TCAF vs. VFMV

Last updated Jun 13, 2026

TCAF (T. Rowe Price Capital Appreciation Equity ETF) and VFMV (Vanguard U.S. Minimum Volatility ETF) are both exchange-traded funds - TCAF is a Large Cap Blend Equities fund actively managed by T. Rowe Price, while VFMV is a Mid Cap Blend Equities fund actively managed by Vanguard. Both are actively managed. Over the past year, TCAF returned 16.10% vs 12.36% for VFMV. A 0.72 correlation means they provide meaningful diversification when combined. TCAF charges 0.31%/yr vs 0.13%/yr for VFMV.

Performance

TCAF vs. VFMV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price Capital Appreciation Equity ETF (TCAF) and Vanguard U.S. Minimum Volatility ETF (VFMV). 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 VFMV's 8.57% return.

TCAF

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

VFMV

• 1D: 0.40%
• 1M: 1.39%
• YTD: 8.57%
• 6M: 7.81%
• 1Y: 12.36%
• 3Y*: 14.22%
• 5Y*: 9.55%
• 10Y*: —

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

TCAF vs. VFMV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
TCAF T. Rowe Price Capital Appreciation Equity ETF	4.37%	15.45%	20.93%	9.71%
VFMV Vanguard U.S. Minimum Volatility ETF	8.57%	10.52%	16.91%	6.71%

Correlation

The correlation between TCAF and VFMV is 0.65, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.65
Correlation (All Time) Calculated using the full available price history since Jun 15, 2023	0.72

The correlation between TCAF and VFMV has been stable across timeframes, ranging from 0.65 to 0.72 - a consistent structural relationship.

TCAF vs. VFMV - Sectors Allocation Comparison

Sectors	TCAF	VFMV
Technology	33.7%	25.1%
Healthcare	17.3%	10.1%
Communication Services	11.4%	10.7%
Consumer Cyclical	10.6%	6.9%
Utilities	8.6%	6.7%
Financial Services	6.0%	10.6%
Industrials	4.6%	10.1%
Consumer Defensive	3.3%	9.5%
Energy	2.6%	3.9%
Basic Materials	0.1%	-
Real Estate	0.1%	6.4%

Return for Risk

TCAF vs. VFMV — 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

VFMV

VFMV Risk / Return Rank: 47
VFMV Sharpe Ratio Rank: 46
VFMV Sortino Ratio Rank: 46
VFMV Omega Ratio Rank: 43
VFMV Calmar Ratio Rank: 47
VFMV Martin Ratio Rank: 53

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. VFMV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Capital Appreciation Equity ETF (TCAF) and Vanguard U.S. Minimum Volatility ETF (VFMV). 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	VFMV	Difference
Sharpe ratio: Return per unit of total volatility	1.37	1.41	-0.03
Sortino ratio: Return per unit of downside risk	1.91	2.05	-0.14
Omega ratio: Gain probability vs. loss probability	1.25	1.25	0.00
Calmar ratio: Return relative to maximum drawdown	1.43	2.07	-0.64
Martin ratio: Return relative to average drawdown	5.64	8.03	-2.39

TCAF vs. VFMV - Sharpe Ratio Comparison

The current TCAF Sharpe Ratio is 1.37, which is comparable to the VFMV Sharpe Ratio of 1.41. The chart below compares the historical Sharpe Ratios of TCAF and VFMV, 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. VFMV - Drawdown Comparison

The maximum TCAF drawdown since its inception was -16.37%, smaller than the maximum VFMV drawdown of -33.64%. Use the drawdown chart below to compare losses from any high point for TCAF and VFMV.

Drawdown Indicators

	TCAF	VFMV	Difference
Max Drawdown Largest peak-to-trough decline	-16.37%	-33.64%	+17.27%
Max Drawdown (1Y) Largest decline over 1 year	-11.33%	-6.00%	-5.33%
Max Drawdown (3Y) Largest decline over 3 years	—	-10.35%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-15.41%	—
Current Drawdown Current decline from peak	-2.97%	-0.98%	-1.99%
Average Drawdown Average peak-to-trough decline	-2.07%	-3.63%	+1.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.86%	1.55%	+1.31%

Volatility

TCAF vs. VFMV - Volatility Comparison

T. Rowe Price Capital Appreciation Equity ETF (TCAF) has a higher volatility of 3.60% compared to Vanguard U.S. Minimum Volatility ETF (VFMV) at 2.30%. This indicates that TCAF's price experiences larger fluctuations and is considered to be riskier than VFMV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TCAF	VFMV	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.60%	2.30%	+1.30%
Volatility (6M) Calculated over the trailing 6-month period	9.20%	6.32%	+2.88%
Volatility (1Y) Calculated over the trailing 1-year period	11.77%	8.83%	+2.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.98%	11.75%	+2.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.98%	14.23%	-0.25%

TCAF vs. VFMV - Expense Ratio Comparison

TCAF has a 0.31% expense ratio, which is higher than VFMV's 0.13% expense ratio.

Dividends

TCAF vs. VFMV - Dividend Comparison

TCAF's dividend yield for the trailing twelve months is around 0.48%, less than VFMV's 1.93% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
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%
VFMV Vanguard U.S. Minimum Volatility ETF	1.93%	2.12%	1.46%	2.20%	2.08%	1.31%	2.14%	2.43%	2.29%

Frequently Asked Questions

Can I hold both TCAF and VFMV in my portfolio?

TCAF and VFMV have a correlation of 0.65, 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 VFMV?

TCAF has higher volatility (3.60%) compared to VFMV (2.30%). In terms of maximum drawdown, TCAF dropped -16.37% vs VFMV's -33.64%.

Which ETF is better, TCAF or VFMV?

On 1-year performance, TCAF leads with 16.10% vs 12.36% for VFMV. On fees, VFMV is cheaper at 0.13% per year. On volatility, VFMV has been the lower-risk option at 2.30%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TCAF or VFMV?

Over the 1-year period, TCAF has performed better with a 16.10% return vs 12.36%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TCAF or VFMV?

VFMV is cheaper with a 0.13% expense ratio, compared with 0.31% for TCAF.

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

VFMV has the higher dividend yield at 1.93%, compared with 0.48% for TCAF.

What is the main difference between TCAF and VFMV?

TCAF is categorized as Large Cap Blend Equities, while VFMV is Mid Cap Blend Equities. They also come from different issuers: T. Rowe Price and Vanguard. Their fees differ too: 0.31% for TCAF and 0.13% for VFMV.

Which has better risk-adjusted returns?

VFMV currently has the higher Sharpe Ratio (1.41 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.