TNXT vs. TCAF
TNXT (T. Rowe Price Innovation Leaders ETF) and TCAF (T. Rowe Price Capital Appreciation Equity ETF) are both exchange-traded funds - TNXT is a Large Cap Growth Equities 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. Their correlation of 0.89 means they have usually moved in the same direction. TNXT charges 0.49%/yr vs 0.31%/yr for TCAF.
Performance
TNXT vs. TCAF - Performance Comparison
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Returns By Period
TNXT
- 1D
- 0.05%
- 1M
- -1.91%
- 6M
- 10.67%
- YTD
- —
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- —
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%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $21.11M | $22.87M | $27.57M | |
| $19.23K | $12.64K | $54.16K |
TNXT vs. TCAF - Yearly Performance Comparison
| 2026 (YTD) | |
|---|---|
TNXT T. Rowe Price Innovation Leaders ETF | 8.98% |
TCAF T. Rowe Price Capital Appreciation Equity ETF | 7.60% |
Correlation
The correlation between TNXT and TCAF is 0.89, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Jan 29, 2026 | 0.89 |
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Return for Risk
TNXT vs. TCAF — Risk / Return Rank
TNXT
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
TCAF
TNXT vs. TCAF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Innovation Leaders ETF (TNXT) 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.
| TNXT | TCAF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 1.20 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 1.22 | — |
| Martin ratioReturn relative to average drawdown | — | 4.74 | — |
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Drawdowns
TNXT vs. TCAF - Drawdown Comparison
The maximum TNXT drawdown since its inception was -13.11%, smaller than the maximum TCAF drawdown of -16.37%. Use the drawdown chart below to compare losses from any high point for TNXT and TCAF.
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Drawdown Indicators
| TNXT | TCAF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.11% | -16.37% | +3.26% |
Max Drawdown (1Y)Largest decline over 1 year | — | -11.33% | — |
Max Drawdown (3Y)Largest decline over 3 years | — | -16.37% | — |
Current DrawdownCurrent decline from peak | -3.31% | -1.03% | -2.28% |
Average DrawdownAverage peak-to-trough decline | -3.24% | -2.04% | -1.20% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 2.92% | — |
Volatility
TNXT vs. TCAF - Volatility Comparison
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Volatility by Period
| TNXT | TCAF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 3.19% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 9.53% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 20.96% | 12.26% | +8.70% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.96% | 13.91% | +7.05% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.96% | 13.91% | +7.05% |
TNXT vs. TCAF - Expense Ratio Comparison
TNXT has a 0.49% expense ratio, which is higher than TCAF's 0.31% expense ratio.
Dividends
TNXT vs. TCAF - Dividend Comparison
TNXT 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% |
TNXT T. Rowe Price Innovation Leaders ETF | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
TNXT and TCAF have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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.
TCAF is cheaper with a 0.31% expense ratio, compared with 0.49% for TNXT.
TCAF has the higher dividend yield at 0.46%, compared with 0.00% for TNXT.
TNXT is categorized as Large Cap Growth Equities, while TCAF is Large Cap Blend Equities. Their fees differ too: 0.49% for TNXT and 0.31% for TCAF.
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