TCAF vs. TRAIX
TCAF (T. Rowe Price Capital Appreciation Equity ETF) and TRAIX (T. Rowe Price Capital Appreciation Fund - I Class) are both funds - TCAF is a Large Cap Blend Equities fund actively managed by T. Rowe Price, while TRAIX is a Diversified Portfolio fund actively managed by T. Rowe Price. Both are actively managed. Over the past 3 years, TCAF returned 17.42%/yr vs 12.89%/yr for TRAIX. Their correlation of 0.94 suggests significant overlap in exposure. TCAF charges 0.31%/yr vs 0.59%/yr for TRAIX.
Performance
TCAF vs. TRAIX - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with TCAF having a 4.55% return and TRAIX slightly higher at 4.62%.
TCAF
- 1D
- -0.79%
- 1M
- -1.19%
- YTD
- 4.55%
- 6M
- 4.09%
- 1Y
- 17.22%
- 3Y*
- 17.42%
- 5Y*
- —
- 10Y*
- —
TRAIX
- 1D
- -0.08%
- 1M
- -0.53%
- YTD
- 4.62%
- 6M
- 4.50%
- 1Y
- 12.63%
- 3Y*
- 12.89%
- 5Y*
- 8.56%
- 10Y*
- 11.49%
TCAF vs. TRAIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
TCAF T. Rowe Price Capital Appreciation Equity ETF | 4.55% | 15.45% | 20.93% | 9.71% |
TRAIX T. Rowe Price Capital Appreciation Fund - I Class | 4.62% | 12.57% | 12.64% | 8.43% |
Correlation
The correlation between TCAF and TRAIX is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.97 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.94 |
Correlation (All Time) Calculated using the full available price history since Jun 15, 2023 | 0.94 |
The correlation between TCAF and TRAIX has been stable across timeframes, ranging from 0.94 to 0.97 - a consistent structural relationship.
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Return for Risk
TCAF vs. TRAIX — Risk / Return Rank
TCAF
TRAIX
TCAF vs. TRAIX - 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 - I Class (TRAIX). 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 | TRAIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.25 | ||
| Sortino ratioReturn per unit of downside risk | -0.40 | ||
| Omega ratioGain probability vs. loss probability | 1.26 | 1.32 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | 1.53 | 2.09 | -0.56 |
| Martin ratioReturn relative to average drawdown | 6.00 | 8.74 | -2.74 |
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Drawdowns
TCAF vs. TRAIX - Drawdown Comparison
The maximum TCAF drawdown since its inception was -16.37%, smaller than the maximum TRAIX drawdown of -26.84%. Use the drawdown chart below to compare losses from any high point for TCAF and TRAIX.
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Drawdown Indicators
| TCAF | TRAIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -16.37% | -26.84% | +10.47% |
Max Drawdown (1Y)Largest decline over 1 year | -11.33% | -6.30% | -5.03% |
Max Drawdown (3Y)Largest decline over 3 years | -16.37% | -16.02% | -0.35% |
Max Drawdown (5Y)Largest decline over 5 years | — | -17.00% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -26.84% | — |
Current DrawdownCurrent decline from peak | -2.80% | -1.58% | -1.22% |
Average DrawdownAverage peak-to-trough decline | -2.07% | -2.82% | +0.75% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.88% | 1.50% | +1.38% |
Volatility
TCAF vs. TRAIX - Volatility Comparison
T. Rowe Price Capital Appreciation Equity ETF (TCAF) has a higher volatility of 4.21% compared to T. Rowe Price Capital Appreciation Fund - I Class (TRAIX) at 2.80%. This indicates that TCAF's price experiences larger fluctuations and is considered to be riskier than TRAIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TCAF | TRAIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.21% | 2.80% | +1.41% |
Volatility (6M)Calculated over the trailing 6-month period | 9.43% | 6.26% | +3.17% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.00% | 7.76% | +4.24% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.02% | 12.80% | +1.22% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.02% | 12.77% | +1.25% |
TCAF vs. TRAIX - Expense Ratio Comparison
TCAF has a 0.31% expense ratio, which is lower than TRAIX's 0.59% expense ratio.
Dividends
TCAF vs. TRAIX - Dividend Comparison
TCAF's dividend yield for the trailing twelve months is around 0.48%, less than TRAIX's 8.56% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
TCAF T. Rowe Price Capital Appreciation Equity ETF | 0.48% | 0.50% | 0.43% | 0.26% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
TRAIX T. Rowe Price Capital Appreciation Fund - I Class | 8.56% | 8.96% | 10.52% | 4.28% | 9.70% | 9.35% | 8.08% | 5.92% | 7.57% | 6.96% | 3.59% |
Frequently Asked Questions
With a correlation of 0.97, TCAF and TRAIX 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.
TCAF has higher volatility (4.21%) compared to TRAIX (2.80%). In terms of maximum drawdown, TCAF dropped -16.37% vs TRAIX's -26.84%.
TRAIX currently has the higher Sharpe Ratio (1.70 vs 1.44), 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.
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