TCAF vs TCAL
T. Rowe Price Capital Appreciation Equity ETF vs T. Rowe Price Capital Appreciation Premium Income ETF
Which is better, TCAF or TCAL?
TCAF has been ahead.
TCAF has a lower expense ratio. TCAF led over 1Y and the full window. TCAL is less concentrated, with 17.0% of the fund in its ten largest positions against 39.4%.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | TCAF | TCAL |
|---|---|---|
| Expense Ratio | 0.31%Best | 0.34% |
| AUM | $9.1B | $311M |
| Dividend Yield | 0.45% | 11.81% |
| Holdings | 101 | 488 |
| YTD Return | +13.46%Best | +2.64% |
| 1Y Return | +14.72%Best | +1.67% |
| 3Y Return (annualized) | +19.72% | - |
| Volatility (annualized) | 11.7% | 7.9%Best |
| Max Drawdown | -11.7% | -7.2%Best |
| $10,000 over 1.5 years | $13,134Best | $10,443 |
| Top 10 Weight | 39.4% | 17.0%Best |
| Fund Family | T.Rowe Price | T.Rowe Price |
| Category | Equity | Equity |
| Style | Large Cap Blend | Large Cap Blend |
| Inception | Jun 14, 2023 | Mar 26, 2025 |
Not shown on this pair: 5Y Return (annualized).
Volatility and max drawdown, and the $10,000 over 1.5 years row, are measured over the window both funds cover: Mar 27, 2025 to Oct 14, 2026 (1.5 years).
TCAF vs TCAL growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view covers the 1.5 years both funds cover.
TCAF vs TCAL Performance
T. Rowe Price Capital Appreciation Equity ETF (TCAF) is an ETF from T.Rowe Price and T. Rowe Price Capital Appreciation Premium Income ETF (TCAL) is an ETF from T.Rowe Price. Over the past year TCAF returned +14.72% while TCAL returned +1.67%. Year to date, TCAF is up 13.46% versus a gain of 2.64% for TCAL.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
TCAF has been the more volatile fund, with annualized monthly volatility of 11.7% compared with 7.9% for TCAL. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -11.7% for TCAF and -7.2% for TCAL. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.45. They move together some of the time, and apart the rest.
Fees and Cost Over Time
TCAF charges 0.31% per year while TCAL charges 0.34%. On a $10,000 position that is $31 vs $34 annually, a gap of $3 per year that compounds over a long holding period. On income, TCAF currently yields 0.45% against 11.81% for TCAL.
Holdings Overlap
67.2% of TCAF's money is in holdings TCAL also owns. 55.0% of TCAL's money is in holdings TCAF also owns.
The two portfolios partly overlap.
50 positions in common, counted across the 98 positions we hold weights for in TCAF and 103 in TCAL, against full books of 101 and 488.
What only one of them owns
Our book lists 52 positions for TCAL that do not appear in our book for TCAF (44.7% of the fund), and 45 for TCAF that do not appear in TCAL (27.5%).
Some of those will be the same company recorded under a different code in one of the two books, so the real difference in what you would own is no larger than this and may be smaller. We do not name the individual positions here for that reason.
Top Shared Holdings
| Stock | Weight in TCAF | Weight in TCAL | Difference |
|---|---|---|---|
| MSFTMicrosoft Corp | 6.01% | 1.94% | 4.07% |
| NVDANvidia Corp | 5.52% | 1.28% | 4.24% |
| AMZNAmazon.Com Inc | 5.02% | 1.67% | 3.35% |
| METAMeta Platforms Inc | 3.52% | 1.44% | 2.08% |
| AMDAdvanced Micro Devices Inc | 2.66% | 1.18% | 1.48% |
| MAMastercard Inc | 2.04% | 1.79% | 0.25% |
| 2330:TWTaiwan Semiconductor Manufacturing Co Ltd | 2.26% | 1.44% | 0.82% |
| CNPCenterpoint Energy Inc. | 2.82% | 0.72% | 2.10% |
| ALNYAlnylam Pharmaceuticals Inc. | 2.26% | 1.17% | 1.09% |
| DHRDanaher Corporation | 1.41% | 1.77% | 0.36% |
67.2% of TCAF is already inside TCAL.
You probably hold more than these two. Add the rest and see how much of the whole book is the same companies twice.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, TCAF or TCAL?
TCAF has an expense ratio of 0.31% while TCAL charges 0.34%. TCAF is the cheaper option, by $3 a year on a $10,000 investment.
Which performed better, TCAF or TCAL?
Over the past year TCAF returned +14.72% vs +1.67% for TCAL, so TCAF leads on 1-year performance. Over the longest common window we track (2 years), TCAF annualized +19.93% vs +2.93% for TCAL. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, TCAF or TCAL?
TCAF has been the more volatile fund at 11.7% annualized versus 7.9% for TCAL. Worst drawdown: TCAF -11.7% vs TCAL -7.2%.
Should I hold both TCAF and TCAL?
TCAF and TCAL have a monthly-return correlation of 0.45, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
What is the holdings overlap between TCAF and TCAL?
67.2% of TCAF's money is in holdings TCAL also owns. 55.0% of TCAL's is in holdings TCAF also owns. They hold 50 positions in common, counted across the 98 positions we hold weights for in TCAF and 103 in TCAL.
Which pays a higher dividend, TCAF or TCAL?
TCAF yields 0.45% while TCAL yields 11.81%, so TCAL currently pays the higher dividend yield.
Is TCAL better than TCAF?
TCAF has a lower expense ratio. TCAF led over 1Y and the full window. TCAL is less concentrated, with 17.0% of the fund in its ten largest positions against 39.4%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.