T. Rowe Price Capital Appreciation Premium… (TCAL) Performance
TCAL total return
Distributions reinvested · as of Oct 23, 2026- YTD
- +6.3% since Dec 31, 2025
- 1 year
- +5.2% total return
- Since first price
- +8.0% since 2025
TCAL trailing returns vs SPY, QQQ, AGG
| Period | TCAL total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | +4.9% | +4.1% | −1.0% | −5.0% | +0.9% |
| 3 months | +5.6% | +2.8% | +3.2% | +1.9% | −0.4% |
| 6 months | +6.7% | +1.2% | +7.8% | +8.4% | −1.5% |
| YTD | +6.3% | −2.0% | +12.3% | +15.1% | −1.0% |
| 1 year | +5.2% | −5.9% | +14.4% | +15.9% | −1.1% |
| Since inceptionMar 27, 2025 | +8.0% | −8.1% | — | — | — |
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: TCAL vs SPY
From Mar 27, 2025: TCAL grew to $10,800, SPY to $13,624.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
TCAL returns by calendar year
2026 is year to date.
TCAL annual returns table
| Year | TCAL | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | +6.3% | −7.0% | +12.3% | +15.1% | −1.0% |
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.
TCAL risk statistics
| Statistic | Since 2025 |
|---|---|
| Annualized return | +1.1% |
| Volatility (annualized) | 7.8% |
| Sharpe ratio | -0.31 |
| Sortino ratio | -0.38 |
| Best month | +3.2% |
| Worst month | −5.5% |
| Best 12 months | +5.0% |
| Worst 12 months | −1.4% |
| Positive months | 67% |
| Beta vs S&P 500 | — |
| Correlation with S&P 500 | — |
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.
TCAL rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 8 | −1.4% | +0.6% | +7.2% | 75% |
Every holding period starting at a month-end since 2025. Returns for 3 years and longer are annualized.
TCAL performance overview
T. Rowe Price Capital Appreciation Premium… (TCAL) returned +5.2% over the past year, with distributions reinvested. Since its first recorded price on Mar 27, 2025 it has returned +8.0%. Over the same year S&P 500 (SPY) returned +14.4%.
Related: TCAL chart, TCAL holdings, TCAL dividends, TCAL valuation. See the TCAL overview for the latest quote and fund facts.
TCAL performance FAQ
What is the TCAL return over the past year?
TCAL returned +5.2% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it fell 5.9%.
How much would $10,000 invested in TCAL be worth?
$10,000 invested in TCAL at its first recorded close on March 27, 2025 would be worth about $10,800 on October 23, 2026 with distributions reinvested.
How volatile is TCAL?
Over the past history TCAL had an annualized volatility of 7.8% and a Sharpe ratio of -0.31 (excess return over 1–3 month T-bills per unit of risk).