TMNS vs. TCAF

Last updated Jul 17, 2026

TMNS (T. Rowe Price Short Municipal Income ETF) and TCAF (T. Rowe Price Capital Appreciation Equity ETF) are both exchange-traded funds - TMNS is a Municipal Bonds 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 0.33 correlation, their price movements are largely independent. TMNS charges 0.18%/yr vs 0.31%/yr for TCAF.

Performance

TMNS vs. TCAF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price Short Municipal Income ETF (TMNS) 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, TMNS achieves a 1.53% return, which is significantly lower than TCAF's 8.90% return.

TMNS

• 1D: 0.14%
• 1M: 0.18%
• 6M: 1.05%
• YTD: 1.53%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

TCAF

• 1D: -0.45%
• 1M: 2.71%
• 6M: 7.57%
• YTD: 8.90%
• 1Y: 17.04%
• 3Y*: 17.65%
• 5Y*: —
• 10Y*: —

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

TMNS vs. TCAF - Yearly Performance Comparison

	2026 (YTD)	2025
TMNS T. Rowe Price Short Municipal Income ETF	1.53%	0.56%
TCAF T. Rowe Price Capital Appreciation Equity ETF	8.90%	1.75%

Correlation

The correlation between TMNS and TCAF is 0.33, 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 20, 2025	0.33

Return for Risk

TMNS vs. TCAF — Risk / Return Rank

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

TMNS

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

TCAF

TCAF Risk / Return Rank: 46
TCAF Sharpe Ratio Rank: 51
TCAF Sortino Ratio Rank: 48
TCAF Omega Ratio Rank: 49
TCAF Calmar Ratio Rank: 36
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.

TMNS vs. TCAF - Risk-Adjusted Trends Comparison

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

	TMNS	TCAF	Difference
Sharpe ratio: Return per unit of total volatility	—	1.43	—
Sortino ratio: Return per unit of downside risk	—	1.98	—
Omega ratio: Gain probability vs. loss probability	—	1.26	—
Calmar ratio: Return relative to maximum drawdown	—	1.51	—
Martin ratio: Return relative to average drawdown	—	5.91	—

Drawdowns

TMNS vs. TCAF - Drawdown Comparison

The maximum TMNS drawdown since its inception was -1.28%, smaller than the maximum TCAF drawdown of -16.37%. Use the drawdown chart below to compare losses from any high point for TMNS and TCAF.

Drawdown Indicators

	TMNS	TCAF	Difference
Max Drawdown Largest peak-to-trough decline	-1.28%	-16.37%	+15.09%
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	-0.13%	-0.72%	+0.59%
Average Drawdown Average peak-to-trough decline	-0.29%	-2.04%	+1.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.89%	—

Volatility

Volatility by Period

	TMNS	TCAF	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	2.94%	—
Volatility (6M) Calculated over the trailing 6-month period	—	9.45%	—
Volatility (1Y) Calculated over the trailing 1-year period	1.62%	12.00%	-10.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.62%	13.92%	-12.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.62%	13.92%	-12.30%

TMNS vs. TCAF - Expense Ratio Comparison

TMNS has a 0.18% expense ratio, which is lower than TCAF's 0.31% expense ratio.

Dividends

TMNS vs. TCAF - Dividend Comparison

TMNS's dividend yield for the trailing twelve months is around 2.00%, 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%
TMNS T. Rowe Price Short Municipal Income ETF	2.00%	0.33%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TMNS and TCAF in my portfolio?

TMNS and TCAF have a correlation of 0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, TMNS or TCAF?

On fees, TMNS is cheaper at 0.18% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, TMNS or TCAF?

TMNS is cheaper with a 0.18% expense ratio, compared with 0.31% for TCAF.

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

TMNS has the higher dividend yield at 2.00%, compared with 0.46% for TCAF.

What is the main difference between TMNS and TCAF?

TMNS is categorized as Municipal Bonds, while TCAF is Large Cap Blend Equities. Their fees differ too: 0.18% for TMNS and 0.31% for TCAF.