TNXT vs. TCAF

Last updated Jun 6, 2026

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 0.91 suggests significant overlap in exposure. TNXT charges 0.49%/yr vs 0.31%/yr for TCAF.

Performance

TNXT vs. TCAF - Performance Comparison

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

Returns By Period

TNXT

• 1D: -4.11%
• 1M: -0.27%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

TCAF

• 1D: -2.17%
• 1M: 0.18%
• YTD: 4.74%
• 6M: 4.88%
• 1Y: 18.57%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TNXT vs. TCAF - Yearly Performance Comparison

	2026 (YTD)
TNXT T. Rowe Price Innovation Leaders ETF	6.10%
TCAF T. Rowe Price Capital Appreciation Equity ETF	4.35%

Correlation

The correlation between TNXT and TCAF is 0.91, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jan 30, 2026	0.91

Return for Risk

TNXT 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: 43
TCAF Sharpe Ratio Rank: 47
TCAF Sortino Ratio Rank: 45
TCAF Omega Ratio Rank: 47
TCAF Calmar Ratio Rank: 35
TCAF Martin Ratio Rank: 43

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.

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.

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

Sharpe Ratios by Period

	TNXT	TCAF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	1.60	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.85	1.21	-0.36

Drawdowns

TNXT vs. TCAF - Drawdown Comparison

The maximum TNXT drawdown since its inception was -12.97%, 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.

Drawdown Indicators

	TNXT	TCAF	Difference
Max Drawdown Largest peak-to-trough decline	-12.97%	-16.37%	+3.40%
Max Drawdown (1Y) Largest decline over 1 year	—	-11.33%	—
Current Drawdown Current decline from peak	-4.98%	-2.63%	-2.35%
Average Drawdown Average peak-to-trough decline	-3.54%	-2.06%	-1.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.83%	—

Volatility

Volatility by Period

	TNXT	TCAF	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	3.24%	—
Volatility (6M) Calculated over the trailing 6-month period	—	9.05%	—
Volatility (1Y) Calculated over the trailing 1-year period	21.86%	11.68%	+10.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.86%	13.99%	+7.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.86%	13.99%	+7.87%

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 0.48%.

Position	TTM	2025	2024	2023
TCAF T. Rowe Price Capital Appreciation Equity ETF	0.48%	0.50%	0.43%	0.26%
TNXT T. Rowe Price Innovation Leaders ETF	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TNXT and TCAF in my portfolio?

With a correlation of 0.91, TNXT and TCAF move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which ETF is better, TNXT 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, TNXT or TCAF?

TCAF is cheaper with a 0.31% expense ratio, compared with 0.49% for TNXT.

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

TCAF has the higher dividend yield at 0.48%, compared with 0.00% for TNXT.

What is the main difference between TNXT and TCAF?

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.