TEMR vs. TCAF

Last updated Jul 10, 2026

TEMR (T. Rowe Price Emerging Markets Equity Research ETF) and TCAF (T. Rowe Price Capital Appreciation Equity ETF) are both exchange-traded funds - TEMR is a Actively Managed 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. A 0.72 correlation means they provide meaningful diversification when combined. TEMR charges 0.40%/yr vs 0.31%/yr for TCAF.

Performance

TEMR vs. TCAF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price Emerging Markets Equity Research ETF (TEMR) and T. Rowe Price Capital Appreciation Equity ETF (TCAF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

TEMR

• 1D: 0.85%
• 1M: 1.80%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

TCAF

• 1D: 0.63%
• 1M: 4.12%
• 6M: 8.34%
• YTD: 9.08%
• 1Y: 17.23%
• 3Y*: 18.77%
• 5Y*: —
• 10Y*: —

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

TEMR vs. TCAF - Yearly Performance Comparison

	2026 (YTD)
TEMR T. Rowe Price Emerging Markets Equity Research ETF	15.02%
TCAF T. Rowe Price Capital Appreciation Equity ETF	12.43%

Correlation

The correlation between TEMR and TCAF is 0.72, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Mar 12, 2026	0.72

Return for Risk

TEMR vs. TCAF — Risk / Return Rank

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

TEMR

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

TCAF

TCAF Risk / Return Rank: 47
TCAF Sharpe Ratio Rank: 53
TCAF Sortino Ratio Rank: 50
TCAF Omega Ratio Rank: 52
TCAF Calmar Ratio Rank: 37
TCAF Martin Ratio Rank: 45

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.

TEMR vs. TCAF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Emerging Markets Equity Research ETF (TEMR) 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.

	TEMR	TCAF	Difference
Sharpe ratio: Return per unit of total volatility	—	1.45	—
Sortino ratio: Return per unit of downside risk	—	2.01	—
Omega ratio: Gain probability vs. loss probability	—	1.26	—
Calmar ratio: Return relative to maximum drawdown	—	1.53	—
Martin ratio: Return relative to average drawdown	—	5.98	—

Drawdowns

TEMR vs. TCAF - Drawdown Comparison

The maximum TEMR drawdown since its inception was -8.74%, smaller than the maximum TCAF drawdown of -16.37%. Use the drawdown chart below to compare losses from any high point for TEMR and TCAF.

Drawdown Indicators

	TEMR	TCAF	Difference
Max Drawdown Largest peak-to-trough decline	-8.74%	-16.37%	+7.63%
Max Drawdown (1Y) Largest decline over 1 year	—	-11.33%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-16.37%	—
Current Drawdown Current decline from peak	-6.13%	0.00%	-6.13%
Average Drawdown Average peak-to-trough decline	-2.61%	-2.05%	-0.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.89%	—

Volatility

Volatility by Period

	TEMR	TCAF	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	3.66%	—
Volatility (6M) Calculated over the trailing 6-month period	—	9.42%	—
Volatility (1Y) Calculated over the trailing 1-year period	33.63%	11.98%	+21.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	33.63%	13.95%	+19.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	33.63%	13.95%	+19.68%

TEMR vs. TCAF - Expense Ratio Comparison

TEMR has a 0.40% expense ratio, which is higher than TCAF's 0.31% expense ratio.

Dividends

TEMR vs. TCAF - Dividend Comparison

TEMR has not paid dividends to shareholders, while TCAF's dividend yield for the trailing twelve months is around 0.46%.

Position	TTM	2025	2024	2023
TCAF T. Rowe Price Capital Appreciation Equity ETF	0.46%	0.50%	0.43%	0.26%
TEMR T. Rowe Price Emerging Markets Equity Research ETF	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TEMR and TCAF in my portfolio?

TEMR and TCAF have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, TEMR or TCAF?

On fees, TCAF is cheaper at 0.31% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, TEMR or TCAF?

TCAF is cheaper with a 0.31% expense ratio, compared with 0.40% for TEMR.

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

TCAF has the higher dividend yield at 0.46%, compared with 0.00% for TEMR.

What is the main difference between TEMR and TCAF?

TEMR is categorized as Actively Managed, while TCAF is Large Cap Blend Equities. Their fees differ too: 0.40% for TEMR and 0.31% for TCAF.