TCAF vs USMV: Differences, Returns & Fees
TCAF and USMV hold 22% of their weight in the same names, and TCAF returned +13.9% over the year. Net assets on Oct 9, 2026: $9.1bn for T. Rowe Price Capital Appreciation Equity ETF and $23.8bn for iShares MSCI USA Min Vol Factor ETF.
USMV costs 0.16 points a year less; their one-year returns differ by 6.4 points; USMV is 2.6 times larger.
| TCAF | USMV | |
|---|---|---|
| Expense ratio | 0.31% | 0.15% |
| Net assets | $9.1bn | $23.8bn |
| Total return, 1 year | +13.9% | +7.5% |
| What it tracks | No index, actively managed | MSCI USA Minimum Volatility (USD) Index |
| Holdings in common | 22% | |
| Top ten holdings, share of the fund | 40.9% | 15.1% |
Holdings in common uses holdings dated Jun 30, 2026 and Oct 9, 2026.
What they hold in common
By the books each fund has filed, TCAF and USMV hold 22% of their money in the same securities at the same weight. Above 50%, holding both is close to holding one of them twice. Holdings dated Jun 30, 2026 and Oct 9, 2026.
half
22% in common
On the same fields
TCAF and USMV on the fields both publish, as of Oct 9, 2026. Source: ETFIQ.
About TCAF
TCAF is actively managed and tracks no index. Over the year to Oct 9, 2026 it returned +13.9% with distributions reinvested. The prospectus expense ratio is 0.31% a year. By its holdings filed for Jun 30, 2026, 84% of the fund by weight is stocks the S&P 500 also holds, across 90 positions, with the top ten at 40.9%.
About USMV
USMV tracks the MSCI USA Min Vol Factor. Over the year to Oct 9, 2026 it returned +7.5% with distributions reinvested. The prospectus expense ratio is 0.15% a year. By its holdings published by its issuer for Oct 9, 2026, 93% of the fund by weight is stocks the S&P 500 also holds, across 176 positions, with the top ten at 15.1%.
Questions people ask
- Which returned more over the last year, TCAF or USMV?
- In the year to Oct 9, 2026, with distributions reinvested, TCAF returned +13.9% and USMV +7.5%.
- Which is cheaper, TCAF or USMV?
- USMV is cheaper, by 0.16 percentage points a year. That is about $16 on $10,000 held for a year. Fees come from each fund's prospectus.
ETFIQ links to the documents behind every figure; a link is not an endorsement. A comparison is not a recommendation.
How this is computed
Overlap adds up the smaller of the two weights for each security both funds hold.
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ETFIQ, TCAF against USMV, data as of Oct 9, 2026. https://etfiq.com/compare/any/tcaf-vs-usmv
ETFIQ. (Oct 9, 2026). TCAF against USMV. Retrieved from https://etfiq.com/compare/any/tcaf-vs-usmv
[TCAF against USMV (ETFIQ, Oct 9, 2026)](https://etfiq.com/compare/any/tcaf-vs-usmv)
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