TNXT vs. TCAL

Last updated Jul 12, 2026

TNXT (T. Rowe Price Innovation Leaders ETF) and TCAL (T. Rowe Price Capital Appreciation Premium Income ETF) are both exchange-traded funds - TNXT is a Large Cap Growth Equities fund actively managed by T. Rowe Price, while TCAL is a Derivative Income fund actively managed by T. Rowe Price. Both are actively managed. At a 0.17 correlation, their price movements are largely independent. TNXT charges 0.49%/yr vs 0.34%/yr for TCAL.

Performance

TNXT vs. TCAL - 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 Premium Income ETF (TCAL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

TNXT

• 1D: -0.21%
• 1M: 5.31%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

TCAL

• 1D: 0.57%
• 1M: 4.29%
• 6M: 1.48%
• YTD: 2.86%
• 1Y: 3.56%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TNXT vs. TCAL - Yearly Performance Comparison

	2026 (YTD)
TNXT T. Rowe Price Innovation Leaders ETF	12.47%
TCAL T. Rowe Price Capital Appreciation Premium Income ETF	1.38%

Correlation

The correlation between TNXT and TCAL is 0.17, 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 Jan 29, 2026	0.17

Return for Risk

TNXT vs. TCAL — Risk / Return Rank

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

TNXT

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

TCAL

TCAL Risk / Return Rank: 15
TCAL Sharpe Ratio Rank: 15
TCAL Sortino Ratio Rank: 14
TCAL Omega Ratio Rank: 13
TCAL Calmar Ratio Rank: 16
TCAL Martin Ratio Rank: 16

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. TCAL - 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 Premium Income ETF (TCAL). 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	TCAL	Difference
Sharpe ratio: Return per unit of total volatility	—	0.32	—
Sortino ratio: Return per unit of downside risk	—	0.53	—
Omega ratio: Gain probability vs. loss probability	—	1.06	—
Calmar ratio: Return relative to maximum drawdown	—	0.45	—
Martin ratio: Return relative to average drawdown	—	1.07	—

Drawdowns

TNXT vs. TCAL - Drawdown Comparison

The maximum TNXT drawdown since its inception was -13.11%, which is greater than TCAL's maximum drawdown of -7.24%. Use the drawdown chart below to compare losses from any high point for TNXT and TCAL.

Drawdown Indicators

	TNXT	TCAL	Difference
Max Drawdown Largest peak-to-trough decline	-13.11%	-7.24%	-5.87%
Max Drawdown (1Y) Largest decline over 1 year	—	-7.00%	—
Current Drawdown Current decline from peak	-0.21%	-0.36%	+0.15%
Average Drawdown Average peak-to-trough decline	-3.28%	-2.11%	-1.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.91%	—

Volatility

Volatility by Period

	TNXT	TCAL	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	2.89%	—
Volatility (6M) Calculated over the trailing 6-month period	—	6.97%	—
Volatility (1Y) Calculated over the trailing 1-year period	21.23%	9.63%	+11.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.23%	11.19%	+10.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.23%	11.19%	+10.04%

TNXT vs. TCAL - Expense Ratio Comparison

TNXT has a 0.49% expense ratio, which is higher than TCAL's 0.34% expense ratio.

Dividends

TNXT vs. TCAL - Dividend Comparison

TNXT has not paid dividends to shareholders, while TCAL's dividend yield for the trailing twelve months is around 12.10%.

Position	TTM	2025
TCAL T. Rowe Price Capital Appreciation Premium Income ETF	12.10%	8.34%
TNXT T. Rowe Price Innovation Leaders ETF	0.00%	0.00%

Frequently Asked Questions

Can I hold both TNXT and TCAL in my portfolio?

TNXT and TCAL have a correlation of 0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, TNXT or TCAL?

On fees, TCAL is cheaper at 0.34% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, TNXT or TCAL?

TCAL is cheaper with a 0.34% expense ratio, compared with 0.49% for TNXT.

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

TCAL has the higher dividend yield at 12.10%, compared with 0.00% for TNXT.

What is the main difference between TNXT and TCAL?

TNXT is categorized as Large Cap Growth Equities, while TCAL is Derivative Income. Their fees differ too: 0.49% for TNXT and 0.34% for TCAL.