Which paid more, TCAL or TSPY?

Over the year to Nov 4, 2026, TCAL paid 11.4% of its starting price in cash and TSPY paid 14.0%, so TSPY paid more. Cash paid is not the same as money made: the price change matters too.

Which returned more once distributions are counted, TCAL or TSPY?

With every distribution reinvested, TCAL returned +11.2% and TSPY +13.3% over the year to Nov 4, 2026.

Which is cheaper, TCAL or TSPY?

TCAL charges 0.34% a year and TSPY charges 0.68%, so TCAL is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Income ETFs

TCAL vs TSPY: Dividend Yield & Total Return

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Over the year to Nov 4, 2026, TSPY paid 14.0% of its price in cash against TCAL’s 11.4%, and returned more with it reinvested.

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Net assets: $324m on Nov 3, 2026 for T. Rowe Price Capital Appreciation Premium Income ETF, and $311m on Jun 30, 2026 for TappAlpha S&P 500 Growth & Daily Income ETF.

TCAL on its own →TSPY on its own →

At a glance

11.4%

TCAL cash paid, 1 year

14.0%

TSPY cash paid, 1 year

+11.2%

TCAL total return, 1 year

+13.3%

TSPY total return, 1 year

TCAL · 1 year to Nov 4, 2026 3.4 pts behind its own stocks

TCAL

+11.2%

Own

+14.6%

3.4 pts behind its own stocks

TCAL over 1 year: paid 11.4%, price −1.2%, total +11.2%, its own stocks +14.6%, −3.4 pts. Data to Nov 4, 2026.

its own stocks

+14.6%

TCAL

+11.2%

11.4% of it arrived as cash

3.4 pts behind its own stocks

Total return, distributions reinvested

3.4 pts behind its own stocks

TCAL over 1 year: paid 11.4%, price −1.2%, total +11.2%, its own stocks +14.6%, −3.4 pts. Data to Nov 4, 2026.

its own stocks

+14.6%

TCAL

+11.2%

11.4% as cash

11.4% of it arrived as cash. Total return, distributions reinvested. TCAL over 1 year: paid 11.4%, price −1.2%, total +11.2%, its own stocks +14.6%, −3.4 pts. Data to Nov 4, 2026.

Data to Nov 4, 2026.

TSPY · 1 year to Nov 4, 2026 1.5 pts behind VOO

TSPY

+13.3%

VOO

+14.8%

1.5 pts behind VOO

TSPY over 1 year: paid 14.0%, price −1.6%, total +13.3%, VOO +14.8%, −1.5 pts. Data to Nov 4, 2026.

VOO

+14.8%

TSPY

+13.3%

14.0% of it arrived as cash

1.5 pts behind VOO

Total return, distributions reinvested

1.5 pts behind VOO

TSPY over 1 year: paid 14.0%, price −1.6%, total +13.3%, VOO +14.8%, −1.5 pts. Data to Nov 4, 2026.

VOO

+14.8%

TSPY

+13.3%

14.0% as cash

1.5 pts behind VOO

14.0% of it arrived as cash. Both charts share one scale, with zero at the line. TSPY over 1 year: paid 14.0%, price −1.6%, total +13.3%, VOO +14.8%, −1.5 pts. Data to Nov 4, 2026.

Data to Nov 4, 2026.

Pair scorecard

TCAL costs 0.34 points a year less; their one-year returns differ by 2.1 points.

Points (pts) are percentage points.

TCAL vs TSPY: Dividend Yield & Total Return
Measure	TCAL	TSPY
Paid and earned
Measure	TCAL	TSPY
Total return, 1 year	+11.2%	+13.3%
Price change, 1 year	fell 1.2%	fell 1.6%
Against its benchmark
Measure	TCAL	TSPY
Benchmark	its own stocks	Vanguard S&P 500 ETF, measured through VOO
Cost and size
Measure	TCAL	TSPY
Expense ratio	0.34%	0.68%
Net assets, TCAL as of Nov 3, 2026 and TSPY as of Jun 30, 2026	$324m	$311m
Holdings
Measure	TCAL	TSPY
Holdings in common	0%

ETFIQ Distribution Coverage Score · TCAL scores higher How much of what it paid out did its total return cover?

IQ Income Score54.8TCAL53.6TSPY

How much of its payouts the fund's total return covered, ranked against 167 income ETFs not writing on a single company. 100 is best. How it is computed

TCAL 54.8

TSPY 53.6

0.3, the lowest in this set 99.7, the highest

One year only, and a ratio of two published numbers: it says nothing about where a distribution came from. All income ETFs ranked by it →

Method

Risk and return

Apr 4, 2025 to Oct 30, 2026 · 82 weekly returns

TCAL TSPY

Return

Total return edge TSPY +15.2% +47.3%

Annualized edge TSPY +9.4% +27.9%

Price return edge TSPY −3.8% +19.1%

Risk

Volatility edge TCAL 8.5% 12.1%

Max drawdown edge TCAL −7.0% −8.5%

Risk-adjusted

Sharpe edge TSPY 0.64 1.76

Sortino edge TSPY 0.95 3.29

Calmar edge TSPY 1.34 3.28

Reading

From Apr 2025 to Oct 2026, TSPY returned more: +47.3% to +15.2%. TCAL swung less: 8.5% to 12.1%. TCAL fell less at its worst: −7.0% to −8.5%.

Full scorecard

9 measures, with how each is measured Open ↓

Risk and return: TCAL vs TSPY: Dividend Yield & Total Return
Measure	TCAL	TSPY	Edge	How it is measured
Return
Total return	+15.2%	+47.3%	TSPY	Price change plus distributions, reinvested.
Annualized	+9.4%	+27.9%	TSPY	Total return as a yearly rate.
Price return	−3.8%	+19.1%	TSPY	Price change alone, distributions left out.
Risk
Volatility	8.5%	12.1%	TCAL	Spread of weekly returns, annualized. Lower is steadier.
Downside deviation	5.7%	6.5%	TCAL	Like volatility, counting only weeks below the Treasury bill rate.
Max drawdown	−7.0%	−8.5%	TCAL	Deepest fall from a high to the low after it.
Risk-adjusted
Sharpe	0.64	1.76	TSPY	Return above Treasury bills per unit of volatility.
Sortino	0.95	3.29	TSPY	Return above Treasury bills per unit of downside deviation.
Calmar	1.34	3.28	TSPY	Annualized return divided by the max drawdown.

Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 82 weekly returns. Cash rate: the 13-week Treasury bill.

What they share

By the books each fund has filed, TCAL and TSPY hold 0% of their money in the same securities at the same weight. Holdings dated Jun 30, 2026.

50%

0 half 100%

half

0% in common

Positions both hold · largest shared weight first TCAL TSPY

Only in one fund ↓

Only in TCAL

DANAHER CORP 2.02%

WATERS CORP 1.99%

VERALTO CORP 1.89%

WASTE CONNECTIONS INC 1.82%

YUM BRANDS INC 1.73%

MCDONALD S CORP 1.71%

VISA INC-CLASS A SHARES 1.71%

LINDE PLC 1.65%

Only in TSPY

Vanguard S&P 500 ETF 100.57%

Check overlap with more funds →

Side by side

TCAL T. Rowe Price Capital Appreciation Premium Income ETF · Covered call on its own stocks, paying monthly TSPY TappAlpha S&P 500 Growth & Daily Income ETF · Option income on VOO, paying monthly

Issuer T. Rowe Price TappAlpha

Strategy covered call option income

Benchmark TCAL's own stocks, without the options (from its filed holdings, rebalanced at each filing; latest Jun 30, 2026) Vanguard S&P 500 ETF (VOO)

Pays monthly monthly

Payout rate, annualized 13.0% 14.3%

Expense ratio 0.34% 0.68%

Cash paid, 1 year 11.4% 14.0%

Price change, 1 year −1.2% −1.6%

Total return, 1 year +11.2% +13.3%

Benchmark return, 1 year +14.6% +14.8%

Ahead or behind −3.4 pts −1.5 pts

Return of capital, latest estimate not published 100%

Age 1.6 years 2.2 years

Net assets, TCAL as of Nov 3, 2026 and TSPY as of Jun 30, 2026 $324m $311m

As of Nov 4, 2026. Source: ETFIQ. Cash paid: distributions over the window, as a share of the starting price. Payout rate: the latest payment, annualized, over today’s price.

Window by window

Window by window: TCAL vs TSPY: Dividend Yield & Total Return
	Total return		Cash paid		Against the benchmark
Window	TCAL	TSPY	TCAL	TSPY	TCAL	TSPY
3 months	+5.3%	+0.7%	2.6%	3.5%	−1.8 pts	+0.8 pts
6 months	+12.3%	+5.2%	6.3%	7.0%	−0.9 pts	+0.2 pts
1 year	+11.2%	+13.3%	11.4%	14.0%	−3.5 pts	−1.5 pts
Since launchNot the same days: TCAL Mar 2025 · TSPY Aug 2024	+12.0%	+38.7%	16.9%	31.2%	not measured	−3.7 pts

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About each fund

TCAL

Over the year to Nov 4, 2026, TCAL paid 11.4% of its starting value in cash distributions while its price fell 1.2%. With every distribution reinvested, the fund returned +11.2%. TCAL's own stocks, without the options (from its filed holdings, rebalanced at each filing; latest Jun 30, 2026) returned +14.6% over the same days, so a holder was behind by 3.4 pts. At its price on Nov 4, 2026 the latest distribution annualizes to 13.0%, paid monthly.

TSPY

Over the year to Nov 4, 2026, TSPY paid 14.0% of its starting value in cash distributions while its price fell 1.6%. With every distribution reinvested, the fund returned +13.3%. Vanguard S&P 500 ETF (VOO) returned +14.8% over the same days, so a holder was behind by 1.5 pts. At its price on Nov 4, 2026 the latest distribution annualizes to 14.3%, paid monthly. TappAlpha estimates that 100% of the distribution paid Nov 4, 2026 was a return of capital (its 19a-1 notice). That is a tax label, not a measure of erosion.

Questions people ask

Which paid more, TCAL or TSPY?: Over the year to Nov 4, 2026, TCAL paid 11.4% of its starting price in cash and TSPY paid 14.0%, so TSPY paid more. Cash paid is not the same as money made: the price change matters too.
Which returned more once distributions are counted, TCAL or TSPY?: With every distribution reinvested, TCAL returned +11.2% and TSPY +13.3% over the year to Nov 4, 2026.
Which is cheaper, TCAL or TSPY?: TCAL charges 0.34% a year and TSPY charges 0.68%, so TCAL is cheaper. Fees come from each fund's prospectus.

Other comparisons

TCAL vs OVL TCAL vs TPAY TCAL vs XPAY TCAL vs OVLH TSPY vs GRNI TSPY vs JUDO TSPY vs HEMI TSPY vs CVRD

Where to next

Vanguard S&P 500 ETF (VOO) →TCAL on its own →TSPY on its own →TCAL dividend history →TCAL holdings →TSPY dividend history →TSPY holdings →Method →Standards and sources →

Sources and dates

TCAL filings on SEC EDGAR ↗

TCAL prospectus with the expense ratio (SEC) ↗

T. Rowe Price website ↗

TSPY filings on SEC EDGAR ↗

TSPY prospectus with the expense ratio (SEC) ↗

TSPY 19a-1 distribution notice ↗

TappAlpha website ↗

Links are sources, not endorsements. A comparison is not a recommendation.

How this is computed

It is a place in a set, not a rating or a recommendation.

Overlap adds up the smaller of the two weights for each security both funds hold.

Every number is an ETFIQ calculation with distributions reinvested.

Cite this pageCitation, APA and Markdown

ETFIQ, TCAL against TSPY, data as of Nov 4, 2026. https://etfiq.com/compare/income/tcal-vs-tspy

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