TSPA vs. TCAF

Last updated Jun 3, 2026

TSPA (T. Rowe Price US Equity Research ETF) and TCAF (T. Rowe Price Capital Appreciation Equity ETF) are both Large Cap Blend Equities funds from T. Rowe Price. Both are actively managed. Over the past year, TSPA returned 29.32% vs 21.86% for TCAF. Their correlation of 0.93 suggests significant overlap in exposure. TSPA charges 0.34%/yr vs 0.31%/yr for TCAF.

Performance

TSPA vs. TCAF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price US Equity Research ETF (TSPA) 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, TSPA achieves a 12.06% return, which is significantly higher than TCAF's 7.01% return.

TSPA

• 1D: 0.31%
• 1M: 5.15%
• YTD: 12.06%
• 6M: 12.52%
• 1Y: 29.32%
• 3Y*: 23.24%
• 5Y*: —
• 10Y*: —

TCAF

• 1D: -0.32%
• 1M: 3.99%
• YTD: 7.01%
• 6M: 7.07%
• 1Y: 21.86%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TSPA vs. TCAF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
TSPA T. Rowe Price US Equity Research ETF	12.06%	16.44%	26.37%	10.14%
TCAF T. Rowe Price Capital Appreciation Equity ETF	7.01%	15.45%	20.93%	8.40%

Correlation

The correlation between TSPA and TCAF is 0.90, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.90
Correlation (All Time) Calculated using the full available price history since Jun 16, 2023	0.93

The correlation between TSPA and TCAF has been stable across timeframes, ranging from 0.90 to 0.93 - a consistent structural relationship.

TSPA vs. TCAF - Sectors Allocation Comparison

Sectors	TSPA	TCAF
Technology	33.6%	33.7%
Financial Services	12.8%	6.0%
Communication Services	10.7%	11.4%
Consumer Cyclical	9.9%	10.6%
Healthcare	9.5%	17.3%
Industrials	8.0%	4.6%
Consumer Defensive	5.0%	3.3%
Energy	4.1%	2.6%
Utilities	2.6%	8.6%
Basic Materials	1.9%	0.1%
Real Estate	1.8%	0.1%

Return for Risk

TSPA vs. TCAF — Risk / Return Rank

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

TSPA

TSPA Risk / Return Rank: 72
TSPA Sharpe Ratio Rank: 73
TSPA Sortino Ratio Rank: 71
TSPA Omega Ratio Rank: 73
TSPA Calmar Ratio Rank: 64
TSPA Martin Ratio Rank: 77

TCAF

TCAF Risk / Return Rank: 51
TCAF Sharpe Ratio Rank: 56
TCAF Sortino Ratio Rank: 54
TCAF Omega Ratio Rank: 56
TCAF Calmar Ratio Rank: 40
TCAF Martin Ratio Rank: 48

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.

TSPA vs. TCAF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price US Equity Research ETF (TSPA) 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.

	TSPA	TCAF	Difference
Sharpe ratio Return per unit of total volatility	2.41	1.92	+0.49
Sortino ratio Return per unit of downside risk	3.28	2.63	+0.65
Omega ratio Gain probability vs. loss probability	1.44	1.35	+0.09
Calmar ratio Return relative to maximum drawdown	3.23	2.01	+1.22
Martin ratio Return relative to average drawdown	15.07	8.07	+7.00
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TSPA vs. TCAF - Sharpe Ratio Comparison

The current TSPA Sharpe Ratio is 2.41, which is comparable to the TCAF Sharpe Ratio of 1.92. The chart below compares the historical Sharpe Ratios of TSPA and TCAF, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	TSPA	TCAF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.41	1.92	+0.49
Sharpe Ratio (All Time) Calculated using the full available price history	0.87	1.28	-0.41

Drawdowns

TSPA vs. TCAF - Drawdown Comparison

The maximum TSPA drawdown since its inception was -24.72%, which is greater than TCAF's maximum drawdown of -16.37%. Use the drawdown chart below to compare losses from any high point for TSPA and TCAF.

Drawdown Indicators

	TSPA	TCAF	Difference
Max Drawdown Largest peak-to-trough decline	-24.72%	-16.37%	-8.35%
Max Drawdown (1Y) Largest decline over 1 year	-9.24%	-11.33%	+2.09%
Max Drawdown (3Y) Largest decline over 3 years	-19.04%	—	—
Current Drawdown Current decline from peak	0.00%	-0.51%	+0.51%
Average Drawdown Average peak-to-trough decline	-5.50%	-2.06%	-3.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.98%	2.82%	-0.84%

Volatility

TSPA vs. TCAF - Volatility Comparison

T. Rowe Price US Equity Research ETF (TSPA) has a higher volatility of 2.91% compared to T. Rowe Price Capital Appreciation Equity ETF (TCAF) at 2.35%. This indicates that TSPA's price experiences larger fluctuations and is considered to be riskier than TCAF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TSPA	TCAF	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.91%	2.35%	+0.56%
Volatility (6M) Calculated over the trailing 6-month period	9.42%	8.78%	+0.64%
Volatility (1Y) Calculated over the trailing 1-year period	12.24%	11.47%	+0.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.00%	13.95%	+3.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.00%	13.95%	+3.05%

TSPA vs. TCAF - Expense Ratio Comparison

TSPA has a 0.34% expense ratio, which is higher than TCAF's 0.31% expense ratio.

Dividends

TSPA vs. TCAF - Dividend Comparison

TSPA's dividend yield for the trailing twelve months is around 0.56%, more than TCAF's 0.47% yield.

Position	TTM	2025	2024	2023	2022	2021
TCAF T. Rowe Price Capital Appreciation Equity ETF	0.47%	0.50%	0.43%	0.26%	0.00%	0.00%
TSPA T. Rowe Price US Equity Research ETF	0.56%	0.62%	0.50%	0.41%	1.16%	0.43%

Frequently Asked Questions

Can I hold both TSPA and TCAF in my portfolio?

With a correlation of 0.90, TSPA 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 is riskier, TSPA or TCAF?

TSPA has higher volatility (2.91%) compared to TCAF (2.35%). In terms of maximum drawdown, TSPA dropped -24.72% vs TCAF's -16.37%.

Which ETF is better, TSPA or TCAF?

On 1-year performance, TSPA leads with 29.32% vs 21.86% for TCAF. On fees, TCAF is cheaper at 0.31% per year. On volatility, TCAF has been the lower-risk option at 2.35%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TSPA or TCAF?

Over the 1-year period, TSPA has performed better with a 29.32% return vs 21.86%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TSPA or TCAF?

TCAF is cheaper with a 0.31% expense ratio, compared with 0.34% for TSPA.

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

TSPA has the higher dividend yield at 0.56%, compared with 0.47% for TCAF.

What is the main difference between TSPA and TCAF?

Their fees differ too: 0.34% for TSPA and 0.31% for TCAF.

Which has better risk-adjusted returns?

TSPA currently has the higher Sharpe Ratio (2.41 vs 1.92), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.