FDWM vs TCAF
Fidelity Womens Leadership ETF vs T. Rowe Price Capital Appreciation Equity ETF
Which is better, FDWM or TCAF?
Nearly the same fund. TCAF costs less.
TCAF has a lower expense ratio. FDWM led over 1Y, TCAF over the full window. The two have moved almost in lockstep, correlation 0.97. FDWM is less concentrated, with 36.7% of the fund in its ten largest positions against 39.9%.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | FDWM | TCAF |
|---|---|---|
| Expense Ratio | 0.59% | 0.31%Best |
| AUM | $5M | $7.8B |
| Dividend Yield | 0.52% | 0.44% |
| Holdings | 82 | 199 |
| Volatility (annualized) | 14.3% | 11.5%Best |
| Max Drawdown | -21.3% | -16.6%Best |
| $10,000 over 2.4 years | $14,371 | $15,004Best |
| Top 10 Weight | 36.7%Best | 39.9% |
| Fund Family | Fidelity Investments (US) | T.Rowe Price |
| Category | Equity | Equity |
| Style | Large Cap Blend | Large Cap Blend |
| Inception | Jun 15, 2021 | Jun 14, 2023 |
Not shown on this pair: YTD Return, 1Y Return, 3Y Return (annualized), 5Y Return (annualized).
The two price series end 358 days apart, so a return over any period would be measuring two different stretches of market. Those rows are withheld. FDWM has data through Nov 13, 2025 and TCAF through Nov 6, 2026.
Volatility and max drawdown, and the $10,000 over 2.4 years row, are measured over the window both funds cover: Jun 15, 2023 to Nov 13, 2025 (2.4 years).
Risk: Volatility and Drawdowns
FDWM has been the more volatile fund, with annualized monthly volatility of 14.3% compared with 11.5% for TCAF. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -21.3% for FDWM and -16.6% for TCAF. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.97. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
FDWM charges 0.59% per year while TCAF charges 0.31%. On a $10,000 position that is $59 vs $31 annually, a gap of $28 per year that compounds over a long holding period. On income, FDWM currently yields 0.52% against 0.44% for TCAF.
Holdings Overlap
40.5% of FDWM's money is in holdings TCAF also owns. 36.8% of TCAF's money is in holdings FDWM also owns.
The two portfolios partly overlap.
The two holdings books were reported 427 days apart, FDWM as of Jul 31, 2025 and TCAF as of Oct 1, 2026, so some of the difference between them is the time between the two reports rather than the funds.
17 positions in common, counted across the 86 positions we hold weights for in FDWM and 99 in TCAF, against full books of 82 and 199.
What only one of them owns
Our book lists 77 positions for TCAF that do not appear in our book for FDWM (55.3% of the fund), and 67 for FDWM that do not appear in TCAF (56.6%).
Some of those will be the same company recorded under a different code in one of the two books, so the real difference in what you would own is no larger than this and may be smaller. We do not name the individual positions here for that reason.
Top Shared Holdings
| Stock | Weight in FDWM | Weight in TCAF | Difference |
|---|---|---|---|
| MSFTMicrosoft Corp | 7.10% | 6.61% | 0.49% |
| NVDANvidia Corp | 7.02% | 5.59% | 1.43% |
| AAPLApple Inc | 5.91% | 4.64% | 1.27% |
| AMZNAmazon.Com Inc | 4.73% | 5.37% | 0.64% |
| GOOGAlphabet Inc. C | 3.70% | 1.23% | 2.47% |
| ALNYAlnylam Pharmaceuticals Inc. | 1.42% | 2.11% | 0.69% |
| JPMJpmorgan Chase | 2.12% | 1.28% | 0.84% |
| MAMastercard Inc | 1.32% | 1.87% | 0.55% |
| ANETArista Networks Inc Common Stock | 1.18% | 1.55% | 0.37% |
| MUMicron Technology, Inc. | 1.26% | 1.44% | 0.18% |
40.5% of FDWM is already inside TCAF.
You probably hold more than these two. Add the rest and see how much of the whole book is the same companies twice.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, FDWM or TCAF?
FDWM has an expense ratio of 0.59% while TCAF charges 0.31%. TCAF is the cheaper option, by $28 a year on a $10,000 investment.
Which is riskier, FDWM or TCAF?
FDWM has been the more volatile fund at 14.3% annualized versus 11.5% for TCAF. Worst drawdown: FDWM -21.3% vs TCAF -16.6%.
Should I hold both FDWM and TCAF?
FDWM and TCAF have a monthly-return correlation of 0.97, so they move almost identically. What is left to separate them is the fee and the index each one tracks. This is information, not a recommendation.
What is the holdings overlap between FDWM and TCAF?
40.5% of FDWM's money is in holdings TCAF also owns. 36.8% of TCAF's is in holdings FDWM also owns. They hold 17 positions in common, counted across the 86 positions we hold weights for in FDWM and 99 in TCAF.
Which pays a higher dividend, FDWM or TCAF?
FDWM yields 0.52% while TCAF yields 0.44%, so FDWM currently pays the higher dividend yield.
Is TCAF better than FDWM?
TCAF has a lower expense ratio. FDWM led over 1Y, TCAF over the full window. The two have moved almost in lockstep, correlation 0.97. FDWM is less concentrated, with 36.7% of the fund in its ten largest positions against 39.9%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.