TCAL vs. ARMW

Last updated Jun 25, 2026

TCAL (T. Rowe Price Capital Appreciation Premium Income ETF) and ARMW (Roundhill ARM WeeklyPay ETF) are both Derivative Income funds. Both are actively managed. At a correlation of -0.01, they often move in opposite directions. TCAL charges 0.34%/yr vs 0.99%/yr for ARMW.

Performance

TCAL vs. ARMW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price Capital Appreciation Premium Income ETF (TCAL) and Roundhill ARM WeeklyPay ETF (ARMW). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TCAL achieves a -1.08% return, which is significantly lower than ARMW's 287.65% return.

TCAL

• 1D: 0.57%
• 1M: -0.13%
• YTD: -1.08%
• 6M: -2.03%
• 1Y: 0.40%
• 3Y*: —
• 5Y*: —
• 10Y*: —

ARMW

• 1D: -2.38%
• 1M: 19.11%
• YTD: 287.65%
• 6M: 278.87%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TCAL vs. ARMW - Yearly Performance Comparison

	2026 (YTD)	2025
TCAL T. Rowe Price Capital Appreciation Premium Income ETF	-1.08%	-0.68%
ARMW Roundhill ARM WeeklyPay ETF	287.65%	-41.28%

Correlation

The correlation between TCAL and ARMW is -0.01, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (All Time) Calculated using the full available price history since Oct 23, 2025	-0.01

TCAL vs. ARMW - Sectors Allocation Comparison

Sectors	TCAL	ARMW
Healthcare	21.5%	-
Industrials	20.9%	-
Financial Services	14.0%	-
Consumer Defensive	11.1%	-
Utilities	10.1%	-
Technology	9.8%	28.9%
Consumer Cyclical	8.1%	-
Real Estate	2.2%	-
Communication Services	1.7%	-
Basic Materials	1.7%	-
Energy	1.2%	-

Return for Risk

TCAL vs. ARMW — Risk / Return Rank

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

TCAL

TCAL Risk / Return Rank: 9
TCAL Sharpe Ratio Rank: 10
TCAL Sortino Ratio Rank: 9
TCAL Omega Ratio Rank: 9
TCAL Calmar Ratio Rank: 10
TCAL Martin Ratio Rank: 10

ARMW

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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.

TCAL vs. ARMW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Capital Appreciation Premium Income ETF (TCAL) and Roundhill ARM WeeklyPay ETF (ARMW). 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.

	TCAL	ARMW	Difference
Sharpe ratio: Return per unit of total volatility	0.04	—	—
Sortino ratio: Return per unit of downside risk	0.13	—	—
Omega ratio: Gain probability vs. loss probability	1.01	—	—
Calmar ratio: Return relative to maximum drawdown	0.06	—	—
Martin ratio: Return relative to average drawdown	0.14	—	—

Drawdowns

TCAL vs. ARMW - Drawdown Comparison

The maximum TCAL drawdown since its inception was -7.24%, smaller than the maximum ARMW drawdown of -48.47%. Use the drawdown chart below to compare losses from any high point for TCAL and ARMW.

Drawdown Indicators

	TCAL	ARMW	Difference
Max Drawdown Largest peak-to-trough decline	-7.24%	-48.47%	+41.23%
Max Drawdown (1Y) Largest decline over 1 year	-7.00%	—	—
Current Drawdown Current decline from peak	-4.17%	-21.98%	+17.81%
Average Drawdown Average peak-to-trough decline	-2.13%	-25.27%	+23.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.88%	—	—

Volatility

Volatility by Period

	TCAL	ARMW	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.12%	—	—
Volatility (6M) Calculated over the trailing 6-month period	7.13%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	9.54%	94.53%	-84.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.25%	94.53%	-83.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.25%	94.53%	-83.28%

TCAL vs. ARMW - Expense Ratio Comparison

TCAL has a 0.34% expense ratio, which is lower than ARMW's 0.99% expense ratio.

Dividends

TCAL vs. ARMW - Dividend Comparison

TCAL's dividend yield for the trailing twelve months is around 11.74%, less than ARMW's 26.61% yield.

Position	TTM	2025
ARMW Roundhill ARM WeeklyPay ETF	26.61%	16.38%
TCAL T. Rowe Price Capital Appreciation Premium Income ETF	11.74%	8.34%

Frequently Asked Questions

Can I hold both TCAL and ARMW in my portfolio?

TCAL and ARMW have a correlation of -0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, TCAL or ARMW?

On fees, TCAL is cheaper at 0.34% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, TCAL or ARMW?

TCAL is cheaper with a 0.34% expense ratio, compared with 0.99% for ARMW.

Which ETF pays a higher dividend yield, TCAL or ARMW?

ARMW has the higher dividend yield at 26.61%, compared with 11.74% for TCAL.

What is the main difference between TCAL and ARMW?

They also come from different issuers: T. Rowe Price and Roundhill Investments. Their fees differ too: 0.34% for TCAL and 0.99% for ARMW.