CALF vs. AFSC

Last updated Jun 23, 2026

CALF (Pacer US Small Cap Cash Cows 100 ETF) and AFSC (abrdn Focused U.S. Small Cap Active ETF) are both Small Cap Blend Equities funds. CALF is passively managed, while AFSC is actively managed. Over the past year, CALF returned 25.83% vs 38.50% for AFSC. A 0.73 correlation means they provide meaningful diversification when combined. CALF charges 0.59%/yr vs 0.65%/yr for AFSC.

Performance

CALF vs. AFSC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Pacer US Small Cap Cash Cows 100 ETF (CALF) and abrdn Focused U.S. Small Cap Active ETF (AFSC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CALF achieves a 10.59% return, which is significantly lower than AFSC's 26.03% return.

CALF

• 1D: -0.51%
• 1M: 0.44%
• YTD: 10.59%
• 6M: 8.95%
• 1Y: 25.83%
• 3Y*: 9.33%
• 5Y*: 3.73%
• 10Y*: —

AFSC

• 1D: 0.38%
• 1M: 8.13%
• YTD: 26.03%
• 6M: 20.70%
• 1Y: 38.50%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CALF vs. AFSC - Yearly Performance Comparison

	2026 (YTD)	2025
CALF Pacer US Small Cap Cash Cows 100 ETF	10.59%	5.81%
AFSC abrdn Focused U.S. Small Cap Active ETF	26.03%	2.33%

Correlation

The correlation between CALF and AFSC is 0.68, 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	0.68
Correlation (All Time) Calculated using the full available price history since Feb 18, 2025	0.73

The correlation between CALF and AFSC has been stable across timeframes, ranging from 0.68 to 0.73 - a consistent structural relationship.

Return for Risk

CALF vs. AFSC — Risk / Return Rank

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

CALF

CALF Risk / Return Rank: 58
CALF Sharpe Ratio Rank: 48
CALF Sortino Ratio Rank: 50
CALF Omega Ratio Rank: 46
CALF Calmar Ratio Rank: 82
CALF Martin Ratio Rank: 65

AFSC

AFSC Risk / Return Rank: 67
AFSC Sharpe Ratio Rank: 64
AFSC Sortino Ratio Rank: 63
AFSC Omega Ratio Rank: 56
AFSC Calmar Ratio Rank: 76
AFSC Martin Ratio Rank: 77

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.

CALF vs. AFSC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Pacer US Small Cap Cash Cows 100 ETF (CALF) and abrdn Focused U.S. Small Cap Active ETF (AFSC). 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.

	CALF	AFSC	Difference
Sharpe ratio: Return per unit of total volatility	1.62	2.04	-0.42
Sortino ratio: Return per unit of downside risk	2.37	2.84	-0.46
Omega ratio: Gain probability vs. loss probability	1.29	1.34	-0.05
Calmar ratio: Return relative to maximum drawdown	4.22	3.76	+0.46
Martin ratio: Return relative to average drawdown	11.59	14.29	-2.70

CALF vs. AFSC - Sharpe Ratio Comparison

The current CALF Sharpe Ratio is 1.62, which is comparable to the AFSC Sharpe Ratio of 2.04. The chart below compares the historical Sharpe Ratios of CALF and AFSC, 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

CALF vs. AFSC - Drawdown Comparison

The maximum CALF drawdown since its inception was -47.58%, which is greater than AFSC's maximum drawdown of -21.93%. Use the drawdown chart below to compare losses from any high point for CALF and AFSC.

Drawdown Indicators

	CALF	AFSC	Difference
Max Drawdown Largest peak-to-trough decline	-47.58%	-21.93%	-25.65%
Max Drawdown (1Y) Largest decline over 1 year	-6.15%	-10.29%	+4.14%
Max Drawdown (3Y) Largest decline over 3 years	-34.22%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-34.22%	—	—
Current Drawdown Current decline from peak	-4.33%	0.00%	-4.33%
Average Drawdown Average peak-to-trough decline	-10.69%	-4.13%	-6.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.23%	2.70%	-0.47%

Volatility

CALF vs. AFSC - Volatility Comparison

Pacer US Small Cap Cash Cows 100 ETF (CALF) and abrdn Focused U.S. Small Cap Active ETF (AFSC) have volatilities of 5.39% and 5.19%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CALF	AFSC	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.39%	5.19%	+0.20%
Volatility (6M) Calculated over the trailing 6-month period	10.92%	14.53%	-3.61%
Volatility (1Y) Calculated over the trailing 1-year period	16.05%	19.00%	-2.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.39%	22.52%	+0.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.97%	22.52%	+3.45%

CALF vs. AFSC - Expense Ratio Comparison

CALF has a 0.59% expense ratio, which is lower than AFSC's 0.65% expense ratio.

Dividends

CALF vs. AFSC - Dividend Comparison

CALF's dividend yield for the trailing twelve months is around 1.24%, more than AFSC's 0.06% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
AFSC abrdn Focused U.S. Small Cap Active ETF	0.06%	0.08%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
CALF Pacer US Small Cap Cash Cows 100 ETF	1.24%	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 CALF and AFSC in my portfolio?

CALF and AFSC have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CALF or AFSC?

CALF has higher volatility (5.39%) compared to AFSC (5.19%). In terms of maximum drawdown, CALF dropped -47.58% vs AFSC's -21.93%.

Which ETF is better, CALF or AFSC?

On 1-year performance, AFSC leads with 38.50% vs 25.83% for CALF. On fees, CALF is cheaper at 0.59% per year. On volatility, AFSC has been the lower-risk option at 5.19%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CALF or AFSC?

Over the 1-year period, AFSC has performed better with a 38.50% return vs 25.83%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CALF or AFSC?

CALF is cheaper with a 0.59% expense ratio, compared with 0.65% for AFSC.

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

CALF has the higher dividend yield at 1.24%, compared with 0.06% for AFSC.

What is the main difference between CALF and AFSC?

They also come from different issuers: Pacer and Aberdeen. Their fees differ too: 0.59% for CALF and 0.65% for AFSC.

Which has better risk-adjusted returns?

AFSC currently has the higher Sharpe Ratio (2.04 vs 1.62), 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.