TCAL vs. BABO

Last updated Apr 1, 2026

Compare and contrast key facts about T. Rowe Price Capital Appreciation Premium Income ETF (TCAL) and YieldMax BABA Option Income Strategy ETF (BABO).

TCAL and BABO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. TCAL is an actively managed fund by T. Rowe Price. It was launched on Mar 26, 2025. BABO is an actively managed fund by YieldMax. It was launched on Aug 7, 2024.

Performance

TCAL vs. BABO - 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 YieldMax BABA Option Income Strategy ETF (BABO). The values are adjusted to include any dividend payments, if applicable.

TCAL vs. BABO - Yearly Performance Comparison

	2026 (YTD)	2025
TCAL T. Rowe Price Capital Appreciation Premium Income ETF	-2.47%	1.58%
BABO YieldMax BABA Option Income Strategy ETF	-12.67%	4.52%

Returns By Period

In the year-to-date period, TCAL achieves a -2.47% return, which is significantly higher than BABO's -12.67% return.

TCAL

• 1D: 0.99%
• 1M: -5.52%
• YTD: -2.47%
• 6M: -2.85%
• 1Y: -1.38%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BABO

• 1D: 2.67%
• 1M: -10.26%
• YTD: -12.67%
• 6M: -23.73%
• 1Y: -6.74%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TCAL vs. BABO - Expense Ratio Comparison

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

BABO

YieldMax BABA Option Income Strategy ETF

TCAL

T. Rowe Price Capital Appreciation Premium Income ETF

Return for Risk

TCAL vs. BABO — 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: 8
TCAL Omega Ratio Rank: 8
TCAL Calmar Ratio Rank: 11
TCAL Martin Ratio Rank: 10

BABO

BABO Risk / Return Rank: 9
BABO Sharpe Ratio Rank: 8
BABO Sortino Ratio Rank: 10
BABO Omega Ratio Rank: 10
BABO Calmar Ratio Rank: 8
BABO Martin Ratio Rank: 8

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. BABO - 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 YieldMax BABA Option Income Strategy ETF (BABO). 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.

	TCAL	BABO	Difference
Sharpe ratio Return per unit of total volatility	-0.12	-0.18	+0.06
Sortino ratio Return per unit of downside risk	-0.09	0.00	-0.09
Omega ratio Gain probability vs. loss probability	0.99	1.00	-0.01
Calmar ratio Return relative to maximum drawdown	-0.07	-0.23	+0.17
Martin ratio Return relative to average drawdown	-0.22	-0.52	+0.30
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TCAL vs. BABO - Sharpe Ratio Comparison

The current TCAL Sharpe Ratio is -0.12, which is higher than the BABO Sharpe Ratio of -0.18. The chart below compares the historical Sharpe Ratios of TCAL and BABO, 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

	TCAL	BABO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.12	-0.18	+0.06
Sharpe Ratio (All Time) Calculated using the full available price history	-0.08	0.44	-0.52

Correlation

The correlation between TCAL and BABO is 0.18, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

TCAL vs. BABO - Dividend Comparison

TCAL's dividend yield for the trailing twelve months is around 11.74%, less than BABO's 87.67% yield.

	TTM	2025	2024
TCAL T. Rowe Price Capital Appreciation Premium Income ETF	11.74%	8.34%	0.00%
BABO YieldMax BABA Option Income Strategy ETF	87.67%	85.50%	20.65%

Drawdowns

TCAL vs. BABO - Drawdown Comparison

The maximum TCAL drawdown since its inception was -7.24%, smaller than the maximum BABO drawdown of -29.26%. Use the drawdown chart below to compare losses from any high point for TCAL and BABO.

Drawdown Indicators

	TCAL	BABO	Difference
Max Drawdown Largest peak-to-trough decline	-7.24%	-29.26%	+22.02%
Max Drawdown (1Y) Largest decline over 1 year	-7.24%	-28.85%	+21.61%
Current Drawdown Current decline from peak	-5.52%	-26.64%	+21.12%
Average Drawdown Average peak-to-trough decline	-1.59%	-12.54%	+10.95%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.13%	12.93%	-10.80%

Volatility

TCAL vs. BABO - Volatility Comparison

The current volatility for T. Rowe Price Capital Appreciation Premium Income ETF (TCAL) is 3.36%, while YieldMax BABA Option Income Strategy ETF (BABO) has a volatility of 10.87%. This indicates that TCAL experiences smaller price fluctuations and is considered to be less risky than BABO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TCAL	BABO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.36%	10.87%	-7.51%
Volatility (6M) Calculated over the trailing 6-month period	7.61%	24.93%	-17.32%
Volatility (1Y) Calculated over the trailing 1-year period	11.70%	37.51%	-25.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.68%	36.96%	-25.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.68%	36.96%	-25.28%