	+7.02%
Average Drawdown Average peak-to-trough decline	-2.10%	-12.72%	+10.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.08%	5.61%	-2.53%

Volatility

TCAF vs. TGRW - Volatility Comparison

The current volatility for T. Rowe Price Capital Appreciation Equity ETF (TCAF) is 5.47%, while T. Rowe Price Growth Stock ETF (TGRW) has a volatility of 7.09%. This indicates that TCAF experiences smaller price fluctuations and is considered to be less risky than TGRW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TCAF	TGRW	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.47%	7.09%	-1.62%
Volatility (6M) Calculated over the trailing 6-month period	9.26%	13.18%	-3.92%
Volatility (1Y) Calculated over the trailing 1-year period	17.35%	23.00%	-5.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.12%	23.28%	-9.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.12%	23.20%	-9.08%