CALF vs. CSHP

Last updated Jun 21, 2026

CALF (Pacer US Small Cap Cash Cows 100 ETF) and CSHP (iShares Enhanced Short-Term Bond Active ETF) are both exchange-traded funds - CALF is a Small Cap Blend Equities fund tracking the Pacer US Small Cap Cash Cows Index, while CSHP is a Ultrashort Bond fund actively managed by iShares. CALF is passively managed, while CSHP is actively managed. Over the past year, CALF returned 26.48% vs 3.98% for CSHP. At a 0.05 correlation, their price movements are largely independent. CALF charges 0.59%/yr vs 0.20%/yr for CSHP.

Performance

CALF vs. CSHP - 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 iShares Enhanced Short-Term Bond Active ETF (CSHP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CALF achieves a 11.16% return, which is significantly higher than CSHP's 1.87% return.

CALF

• 1D: 0.87%
• 1M: 2.91%
• YTD: 11.16%
• 6M: 9.56%
• 1Y: 26.48%
• 3Y*: 8.93%
• 5Y*: 4.58%
• 10Y*: —

CSHP

• 1D: 0.06%
• 1M: 0.35%
• YTD: 1.87%
• 6M: 1.95%
• 1Y: 3.98%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CALF vs. CSHP - Yearly Performance Comparison

	2026 (YTD)	2025	2024
CALF Pacer US Small Cap Cash Cows 100 ETF	11.16%	2.33%	-4.99%
CSHP iShares Enhanced Short-Term Bond Active ETF	1.87%	4.10%	2.24%

Correlation

The correlation between CALF and CSHP is -0.07, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.07
Correlation (All Time) Calculated using the full available price history since Jul 18, 2024	0.05

The correlation between CALF and CSHP shifts across timeframes, from -0.07 (1 year) to 0.05 (all time), reflecting how their relationship changes across market environments.

Return for Risk

CALF vs. CSHP — 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: 51
CALF Omega Ratio Rank: 48
CALF Calmar Ratio Rank: 84
CALF Martin Ratio Rank: 68

CSHP

CSHP Risk / Return Rank: 99
CSHP Sharpe Ratio Rank: 100
CSHP Sortino Ratio Rank: 99
CSHP Omega Ratio Rank: 99
CSHP Calmar Ratio Rank: 100
CSHP Martin Ratio Rank: 100

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. CSHP - 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 iShares Enhanced Short-Term Bond Active ETF (CSHP). 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	CSHP	Difference
Sharpe ratio: Return per unit of total volatility	1.65	11.36	-9.71
Sortino ratio: Return per unit of downside risk	2.42	28.68	-26.27
Omega ratio: Gain probability vs. loss probability	1.29	6.83	-5.53
Calmar ratio: Return relative to maximum drawdown	4.30	66.48	-62.18
Martin ratio: Return relative to average drawdown	11.91	400.50	-388.59

CALF vs. CSHP - Sharpe Ratio Comparison

The current CALF Sharpe Ratio is 1.65, which is lower than the CSHP Sharpe Ratio of 11.36. The chart below compares the historical Sharpe Ratios of CALF and CSHP, 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. CSHP - Drawdown Comparison

The maximum CALF drawdown since its inception was -47.58%, which is greater than CSHP's maximum drawdown of -0.08%. Use the drawdown chart below to compare losses from any high point for CALF and CSHP.

Drawdown Indicators

	CALF	CSHP	Difference
Max Drawdown Largest peak-to-trough decline	-47.58%	-0.08%	-47.50%
Max Drawdown (1Y) Largest decline over 1 year	-6.15%	-0.06%	-6.09%
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	-3.84%	0.00%	-3.84%
Average Drawdown Average peak-to-trough decline	-10.70%	-0.00%	-10.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.22%	0.01%	+2.21%

Volatility

CALF vs. CSHP - Volatility Comparison

Pacer US Small Cap Cash Cows 100 ETF (CALF) has a higher volatility of 5.53% compared to iShares Enhanced Short-Term Bond Active ETF (CSHP) at 0.15%. This indicates that CALF's price experiences larger fluctuations and is considered to be riskier than CSHP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CALF	CSHP	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.53%	0.15%	+5.38%
Volatility (6M) Calculated over the trailing 6-month period	10.91%	0.27%	+10.64%
Volatility (1Y) Calculated over the trailing 1-year period	16.01%	0.35%	+15.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.41%	0.41%	+23.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.98%	0.41%	+25.57%

CALF vs. CSHP - Expense Ratio Comparison

CALF has a 0.59% expense ratio, which is higher than CSHP's 0.20% expense ratio.

Dividends

CALF vs. CSHP - Dividend Comparison

CALF's dividend yield for the trailing twelve months is around 1.23%, less than CSHP's 3.91% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
CALF Pacer US Small Cap Cash Cows 100 ETF	1.23%	1.43%	1.07%	1.18%	0.85%	2.63%	0.82%	0.99%	1.39%	0.70%
CSHP iShares Enhanced Short-Term Bond Active ETF	3.91%	5.39%	1.96%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CALF and CSHP in my portfolio?

CALF and CSHP have a correlation of -0.07, 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 CSHP?

CALF has higher volatility (5.53%) compared to CSHP (0.15%). In terms of maximum drawdown, CALF dropped -47.58% vs CSHP's -0.08%.

Which ETF is better, CALF or CSHP?

On 1-year performance, CALF leads with 26.48% vs 3.98% for CSHP. On fees, CSHP is cheaper at 0.20% per year. On volatility, CSHP has been the lower-risk option at 0.15%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CALF or CSHP?

Over the 1-year period, CALF has performed better with a 26.48% return vs 3.98%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CALF or CSHP?

CSHP is cheaper with a 0.20% expense ratio, compared with 0.59% for CALF.

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

CSHP has the higher dividend yield at 3.91%, compared with 1.23% for CALF.

What is the main difference between CALF and CSHP?

CALF is categorized as Small Cap Blend Equities, while CSHP is Ultrashort Bond. They also come from different issuers: Pacer and iShares. Their fees differ too: 0.59% for CALF and 0.20% for CSHP.

Which has better risk-adjusted returns?

CSHP currently has the higher Sharpe Ratio (11.36 vs 1.65), 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.