TCAL vs. PAPI

Last updated Apr 1, 2026

Compare and contrast key facts about T. Rowe Price Capital Appreciation Premium Income ETF (TCAL) and Parametric Equity Premium Income ETF (PAPI).

TCAL and PAPI 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. PAPI is an actively managed fund by Morgan Stanley. It was launched on Oct 16, 2023.

Performance

TCAL vs. PAPI - 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 Parametric Equity Premium Income ETF (PAPI). The values are adjusted to include any dividend payments, if applicable.

TCAL vs. PAPI - Yearly Performance Comparison

	2026 (YTD)	2025
TCAL T. Rowe Price Capital Appreciation Premium Income ETF	-2.47%	1.58%
PAPI Parametric Equity Premium Income ETF	8.31%	3.16%

Returns By Period

In the year-to-date period, TCAL achieves a -2.47% return, which is significantly lower than PAPI's 8.31% return.

TCAL

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

PAPI

• 1D: 0.54%
• 1M: -2.62%
• YTD: 8.31%
• 6M: 9.20%
• 1Y: 11.50%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TCAL vs. PAPI - Expense Ratio Comparison

TCAL has a 0.34% expense ratio, which is higher than PAPI's 0.29% expense ratio.

TCAL

T. Rowe Price Capital Appreciation Premium Income ETF

PAPI

Parametric Equity Premium Income ETF

Return for Risk

TCAL vs. PAPI — 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

PAPI

PAPI Risk / Return Rank: 46
PAPI Sharpe Ratio Rank: 47
PAPI Sortino Ratio Rank: 46
PAPI Omega Ratio Rank: 43
PAPI Calmar Ratio Rank: 44
PAPI Martin Ratio Rank: 50

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. PAPI - 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 Parametric Equity Premium Income ETF (PAPI). 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	PAPI	Difference
Sharpe ratio Return per unit of total volatility	-0.12	0.82	-0.94
Sortino ratio Return per unit of downside risk	-0.09	1.23	-1.31
Omega ratio Gain probability vs. loss probability	0.99	1.16	-0.18
Calmar ratio Return relative to maximum drawdown	-0.07	1.08	-1.15
Martin ratio Return relative to average drawdown	-0.22	4.62	-4.84
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. PAPI - Sharpe Ratio Comparison

The current TCAL Sharpe Ratio is -0.12, which is lower than the PAPI Sharpe Ratio of 0.82. The chart below compares the historical Sharpe Ratios of TCAL and PAPI, 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	PAPI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.12	0.82	-0.94
Sharpe Ratio (All Time) Calculated using the full available price history	-0.08	1.02	-1.10

Correlation

The correlation between TCAL and PAPI is 0.71, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

TCAL vs. PAPI - Dividend Comparison

TCAL's dividend yield for the trailing twelve months is around 11.74%, more than PAPI's 7.50% yield.

	TTM	2025	2024	2023
TCAL T. Rowe Price Capital Appreciation Premium Income ETF	11.74%	8.34%	0.00%	0.00%
PAPI Parametric Equity Premium Income ETF	7.50%	7.59%	7.07%	1.45%

Drawdowns

TCAL vs. PAPI - Drawdown Comparison

The maximum TCAL drawdown since its inception was -7.24%, smaller than the maximum PAPI drawdown of -14.27%. Use the drawdown chart below to compare losses from any high point for TCAL and PAPI.

Drawdown Indicators

	TCAL	PAPI	Difference
Max Drawdown Largest peak-to-trough decline	-7.24%	-14.27%	+7.03%
Max Drawdown (1Y) Largest decline over 1 year	-7.24%	-11.59%	+4.35%
Current Drawdown Current decline from peak	-5.52%	-2.82%	-2.70%
Average Drawdown Average peak-to-trough decline	-1.59%	-2.57%	+0.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.13%	2.72%	-0.59%

Volatility

TCAL vs. PAPI - Volatility Comparison

T. Rowe Price Capital Appreciation Premium Income ETF (TCAL) and Parametric Equity Premium Income ETF (PAPI) have volatilities of 3.36% and 3.21%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TCAL	PAPI	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.36%	3.21%	+0.15%
Volatility (6M) Calculated over the trailing 6-month period	7.61%	7.51%	+0.10%
Volatility (1Y) Calculated over the trailing 1-year period	11.70%	14.14%	-2.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.68%	11.96%	-0.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.68%	11.96%	-0.28%