IVV vs TCAL
iShares Core S&P 500 ETF vs T. Rowe Price Capital Appreciation Premium Income ETF
Quick Verdict
IVV has a lower expense ratio. IVV delivered stronger 1-year returns. IVV offers more diversification with 508 holdings.
Side-by-Side Comparison
| Metric | IVV | TCAL | Winner |
|---|---|---|---|
| Expense Ratio | 0.03% | 0.34% | |
| AUM | $886.7B | $313M | |
| Dividend Yield | 1.10% | 11.52% | |
| Holdings | 508 | 488 | |
| YTD Return | +12.64% | +2.72% | |
| 1Y Return | +20.92% | +3.12% | |
| 3Y Return (annualized) | +21.07% | - | |
| 5Y Return (annualized) | +12.62% | - | |
| Volatility (annualized) | 15.1% | 6.6% | |
| Max Drawdown | -56.5% | -7.2% | |
| Fund Family | iShares by BlackRock (US) | T.Rowe Price | |
| Category | Equity | Equity | |
| Inception | May 15, 2000 | Mar 26, 2025 |
IVV vs TCAL Performance
iShares Core S&P 500 ETF (IVV) is a ETF from iShares by BlackRock (US) and T. Rowe Price Capital Appreciation Premium Income ETF (TCAL) is a ETF from T.Rowe Price. Over the past year IVV returned +20.92% while TCAL returned +3.12%. Year to date, IVV is up 12.64% versus a gain of 2.72% for TCAL.
Risk: Volatility and Drawdowns
IVV has been the more volatile fund, with annualized monthly volatility of 15.1% compared with 6.6% for TCAL. 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 -56.5% for IVV and -7.2% for TCAL. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at 0.40. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
IVV charges 0.03% per year while TCAL charges 0.34%. On a $10,000 position that is $3 vs $34 annually, a gap of $31 per year that compounds over a long holding period. On income, IVV currently yields 1.10% against 11.52% for TCAL.
Holdings Overlap
IVV and TCAL share 91 holdings out of 518 unique holdings combined, representing a 24.3% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, IVV or TCAL?
IVV has an expense ratio of 0.03% while TCAL charges 0.34%. IVV is the cheaper option. On a $10,000 investment, that is $31 per year of difference.
Which performed better, IVV or TCAL?
Over the past year IVV returned +20.92% vs +3.12% for TCAL, so IVV leads on 1-year performance. Over the longest common window we track (1 years), IVV annualized +6.98% vs +3.22% for TCAL. Past performance does not guarantee future results.
Which is riskier, IVV or TCAL?
IVV has been the more volatile fund at 15.1% annualized versus 6.6% for TCAL. Worst drawdown: IVV -56.5% vs TCAL -7.2%.
Should I hold both IVV and TCAL?
IVV and TCAL have a monthly-return correlation of 0.40, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between IVV and TCAL?
IVV and TCAL share 91 common holdings with a 24.3% weight overlap. Combined, they hold 518 unique securities.
Which pays a higher dividend, IVV or TCAL?
IVV yields 1.10% while TCAL yields 11.52%, so TCAL currently pays the higher dividend yield.
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