TCAL vs TSPA
T. Rowe Price Capital Appreciation Premium Income ETF vs T Rowe Price US Equity Research ETF
Which is better, TCAL or TSPA?
TSPA has been ahead.
TSPA led over 1Y and the full window. TCAL is less concentrated, with 17.0% of the fund in its ten largest positions against 38.1%.
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 | TCAL | TSPA |
|---|---|---|
| Expense Ratio | 0.34%Tie | 0.34%Tie |
| AUM | $311M | $4.7B |
| Dividend Yield | 11.81% | 0.55% |
| Holdings | 488 | 330 |
| YTD Return | +2.64% | +13.26%Best |
| 1Y Return | +1.67% | +17.33%Best |
| 3Y Return (annualized) | - | +22.25% |
| 5Y Return (annualized) | - | +13.59% |
| Volatility (annualized) | 7.9%Best | 12.0% |
| Max Drawdown | -7.2%Best | -12.4% |
| $10,000 over 1.5 years | $10,443 | $13,557Best |
| Top 10 Weight | 17.0%Best | 38.1% |
| Fund Family | T.Rowe Price | T.Rowe Price |
| Category | Equity | Equity |
| Style | Large Cap Blend | Large Cap Blend |
| Inception | Mar 26, 2025 | Jun 8, 2021 |
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).
TCAL 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 1.5 years both funds cover.
TCAL vs TSPA Performance
T. Rowe Price Capital Appreciation Premium Income ETF (TCAL) 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 TCAL returned +1.67% while TSPA returned +17.33%. Year to date, TCAL is up 2.64% versus a gain of 13.26% 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 12.0% 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 -7.2% for TCAL and -12.4% 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 0.34. They move together some of the time, and apart the rest.
Fees and Cost Over Time
TCAL charges 0.34% per year while TSPA charges 0.34%. On a $10,000 position that is $34 vs $34 annually. On income, TCAL currently yields 11.81% against 0.55% for TSPA.
Holdings Overlap
73.7% of TCAL's money is in holdings TSPA also owns. 41.1% of TSPA's money is in holdings TCAL also owns.
Most of TCAL is already inside TSPA. Owning both mostly buys the same companies twice.
71 positions in common, counted across the 103 positions we hold weights for in TCAL and 326 in TSPA, against full books of 488 and 330.
What only one of them owns
Our book lists 246 positions for TSPA that do not appear in our book for TCAL (57.7% of the fund), and 29 for TCAL that do not appear in TSPA (24.0%).
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 TCAL | Weight in TSPA | Difference |
|---|---|---|---|
| NVDANvidia Corp | 1.28% | 8.18% | 6.90% |
| MSFTMicrosoft Corp | 1.94% | 5.76% | 3.82% |
| AMZNAmazon.Com Inc | 1.67% | 3.93% | 2.26% |
| METAMeta Platforms Inc | 1.44% | 2.08% | 0.64% |
| MAMastercard Inc | 1.79% | 1.14% | 0.65% |
| AMDAdvanced Micro Devices Inc | 1.18% | 1.29% | 0.11% |
| JPMJpmorgan Chase | 0.86% | 1.41% | 0.55% |
| XOMExxonmobil Corp. | 1.37% | 0.88% | 0.49% |
| ABTAbbot Laboratories | 1.63% | 0.34% | 1.29% |
| NFLXNetflix, Inc. | 1.23% | 0.72% | 0.51% |
73.7% of TCAL 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, TCAL or TSPA?
TCAL has an expense ratio of 0.34% while TSPA charges 0.34%. At the precision these are quoted to, they cost the same.
Which performed better, TCAL or TSPA?
Over the past year TCAL returned +1.67% vs +17.33% for TSPA, so TSPA leads on 1-year performance. Over the longest common window we track (2 years), TCAL annualized +2.93% vs +22.49% for TSPA. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, TCAL or TSPA?
TSPA has been the more volatile fund at 12.0% annualized versus 7.9% for TCAL. Worst drawdown: TCAL -7.2% vs TSPA -12.4%.
Should I hold both TCAL and TSPA?
TCAL and TSPA have a monthly-return correlation of 0.34, 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 TCAL and TSPA?
73.7% of TCAL's money is in holdings TSPA also owns. 41.1% of TSPA's is in holdings TCAL also owns. They hold 71 positions in common, counted across the 103 positions we hold weights for in TCAL and 326 in TSPA.
Which pays a higher dividend, TCAL or TSPA?
TCAL yields 11.81% while TSPA yields 0.55%, so TCAL currently pays the higher dividend yield.
Is TSPA better than TCAL?
TSPA led over 1Y and the full window. TCAL is less concentrated, with 17.0% of the fund in its ten largest positions against 38.1%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.