TCAF vs PBUS: Holdings Overlap
TCAFT. Rowe Price Capital Appreciation Equity ETF
T. Rowe Price · 92 holdings · $8.3B · as of 2026-03-31
Invesco · 537 holdings · $11.4B · as of 2026-05-31
Holdings snapshots are 61 days apart (TCAF: 2026-03-31, PBUS: 2026-05-31). 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 TCAF and PBUS?
T. Rowe Price Capital Appreciation Equity ETF (TCAF, by T. Rowe Price) holds 92 positions; Invesco MSCI USA ETF (PBUS, by Invesco) holds 537. They have 67 holdings in common, and by portfolio weight the two funds are 41.5% identical. In practical terms the pair is moderately overlapping; they share a meaningful core, but each fund adds distinct exposure.
- Overlap by Weight
- 41.5%Sum of the smaller weight of each shared holding
- Shared Holdings
- 67TCAF holds 92 · PBUS holds 537
- Weight in Shared Holdings
- TCAF 87%·PBUS 49%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 TCAF
25 of 92 positions (13.2% of the fund) are not held by PBUS.
Sector Breakdown
| Sector | TCAF | PBUS |
|---|---|---|
| Information Technology | 30.5% | 38.0% |
| Health Care | 17.6% | 8.3% |
| Consumer Discretionary | 12.1% | 9.7% |
| Financials | 7.1% | 11.1% |
| Communication Services | 8.2% | 10.7% |
| Other Sectors | 21.0% | 21.8% |
| Unclassified | 3.3% | 0.0% |
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 (3% of TCAF, 0% of PBUS).
Performance
| Fund | 1M | YTD | 1Y | 3Y (ann.) | 5Y (ann.) | 10Y (ann.) | Yield |
|---|---|---|---|---|---|---|---|
| TCAF | +3.1% | +12.1% | +18.5% | +18.6% | — | — | 0.45% |
| PBUS | +3.4% | +14.0% | +23.4% | +21.4% | +12.9% | — | 0.99% |
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 TCAF vs PBUS →
Shared Holdings(67)
The top 10 shared positions account for 78% of the overlap, led by AAPL, NVDA and MSFT.
 AAPLApple Inc. COM | 5.95% | 6.94% | 5.95% |
|---|---|---|---|
 NVDANVIDIA Corp. COM | 5.34% | 7.77% | 5.34% |
 MSFTMicrosoft Corp. COM | 7.12% | 4.81% | 4.81% |
 AMZNAmazon.com, Inc. COM | 6.40% | 3.94% | 3.94% |
 GOOGLAlphabet Inc. CAP STK CL A | 4.05% | 3.35% | 3.35% |
 AVGOBroadcom Inc COM | 3.08% | 3.05% | 3.05% |
 METAMeta Platforms, Inc., Class A | 3.93% | 2.09% | 2.09% |
 LLYEli Lilly & Co. COM | 1.44% | 1.34% | 1.34% |
 AMDAdvanced Micro Devices Inc. COM | 2.22% | 1.27% | 1.27% |
 JPMJPMorgan Chase & Co. COM | 1.67% | 1.23% | 1.23% |
 VVisa, Inc., Class A | 1.43% | 0.83% | 0.83% |
 MUMicron Technology Inc. COM | 0.70% | 1.65% | 0.70% |
 MAMasterCard Incorporated CL A | 1.43% | 0.63% | 0.63% |
 UNHUnitedHealth Group Inc. COM | 2.03% | 0.52% | 0.52% |
 GEGeneral Electric Co. | 0.86% | 0.52% | 0.52% |
 PMPhilip Morris International Inc. COM | 0.48% | 0.42% | 0.42% |
 KLACKLA Corp. COM NEW | 0.56% | 0.38% | 0.38% |
 CVXChevron Corp. COM | 0.32% | 0.53% | 0.32% |
 TMOThermo Fisher Scientific Inc COM | 0.83% | 0.28% | 0.28% |
 ANETArista Networks Inc COM SHS | 0.28% | 0.26% | 0.26% |
 GILDGilead Sciences Inc. COM | 0.35% | 0.25% | 0.25% |
 BLKBlackrock Inc. COM | 0.26% | 0.23% | 0.23% |
 ABTAbbott Laboratories COM | 0.65% | 0.23% | 0.23% |
 COPConocoPhillips COM | 0.35% | 0.21% | 0.21% |
 BKNGBooking Holdings Inc COM | 0.35% | 0.20% | 0.20% |
Frequently Asked Questions
How much do TCAF and PBUS overlap?
TCAF and PBUS overlap by 41.5% of portfolio weight. They share 67 holdings (TCAF holds 92 positions and PBUS holds 537), based on each fund's latest SEC-reported holdings.
Is it redundant to own both TCAF and PBUS?
The two portfolios are 41.5% 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 TCAF and PBUS?
The largest positions held by both funds are AAPL, NVDA, MSFT, AMZN and GOOGL. Together the top 10 shared positions account for 78% of the total overlap.
What does TCAF own that PBUS doesn't?
25 positions (13.2% of TCAF) are unique to TCAF, led by TSM, Ascendis Pharma A/S and RVTY. In the other direction, 470 positions (50.8% of PBUS) are unique to PBUS.