CALF vs. ASCE

Last updated Jun 23, 2026

CALF (Pacer US Small Cap Cash Cows 100 ETF) and ASCE (Allspring SMID Core ETF) are both Small Cap Blend Equities funds. CALF is passively managed, while ASCE is actively managed. A 0.70 correlation means they provide meaningful diversification when combined. CALF charges 0.59%/yr vs 0.38%/yr for ASCE.

Performance

CALF vs. ASCE - 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 Allspring SMID Core ETF (ASCE). 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 ASCE's 31.27% return.

CALF

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

ASCE

• 1D: 1.63%
• 1M: 8.80%
• YTD: 31.27%
• 6M: 25.73%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CALF vs. ASCE - Yearly Performance Comparison

	2026 (YTD)	2025
CALF Pacer US Small Cap Cash Cows 100 ETF	10.59%	9.85%
ASCE Allspring SMID Core ETF	31.27%	8.46%

Correlation

The correlation between CALF and ASCE is 0.70, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jul 8, 2025	0.70

Return for Risk

CALF vs. ASCE — 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

ASCE

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. ASCE - 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 Allspring SMID Core ETF (ASCE). 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	ASCE	Difference
Sharpe ratio: Return per unit of total volatility	1.62	—	—
Sortino ratio: Return per unit of downside risk	2.37	—	—
Omega ratio: Gain probability vs. loss probability	1.29	—	—
Calmar ratio: Return relative to maximum drawdown	4.22	—	—
Martin ratio: Return relative to average drawdown	11.59	—	—

Drawdowns

CALF vs. ASCE - Drawdown Comparison

The maximum CALF drawdown since its inception was -47.58%, which is greater than ASCE's maximum drawdown of -9.22%. Use the drawdown chart below to compare losses from any high point for CALF and ASCE.

Drawdown Indicators

	CALF	ASCE	Difference
Max Drawdown Largest peak-to-trough decline	-47.58%	-9.22%	-38.36%
Max Drawdown (1Y) Largest decline over 1 year	-6.15%	—	—
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%	-2.01%	-8.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.23%	—	—

Volatility

Volatility by Period

	CALF	ASCE	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.39%	—	—
Volatility (6M) Calculated over the trailing 6-month period	10.92%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	16.05%	19.66%	-3.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.39%	19.66%	+3.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.97%	19.66%	+6.31%

CALF vs. ASCE - Expense Ratio Comparison

CALF has a 0.59% expense ratio, which is higher than ASCE's 0.38% expense ratio.

Dividends

CALF vs. ASCE - Dividend Comparison

CALF's dividend yield for the trailing twelve months is around 1.24%, more than ASCE's 0.16% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
ASCE Allspring SMID Core ETF	0.16%	0.22%	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 ASCE in my portfolio?

CALF and ASCE have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, CALF or ASCE?

On fees, ASCE is cheaper at 0.38% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, CALF or ASCE?

ASCE is cheaper with a 0.38% expense ratio, compared with 0.59% for CALF.

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

CALF has the higher dividend yield at 1.24%, compared with 0.16% for ASCE.

What is the main difference between CALF and ASCE?

They also come from different issuers: Pacer and Allspring. Their fees differ too: 0.59% for CALF and 0.38% for ASCE.