TCAL vs. TCAF

Last updated Aug 2, 2026

TCAL (T. Rowe Price Capital Appreciation Premium Income ETF) and TCAF (T. Rowe Price Capital Appreciation Equity ETF) are both exchange-traded funds - TCAL is a Derivative Income fund actively managed by T. Rowe Price, while TCAF is a Large Cap Blend Equities fund actively managed by T. Rowe Price. Both are actively managed. Over the past year, TCAL returned 4.22% vs 16.02% for TCAF. Their 0.39 correlation means their historical movements had little consistent relationship. TCAL charges 0.34%/yr vs 0.31%/yr for TCAF.

Performance

TCAL vs. TCAF - 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 T. Rowe Price Capital Appreciation Equity ETF (TCAF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TCAL achieves a 3.41% return, which is significantly lower than TCAF's 8.56% return.

TCAL

• 1D: 0.36%
• 1M: 1.06%
• 6M: 1.96%
• YTD: 3.41%
• 1Y: 4.22%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 3.96%

TCAF

• 1D: 0.88%
• 1M: 0.19%
• 6M: 8.61%
• YTD: 8.56%
• 1Y: 16.02%
• 3Y*: 16.98%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 17.66%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
TCAF T. Rowe Price Capital Appreciation Equity ETF	$21.11M	$22.87M	$27.57M
TCAL T. Rowe Price Capital Appreciation Premium Income ETF	$1.55M	$1.57M	$1.75M

TCAL vs. TCAF - Yearly Performance Comparison

	2026 (YTD)	2025
TCAL T. Rowe Price Capital Appreciation Premium Income ETF	3.41%	1.89%
TCAF T. Rowe Price Capital Appreciation Equity ETF	8.56%	16.89%

Correlation

The correlation between TCAL and TCAF is 0.34, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.34
Correlation (All Time) Calculated using the full available price history since Mar 27, 2025	0.39

TCAL vs. TCAF - Sectors Allocation Comparison

Sectors	TCAL	TCAF
Healthcare	21.9%	16.1%
Industrials	18.7%	5.9%
Financial Services	13.1%	9.8%
Technology	13.0%	33.6%
Utilities	10.2%	9.1%
Consumer Defensive	9.6%	3.2%
Consumer Cyclical	8.9%	6.7%
Real Estate	2.2%	0.1%
Communication Services	2.0%	11.6%
Basic Materials	1.6%	0.2%
Energy	1.2%	2.1%

Return for Risk

TCAL vs. TCAF — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

TCAL

TCAL Risk / Return Rank: 20
TCAL Sharpe Ratio Rank: 20
TCAL Sortino Ratio Rank: 18
TCAL Omega Ratio Rank: 19
TCAL Calmar Ratio Rank: 21
TCAL Martin Ratio Rank: 21

TCAF

TCAF Risk / Return Rank: 42
TCAF Sharpe Ratio Rank: 45
TCAF Sortino Ratio Rank: 44
TCAF Omega Ratio Rank: 44
TCAF Calmar Ratio Rank: 36
TCAF Martin Ratio Rank: 43

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

TCAL vs. TCAF - 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 T. Rowe Price Capital Appreciation Equity ETF (TCAF). 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	TCAF	Difference
Sharpe ratio: Return per unit of total volatility	0.40	1.13	-0.73
Sortino ratio: Return per unit of downside risk	0.63	1.60	-0.97
Omega ratio: Gain probability vs. loss probability	1.08	1.20	-0.13
Calmar ratio: Return relative to maximum drawdown	0.59	1.22	-0.64
Martin ratio: Return relative to average drawdown	1.41	4.74	-3.33

TCAL vs. TCAF - Sharpe Ratio Comparison

The current TCAL Sharpe Ratio is 0.40, which is lower than the TCAF Sharpe Ratio of 1.13. The chart below compares the historical Sharpe Ratios of TCAL and TCAF, 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. TCAF - Drawdown Comparison

The maximum TCAL drawdown since its inception was -7.24%, smaller than the maximum TCAF drawdown of -16.37%. Use the drawdown chart below to compare losses from any high point for TCAL and TCAF.

Drawdown Indicators

	TCAL	TCAF	Difference
Max Drawdown Largest peak-to-trough decline	-7.24%	-16.37%	+9.13%
Max Drawdown (1Y) Largest decline over 1 year	-7.00%	-11.33%	+4.33%
Max Drawdown (3Y) Largest decline over 3 years	—	-16.37%	—
Current Drawdown Current decline from peak	-0.65%	-1.03%	+0.38%
Average Drawdown Average peak-to-trough decline	-2.07%	-2.04%	-0.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.92%	2.92%	0.00%

Volatility

TCAL vs. TCAF - Volatility Comparison

T. Rowe Price Capital Appreciation Premium Income ETF (TCAL) has a higher volatility of 4.32% compared to T. Rowe Price Capital Appreciation Equity ETF (TCAF) at 3.19%. This indicates that TCAL's price experiences larger fluctuations and is considered to be riskier than TCAF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TCAL	TCAF	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.32%	3.19%	+1.13%
Volatility (6M) Calculated over the trailing 6-month period	7.85%	9.53%	-1.68%
Volatility (1Y) Calculated over the trailing 1-year period	10.33%	12.26%	-1.93%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.50%	13.91%	-2.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.50%	13.91%	-2.41%

TCAL vs. TCAF - Expense Ratio Comparison

TCAL has a 0.34% expense ratio, which is higher than TCAF's 0.31% expense ratio.

Dividends

TCAL vs. TCAF - Dividend Comparison

TCAL's dividend yield for the trailing twelve months is around 12.37%, more than TCAF's 0.46% yield.

Position	TTM	2025	2024	2023
TCAF T. Rowe Price Capital Appreciation Equity ETF	0.46%	0.50%	0.43%	0.26%
TCAL T. Rowe Price Capital Appreciation Premium Income ETF	12.37%	8.34%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TCAL and TCAF in my portfolio?

TCAL and TCAF have a correlation of 0.34, 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 TCAF?

TCAL has higher volatility (4.32%) compared to TCAF (3.19%). In terms of maximum drawdown, TCAL dropped -7.24% vs TCAF's -16.37%.

Which ETF is better, TCAL or TCAF?

On 1-year performance, TCAF leads with 16.02% vs 4.22% for TCAL. On fees, TCAF is cheaper at 0.31% per year. On volatility, TCAF has been the lower-risk option at 3.19%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TCAL or TCAF?

Over the 1-year period, TCAF has performed better with a 16.02% return vs 4.22%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TCAL or TCAF?

TCAF is cheaper with a 0.31% expense ratio, compared with 0.34% for TCAL.

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

TCAL has the higher dividend yield at 12.37%, compared with 0.46% for TCAF.

What is the main difference between TCAL and TCAF?

TCAL is categorized as Derivative Income, while TCAF is Large Cap Blend Equities. Their fees differ too: 0.34% for TCAL and 0.31% for TCAF.

Which has better risk-adjusted returns?

TCAF currently has the higher Sharpe Ratio (1.13 vs 0.40), 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.