QUAL vs TCAF: Holdings Overlap
QUALiShares MSCI USA Quality Factor ETF
iShares · 121 holdings · $47.8B · as of 2026-04-30
TCAFT. Rowe Price Capital Appreciation Equity ETF
T. Rowe Price · 92 holdings · $8.3B · as of 2026-03-31
Holdings snapshots are 30 days apart (QUAL: 2026-04-30, TCAF: 2026-03-31). Weights and index membership change between snapshots, so the true current overlap is typically higher than shown. For funds tracking the same index, the gap can be 5–15 points.
How similar are QUAL and TCAF?
iShares MSCI USA Quality Factor ETF (QUAL, by iShares) holds 121 positions; T. Rowe Price Capital Appreciation Equity ETF (TCAF, by T. Rowe Price) holds 92. They have 22 holdings in common, and by portfolio weight the two funds are 30.9% identical. In practical terms the pair is moderately overlapping; they share a meaningful core, but each fund adds distinct exposure.
- Overlap by Weight
- 30.9%Sum of the smaller weight of each shared holding
- Shared Holdings
- 22QUAL holds 121 · TCAF holds 92
- Weight in Shared Holdings
- QUAL 45%·TCAF 39%Share of each fund's weight in stocks both funds own
Based on each fund's latest official holdings. How is this calculated?
What makes each fund different
Only in QUAL
99 of 121 positions (54.4% of the fund) are not held by TCAF. Showing the top 30 by weight.
Sector Breakdown
| Sector | QUAL | TCAF |
|---|---|---|
| Information Technology | 34.4% | 30.5% |
| Health Care | 9.0% | 17.6% |
| Consumer Discretionary | 9.8% | 12.1% |
| Financials | 11.6% | 7.1% |
| Communication Services | 11.0% | 8.2% |
| Other Sectors | 24.0% | 21.0% |
| Unclassified | 0.0% | 3.3% |
Share of each fund's portfolio weight by GICS-style sector, compiled from issuer fund data and our own classification of the holdings, not the issuers' published sector charts. “Unclassified” is weight we could not classify (0% of QUAL, 3% of TCAF).
Performance
| Fund | 1M | YTD | 1Y | 3Y (ann.) | 5Y (ann.) | 10Y (ann.) | Yield |
|---|---|---|---|---|---|---|---|
| QUAL | +3.6% | +14.1% | +23.7% | +19.0% | +11.5% | +14.4% | 0.84% |
| TCAF | +3.1% | +12.1% | +18.5% | +18.6% | — | — | 0.45% |
Total returns including dividends, from adjusted daily closes as of 2026-08-07. 3Y/5Y/10Y are annualized. Yield is trailing-12-month distributions over the last close. Past performance does not predict future results.
Project the growth of $10,000 in QUAL vs TCAF →
Shared Holdings(22)
The top 10 shared positions account for 91% of the overlap, led by AAPL, NVDA and MSFT.
 AAPLApple Inc. COM | 6.27% | 5.95% | 5.95% |
|---|---|---|---|
 NVDANVIDIA Corp. COM | 6.50% | 5.34% | 5.34% |
 MSFTMicrosoft Corp. COM | 5.04% | 7.12% | 5.04% |
 METAMeta Platforms, Inc., Class A | 3.49% | 3.93% | 3.49% |
 GOOGLAlphabet Inc. CAP STK CL A | 2.53% | 4.05% | 2.53% |
 LLYEli Lilly & Co. COM | 2.92% | 1.44% | 1.44% |
 MAMasterCard Incorporated CL A | 2.30% | 1.43% | 1.43% |
 VVisa, Inc., Class A | 3.08% | 1.43% | 1.43% |
 UNHUnitedHealth Group Inc. COM | 1.02% | 2.03% | 1.02% |
 KLACKLA Corp. COM NEW | 2.78% | 0.56% | 0.56% |
 ABTAbbott Laboratories COM | 0.55% | 0.65% | 0.55% |
 SPGIS&P Global Inc COM | 0.45% | 0.53% | 0.45% |
 SLBSLB Ltd. COM USD0.01 | 1.56% | 0.35% | 0.35% |
 ANETArista Networks Inc COM SHS | 1.49% | 0.28% | 0.28% |
 BLKBlackrock Inc. COM | 0.57% | 0.26% | 0.26% |
 CDNSCadence Design Systems, Inc. COM | 0.57% | 0.19% | 0.19% |
 NKENIKE, Inc., Class B | 0.93% | 0.18% | 0.18% |
 CMGChipotle Mexican Grill, Inc., Class A | 1.02% | 0.15% | 0.15% |
 GOOGAlphabet Inc. CAP STK CL C | 2.11% | 0.09% | 0.09% |
 WTWWillis Towers Watson Public Limited Company COM USD0.000304635 | 0.09% | 0.67% | 0.09% |
 WSTWest Pharmaceutical Services Incorporated COM | 0.07% | 0.36% | 0.07% |
 WATWaters Corporation COM | 0.06% | 1.64% | 0.06% |
Frequently Asked Questions
How much do QUAL and TCAF overlap?
QUAL and TCAF overlap by 30.9% of portfolio weight. They share 22 holdings (QUAL holds 121 positions and TCAF holds 92), based on each fund's latest SEC-reported holdings.
Is it redundant to own both QUAL and TCAF?
The two portfolios are 30.9% identical by weight. Owning both is defensible: they share a meaningful core, but each fund adds exposure the other lacks.
What are the biggest shared holdings of QUAL and TCAF?
The largest positions held by both funds are AAPL, NVDA, MSFT, META and GOOGL. Together the top 10 shared positions account for 91% of the total overlap.
What does QUAL own that TCAF doesn't?
99 positions (54.4% of QUAL) are unique to QUAL, led by LRCX, TJX and CAT. In the other direction, 70 positions (61.2% of TCAF) are unique to TCAF.