TCAL vs. TSMY

Last updated Jun 4, 2026

TCAL (T. Rowe Price Capital Appreciation Premium Income ETF) and TSMY (YieldMax TSM Option Income Strategy ETF) are both Derivative Income funds. Both are actively managed. Over the past year, TCAL returned -1.87% vs 92.13% for TSMY. At a 0.03 correlation, their price movements are largely independent. TCAL charges 0.34%/yr vs 0.99%/yr for TSMY.

Performance

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

Returns By Period

In the year-to-date period, TCAL achieves a -2.88% return, which is significantly lower than TSMY's 37.04% return.

TCAL

• 1D: 0.23%
• 1M: -1.26%
• YTD: -2.88%
• 6M: -2.97%
• 1Y: -1.87%
• 3Y*: —
• 5Y*: —
• 10Y*: —

TSMY

• 1D: -1.37%
• 1M: 7.48%
• YTD: 37.04%
• 6M: 39.21%
• 1Y: 92.13%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TCAL vs. TSMY - Yearly Performance Comparison

	2026 (YTD)	2025
TCAL T. Rowe Price Capital Appreciation Premium Income ETF	-2.88%	1.58%
TSMY YieldMax TSM Option Income Strategy ETF	37.04%	62.97%

Correlation

The correlation between TCAL and TSMY is -0.03, 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 (1Y) Calculated over the trailing 1-year period	-0.03
Correlation (All Time) Calculated using the full available price history since Mar 28, 2025	0.03

Return for Risk

TCAL vs. TSMY — Risk / Return Rank

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

TCAL

TCAL Risk / Return Rank: 6
TCAL Sharpe Ratio Rank: 7
TCAL Sortino Ratio Rank: 6
TCAL Omega Ratio Rank: 6
TCAL Calmar Ratio Rank: 6
TCAL Martin Ratio Rank: 5

TSMY

TSMY Risk / Return Rank: 88
TSMY Sharpe Ratio Rank: 90
TSMY Sortino Ratio Rank: 85
TSMY Omega Ratio Rank: 82
TSMY Calmar Ratio Rank: 91
TSMY Martin Ratio Rank: 91

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. TSMY - 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 TSM Option Income Strategy ETF (TSMY). 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	TSMY	Difference
Sharpe ratio: Return per unit of total volatility	-0.20	3.21	-3.41
Sortino ratio: Return per unit of downside risk	-0.22	3.86	-4.08
Omega ratio: Gain probability vs. loss probability	0.97	1.50	-0.53
Calmar ratio: Return relative to maximum drawdown	-0.27	5.98	-6.24
Martin ratio: Return relative to average drawdown	-0.70	22.18	-22.88
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. TSMY - Sharpe Ratio Comparison

The current TCAL Sharpe Ratio is -0.20, which is lower than the TSMY Sharpe Ratio of 3.21. The chart below compares the historical Sharpe Ratios of TCAL and TSMY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	TCAL	TSMY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.20	3.21	-3.41
Sharpe Ratio (All Time) Calculated using the full available price history	-0.10	1.56	-1.66

Drawdowns

TCAL vs. TSMY - Drawdown Comparison

The maximum TCAL drawdown since its inception was -7.24%, smaller than the maximum TSMY drawdown of -31.15%. Use the drawdown chart below to compare losses from any high point for TCAL and TSMY.

Drawdown Indicators

	TCAL	TSMY	Difference
Max Drawdown Largest peak-to-trough decline	-7.24%	-31.15%	+23.91%
Max Drawdown (1Y) Largest decline over 1 year	-7.00%	-15.50%	+8.50%
Current Drawdown Current decline from peak	-5.92%	-1.37%	-4.55%
Average Drawdown Average peak-to-trough decline	-2.02%	-5.51%	+3.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.67%	4.17%	-1.50%

Volatility

TCAL vs. TSMY - Volatility Comparison

The current volatility for T. Rowe Price Capital Appreciation Premium Income ETF (TCAL) is 2.46%, while YieldMax TSM Option Income Strategy ETF (TSMY) has a volatility of 9.52%. This indicates that TCAL experiences smaller price fluctuations and is considered to be less risky than TSMY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TCAL	TSMY	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.46%	9.52%	-7.06%
Volatility (6M) Calculated over the trailing 6-month period	7.08%	22.68%	-15.60%
Volatility (1Y) Calculated over the trailing 1-year period	9.31%	28.87%	-19.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.25%	33.22%	-21.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.25%	33.22%	-21.97%

TCAL vs. TSMY - Expense Ratio Comparison

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

Dividends

TCAL vs. TSMY - Dividend Comparison

TCAL's dividend yield for the trailing twelve months is around 11.96%, less than TSMY's 52.19% yield.

Position	TTM	2025	2024
TCAL T. Rowe Price Capital Appreciation Premium Income ETF	11.96%	8.34%	0.00%
TSMY YieldMax TSM Option Income Strategy ETF	52.19%	56.76%	13.71%

Frequently Asked Questions

Can I hold both TCAL and TSMY in my portfolio?

TCAL and TSMY have a correlation of -0.03, 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 TSMY?

TSMY has higher volatility (9.52%) compared to TCAL (2.46%). In terms of maximum drawdown, TCAL dropped -7.24% vs TSMY's -31.15%.

Which ETF is better, TCAL or TSMY?

On 1-year performance, TSMY leads with 92.13% vs -1.87% for TCAL. On fees, TCAL is cheaper at 0.34% per year. On volatility, TCAL has been the lower-risk option at 2.46%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TCAL or TSMY?

Over the 1-year period, TSMY has performed better with a 92.13% return vs -1.87%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TCAL or TSMY?

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

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

TSMY has the higher dividend yield at 52.19%, compared with 11.96% for TCAL.

What is the main difference between TCAL and TSMY?

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

Which has better risk-adjusted returns?

TSMY currently has the higher Sharpe Ratio (3.21 vs -0.20), 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.