TCAF vs QUAL: Holdings Overlap
TCAFT. Rowe Price Capital Appreciation Equity ETF
T. Rowe Price · 92 holdings · $8.3B · as of 2026-03-31
QUALiShares MSCI USA Quality Factor ETF
iShares · 121 holdings · $47.8B · as of 2026-04-30
Holdings snapshots are 30 days apart (TCAF: 2026-03-31, QUAL: 2026-04-30). 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 QUAL?
T. Rowe Price Capital Appreciation Equity ETF (TCAF, by T. Rowe Price) holds 92 positions; iShares MSCI USA Quality Factor ETF (QUAL, by iShares) holds 121. 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
- 22TCAF holds 92 · QUAL holds 121
- Weight in Shared Holdings
- TCAF 39%·QUAL 45%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
70 of 92 positions (61.2% of the fund) are not held by QUAL. Showing the top 30 by weight.
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 | TCAF | QUAL |
|---|---|---|
| Information Technology | 30.5% | 34.4% |
| Health Care | 17.6% | 9.0% |
| Consumer Discretionary | 12.1% | 9.8% |
| Financials | 7.1% | 11.6% |
| Communication Services | 8.2% | 11.0% |
| Other Sectors | 21.0% | 24.0% |
| 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 QUAL).
Performance
| Fund | 1M | YTD | 1Y | 3Y (ann.) | 5Y (ann.) | 10Y (ann.) | Yield |
|---|---|---|---|---|---|---|---|
| TCAF | +3.1% | +12.1% | +18.5% | +18.6% | — | — | 0.45% |
| QUAL | +3.6% | +14.1% | +23.7% | +19.0% | +11.5% | +14.4% | 0.84% |
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 QUAL →
Shared Holdings(22)
The top 10 shared positions account for 91% of the overlap, led by AAPL, NVDA and MSFT.
 AAPLApple Inc. COM | 5.95% | 6.27% | 5.95% |
|---|---|---|---|
 NVDANVIDIA Corp. COM | 5.34% | 6.50% | 5.34% |
 MSFTMicrosoft Corp. COM | 7.12% | 5.04% | 5.04% |
 METAMeta Platforms, Inc., Class A | 3.93% | 3.49% | 3.49% |
 GOOGLAlphabet Inc. CAP STK CL A | 4.05% | 2.53% | 2.53% |
 LLYEli Lilly & Co. COM | 1.44% | 2.92% | 1.44% |
 MAMasterCard Incorporated CL A | 1.43% | 2.30% | 1.43% |
 VVisa, Inc., Class A | 1.43% | 3.08% | 1.43% |
 UNHUnitedHealth Group Inc. COM | 2.03% | 1.02% | 1.02% |
 KLACKLA Corp. COM NEW | 0.56% | 2.78% | 0.56% |
 ABTAbbott Laboratories COM | 0.65% | 0.55% | 0.55% |
 SPGIS&P Global Inc COM | 0.53% | 0.45% | 0.45% |
 SLBSLB Ltd. COM USD0.01 | 0.35% | 1.56% | 0.35% |
 ANETArista Networks Inc COM SHS | 0.28% | 1.49% | 0.28% |
 BLKBlackrock Inc. COM | 0.26% | 0.57% | 0.26% |
 CDNSCadence Design Systems, Inc. COM | 0.19% | 0.57% | 0.19% |
 NKENIKE, Inc., Class B | 0.18% | 0.93% | 0.18% |
 CMGChipotle Mexican Grill, Inc., Class A | 0.15% | 1.02% | 0.15% |
 GOOGAlphabet Inc. CAP STK CL C | 0.09% | 2.11% | 0.09% |
 WTWWillis Towers Watson Public Limited Company COM USD0.000304635 | 0.67% | 0.09% | 0.09% |
 WSTWest Pharmaceutical Services Incorporated COM | 0.36% | 0.07% | 0.07% |
 WATWaters Corporation COM | 1.64% | 0.06% | 0.06% |
Frequently Asked Questions
How much do TCAF and QUAL overlap?
TCAF and QUAL overlap by 30.9% of portfolio weight. They share 22 holdings (TCAF holds 92 positions and QUAL holds 121), based on each fund's latest SEC-reported holdings.
Is it redundant to own both TCAF and QUAL?
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 TCAF and QUAL?
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 TCAF own that QUAL doesn't?
70 positions (61.2% of TCAF) are unique to TCAF, led by AMZN, CNP and NI. In the other direction, 99 positions (54.4% of QUAL) are unique to QUAL.