TCAF vs. TRPBX

Last updated Jun 13, 2026

TCAF (T. Rowe Price Capital Appreciation Equity ETF) and TRPBX (T. Rowe Price Spectrum Moderate Allocation Fund) are both funds - TCAF is a Large Cap Blend Equities fund actively managed by T. Rowe Price, while TRPBX is a Diversified Portfolio fund managed by T. Rowe Price. Over the past year, TCAF returned 16.10% vs 15.63% for TRPBX. Their correlation of 0.88 suggests significant overlap in exposure. TCAF charges 0.31%/yr vs 0.51%/yr for TRPBX.

Performance

TCAF vs. TRPBX - 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 Spectrum Moderate Allocation Fund (TRPBX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TCAF achieves a 4.37% return, which is significantly lower than TRPBX's 6.41% return.

TCAF

• 1D: 0.18%
• 1M: -0.77%
• YTD: 4.37%
• 6M: 5.06%
• 1Y: 16.10%
• 3Y*: —
• 5Y*: —
• 10Y*: —

TRPBX

• 1D: 1.49%
• 1M: -0.11%
• YTD: 6.41%
• 6M: 6.94%
• 1Y: 15.63%
• 3Y*: 12.85%
• 5Y*: 5.57%
• 10Y*: 8.73%

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

TCAF vs. TRPBX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
TCAF T. Rowe Price Capital Appreciation Equity ETF	4.37%	15.45%	20.93%	9.71%
TRPBX T. Rowe Price Spectrum Moderate Allocation Fund	6.41%	14.47%	10.24%	6.63%

Correlation

The correlation between TCAF and TRPBX is 0.87, 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	0.87
Correlation (All Time) Calculated using the full available price history since Jun 15, 2023	0.88

The correlation between TCAF and TRPBX has been stable across timeframes, ranging from 0.87 to 0.88 - a consistent structural relationship.

Return for Risk

TCAF vs. TRPBX — Risk / Return Rank

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

TCAF

TCAF Risk / Return Rank: 41
TCAF Sharpe Ratio Rank: 44
TCAF Sortino Ratio Rank: 42
TCAF Omega Ratio Rank: 44
TCAF Calmar Ratio Rank: 33
TCAF Martin Ratio Rank: 40

TRPBX

TRPBX Risk / Return Rank: 63
TRPBX Sharpe Ratio Rank: 64
TRPBX Sortino Ratio Rank: 64
TRPBX Omega Ratio Rank: 67
TRPBX Calmar Ratio Rank: 55
TRPBX Martin Ratio Rank: 67

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. TRPBX - 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 Spectrum Moderate Allocation Fund (TRPBX). 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	TRPBX	Difference
Sharpe ratio: Return per unit of total volatility	1.37	1.90	-0.53
Sortino ratio: Return per unit of downside risk	1.91	2.68	-0.77
Omega ratio: Gain probability vs. loss probability	1.25	1.37	-0.12
Calmar ratio: Return relative to maximum drawdown	1.43	2.39	-0.96
Martin ratio: Return relative to average drawdown	5.64	10.42	-4.78

TCAF vs. TRPBX - Sharpe Ratio Comparison

The current TCAF Sharpe Ratio is 1.37, which is comparable to the TRPBX Sharpe Ratio of 1.90. The chart below compares the historical Sharpe Ratios of TCAF and TRPBX, 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. TRPBX - Drawdown Comparison

The maximum TCAF drawdown since its inception was -16.37%, smaller than the maximum TRPBX drawdown of -41.62%. Use the drawdown chart below to compare losses from any high point for TCAF and TRPBX.

Drawdown Indicators

	TCAF	TRPBX	Difference
Max Drawdown Largest peak-to-trough decline	-16.37%	-41.62%	+25.25%
Max Drawdown (1Y) Largest decline over 1 year	-11.33%	-6.72%	-4.61%
Max Drawdown (3Y) Largest decline over 3 years	—	-9.73%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-23.21%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-24.55%	—
Current Drawdown Current decline from peak	-2.97%	-1.15%	-1.82%
Average Drawdown Average peak-to-trough decline	-2.07%	-4.13%	+2.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.86%	1.53%	+1.33%

Volatility

TCAF vs. TRPBX - Volatility Comparison

T. Rowe Price Capital Appreciation Equity ETF (TCAF) has a higher volatility of 3.60% compared to T. Rowe Price Spectrum Moderate Allocation Fund (TRPBX) at 3.34%. This indicates that TCAF's price experiences larger fluctuations and is considered to be riskier than TRPBX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TCAF	TRPBX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.60%	3.34%	+0.26%
Volatility (6M) Calculated over the trailing 6-month period	9.20%	7.06%	+2.14%
Volatility (1Y) Calculated over the trailing 1-year period	11.77%	8.41%	+3.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.98%	9.98%	+4.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.98%	10.57%	+3.41%

TCAF vs. TRPBX - Expense Ratio Comparison

TCAF has a 0.31% expense ratio, which is lower than TRPBX's 0.51% expense ratio.

Dividends

TCAF vs. TRPBX - Dividend Comparison

TCAF's dividend yield for the trailing twelve months is around 0.48%, less than TRPBX's 7.99% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%	0.00%
TRPBX T. Rowe Price Spectrum Moderate Allocation Fund	7.99%	8.46%	6.87%	3.09%	7.38%	9.57%	4.90%	5.41%	8.82%	5.40%	2.76%	6.89%

Frequently Asked Questions

Can I hold both TCAF and TRPBX in my portfolio?

TCAF and TRPBX have a correlation of 0.87, 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 TRPBX?

TCAF has higher volatility (3.60%) compared to TRPBX (3.34%). In terms of maximum drawdown, TCAF dropped -16.37% vs TRPBX's -41.62%.

Which has better risk-adjusted returns?

TRPBX currently has the higher Sharpe Ratio (1.90 vs 1.37), 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.