TVAL vs. TCAF

Last updated Apr 1, 2026

Compare and contrast key facts about T. Rowe Price Value ETF (TVAL) and T. Rowe Price Capital Appreciation Equity ETF (TCAF).

TVAL and TCAF are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. TVAL is an actively managed fund by T. Rowe Price. It was launched on Jun 14, 2023. TCAF is an actively managed fund by T. Rowe Price. It was launched on Jun 14, 2023.

Performance

TVAL vs. TCAF - Performance Comparison

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

TVAL vs. TCAF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
TVAL T. Rowe Price Value ETF	2.73%	15.59%	14.54%	8.28%
TCAF T. Rowe Price Capital Appreciation Equity ETF	-6.88%	15.45%	20.93%	8.40%

Returns By Period

In the year-to-date period, TVAL achieves a 2.73% return, which is significantly higher than TCAF's -6.88% return.

TVAL

• 1D: 2.06%
• 1M: -5.16%
• YTD: 2.73%
• 6M: 7.29%
• 1Y: 15.55%
• 3Y*: —
• 5Y*: —
• 10Y*: —

TCAF

• 1D: 2.98%
• 1M: -5.55%
• YTD: -6.88%
• 6M: -5.12%
• 1Y: 10.81%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TVAL vs. TCAF - Expense Ratio Comparison

TVAL has a 0.33% expense ratio, which is higher than TCAF's 0.31% expense ratio.

TVAL

T. Rowe Price Value ETF

TCAF

T. Rowe Price Capital Appreciation Equity ETF

Return for Risk

TVAL vs. TCAF — Risk / Return Rank

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

TVAL

TVAL Risk / Return Rank: 59
TVAL Sharpe Ratio Rank: 57
TVAL Sortino Ratio Rank: 56
TVAL Omega Ratio Rank: 61
TVAL Calmar Ratio Rank: 56
TVAL Martin Ratio Rank: 64

TCAF

TCAF Risk / Return Rank: 39
TCAF Sharpe Ratio Rank: 36
TCAF Sortino Ratio Rank: 38
TCAF Omega Ratio Rank: 39
TCAF Calmar Ratio Rank: 42
TCAF Martin Ratio Rank: 41

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.

TVAL vs. TCAF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Value ETF (TVAL) 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.

	TVAL	TCAF	Difference
Sharpe ratio Return per unit of total volatility	1.02	0.63	+0.39
Sortino ratio Return per unit of downside risk	1.44	1.02	+0.42
Omega ratio Gain probability vs. loss probability	1.22	1.15	+0.07
Calmar ratio Return relative to maximum drawdown	1.42	0.98	+0.44
Martin ratio Return relative to average drawdown	6.39	3.61	+2.78
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TVAL vs. TCAF - Sharpe Ratio Comparison

The current TVAL Sharpe Ratio is 1.02, which is higher than the TCAF Sharpe Ratio of 0.63. The chart below compares the historical Sharpe Ratios of TVAL and TCAF, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	TVAL	TCAF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.02	0.63	+0.39
Sharpe Ratio (All Time) Calculated using the full available price history	1.18	0.93	+0.25

Correlation

The correlation between TVAL and TCAF is 0.77, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

TVAL vs. TCAF - Dividend Comparison

TVAL's dividend yield for the trailing twelve months is around 1.12%, more than TCAF's 0.54% yield.

	TTM	2025	2024	2023
TVAL T. Rowe Price Value ETF	1.12%	1.15%	1.16%	0.64%
TCAF T. Rowe Price Capital Appreciation Equity ETF	0.54%	0.50%	0.43%	0.26%

Drawdowns

TVAL vs. TCAF - Drawdown Comparison

The maximum TVAL drawdown since its inception was -14.84%, smaller than the maximum TCAF drawdown of -16.37%. Use the drawdown chart below to compare losses from any high point for TVAL and TCAF.

Drawdown Indicators

	TVAL	TCAF	Difference
Max Drawdown Largest peak-to-trough decline	-14.84%	-16.37%	+1.53%
Max Drawdown (1Y) Largest decline over 1 year	-11.78%	-11.33%	-0.45%
Current Drawdown Current decline from peak	-5.24%	-8.66%	+3.42%
Average Drawdown Average peak-to-trough decline	-2.14%	-2.10%	-0.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.61%	3.08%	-0.47%

Volatility

TVAL vs. TCAF - Volatility Comparison

The current volatility for T. Rowe Price Value ETF (TVAL) is 4.46%, while T. Rowe Price Capital Appreciation Equity ETF (TCAF) has a volatility of 5.47%. This indicates that TVAL experiences smaller price fluctuations and is considered to be less risky than TCAF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TVAL	TCAF	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.46%	5.47%	-1.01%
Volatility (6M) Calculated over the trailing 6-month period	8.19%	9.26%	-1.07%
Volatility (1Y) Calculated over the trailing 1-year period	15.41%	17.35%	-1.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.65%	14.12%	-1.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.65%	14.12%	-1.47%