TCAL vs. CHAT

Last updated Jul 12, 2026

TCAL (T. Rowe Price Capital Appreciation Premium Income ETF) and CHAT (Roundhill Generative AI & Technology ETF) are both exchange-traded funds - TCAL is a Derivative Income fund actively managed by T. Rowe Price, while CHAT is a Technology Equities fund actively managed by Roundhill. Both are actively managed. Over the past year, TCAL returned 3.56% vs 95.89% for CHAT. At a correlation of -0.03, they often move in opposite directions. TCAL charges 0.34%/yr vs 0.75%/yr for CHAT.

Performance

TCAL vs. CHAT - 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 Generative AI & Technology ETF (CHAT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TCAL achieves a 2.86% return, which is significantly lower than CHAT's 55.60% return.

TCAL

• 1D: 0.57%
• 1M: 4.06%
• 6M: 1.48%
• YTD: 2.86%
• 1Y: 3.56%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CHAT

• 1D: -0.70%
• 1M: -1.50%
• 6M: 50.10%
• YTD: 55.60%
• 1Y: 95.89%
• 3Y*: 48.25%
• 5Y*: —
• 10Y*: —

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

TCAL vs. CHAT - Yearly Performance Comparison

	2026 (YTD)	2025
TCAL T. Rowe Price Capital Appreciation Premium Income ETF	2.86%	1.89%
CHAT Roundhill Generative AI & Technology ETF	55.60%	64.31%

Correlation

The correlation between TCAL and CHAT is -0.10, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.10
Correlation (All Time) Calculated using the full available price history since Mar 27, 2025	-0.03

TCAL vs. CHAT - Sectors Allocation Comparison

Sectors	TCAL	CHAT
Healthcare	21.9%	-
Industrials	20.6%	3.5%
Financial Services	13.5%	0.0%
Technology	11.6%	75.7%
Utilities	10.0%	-
Consumer Defensive	9.5%	-
Consumer Cyclical	8.2%	2.6%
Communication Services	2.9%	17.9%
Real Estate	2.2%	-
Basic Materials	1.7%	-
Energy	1.2%	-

Return for Risk

TCAL vs. CHAT — Risk / Return Rank

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

TCAL

TCAL Risk / Return Rank: 15
TCAL Sharpe Ratio Rank: 15
TCAL Sortino Ratio Rank: 14
TCAL Omega Ratio Rank: 13
TCAL Calmar Ratio Rank: 16
TCAL Martin Ratio Rank: 16

CHAT

CHAT Risk / Return Rank: 88
CHAT Sharpe Ratio Rank: 93
CHAT Sortino Ratio Rank: 82
CHAT Omega Ratio Rank: 84
CHAT Calmar Ratio Rank: 94
CHAT Martin Ratio Rank: 88

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. CHAT - 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 Generative AI & Technology ETF (CHAT). 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	CHAT	Difference
Sharpe ratio: Return per unit of total volatility	0.32	2.61	-2.29
Sortino ratio: Return per unit of downside risk	0.53	2.91	-2.39
Omega ratio: Gain probability vs. loss probability	1.06	1.40	-0.34
Calmar ratio: Return relative to maximum drawdown	0.45	5.84	-5.39
Martin ratio: Return relative to average drawdown	1.07	14.97	-13.90

TCAL vs. CHAT - Sharpe Ratio Comparison

The current TCAL Sharpe Ratio is 0.32, which is lower than the CHAT Sharpe Ratio of 2.61. The chart below compares the historical Sharpe Ratios of TCAL and CHAT, 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

TCAL vs. CHAT - Drawdown Comparison

The maximum TCAL drawdown since its inception was -7.24%, smaller than the maximum CHAT drawdown of -31.34%. Use the drawdown chart below to compare losses from any high point for TCAL and CHAT.

Drawdown Indicators

	TCAL	CHAT	Difference
Max Drawdown Largest peak-to-trough decline	-7.24%	-31.34%	+24.10%
Max Drawdown (1Y) Largest decline over 1 year	-7.00%	-16.28%	+9.28%
Max Drawdown (3Y) Largest decline over 3 years	—	-31.34%	—
Current Drawdown Current decline from peak	-0.36%	-11.85%	+11.49%
Average Drawdown Average peak-to-trough decline	-2.11%	-5.46%	+3.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.91%	6.34%	-3.43%

Volatility

TCAL vs. CHAT - Volatility Comparison

The current volatility for T. Rowe Price Capital Appreciation Premium Income ETF (TCAL) is 2.89%, while Roundhill Generative AI & Technology ETF (CHAT) has a volatility of 17.98%. This indicates that TCAL experiences smaller price fluctuations and is considered to be less risky than CHAT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TCAL	CHAT	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.89%	17.98%	-15.09%
Volatility (6M) Calculated over the trailing 6-month period	6.97%	31.59%	-24.62%
Volatility (1Y) Calculated over the trailing 1-year period	9.63%	36.41%	-26.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.19%	31.64%	-20.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.19%	31.64%	-20.45%

TCAL vs. CHAT - Expense Ratio Comparison

TCAL has a 0.34% expense ratio, which is lower than CHAT's 0.75% expense ratio.

Dividends

TCAL vs. CHAT - Dividend Comparison

TCAL's dividend yield for the trailing twelve months is around 12.10%, more than CHAT's 1.83% yield.

Position	TTM	2025
CHAT Roundhill Generative AI & Technology ETF	1.83%	2.85%
TCAL T. Rowe Price Capital Appreciation Premium Income ETF	12.10%	8.34%

Frequently Asked Questions

Can I hold both TCAL and CHAT in my portfolio?

TCAL and CHAT have a correlation of -0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TCAL or CHAT?

CHAT has higher volatility (17.98%) compared to TCAL (2.89%). In terms of maximum drawdown, TCAL dropped -7.24% vs CHAT's -31.34%.

Which ETF is better, TCAL or CHAT?

On 1-year performance, CHAT leads with 95.89% vs 3.56% for TCAL. On fees, TCAL is cheaper at 0.34% per year. On volatility, TCAL has been the lower-risk option at 2.89%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TCAL or CHAT?

Over the 1-year period, CHAT has performed better with a 95.89% return vs 3.56%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TCAL or CHAT?

TCAL is cheaper with a 0.34% expense ratio, compared with 0.75% for CHAT.

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

TCAL has the higher dividend yield at 12.10%, compared with 1.83% for CHAT.

What is the main difference between TCAL and CHAT?

TCAL is categorized as Derivative Income, while CHAT is Technology Equities. They also come from different issuers: T. Rowe Price and Roundhill. Their fees differ too: 0.34% for TCAL and 0.75% for CHAT.

Which has better risk-adjusted returns?

CHAT currently has the higher Sharpe Ratio (2.61 vs 0.32), 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.