T. Rowe Price Capital Appreciation Equity ETF (TCAF) Performance
TCAF total return
Distributions reinvested · as of Oct 23, 2026- YTD
- +12.6% since Dec 31, 2025
- 1 year
- +12.6% total return
- 3 years
- +21.1% a year
- Since first price
- +17.2% a year since 2023
TCAF trailing returns vs SPY, QQQ, AGG
| Period | TCAF total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | +1.2% | +1.2% | −1.0% | −5.0% | +0.9% |
| 3 months | +5.4% | +5.4% | +3.2% | +1.9% | −0.4% |
| 6 months | +10.4% | +10.4% | +7.8% | +8.4% | −1.5% |
| YTD | +12.6% | +12.6% | +12.3% | +15.1% | −1.0% |
| 1 year | +12.6% | +12.1% | +14.4% | +15.9% | −1.1% |
| 3 years | +77.4%+21.1%/yr | +75.3% | +87.4%+23.3%/yr | +101.4%+26.3%/yr | +16.6%+5.2%/yr |
| Since inceptionJun 15, 2023 | +70.4%+17.2%/yr | +68.4% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: TCAF vs SPY
From Jun 15, 2023: TCAF grew to $17,044, SPY to $17,934.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
TCAF returns by calendar year
2 of 2 full years positive. Best 2024 (+20.9%), worst 2025 (+15.5%). 2026 is year to date.
TCAF annual returns table
| Year | TCAF | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | +12.6% | −10.8% | +12.3% | +15.1% | −1.0% |
| 2025 | +15.5% | −16.4% | +17.7% | +20.8% | +7.2% |
| 2024 | +20.9% | −6.0% | +24.9% | +25.6% | +1.3% |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
TCAF largest drawdowns
Now 1.4% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Jan 28, 2025 | −16.4% | Apr 8, 2025 | Jun 24, 2025 | 2 months | 5 months |
| Oct 29, 2025 | −11.3% | Mar 27, 2026 | Apr 17, 2026 | 5 months | 6 months |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
TCAF risk statistics
| Statistic | 3 years | Since 2023 |
|---|---|---|
| Annualized return | +19.9% | +17.2% |
| Volatility (annualized) | 12.0% | 12.1% |
| Sharpe ratio | 1.22 | 1.01 |
| Sortino ratio | 2.53 | 1.96 |
| Best month | +10.4% | +10.4% |
| Worst month | −5.5% | −5.5% |
| Best 12 months | +34.5% | +34.5% |
| Worst 12 months | +7.2% | +7.2% |
| Positive months | 64% | 62% |
| Beta vs S&P 500 | 0.94 | — |
| Correlation with S&P 500 | 0.97 | — |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
TCAF rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 29 | +7.2% | +14.8% | +34.5% | 100% |
| 3-year (a year) | 5 | +16.9% | +18.4% | +21.3% | 100% |
Every holding period starting at a month-end since 2023. Returns for 3 years and longer are annualized.
TCAF performance overview
T. Rowe Price Capital Appreciation Equity ETF (TCAF) returned +12.6% over the past year, with distributions reinvested. Since its first recorded price in 2023 it has returned +17.2% a year, turning $10,000 into about $17,044. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −16.4%, from Jan 28, 2025 to Apr 8, 2025, and it took 3 months to get back to the old high. Volatility has been 12.1% a year.
Related: TCAF chart, TCAF holdings, TCAF dividends, TCAF valuation. See the TCAF overview for the latest quote and fund facts.
TCAF performance FAQ
What is the TCAF return over the past year?
TCAF returned +12.6% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it rose 12.1%.
How much would $10,000 invested in TCAF be worth?
$10,000 invested in TCAF at its first recorded close on June 15, 2023 would be worth about $17,044 on October 23, 2026 with distributions reinvested.
What was the worst year for TCAF?
The worst calendar year was 2025, with a total return of +15.5%. The best was 2024 at +20.9%.
What is the biggest drawdown of TCAF?
The largest peak-to-trough decline was −16.4% between January 28, 2025 and April 8, 2025. It recovered to the old high on June 24, 2025, 3 months after the bottom.
How volatile is TCAF?
Over the past 3 years TCAF had an annualized volatility of 12.0% and a Sharpe ratio of 1.22 (excess return over 1–3 month T-bills per unit of risk).