YAFFX vs. TCAF

Last updated Jun 13, 2026

YAFFX (AMG Yacktman Focused Fund) and TCAF (T. Rowe Price Capital Appreciation Equity ETF) are both funds - YAFFX is a Large Cap Value Equities fund managed by AMG, while TCAF is a Large Cap Blend Equities fund actively managed by T. Rowe Price. Over the past year, YAFFX returned 21.71% vs 17.29% for TCAF. A 0.59 correlation means they provide meaningful diversification when combined. YAFFX charges 1.25%/yr vs 0.31%/yr for TCAF.

Performance

YAFFX vs. TCAF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AMG Yacktman Focused Fund (YAFFX) 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, YAFFX achieves a 25.77% return, which is significantly higher than TCAF's 4.37% return.

YAFFX

• 1D: 2.63%
• 1M: 1.94%
• YTD: 25.77%
• 6M: 8.10%
• 1Y: 21.71%
• 3Y*: 16.12%
• 5Y*: 9.34%
• 10Y*: 12.50%

TCAF

• 1D: 0.18%
• 1M: -0.18%
• YTD: 4.37%
• 6M: 5.06%
• 1Y: 17.29%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

YAFFX vs. TCAF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
YAFFX AMG Yacktman Focused Fund	25.77%	3.89%	9.30%	9.46%
TCAF T. Rowe Price Capital Appreciation Equity ETF	4.37%	15.45%	20.93%	9.71%

Correlation

The correlation between YAFFX and TCAF is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.44
Correlation (All Time) Calculated using the full available price history since Jun 15, 2023	0.59

The correlation between YAFFX and TCAF shifts across timeframes, from 0.44 (1 year) to 0.59 (all time), reflecting how their relationship changes across market environments.

Return for Risk

YAFFX vs. TCAF — Risk / Return Rank

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

YAFFX

YAFFX Risk / Return Rank: 22
YAFFX Sharpe Ratio Rank: 18
YAFFX Sortino Ratio Rank: 13
YAFFX Omega Ratio Rank: 39
YAFFX Calmar Ratio Rank: 20
YAFFX Martin Ratio Rank: 22

TCAF

TCAF Risk / Return Rank: 41
TCAF Sharpe Ratio Rank: 44
TCAF Sortino Ratio Rank: 42
TCAF Omega Ratio Rank: 44
TCAF Calmar Ratio Rank: 33
TCAF Martin Ratio Rank: 40

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.

YAFFX vs. TCAF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AMG Yacktman Focused Fund (YAFFX) 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.

	YAFFX	TCAF	Difference
Sharpe ratio: Return per unit of total volatility	0.94	1.37	-0.43
Sortino ratio: Return per unit of downside risk	1.12	1.91	-0.78
Omega ratio: Gain probability vs. loss probability	1.26	1.25	+0.01
Calmar ratio: Return relative to maximum drawdown	1.26	1.43	-0.17
Martin ratio: Return relative to average drawdown	4.47	5.64	-1.17

YAFFX vs. TCAF - Sharpe Ratio Comparison

The current YAFFX Sharpe Ratio is 0.94, which is lower than the TCAF Sharpe Ratio of 1.37. The chart below compares the historical Sharpe Ratios of YAFFX 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

YAFFX vs. TCAF - Drawdown Comparison

The maximum YAFFX drawdown since its inception was -43.80%, which is greater than TCAF's maximum drawdown of -16.37%. Use the drawdown chart below to compare losses from any high point for YAFFX and TCAF.

Drawdown Indicators

	YAFFX	TCAF	Difference
Max Drawdown Largest peak-to-trough decline	-43.80%	-16.37%	-27.43%
Max Drawdown (1Y) Largest decline over 1 year	-17.08%	-11.33%	-5.75%
Max Drawdown (3Y) Largest decline over 3 years	-18.88%	-16.37%	-2.51%
Max Drawdown (5Y) Largest decline over 5 years	-21.31%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-30.62%	—	—
Current Drawdown Current decline from peak	-4.28%	-2.97%	-1.31%
Average Drawdown Average peak-to-trough decline	-6.21%	-2.07%	-4.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.77%	2.86%	+1.91%

Volatility

YAFFX vs. TCAF - Volatility Comparison

AMG Yacktman Focused Fund (YAFFX) has a higher volatility of 7.30% compared to T. Rowe Price Capital Appreciation Equity ETF (TCAF) at 3.60%. This indicates that YAFFX'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

	YAFFX	TCAF	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.30%	3.60%	+3.70%
Volatility (6M) Calculated over the trailing 6-month period	22.77%	9.20%	+13.57%
Volatility (1Y) Calculated over the trailing 1-year period	22.71%	11.77%	+10.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.22%	13.98%	+4.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.59%	13.98%	+2.61%

YAFFX vs. TCAF - Expense Ratio Comparison

YAFFX has a 1.25% expense ratio, which is higher than TCAF's 0.31% expense ratio.

Dividends

YAFFX vs. TCAF - Dividend Comparison

YAFFX 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	2022	2021	2020	2019	2018	2017	2016	2015
TCAF T. Rowe Price Capital Appreciation Equity ETF	0.48%	0.50%	0.43%	0.26%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
YAFFX AMG Yacktman Focused Fund	0.00%	0.00%	18.44%	4.42%	7.60%	4.70%	11.87%	15.84%	22.15%	11.82%	11.81%	24.36%

Frequently Asked Questions

Can I hold both YAFFX and TCAF in my portfolio?

YAFFX and TCAF have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, YAFFX or TCAF?

YAFFX has higher volatility (7.30%) compared to TCAF (3.60%). In terms of maximum drawdown, YAFFX dropped -43.80% vs TCAF's -16.37%.

Which has better risk-adjusted returns?

TCAF currently has the higher Sharpe Ratio (1.37 vs 0.94), 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.