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DFAC vs TCAF

Dimensional US Core Equity 2 ETF

DFACANYSE Arca

T. Rowe Capital Appreciation Equity ETF

TCAFANYSE Arca

Overlap

Expense ratio

DFAC −0.14pt a year

DFAC0.17%TCAF0.31%

Avg volume · 30D

DFAC 3.5×the volume

DFAC2MTCAF572K

3Y return · a year

DFAC +1.2pt

DFAC+22.3%TCAF+21.1%

DFAC vs TCAF Performance

Oct 31, 2025 – Oct 30, 2026

+16.1%DFAC+11.5%TCAF

Oct 31, 2025 to Oct 30, 2026. DFAC +16.1%. TCAF +11.5%. Use the arrow keys to read each point.−10%−5%0%5%20%Oct 2025Apr 2026Oct 2026
Expense ratio
DFAC 0.17%, better
TCAF 0.31%
Fund size
DFAC $87.7B
TCAF $8.02B
1Y total return
DFAC +16.1%, better
TCAF +11.5%
Yield (12M)
DFAC 0.88%, better
TCAF 0.45%
Holdings
DFAC 2553
TCAF 96
Avg volume (30D)
DFAC 2M sh, better
TCAF 572K sh
NAV per share
DFAC $44.87
TCAF $42.82
52W range

ETF.net Grade

DFAC: Cost 94, Risk 66, Mission 100, Tradability 87, Holdings 87, Durability 97. TCAF: Cost 82, Risk 63, Mission 82, Tradability 82, Holdings 68, Durability 80.
Pillar letters and Scores for DFAC, TCAF, with each pillar’s weight
PillarDFACTCAF
Cost30% weightA94HigherA82
Mission25% weightA100HigherA82
Risk15% weightB66HigherB63
Tradability15% weightA87HigherA82
Holdings10% weightA87HigherB68
Durability5% weightA97HigherA80

Rank among US Active Equity funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. DFAC and TCAF are both graded against the same 121 US Active Equity funds, so their Grades compare head to head.

US Active Equity⁠

Category · 121 funds
See all 121 ›

DFAC ranks 3rd and TCAF 10th of 121 funds in the US Active Equity Category.

  1. Rank 1AAVLCAvantis U.S. Large Cap Equity ETFScore 87
  2. Rank 2ADFAUDimensional US Core Equity Market ETFScore 86
  3. Rank 3ADFACDimensional US Core Equity 2 ETFScore 85
  4. Rank 4ADYNFiShares U.S. Equity Factor Rotation Active ETFScore 83
  5. Rank 10APQUSPictet AI Enhanced US Equity ETFScore 76
  6. Rank 10ATCAFT. Rowe Capital Appreciation Equity ETFScore 76
  7. Rank 12ANOEQNorthern Trust US Equity ETFScore 75

Our read on each fund

ETF.net Research

DFACADimensional US Core Equity 2 ETF

TCAFAT. Rowe Capital Appreciation Equity ETF

In short

DFAC Dimensional's whole-market workhorse: roughly 2,600 US stocks in one ticker, run by managers who weigh federal tax consequences before they trade, at a fee closer to index funds than to active ones.

TCAF The all-equity expression of T. Rowe's Capital Appreciation playbook: about 100 US large caps picked bottom-up for quality and price, no bond sleeve, at a fee well under the typical active equity ETF.

Stated mandate

DFAC The fund seeks long-term capital appreciation while considering federal income-tax implications in its investment decisions.

TCAF The fund seeks long-term capital growth through an actively managed portfolio of equity securities.

Why people hold it

  • DFAC 0.17% a year for an actively run fund, well under the median fee among active US equity ETFs.
  • About 2,600 US stocks under one ticker, so it holds the market broadly rather than a narrow slice of it.
  • Federal income-tax implications sit inside the stated objective, not in a footnote, so they factor into what managers buy and sell.
  • A multi-billion-dollar fund with a track record running back to 2007 and one of the strongest implementations in its peer group.
  • TCAF Costs 0.31% a year, under half the 0.65% median for its active US equity peer group.
  • Roughly 100 US large caps, narrowed by screening out poor capital allocators, overpriced names and businesses facing secular headwinds, per T. Rowe's own process notes.troweprice.com
  • A multi-billion-dollar fund and one of the busier names in the active equity crowd, which typically shows up as tight spreads at the point of trade.
  • Launched in 2023 under veteran manager David Giroux, and it stands among the strongest implementations in a crowded active US equity field.troweprice.com

Worth knowing

  • DFAC Actively managed, so there's no published index to check it against. Holdings and tilts shift at the managers' discretion.
  • Dimensional's own DFAU runs a US core equity mandate for 0.12%, a slightly lighter fee for a similar shelf.
  • All stocks, all US: the mandate is capital appreciation from equities, so it takes the market's full swings, and cash arrives quarterly.
  • TCAF About 100 names, with heavier weights in the highest-conviction picks. Results can wander well away from the broad US market in either direction.troweprice.com
  • Equity only, no bond sleeve. It rides the full swing of a large-cap selloff.troweprice.com
  • Cheap for active, not cheap outright: systematic peers like DFAU (0.12%) and AVLC (0.15%) charge less.

Full DFAC profile⁠

Full TCAF profile⁠

DFAC vs TCAF Holdings

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

DFAC vs TCAF Cost

Overpaying TCAF vs DFAC

$2,800

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • DFAC 0.17%

    $3,546

  • TCAF 0.31%

    $6,346

$10,000
30 years

Cost over time

  • DFAC 0.17%
  • TCAF 0.31%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$2K$4K$6K$8K051015202530TCAF $6,346DFAC $3,546

Year by year

YearDFACTCAFOverpaying
10$310$563$253
20$1,211$2,182$971
30$3,546$6,346$2,800

Expense ratio

  • 0.17%DFAC, cheaper
  • 0.31%TCAF
  • Middle half of US Active Equity funds
  • Median 0.68%

DFAC 8th cheapest of 121 funds

TCAF 22nd cheapest of 121 funds

DFAC vs TCAF Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
DFAC 0.88%, better
TCAF 0.45%
Payout (12M)
DFAC $0.39
TCAF $0.19
Last payment
DFAC $0.10
TCAF $0.19
Ex-dividend
DFAC Sep 22, 2026
TCAF Dec 23, 2025
Paid on
DFAC Sep 24, 2026
TCAF Dec 26, 2025
Frequency
DFAC Quarterly
TCAF Annual

Distribution history

Per share, 2021 to 2026, same scale for both

DFACQuarterly · 22 paymentsAll DFAC payments⁠
One bar per payment. 22 payments from 2021 to 2026 YTD. Jun 22, 2021 $0.06; Sep 21, 2021 $0.08; Dec 16, 2021 $0.11; Mar 22, 2022 $0.06; Jun 22, 2022 $0.09; Sep 20, 2022 $0.09; Dec 20, 2022 $0.12; Mar 21, 2023 $0.06; Jun 21, 2023 $0.09; Sep 19, 2023 $0.10; Dec 19, 2023 $0.10; Mar 19, 2024 $0.07; Jun 18, 2024 $0.10; Sep 17, 2024 $0.09; Dec 17, 2024 $0.10; Mar 25, 2025 $0.08; Jun 24, 2025 $0.11; Sep 23, 2025 $0.11; Dec 16, 2025 $0.09; Mar 24, 2026 $0.10; Jun 23, 2026 $0.11; Sep 22, 2026 $0.10. Use the arrow keys to read each point.$0$0.2020232026YTD
TCAFAnnual · 3 paymentsAll TCAF payments⁠
One bar per payment. 3 payments from 2021 to 2026 YTD. Dec 20, 2023 $0.07; Dec 23, 2024 $0.14; Dec 23, 2025 $0.19. Use the arrow keys to read each point.$0$0.2020232026YTD

DFAC vs TCAF Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
DFAC 12.6%TCAF 11.8%, better
Return per unit of riskSharpe ratio, 3 years
DFAC 1.32TCAF 1.32Same figure. Both funds show the same value, so neither comes out ahead.
Worst fallMax drawdown, 5 years
DFAC −23.1%TCAF −16.4%since Jun 2023
Market sensitivityBeta, 5 years
DFAC 0.99TCAF 0.94

DFAC and TCAF in the news

All news⁠

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