Skip to content
etf.net

PAYR vs TCAL

Federated Hermes Enhanced Income ETF

PAYRACboe

T. Rowe Price Capital Appreciation Premium Income ETF

TCALANYSE Arca

Overlap

Expense ratio

TCAL −0.06pt a year

PAYR0.40%TCAL0.34%

Avg volume · 30D

TCAL 4.4×the volume

PAYR18.1KTCAL79.7K

PAYR vs TCAL Performance

Oct 31, 2025 – Oct 30, 2026

+25.2%PAYR+9.2%TCAL

Oct 31, 2025 to Oct 30, 2026. PAYR +25.2%. TCAL +9.2%. Use the arrow keys to read each point.0%5%15%20%Oct 2025Apr 2026Oct 2026
Expense ratio
PAYR 0.40%
TCAL 0.34%, better
Fund size
PAYR $91M
TCAL $319M
1Y total return
PAYR +25.2%, better
TCAL +9.2%
Yield (12M)
PAYR No data
TCAL 11.73%
Holdings
PAYR 58
TCAL 106
Avg volume (30D)
PAYR 18.1K sh
TCAL 79.7K sh, better
NAV per share
PAYR $56.43
TCAL $23.06
52W range

ETF.net Grade

PAYR: Cost 92, Risk 75, Mission not scored, Tradability 56, Holdings 73, Durability 55. TCAL: Cost 97, Risk 64, Mission not scored, Tradability 58, Holdings 87, Durability 84.
Pillar letters and Scores for PAYR, TCAL, with each pillar’s weight
PillarPAYRTCAL
Cost30% weightA92A97Higher
Mission25% weightNot scoredNot scored
Risk15% weightA75HigherB64
Tradability15% weightB56B58Higher
Holdings10% weightA73A87Higher
Durability5% weightB55A84Higher

Rank among Active Option Income funds

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

Same Category. PAYR and TCAL are both graded against the same 50 Active Option Income funds, so their Grades compare head to head.

Active Option Income⁠

Category · 50 funds
See all 50 ›

TCAL ranks 2nd and PAYR 4th of 50 funds in the Active Option Income Category.

  1. Rank 1ARECIColumbia Research Enhanced Core Premium Income ETScore 83
  2. Rank 2ATCALT. Rowe Price Capital Appreciation Premium Income ETFScore 80
  3. Rank 2AYLDEFranklin ClearBridge Enhanced Income ETFScore 80
  4. Rank 4APAYRFederated Hermes Enhanced Income ETFScore 76
  5. Rank 4ARDVIFT Vest Rising Dividend Achievers Target Income ETFScore 76

Our read on each fund

ETF.net Research

PAYRAFederated Hermes Enhanced Income ETF

TCALAT. Rowe Price Capital Appreciation Premium Income ETF

In short

PAYR No data

TCAL An active stock picker's take on the covered-call trade: roughly 70 hand-chosen holdings, calls written on top, cash paid out monthly, all for 0.34% a year.

Stated mandate

PAYR No data

TCAL The fund seeks regular distributions while aiming to preserve capital and potentially achieve capital appreciation. It invests in equities and writes covered calls to generate cash flow alongside dividends.

Why people hold it

PAYR No data

  • TCAL At 0.34% a year, it undercuts most active options-income funds, including DIVO at 0.56%, so more of the option premium stays in the portfolio instead of the fee line.
  • Active all the way down: roughly 70 equities picked by T. Rowe Price, with covered calls layered on to generate cash alongside dividends. No index sitting underneath.
  • Pays monthly, and the stated mandate ties those distributions to preserving capital and seeking appreciation rather than maximizing headline yield.
  • Ranks among the strongest implementations in a crowded options-income field, with cost the clearest edge.

Worth knowing

PAYR No data

  • TCAL Written calls trade upside for cash. When the stock picks run hard, the calls limit how much of that move the fund keeps.
  • Launched in 2025, so there is no full market-cycle record to judge the strategy against yet.
  • The fund discloses that distributions can include return of capital, meaning part of a payout may be your own money coming back rather than income earned.

Full PAYR profile⁠

Full TCAL profile⁠

PAYR vs TCAL 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.

PAYR vs TCAL Cost

Overpaying PAYR vs TCAL

$1,158

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

  • PAYR 0.40%

    $8,090

  • TCAL 0.34%

    $6,932

$10,000
30 years

Cost over time

  • PAYR 0.40%
  • TCAL 0.34%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$2K$4K$6K$8K$10K051015202530PAYR $8,090TCAL $6,932

Year by year

YearPAYRTCALOverpaying
10$723$616$107
20$2,793$2,386$407
30$8,090$6,932$1,158

Expense ratio

  • 0.40%PAYR
  • 0.34%TCAL, cheaper
  • Middle half of Active Option Income funds
  • Median 0.95%

TCAL 2nd cheapest of 50 funds

PAYR 5th cheapest of 50 funds

PAYR vs TCAL Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
PAYR No data
TCAL 11.73%
Payout (12M)
PAYR No data
TCAL $2.71
Last payment
PAYR $0.29
TCAL $0.26
Ex-dividend
PAYR Oct 30, 2026
TCAL Oct 30, 2026
Paid on
PAYR Pays Nov 2, 2026
TCAL Pays Nov 3, 2026
Frequency
PAYR Monthly
TCAL Monthly

Distribution history

Per share, 2025 to 2026, same scale for both

PAYRMonthly · 13 paymentsAll PAYR payments⁠
One bar per payment. 13 payments from 2025 to 2026 YTD. Oct 31, 2025 $0.16; Nov 28, 2025 $0.43; Dec 31, 2025 $0.41; Jan 30, 2026 $0.29; Feb 27, 2026 $0.33; Mar 31, 2026 $0.57; Apr 30, 2026 $0.18; May 29, 2026 $0.49; Jun 30, 2026 $0.46; Jul 31, 2026 $0.33; Aug 31, 2026 $0.32; Sep 30, 2026 $0.38; Oct 30, 2026 $0.29. Use the arrow keys to read each point.$0$0.502026YTD
TCALMonthly · 20 paymentsAll TCAL payments⁠
One bar per payment. 20 payments from 2025 to 2026 YTD. Apr 25, 2025 $0.17; May 27, 2025 $0.24; Jun 25, 2025 $0.22; Jul 28, 2025 $0.20; Aug 26, 2025 $0.20; Sep 25, 2025 $0.20; Oct 28, 2025 $0.30; Nov 24, 2025 $0.21; Dec 23, 2025 $0.22; Jan 27, 2026 $0.26; Feb 24, 2026 $0.18; Mar 26, 2026 $0.22; Apr 27, 2026 $0.21; May 26, 2026 $0.19; Jun 25, 2026 $0.18; Jun 30, 2026 $0.18; Jul 31, 2026 $0.25; Aug 31, 2026 $0.17; Sep 30, 2026 $0.18; Oct 30, 2026 $0.26. Use the arrow keys to read each point.$0$0.502026YTD

PAYR vs TCAL Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
PAYR 14.6%since Nov 2025TCAL 9.4%since Apr 2025
Return per unit of riskSharpe ratio, 3 years
PAYR 1.36since Nov 2025TCAL 0.24since Apr 2025
Worst fallMax drawdown, 5 years
PAYR −7.0%since Oct 2025TCAL −7.2%since Mar 2025
Market sensitivityBeta, 5 years
PAYR 0.01TCAL 0.20

Popular comparisons

  • PAYRAvsRECIA

    Federated Hermes Enhanced Income ETF · Columbia Research Enhanced Core Premium Income ET

    Expense ratio
    0.40% · 0.30%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • TCALAvsRECIA

    T. Rowe Price Capital Appreciation Premium Income ETF · Columbia Research Enhanced Core Premium Income ET

    Expense ratio
    0.34% · 0.30%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • PAYRAvsYLDEA

    Federated Hermes Enhanced Income ETF · Franklin ClearBridge Enhanced Income ETF

    Expense ratio
    0.40% · 0.48%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • TCALAvsYLDEA

    T. Rowe Price Capital Appreciation Premium Income ETF · Franklin ClearBridge Enhanced Income ETF

    Expense ratio
    0.34% · 0.48%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • PAYRAvsRDVIA

    Federated Hermes Enhanced Income ETF · FT Vest Rising Dividend Achievers Target Income ETF

    Expense ratio
    0.40% · 0.75%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • TCALAvsRDVIA

    T. Rowe Price Capital Appreciation Premium Income ETF · FT Vest Rising Dividend Achievers Target Income ETF

    Expense ratio
    0.34% · 0.75%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.