CALF vs. CAFG

Last updated Jun 24, 2026

CALF (Pacer US Small Cap Cash Cows 100 ETF) and CAFG (Pacer US Small Cap Cash Cows Growth Leaders ETF) are both exchange-traded funds - CALF is a Small Cap Blend Equities fund tracking the Pacer US Small Cap Cash Cows Index, while CAFG is a Small Cap Growth Equities fund tracking the Pacer US Small Cap Cash Cows Growth Leaders Index - Benchmark TR Gross. Both are passively managed. Over the past 3 years, CALF returned 9.45%/yr vs 15.08%/yr for CAFG. Their correlation of 0.84 suggests significant overlap in exposure. Both charge a 0.59% expense ratio.

Performance

CALF vs. CAFG - 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 Pacer US Small Cap Cash Cows Growth Leaders ETF (CAFG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CALF achieves a 10.96% return, which is significantly lower than CAFG's 27.99% return.

CALF

• 1D: 0.34%
• 1M: 0.78%
• YTD: 10.96%
• 6M: 9.95%
• 1Y: 26.19%
• 3Y*: 9.45%
• 5Y*: 3.49%
• 10Y*: —

CAFG

• 1D: -0.33%
• 1M: 2.98%
• YTD: 27.99%
• 6M: 25.79%
• 1Y: 34.79%
• 3Y*: 15.08%
• 5Y*: —
• 10Y*: —

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

CALF vs. CAFG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
CALF Pacer US Small Cap Cash Cows 100 ETF	10.96%	2.33%	-7.41%	31.03%
CAFG Pacer US Small Cap Cash Cows Growth Leaders ETF	27.99%	0.17%	6.95%	21.26%

Correlation

The correlation between CALF and CAFG is 0.75, 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	0.75
Correlation (3Y) Calculated over the trailing 3-year period	0.84
Correlation (All Time) Calculated using the full available price history since May 2, 2023	0.84

The correlation between CALF and CAFG has been stable across timeframes, ranging from 0.75 to 0.84 - a consistent structural relationship.

CALF vs. CAFG - Sectors Allocation Comparison

Sectors	CALF	CAFG
Technology	32.4%	35.1%
Consumer Cyclical	28.5%	7.2%
Healthcare	9.7%	24.5%
Energy	8.9%	8.9%
Communication Services	8.3%	2.9%
Industrials	5.4%	15.0%
Consumer Defensive	3.6%	2.7%
Basic Materials	1.6%	2.4%
Real Estate	1.5%	-
Financial Services	0.2%	-
Utilities	-	1.1%

Return for Risk

CALF vs. CAFG — Risk / Return Rank

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

CALF

CALF Risk / Return Rank: 60
CALF Sharpe Ratio Rank: 50
CALF Sortino Ratio Rank: 52
CALF Omega Ratio Rank: 47
CALF Calmar Ratio Rank: 83
CALF Martin Ratio Rank: 67

CAFG

CAFG Risk / Return Rank: 71
CAFG Sharpe Ratio Rank: 66
CAFG Sortino Ratio Rank: 66
CAFG Omega Ratio Rank: 60
CAFG Calmar Ratio Rank: 85
CAFG Martin Ratio Rank: 79

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. CAFG - 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 Pacer US Small Cap Cash Cows Growth Leaders ETF (CAFG). 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	CAFG	Difference
Sharpe ratio: Return per unit of total volatility	1.64	1.99	-0.35
Sortino ratio: Return per unit of downside risk	2.40	2.82	-0.41
Omega ratio: Gain probability vs. loss probability	1.29	1.34	-0.05
Calmar ratio: Return relative to maximum drawdown	4.28	4.30	-0.02
Martin ratio: Return relative to average drawdown	11.68	14.15	-2.47

CALF vs. CAFG - Sharpe Ratio Comparison

The current CALF Sharpe Ratio is 1.64, which is comparable to the CAFG Sharpe Ratio of 1.99. The chart below compares the historical Sharpe Ratios of CALF and CAFG, 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. CAFG - Drawdown Comparison

The maximum CALF drawdown since its inception was -47.58%, which is greater than CAFG's maximum drawdown of -23.66%. Use the drawdown chart below to compare losses from any high point for CALF and CAFG.

Drawdown Indicators

	CALF	CAFG	Difference
Max Drawdown Largest peak-to-trough decline	-47.58%	-23.66%	-23.92%
Max Drawdown (1Y) Largest decline over 1 year	-6.15%	-8.13%	+1.98%
Max Drawdown (3Y) Largest decline over 3 years	-34.22%	-23.66%	-10.56%
Max Drawdown (5Y) Largest decline over 5 years	-34.22%	—	—
Current Drawdown Current decline from peak	-4.01%	-0.49%	-3.52%
Average Drawdown Average peak-to-trough decline	-10.69%	-5.45%	-5.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.25%	2.46%	-0.21%

Volatility

CALF vs. CAFG - Volatility Comparison

Pacer US Small Cap Cash Cows 100 ETF (CALF) has a higher volatility of 5.39% compared to Pacer US Small Cap Cash Cows Growth Leaders ETF (CAFG) at 5.07%. This indicates that CALF's price experiences larger fluctuations and is considered to be riskier than CAFG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CALF	CAFG	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.39%	5.07%	+0.32%
Volatility (6M) Calculated over the trailing 6-month period	10.92%	13.16%	-2.24%
Volatility (1Y) Calculated over the trailing 1-year period	16.02%	17.61%	-1.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.39%	19.54%	+3.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.97%	19.54%	+6.43%

CALF vs. CAFG - Expense Ratio Comparison

Both CALF and CAFG have an expense ratio of 0.59%.

Dividends

CALF vs. CAFG - Dividend Comparison

CALF's dividend yield for the trailing twelve months is around 1.24%, more than CAFG's 0.31% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
CAFG Pacer US Small Cap Cash Cows Growth Leaders ETF	0.31%	0.35%	0.36%	0.39%	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 CAFG in my portfolio?

CALF and CAFG have a correlation of 0.75, 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 CAFG?

CALF has higher volatility (5.39%) compared to CAFG (5.07%). In terms of maximum drawdown, CALF dropped -47.58% vs CAFG's -23.66%.

Which ETF is better, CALF or CAFG?

On 3-year performance, CAFG leads with 15.08% vs 9.45% for CALF. Both ETFs have the same 0.59% expense ratio. On volatility, CAFG has been the lower-risk option at 5.07%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CALF or CAFG?

Over the 3-year period, CAFG has performed better with a 15.08% return vs 9.45%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CALF or CAFG?

CALF and CAFG have the same expense ratio: 0.59% per year.

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

CALF has the higher dividend yield at 1.24%, compared with 0.31% for CAFG.

What is the main difference between CALF and CAFG?

CALF is categorized as Small Cap Blend Equities, while CAFG is Small Cap Growth Equities. CALF tracks Pacer US Small Cap Cash Cows Index, while CAFG tracks Pacer US Small Cap Cash Cows Growth Leaders Index - Benchmark TR Gross.

Which has better risk-adjusted returns?

CAFG currently has the higher Sharpe Ratio (1.99 vs 1.64), 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.