THYM vs. TCAF

Last updated Jun 4, 2026

THYM (T. Rowe Price High Income Municipal ETF) and TCAF (T. Rowe Price Capital Appreciation Equity ETF) are both exchange-traded funds - THYM is a High Yield Muni 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. At a 0.35 correlation, their price movements are largely independent. THYM charges 0.32%/yr vs 0.31%/yr for TCAF.

Performance

THYM vs. TCAF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price High Income Municipal ETF (THYM) 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, THYM achieves a 3.33% return, which is significantly lower than TCAF's 6.51% return.

THYM

• 1D: 0.14%
• 1M: 1.14%
• YTD: 3.33%
• 6M: 3.62%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

TCAF

• 1D: -0.46%
• 1M: 3.54%
• YTD: 6.51%
• 6M: 6.60%
• 1Y: 20.51%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

THYM vs. TCAF - Yearly Performance Comparison

	2026 (YTD)	2025
THYM T. Rowe Price High Income Municipal ETF	3.33%	0.27%
TCAF T. Rowe Price Capital Appreciation Equity ETF	6.51%	3.09%

Correlation

The correlation between THYM and TCAF is 0.35, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Nov 21, 2025	0.35

Return for Risk

THYM vs. TCAF — Risk / Return Rank

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

TCAF

TCAF Risk / Return Rank: 47
TCAF Sharpe Ratio Rank: 51
TCAF Sortino Ratio Rank: 50
TCAF Omega Ratio Rank: 52
TCAF Calmar Ratio Rank: 36
TCAF Martin Ratio Rank: 44

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.

THYM vs. TCAF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price High Income Municipal ETF (THYM) 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.

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

Sharpe Ratios by Period

	THYM	TCAF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	1.80	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.62	1.26	+0.36

Drawdowns

THYM vs. TCAF - Drawdown Comparison

The maximum THYM drawdown since its inception was -2.93%, smaller than the maximum TCAF drawdown of -16.37%. Use the drawdown chart below to compare losses from any high point for THYM and TCAF.

Drawdown Indicators

	THYM	TCAF	Difference
Max Drawdown Largest peak-to-trough decline	-2.93%	-16.37%	+13.44%
Max Drawdown (1Y) Largest decline over 1 year	—	-11.33%	—
Current Drawdown Current decline from peak	0.00%	-0.97%	+0.97%
Average Drawdown Average peak-to-trough decline	-0.49%	-2.06%	+1.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.82%	—

Volatility

Volatility by Period

	THYM	TCAF	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	2.43%	—
Volatility (6M) Calculated over the trailing 6-month period	—	8.75%	—
Volatility (1Y) Calculated over the trailing 1-year period	4.35%	11.47%	-7.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.35%	13.94%	-9.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.35%	13.94%	-9.59%

THYM vs. TCAF - Expense Ratio Comparison

THYM has a 0.32% expense ratio, which is higher than TCAF's 0.31% expense ratio.

Dividends

THYM vs. TCAF - Dividend Comparison

THYM's dividend yield for the trailing twelve months is around 2.18%, more than TCAF's 0.47% yield.

Position	TTM	2025	2024	2023
TCAF T. Rowe Price Capital Appreciation Equity ETF	0.47%	0.50%	0.43%	0.26%
THYM T. Rowe Price High Income Municipal ETF	2.18%	0.37%	0.00%	0.00%

Frequently Asked Questions

Can I hold both THYM and TCAF in my portfolio?

THYM and TCAF have a correlation of 0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, THYM 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, THYM or TCAF?

TCAF is cheaper with a 0.31% expense ratio, compared with 0.32% for THYM.

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

THYM has the higher dividend yield at 2.18%, compared with 0.47% for TCAF.

What is the main difference between THYM and TCAF?

THYM is categorized as High Yield Muni, while TCAF is Large Cap Blend Equities. Their fees differ too: 0.32% for THYM and 0.31% for TCAF.