BULD vs. CALF

Last updated Jun 4, 2026

BULD (Pacer BlueStar Engineering the Future ETF) and CALF (Pacer US Small Cap Cash Cows 100 ETF) are both exchange-traded funds - BULD is a Technology Equities fund tracking the BlueStar Robotics & 3D Printing Index, while CALF is a Small Cap Blend Equities fund tracking the Pacer US Small Cap Cash Cows Index. Both are passively managed. Over the past 3 years, BULD returned 18.64%/yr vs 10.69%/yr for CALF. A 0.67 correlation means they provide meaningful diversification when combined. BULD charges 0.60%/yr vs 0.59%/yr for CALF.

Performance

BULD vs. CALF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Pacer BlueStar Engineering the Future ETF (BULD) and Pacer US Small Cap Cash Cows 100 ETF (CALF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BULD achieves a 34.29% return, which is significantly higher than CALF's 13.34% return.

BULD

• 1D: -0.38%
• 1M: 14.07%
• YTD: 34.29%
• 6M: 30.65%
• 1Y: 64.78%
• 3Y*: 18.64%
• 5Y*: —
• 10Y*: —

CALF

• 1D: -1.12%
• 1M: 4.91%
• YTD: 13.34%
• 6M: 12.53%
• 1Y: 30.24%
• 3Y*: 10.69%
• 5Y*: 4.12%
• 10Y*: —

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

BULD vs. CALF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
BULD Pacer BlueStar Engineering the Future ETF	34.29%	23.20%	-3.93%	28.27%	-12.41%
CALF Pacer US Small Cap Cash Cows 100 ETF	13.34%	2.33%	-7.41%	35.43%	-6.84%

Correlation

The correlation between BULD and CALF is 0.54, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.54
Correlation (3Y) Calculated over the trailing 3-year period	0.62
Correlation (All Time) Calculated using the full available price history since May 6, 2022	0.67

The correlation between BULD and CALF shifts across timeframes, from 0.54 (1 year) to 0.67 (all time), reflecting how their relationship changes across market environments.

Return for Risk

BULD vs. CALF — Risk / Return Rank

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

BULD

BULD Risk / Return Rank: 71
BULD Sharpe Ratio Rank: 72
BULD Sortino Ratio Rank: 69
BULD Omega Ratio Rank: 61
BULD Calmar Ratio Rank: 81
BULD Martin Ratio Rank: 72

CALF

CALF Risk / Return Rank: 66
CALF Sharpe Ratio Rank: 56
CALF Sortino Ratio Rank: 58
CALF Omega Ratio Rank: 54
CALF Calmar Ratio Rank: 86
CALF Martin Ratio Rank: 73

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.

BULD vs. CALF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Pacer BlueStar Engineering the Future ETF (BULD) and Pacer US Small Cap Cash Cows 100 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.

	BULD	CALF	Difference
Sharpe ratio: Return per unit of total volatility	2.34	1.93	+0.41
Sortino ratio: Return per unit of downside risk	3.17	2.82	+0.34
Omega ratio: Gain probability vs. loss probability	1.37	1.34	+0.03
Calmar ratio: Return relative to maximum drawdown	4.21	4.94	-0.73
Martin ratio: Return relative to average drawdown	13.30	14.08	-0.78
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BULD vs. CALF - Sharpe Ratio Comparison

The current BULD Sharpe Ratio is 2.34, which is comparable to the CALF Sharpe Ratio of 1.93. The chart below compares the historical Sharpe Ratios of BULD 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.

Sharpe Ratios by Period

	BULD	CALF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.34	1.93	+0.41
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.18	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.55	0.37	+0.18

Drawdowns

BULD vs. CALF - Drawdown Comparison

The maximum BULD drawdown since its inception was -27.64%, smaller than the maximum CALF drawdown of -47.58%. Use the drawdown chart below to compare losses from any high point for BULD and CALF.

Drawdown Indicators

	BULD	CALF	Difference
Max Drawdown Largest peak-to-trough decline	-27.64%	-47.58%	+19.94%
Max Drawdown (1Y) Largest decline over 1 year	-15.48%	-6.15%	-9.33%
Max Drawdown (3Y) Largest decline over 3 years	-27.64%	-34.22%	+6.58%
Max Drawdown (5Y) Largest decline over 5 years	—	-34.22%	—
Current Drawdown Current decline from peak	-0.38%	-1.95%	+1.57%
Average Drawdown Average peak-to-trough decline	-8.30%	-10.74%	+2.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.88%	2.15%	+2.73%

Volatility

BULD vs. CALF - Volatility Comparison

Pacer BlueStar Engineering the Future ETF (BULD) has a higher volatility of 8.50% compared to Pacer US Small Cap Cash Cows 100 ETF (CALF) at 4.92%. This indicates that BULD'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

	BULD	CALF	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.50%	4.92%	+3.58%
Volatility (6M) Calculated over the trailing 6-month period	21.34%	10.47%	+10.87%
Volatility (1Y) Calculated over the trailing 1-year period	27.85%	15.84%	+12.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.73%	23.44%	+4.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.73%	26.02%	+1.71%

BULD vs. CALF - Expense Ratio Comparison

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

Dividends

BULD vs. CALF - Dividend Comparison

BULD's dividend yield for the trailing twelve months is around 0.92%, less than CALF's 1.28% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
BULD Pacer BlueStar Engineering the Future ETF	0.92%	1.24%	0.18%	0.21%	0.08%	0.00%	0.00%	0.00%	0.00%	0.00%
CALF Pacer US Small Cap Cash Cows 100 ETF	1.28%	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 BULD and CALF in my portfolio?

BULD and CALF have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BULD or CALF?

BULD has higher volatility (8.50%) compared to CALF (4.92%). In terms of maximum drawdown, BULD dropped -27.64% vs CALF's -47.58%.

Which ETF is better, BULD or CALF?

On 3-year performance, BULD leads with 18.64% vs 10.69% for CALF. On fees, CALF is cheaper at 0.59% per year. On volatility, CALF has been the lower-risk option at 4.92%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BULD or CALF?

Over the 3-year period, BULD has performed better with a 18.64% return vs 10.69%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BULD or CALF?

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

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

CALF has the higher dividend yield at 1.28%, compared with 0.92% for BULD.

What is the main difference between BULD and CALF?

BULD is categorized as Technology Equities, while CALF is Small Cap Blend Equities. BULD tracks BlueStar Robotics & 3D Printing Index, while CALF tracks Pacer US Small Cap Cash Cows Index. Their fees differ too: 0.60% for BULD and 0.59% for CALF.

Which has better risk-adjusted returns?

BULD currently has the higher Sharpe Ratio (2.34 vs 1.93), 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.