TURF vs. TCAF

Last updated Aug 4, 2026

TURF (T. Rowe Price Natural Resources ETF) and TCAF (T. Rowe Price Capital Appreciation Equity ETF) are both exchange-traded funds - TURF is a Natural Resources 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. Over the past year, TURF returned 32.09% vs 17.81% for TCAF. Their 0.27 correlation means their historical movements had little consistent relationship. TURF charges 0.44%/yr vs 0.31%/yr for TCAF.

Performance

TURF vs. TCAF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price Natural Resources ETF (TURF) 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, TURF achieves a 11.92% return, which is significantly higher than TCAF's 10.23% return.

TURF

• 1D: -0.34%
• 1M: 3.72%
• 6M: 0.81%
• YTD: 11.92%
• 1Y: 32.09%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 27.42%

TCAF

• 1D: 1.54%
• 1M: 1.74%
• 6M: 10.14%
• YTD: 10.23%
• 1Y: 17.81%
• 3Y*: 18.35%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 18.19%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
TCAF T. Rowe Price Capital Appreciation Equity ETF	$20.52M	$22.08M	$27.72M
TURF T. Rowe Price Natural Resources ETF	$1.07M	$3.82M	$3.10M

TURF vs. TCAF - Yearly Performance Comparison

	2026 (YTD)	2025
TURF T. Rowe Price Natural Resources ETF	11.92%	17.82%
TCAF T. Rowe Price Capital Appreciation Equity ETF	10.23%	11.63%

Correlation

The correlation between TURF and TCAF is 0.30, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.30
Correlation (All Time) Calculated using the full available price history since Jun 12, 2025	0.27

TURF vs. TCAF - Sectors Allocation Comparison

Sectors	TURF	TCAF
Basic Materials	50.8%	0.2%
Energy	32.6%	2.1%
Consumer Defensive	15.2%	3.2%
Communication Services	3.8%	11.6%
Financial Services	2.4%	9.8%
Consumer Cyclical	1.1%	6.7%
Technology	0.4%	33.6%
Utilities	0.3%	9.1%
Industrials	0.1%	5.9%
Healthcare	-	16.1%
Real Estate	-	0.1%

Return for Risk

TURF vs. TCAF — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

TURF

TURF Risk / Return Rank: 67
TURF Sharpe Ratio Rank: 75
TURF Sortino Ratio Rank: 68
TURF Omega Ratio Rank: 72
TURF Calmar Ratio Rank: 64
TURF Martin Ratio Rank: 57

TCAF

TCAF Risk / Return Rank: 55
TCAF Sharpe Ratio Rank: 61
TCAF Sortino Ratio Rank: 59
TCAF Omega Ratio Rank: 59
TCAF Calmar Ratio Rank: 44
TCAF Martin Ratio Rank: 51

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

TURF vs. TCAF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Natural Resources ETF (TURF) 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.

	TURF	TCAF	Difference
Sharpe ratio: Return per unit of total volatility	1.88	1.47	+0.41
Sortino ratio: Return per unit of downside risk	2.46	2.06	+0.40
Omega ratio: Gain probability vs. loss probability	1.33	1.26	+0.07
Calmar ratio: Return relative to maximum drawdown	2.44	1.58	+0.86
Martin ratio: Return relative to average drawdown	7.29	6.11	+1.17

TURF vs. TCAF - Sharpe Ratio Comparison

The current TURF Sharpe Ratio is 1.88, which is comparable to the TCAF Sharpe Ratio of 1.47. The chart below compares the historical Sharpe Ratios of TURF 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.

Drawdowns

TURF vs. TCAF - Drawdown Comparison

The maximum TURF drawdown since its inception was -13.24%, smaller than the maximum TCAF drawdown of -16.37%. Use the drawdown chart below to compare losses from any high point for TURF and TCAF.

Drawdown Indicators

	TURF	TCAF	Difference
Max Drawdown Largest peak-to-trough decline	-13.24%	-16.37%	+3.13%
Max Drawdown (1Y) Largest decline over 1 year	-13.24%	-11.33%	-1.91%
Max Drawdown (3Y) Largest decline over 3 years	—	-16.37%	—
Current Drawdown Current decline from peak	-8.76%	0.00%	-8.76%
Average Drawdown Average peak-to-trough decline	-2.68%	-2.03%	-0.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.41%	2.92%	+1.49%

Volatility

TURF vs. TCAF - Volatility Comparison

T. Rowe Price Natural Resources ETF (TURF) has a higher volatility of 4.31% compared to T. Rowe Price Capital Appreciation Equity ETF (TCAF) at 3.52%. This indicates that TURF'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

	TURF	TCAF	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.31%	3.52%	+0.79%
Volatility (6M) Calculated over the trailing 6-month period	13.42%	9.63%	+3.79%
Volatility (1Y) Calculated over the trailing 1-year period	17.17%	12.21%	+4.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.91%	13.92%	+2.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.91%	13.92%	+2.99%

TURF vs. TCAF - Expense Ratio Comparison

TURF has a 0.44% expense ratio, which is higher than TCAF's 0.31% expense ratio.

Dividends

TURF vs. TCAF - Dividend Comparison

TURF's dividend yield for the trailing twelve months is around 1.33%, more than TCAF's 0.45% yield.

Position	TTM	2025	2024	2023
TCAF T. Rowe Price Capital Appreciation Equity ETF	0.45%	0.50%	0.43%	0.26%
TURF T. Rowe Price Natural Resources ETF	1.33%	1.49%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TURF and TCAF in my portfolio?

TURF and TCAF have a correlation of 0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TURF or TCAF?

TURF has higher volatility (4.31%) compared to TCAF (3.52%). In terms of maximum drawdown, TURF dropped -13.24% vs TCAF's -16.37%.

Which ETF is better, TURF or TCAF?

On 1-year performance, TURF leads with 32.09% vs 17.81% for TCAF. On fees, TCAF is cheaper at 0.31% per year. On volatility, TCAF has been the lower-risk option at 3.52%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TURF or TCAF?

Over the 1-year period, TURF has performed better with a 32.09% return vs 17.81%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TURF or TCAF?

TCAF is cheaper with a 0.31% expense ratio, compared with 0.44% for TURF.

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

TURF has the higher dividend yield at 1.33%, compared with 0.45% for TCAF.

What is the main difference between TURF and TCAF?

TURF is categorized as Natural Resources, while TCAF is Large Cap Blend Equities. Their fees differ too: 0.44% for TURF and 0.31% for TCAF.

Which has better risk-adjusted returns?

TURF currently has the higher Sharpe Ratio (1.88 vs 1.47), 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.