ALTL vs. CALF

Last updated Jul 17, 2026

ALTL (Pacer Lunt Large Cap Alternator ETF) and CALF (Pacer US Small Cap Cash Cows ETF) are both exchange-traded funds - ALTL is a Large Cap Growth Equities fund tracking the Lunt Capital US Large Cap Equity Rotation Index, while CALF is a Small Cap Value Equities fund tracking the Pacer US Small Cap Cash Cows Index. Both are passively managed. Over the past 5 years, ALTL returned 3.25%/yr vs 6.53%/yr for CALF. A 0.60 correlation means they provide meaningful diversification when combined. ALTL charges 0.60%/yr vs 0.59%/yr for CALF.

Performance

ALTL vs. CALF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Pacer Lunt Large Cap Alternator ETF (ALTL) and Pacer US Small Cap Cash Cows ETF (CALF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ALTL achieves a 9.78% return, which is significantly lower than CALF's 20.04% return.

ALTL

• 1D: -2.54%
• 1M: -5.96%
• 6M: 6.34%
• YTD: 9.78%
• 1Y: 22.08%
• 3Y*: 7.64%
• 5Y*: 3.25%
• 10Y*: —

CALF

• 1D: 1.55%
• 1M: 6.45%
• 6M: 16.08%
• YTD: 20.04%
• 1Y: 33.20%
• 3Y*: 9.56%
• 5Y*: 6.53%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

ALTL vs. CALF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
ALTL Pacer Lunt Large Cap Alternator ETF	9.78%	16.61%	12.30%	-15.85%	-10.67%	45.30%	35.38%
CALF Pacer US Small Cap Cash Cows ETF	20.04%	2.33%	-7.41%	35.43%	-15.20%	40.68%	39.66%

Correlation

The correlation between ALTL and CALF is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.39
Correlation (3Y) Calculated over the trailing 3-year period	0.50
Correlation (5Y) Calculated over the trailing 5-year period	0.57
Correlation (All Time) Calculated using the full available price history since Jun 25, 2020	0.60

Over the past year, the correlation between ALTL and CALF has dropped to 0.39 - well below their long-term average of 0.60, suggesting their price drivers have been diverging.

ALTL vs. CALF - Sectors Allocation Comparison

Sectors	ALTL	CALF
Technology	47.2%	32.4%
Real Estate	14.8%	1.5%
Industrials	13.2%	5.4%
Financial Services	13.1%	0.2%
Consumer Cyclical	11.6%	28.5%
Healthcare	5.6%	9.7%
Utilities	3.2%	-
Basic Materials	3.0%	1.6%
Communication Services	1.5%	8.3%
Consumer Defensive	0.8%	3.6%
Energy	0.7%	8.9%

Return for Risk

ALTL vs. CALF — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

ALTL

ALTL Risk / Return Rank: 42
ALTL Sharpe Ratio Rank: 34
ALTL Sortino Ratio Rank: 32
ALTL Omega Ratio Rank: 35
ALTL Calmar Ratio Rank: 56
ALTL Martin Ratio Rank: 51

CALF

CALF Risk / Return Rank: 86
CALF Sharpe Ratio Rank: 83
CALF Sortino Ratio Rank: 84
CALF Omega Ratio Rank: 79
CALF Calmar Ratio Rank: 94
CALF Martin Ratio Rank: 88

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

ALTL vs. CALF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Pacer Lunt Large Cap Alternator ETF (ALTL) and Pacer US Small Cap Cash Cows ETF (CALF). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	ALTL	CALF	Difference
Sharpe ratio: Return per unit of total volatility	1.02	2.10	-1.08
Sortino ratio: Return per unit of downside risk	1.46	3.02	-1.56
Omega ratio: Gain probability vs. loss probability	1.20	1.37	-0.17
Calmar ratio: Return relative to maximum drawdown	2.27	5.42	-3.16
Martin ratio: Return relative to average drawdown	6.95	14.95	-8.00

ALTL vs. CALF - Sharpe Ratio Comparison

The current ALTL Sharpe Ratio is 1.02, which is lower than the CALF Sharpe Ratio of 2.10. The chart below compares the historical Sharpe Ratios of ALTL and CALF, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

ALTL vs. CALF - Drawdown Comparison

The maximum ALTL drawdown since its inception was -31.91%, smaller than the maximum CALF drawdown of -47.58%. Use the drawdown chart below to compare losses from any high point for ALTL and CALF.

Drawdown Indicators

	ALTL	CALF	Difference
Max Drawdown Largest peak-to-trough decline	-31.91%	-47.58%	+15.67%
Max Drawdown (1Y) Largest decline over 1 year	-9.79%	-6.15%	-3.64%
Max Drawdown (3Y) Largest decline over 3 years	-21.21%	-34.22%	+13.01%
Max Drawdown (5Y) Largest decline over 5 years	-31.91%	-34.22%	+2.31%
Current Drawdown Current decline from peak	-8.94%	0.00%	-8.94%
Average Drawdown Average peak-to-trough decline	-11.43%	-10.62%	-0.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.19%	2.23%	+0.96%

Volatility

ALTL vs. CALF - Volatility Comparison

Pacer Lunt Large Cap Alternator ETF (ALTL) has a higher volatility of 9.84% compared to Pacer US Small Cap Cash Cows ETF (CALF) at 4.83%. This indicates that ALTL's price experiences larger fluctuations and is considered to be riskier than CALF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ALTL	CALF	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.84%	4.83%	+5.01%
Volatility (6M) Calculated over the trailing 6-month period	16.89%	11.30%	+5.59%
Volatility (1Y) Calculated over the trailing 1-year period	21.73%	15.89%	+5.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.29%	23.27%	-3.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.63%	25.91%	-5.28%

ALTL vs. CALF - Expense Ratio Comparison

ALTL has a 0.60% expense ratio, which is higher than CALF's 0.59% expense ratio.

Dividends

ALTL vs. CALF - Dividend Comparison

ALTL's dividend yield for the trailing twelve months is around 0.93%, less than CALF's 1.14% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
ALTL Pacer Lunt Large Cap Alternator ETF	0.93%	0.95%	1.56%	1.28%	1.23%	1.06%	0.75%	0.00%	0.00%	0.00%
CALF Pacer US Small Cap Cash Cows ETF	1.14%	1.43%	1.07%	1.18%	0.85%	2.63%	0.82%	0.99%	1.39%	0.70%

Frequently Asked Questions

Can I hold both ALTL and CALF in my portfolio?

ALTL and CALF have a correlation of 0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ALTL or CALF?

ALTL has higher volatility (9.84%) compared to CALF (4.83%). In terms of maximum drawdown, ALTL dropped -31.91% vs CALF's -47.58%.

Which ETF is better, ALTL or CALF?

On 5-year performance, CALF leads with 6.53% vs 3.25% for ALTL. On fees, CALF is cheaper at 0.59% per year. On volatility, CALF has been the lower-risk option at 4.83%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ALTL or CALF?

Over the 5-year period, CALF has performed better with a 6.53% return vs 3.25%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ALTL or CALF?

CALF is cheaper with a 0.59% expense ratio, compared with 0.60% for ALTL.

Which ETF pays a higher dividend yield, ALTL or CALF?

CALF has the higher dividend yield at 1.14%, compared with 0.93% for ALTL.

What is the main difference between ALTL and CALF?

ALTL is categorized as Large Cap Growth Equities, while CALF is Small Cap Value Equities. ALTL tracks Lunt Capital US Large Cap Equity Rotation Index, while CALF tracks Pacer US Small Cap Cash Cows Index. Their fees differ too: 0.60% for ALTL and 0.59% for CALF.

Which has better risk-adjusted returns?

CALF currently has the higher Sharpe Ratio (2.10 vs 1.02), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.