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TCAFvsPHEQETF Comparison

ETF 1

TCAF

T. Rowe Price Capital Appreciation Equity ETF

This fund is part of

US Large Cap

-0.09%

Full TCAF fund page

VS

ETF 2

PHEQ

Parametric Hedged Equity ETF

This fund is part of

Options Strategies

+0.04%

Full PHEQ fund page

T. Rowe Price Capital Appreciation Equity ETF (TCAF) belongs to the US Large Cap segment. Parametric Hedged Equity ETF (PHEQ) is part of the Options Strategies segment. TCAF's top 3 sector exposures are Information Technology, Health Care and Consumer Discretionary. In contrast, PHEQ's top sector exposures are Information Technology, Communication Services and Consumer Discretionary. TCAF is more expensive with a Total Expense Ratio (TER) of 0.31%, versus 0.29% for PHEQ. TCAF is up 4.73% year-to-date (YTD) with +$434M in YTD flows. PHEQ performs better with 4.73% YTD performance, and -$8M in YTD flows. Run a side-by-side ETF comparison of TCAF and PHEQ below, and assess how they stack up in performance, liquidity, risk, exposure, holdings, and more, helping you select the best ETF for your investments.

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TCAF vs PHEQ performance and flow charts

Performance

Cumulative Flows

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Daily, global ETF data for advanced analysis or integration into apps (API), from our partner Trackinsight.

Data Services

Historic performance and flows

Data as of 05/15/2026

		1M	3M	YTD	1Y	3Y	5Y
Perf.	TCAF PHEQ	+3.78%+2.13%	+7.55%+4.80%	+4.73%+4.73%	+19.96%+16.11%	n/an/a	n/an/a
Flows	TCAF PHEQ	+$130M+$8M	+$269M-$3M	+$434M-$8M	+$1.76B+$26M	--	--

Volatility and drawdown

		3M	1Y	3Y	5Y
Volatility	TCAF PHEQ	+14.58%+8.02%	+11.81%+6.75%	n/an/a	n/an/a
Max drawdown	TCAF PHEQ	-8.98%-3.55%	-11.33%-3.96%	n/an/a	n/an/a
Max drawdown duration	TCAF PHEQ	47d41d	170d86d	n/an/a	n/an/a

Trading data

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	TCAF	PHEQ
Last sale 5/19/2026 at 1:49 PM	$39.92	$34.13
Previous close 05/18/2026	$40.02	$34.11
Consolidated volume 05/18/2026
Average volume 30 days
Average discount or premium 30 days
Average Bid/Ask spread 30 days

Main metrics

Last update 5/19/2026 at 1:49 PM

Live

Closed

	TCAF	PHEQ
Last price	$39.92	$34.13
1D performance	-0.25%	+0.04%
AuM	$7.08 B	$136.24 M
E/R	0.31%	0.29%

Characteristics

	TCAF	PHEQ
Management strategy	Active	Active
Provider	T. Rowe Price	Morgan Stanley
Benchmark	-	-
N° of holdings	81	173
Asset class	-	-
Trailing 12m distribution yield	Join	Join
Inception date	June 15, 2023	October 19, 2023
ESG	No	No

More TCAF data on Trackinsight

More PHEQ data on Trackinsight

Exposure

Countries

TCAF

USA

93.94%

Other

6.06%

PHEQ

USA

93.2%

Other

6.8%

Sectors

TCAF

Information Techn.

31.97%

Health Care

16.76%

Consumer Discreti.

10.88%

Utilities

10.14%

Communication Ser.

8.21%

Other

22.04%

PHEQ

Information Techn.

33.71%

Communication Ser.

10.57%

Consumer Discreti.

9.49%

Financials

9.34%

Health Care

8.92%

Industrials

7.64%

Other

20.33%

Diversification

TCAF

Total weight of top 15 holdings out of 15

55.51%

PHEQ

Total weight of top 15 holdings out of 15

43.64%

Top 15 holdings

Data as of March 31, 2026

TCAF

MICROSOFT-T

7.12%

AMAZON.COM INC

6.40%

APPLE

5.95%

NVIDIA

5.34%

ALPHABET INC-CL

4.05%

META PLATFORMS

3.93%

CENTERPOINT ENERGY

3.43%

NISOURCE

3.19%

BROADCOM LIMITED

3.08%

KEURIG DR PEPPER INC

2.42%

ADVANCED MICRO DEVICES

2.22%

PTC INC

2.20%

AMERISOURCEBERGEN

2.13%

UNITEDHEALTH GRP

2.03%

BECTON DICKINSON AND CO

2.02%

PHEQ

NVIDIA

7.24%

APPLE

6.63%

MICROSOFT-T

4.74%

AMAZON.COM INC

3.62%

ALPHABET INC-CL

3.05%

ALPHABET INC-CL

2.65%

BROADCOM LIMITED

2.59%

META PLATFORMS

2.22%

TESLA

1.89%

EXXON

1.78%

JPMORGAN CHASE

1.65%

LILLY

1.58%

JOHNSON&JOHNSON

1.51%

BERKSHIRE HATHWAY

1.38%

VISA INCORPORATION

1.11%

Frequently asked questions about TCAF and PHEQ

How have the TCAF and PHEQ ETFs performed in 2026?

As of May 15, 2026, TCAF is up 4.73% year-to-date (YTD), while PHEQ has returned 4.73%. That puts PHEQ better performer ahead so far this year.

Which ETF is attracting more investor money: TCAF or PHEQ?

Year-to-date, the TCAF ETF saw +$434M in flows, compared to -$8M for PHEQ.

Which ETF is more volatile: TCAF or PHEQ?

Over the past year, TCAF had a volatility of 11.81%, while PHEQ experienced 6.75%.

Which ETF is bigger: TCAF or PHEQ?

As of May 15, 2026, TCAF holds $7.08 B in assets under management (AUM), while PHEQ manages $136.24 M.

What sectors do the TCAF and PHEQ ETFs invest in?

TCAF leans toward sectors like Information Technology, Health Care and Consumer Discretionary. Meanwhile, PHEQ focuses on Information Technology, Communication Services and Consumer Discretionary.

What are the top holdings of the TCAF ETF and PHEQ ETF?

TCAF top holdings include MICROSOFT-T, AMAZON.COM INC and APPLE. PHEQ holds in its top three: NVIDIA, APPLE and MICROSOFT-T.

Which ETF is more diversified: TCAF or PHEQ?

TCAF holds 86 securities with 55.51% of its assets in the top 15. PHEQ has 182 securities and a top 15 weight of 43.64%.

Parametric's Innovation Continues Under New Leadership from Morgan Stanley with Launch of PHEQ and PAPI

November 16, 2023

PHEQ

TCAFvsPHEQETF Comparison

T. Rowe Price Capital Appreciation Equity ETF

Parametric Hedged Equity ETF

TCAF vs PHEQ performance and flow charts

Performance

Cumulative Flows

Get all the metrics on this page, and more, through a reliable ETF data feed

Countries

Sectors

Diversification

Top 15 holdings

How have the TCAF and PHEQ ETFs performed in 2026?

As of May 15, 2026, TCAF is up 4.73% year-to-date (YTD), while PHEQ has returned 4.73%. That puts PHEQ better performer ahead so far this year.

Which ETF is attracting more investor money: TCAF or PHEQ?

Year-to-date, the TCAF ETF saw +$434M in flows, compared to -$8M for PHEQ.

Which ETF is more volatile: TCAF or PHEQ?

Over the past year, TCAF had a volatility of 11.81%, while PHEQ experienced 6.75%.

Which ETF is bigger: TCAF or PHEQ?

As of May 15, 2026, TCAF holds $7.08 B in assets under management (AUM), while PHEQ manages $136.24 M.

What sectors do the TCAF and PHEQ ETFs invest in?

TCAF leans toward sectors like Information Technology, Health Care and Consumer Discretionary. Meanwhile, PHEQ focuses on Information Technology, Communication Services and Consumer Discretionary.

What are the top holdings of the TCAF ETF and PHEQ ETF?

TCAF top holdings include MICROSOFT-T, AMAZON.COM INC and APPLE. PHEQ holds in its top three: NVIDIA, APPLE and MICROSOFT-T.

Which ETF is more diversified: TCAF or PHEQ?

TCAF holds 86 securities with 55.51% of its assets in the top 15. PHEQ has 182 securities and a top 15 weight of 43.64%.

Parametric's Innovation Continues Under New Leadership from Morgan Stanley with Launch of PHEQ and PAPI

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