TCAF vs USMV: Holdings Overlap
TCAFT. Rowe Price Capital Appreciation Equity ETF
T. Rowe Price · 92 holdings · $8.3B · as of 2026-03-31
USMViShares MSCI USA Min Vol Factor ETF
iShares · 170 holdings · $24.1B · as of 2026-04-30
Holdings snapshots are 30 days apart (TCAF: 2026-03-31, USMV: 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 USMV?
T. Rowe Price Capital Appreciation Equity ETF (TCAF, by T. Rowe Price) holds 92 positions; iShares MSCI USA Min Vol Factor ETF (USMV, by iShares) holds 170. They have 35 holdings in common, and by portfolio weight the two funds are 17.5% identical. In practical terms the pair is lightly overlapping, with most of each portfolio distinct.
- Overlap by Weight
- 17.5%Sum of the smaller weight of each shared holding
- Shared Holdings
- 35TCAF holds 92 · USMV holds 170
- Weight in Shared Holdings
- TCAF 59%·USMV 22%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
57 of 92 positions (40.7% of the fund) are not held by USMV. Showing the top 30 by weight.
Sector Breakdown
| Sector | TCAF | USMV |
|---|---|---|
| Information Technology | 30.5% | 29.2% |
| Health Care | 17.6% | 12.7% |
| Financials | 7.1% | 13.7% |
| Consumer Discretionary | 12.1% | 5.9% |
| Utilities | 10.2% | 7.6% |
| Other Sectors | 19.1% | 30.7% |
| 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 USMV).
Performance
| Fund | 1M | YTD | 1Y | 3Y (ann.) | 5Y (ann.) | 10Y (ann.) | Yield |
|---|---|---|---|---|---|---|---|
| TCAF | +3.1% | +12.1% | +18.5% | +18.6% | — | — | 0.45% |
| USMV | +2.3% | +7.6% | +10.3% | +12.2% | +7.4% | +9.9% | 1.44% |
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 USMV →
Shared Holdings(35)
The top 10 shared positions account for 58% of the overlap, led by NVDA, MSFT and COR.
 NVDANVIDIA Corp. COM | 5.34% | 1.63% | 1.63% |
|---|---|---|---|
 MSFTMicrosoft Corp. COM | 7.12% | 1.56% | 1.56% |
 CORCencora Inc COM | 2.13% | 1.28% | 1.28% |
 MAMasterCard Incorporated CL A | 1.43% | 1.15% | 1.15% |
 YUMYum! Brands Inc. COM | 1.63% | 0.98% | 0.98% |
 VVisa, Inc., Class A | 1.43% | 0.94% | 0.94% |
 AAPLApple Inc. COM | 5.95% | 0.82% | 0.82% |
 LLYEli Lilly & Co. COM | 1.44% | 0.66% | 0.66% |
 ABTAbbott Laboratories COM | 0.65% | 0.67% | 0.65% |
 PTCPTC Inc COM | 2.20% | 0.55% | 0.55% |
 KDPKeurig Dr Pepper Inc COM | 2.42% | 0.55% | 0.55% |
 AMDAdvanced Micro Devices Inc. COM | 2.22% | 0.53% | 0.53% |
 WECWEC Energy Group Inc. COM | 0.51% | 0.91% | 0.51% |
 AVGOBroadcom Inc COM | 3.08% | 0.50% | 0.50% |
 PMPhilip Morris International Inc. COM | 0.48% | 0.52% | 0.48% |
 MUMicron Technology Inc. COM | 0.70% | 0.42% | 0.42% |
 UNHUnitedHealth Group Inc. COM | 2.03% | 0.39% | 0.39% |
 WDAYWorkday, Inc., Class A | 0.64% | 0.38% | 0.38% |
 GILDGilead Sciences Inc. COM | 0.35% | 0.82% | 0.35% |
 CVXChevron Corp. COM | 0.32% | 0.41% | 0.32% |
 WTWWillis Towers Watson Public Limited Company COM USD0.000304635 | 0.67% | 0.31% | 0.31% |
 ALNYAlnylam Pharmaceuticals Inc. COM | 0.79% | 0.31% | 0.31% |
 AEEAmeren Corp. COM | 1.51% | 0.30% | 0.30% |
 AJGArthur J. Gallagher & Co. | 0.68% | 0.29% | 0.29% |
 ANETArista Networks Inc COM SHS | 0.28% | 0.52% | 0.28% |
Frequently Asked Questions
How much do TCAF and USMV overlap?
TCAF and USMV overlap by 17.5% of portfolio weight. They share 35 holdings (TCAF holds 92 positions and USMV holds 170), based on each fund's latest SEC-reported holdings.
Is it redundant to own both TCAF and USMV?
The two portfolios are 17.5% identical by weight. Owning both is not redundant. Most of each portfolio is distinct, so the funds can serve different roles.
What are the biggest shared holdings of TCAF and USMV?
The largest positions held by both funds are NVDA, MSFT, COR, MA and YUM. Together the top 10 shared positions account for 58% of the total overlap.
What does TCAF own that USMV doesn't?
57 positions (40.7% of TCAF) are unique to TCAF, led by GOOGL, CNP and NI. In the other direction, 135 positions (77.9% of USMV) are unique to USMV.