TCAF vs TSPA
T. Rowe Price Capital Appreciation Equity ETF vs T Rowe Price US Equity Research ETF
Which is better, TCAF or TSPA?
Nearly the same fund. TCAF costs less.
TCAF has a lower expense ratio. TSPA led over 1Y, 3Y and the full window. The two have moved almost in lockstep, correlation 0.97. TSPA is less concentrated, with 38.1% 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 | TSPA |
|---|---|---|
| Expense Ratio | 0.31%Best | 0.34% |
| AUM | $9.1B | $4.7B |
| Dividend Yield | 0.45% | 0.55% |
| Holdings | 101 | 330 |
| YTD Return | +13.46%Best | +13.26% |
| 1Y Return | +14.72% | +17.33%Best |
| 3Y Return (annualized) | +19.72% | +22.25%Best |
| 5Y Return (annualized) | - | +13.59% |
| Volatility (annualized) | 12.0%Best | 12.7% |
| Max Drawdown | -16.6%Best | -19.0% |
| $10,000 over 3.3 years | $16,964 | $18,216Best |
| Top 10 Weight | 39.4% | 38.1%Best |
| Fund Family | T.Rowe Price | T.Rowe Price |
| Category | Equity | Equity |
| Style | Large Cap Blend | Large Cap Blend |
| Inception | Jun 14, 2023 | Jun 8, 2021 |
Volatility and max drawdown, and the $10,000 over 3.3 years row, are measured over the window both funds cover: Jun 15, 2023 to Oct 14, 2026 (3.3 years).
TCAF vs TSPA 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 3.3 years both funds cover.
TCAF vs TSPA Performance
T. Rowe Price Capital Appreciation Equity ETF (TCAF) is an ETF from T.Rowe Price and T Rowe Price US Equity Research ETF (TSPA) is an ETF from T.Rowe Price. Over the past year TCAF returned +14.72% while TSPA returned +17.33%. Year to date, TCAF is up 13.46% versus a gain of 13.26% for TSPA.
Over three years, TCAF compounded at +19.72% per year against +22.25% for TSPA.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
TSPA has been the more volatile fund, with annualized monthly volatility of 12.7% compared with 12.0% for TCAF. 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 -16.6% for TCAF and -19.0% for TSPA. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.97. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
TCAF charges 0.31% per year while TSPA 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 0.55% for TSPA.
Holdings Overlap
71.9% of TCAF's money is in holdings TSPA also owns. 48.3% of TSPA's money is in holdings TCAF also owns.
Most of TCAF is already inside TSPA. Owning both mostly buys the same companies twice.
55 positions in common, counted across the 98 positions we hold weights for in TCAF and 326 in TSPA, against full books of 101 and 330.
What only one of them owns
Our book lists 262 positions for TSPA that do not appear in our book for TCAF (50.5% of the fund), and 38 for TCAF that do not appear in TSPA (18.8%).
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 TSPA | Difference |
|---|---|---|---|
| NVDANvidia Corp | 5.52% | 8.18% | 2.66% |
| MSFTMicrosoft Corp | 6.01% | 5.76% | 0.25% |
| AAPLApple, Inc | 4.90% | 6.74% | 1.84% |
| AMZNAmazon.Com Inc | 5.02% | 3.93% | 1.09% |
| AVGOBroadcom Inc | 3.30% | 2.64% | 0.66% |
| GOOGLAlphabet Inc | 3.15% | 2.50% | 0.65% |
| METAMeta Platforms Inc | 3.52% | 2.08% | 1.44% |
| GOOGAlphabet Inc. C | 1.63% | 3.15% | 1.52% |
| AMDAdvanced Micro Devices Inc | 2.66% | 1.29% | 1.37% |
| MAMastercard Inc | 2.04% | 1.14% | 0.90% |
71.9% of TCAF is already inside TSPA.
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 TSPA?
TCAF has an expense ratio of 0.31% while TSPA charges 0.34%. TCAF is the cheaper option, by $3 a year on a $10,000 investment.
Which performed better, TCAF or TSPA?
Over the past year TCAF returned +14.72% vs +17.33% for TSPA, so TSPA leads on 1-year performance. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, TCAF or TSPA?
TSPA has been the more volatile fund at 12.7% annualized versus 12.0% for TCAF. Worst drawdown: TCAF -16.6% vs TSPA -19.0%.
Should I hold both TCAF and TSPA?
TCAF and TSPA have a monthly-return correlation of 0.97, so they move almost identically. What is left to separate them is the fee and the index each one tracks. This is information, not a recommendation.
What is the holdings overlap between TCAF and TSPA?
71.9% of TCAF's money is in holdings TSPA also owns. 48.3% of TSPA's is in holdings TCAF also owns. They hold 55 positions in common, counted across the 98 positions we hold weights for in TCAF and 326 in TSPA.
Which pays a higher dividend, TCAF or TSPA?
TCAF yields 0.45% while TSPA yields 0.55%, so TSPA currently pays the higher dividend yield.
Is TSPA better than TCAF?
TCAF has a lower expense ratio. TSPA led over 1Y, 3Y and the full window. The two have moved almost in lockstep, correlation 0.97. TSPA is less concentrated, with 38.1% 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.