CALF vs. DIVB

Last updated Jun 3, 2026

CALF (Pacer US Small Cap Cash Cows 100 ETF) and DIVB (iShares U.S. Dividend and Buyback ETF) are both exchange-traded funds - CALF is a Small Cap Blend Equities fund tracking the Pacer US Small Cap Cash Cows Index, while DIVB is a Large Cap Blend Equities fund tracking the Morningstar US Dividend and Buyback Index. Both are passively managed. Over the past 5 years, CALF returned 4.41%/yr vs 12.47%/yr for DIVB. A 0.77 correlation means they provide meaningful diversification when combined. CALF charges 0.59%/yr vs 0.25%/yr for DIVB.

Performance

CALF vs. DIVB - 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 U.S. Dividend and Buyback ETF (DIVB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CALF achieves a 14.62% return, which is significantly lower than DIVB's 18.01% return.

CALF

• 1D: -0.84%
• 1M: 5.29%
• YTD: 14.62%
• 6M: 15.37%
• 1Y: 34.08%
• 3Y*: 11.10%
• 5Y*: 4.41%
• 10Y*: —

DIVB

• 1D: 1.00%
• 1M: 8.21%
• YTD: 18.01%
• 6M: 20.03%
• 1Y: 31.43%
• 3Y*: 22.30%
• 5Y*: 12.47%
• 10Y*: —

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

CALF vs. DIVB - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CALF Pacer US Small Cap Cash Cows 100 ETF	14.62%	2.33%	-7.41%	35.43%	-15.20%	40.68%	16.55%	18.18%	-10.06%	8.02%
DIVB iShares U.S. Dividend and Buyback ETF	18.01%	15.09%	18.59%	13.27%	-10.51%	31.29%	10.78%	32.72%	-8.16%	5.95%

Correlation

The correlation between CALF and DIVB is 0.76, 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	0.76
Correlation (3Y) Calculated over the trailing 3-year period	0.78
Correlation (5Y) Calculated over the trailing 5-year period	0.80
Correlation (All Time) Calculated using the full available price history since Nov 10, 2017	0.77

The correlation between CALF and DIVB has been stable across timeframes, ranging from 0.76 to 0.80 - a consistent structural relationship.

Return for Risk

CALF vs. DIVB — Risk / Return Rank

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

CALF

CALF Risk / Return Rank: 73
CALF Sharpe Ratio Rank: 64
CALF Sortino Ratio Rank: 68
CALF Omega Ratio Rank: 63
CALF Calmar Ratio Rank: 90
CALF Martin Ratio Rank: 80

DIVB

DIVB Risk / Return Rank: 83
DIVB Sharpe Ratio Rank: 84
DIVB Sortino Ratio Rank: 86
DIVB Omega Ratio Rank: 81
DIVB Calmar Ratio Rank: 85
DIVB Martin Ratio Rank: 80

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. DIVB - 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 U.S. Dividend and Buyback ETF (DIVB). 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.

	CALF	DIVB	Difference
Sharpe ratio Return per unit of total volatility	2.17	2.79	-0.62
Sortino ratio Return per unit of downside risk	3.14	3.92	-0.78
Omega ratio Gain probability vs. loss probability	1.38	1.49	-0.11
Calmar ratio Return relative to maximum drawdown	5.53	4.67	+0.86
Martin ratio Return relative to average drawdown	15.82	15.96	-0.14
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CALF vs. DIVB - Sharpe Ratio Comparison

The current CALF Sharpe Ratio is 2.17, which is comparable to the DIVB Sharpe Ratio of 2.79. The chart below compares the historical Sharpe Ratios of CALF and DIVB, 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

	CALF	DIVB	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.17	2.79	-0.62
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.19	0.82	-0.63
Sharpe Ratio (All Time) Calculated using the full available price history	0.38	0.76	-0.39

Drawdowns

CALF vs. DIVB - Drawdown Comparison

The maximum CALF drawdown since its inception was -47.58%, which is greater than DIVB's maximum drawdown of -36.93%. Use the drawdown chart below to compare losses from any high point for CALF and DIVB.

Drawdown Indicators

	CALF	DIVB	Difference
Max Drawdown Largest peak-to-trough decline	-47.58%	-36.93%	-10.65%
Max Drawdown (1Y) Largest decline over 1 year	-6.15%	-6.82%	+0.67%
Max Drawdown (3Y) Largest decline over 3 years	-34.22%	-15.45%	-18.77%
Max Drawdown (5Y) Largest decline over 5 years	-34.22%	-21.08%	-13.14%
Current Drawdown Current decline from peak	-0.84%	0.00%	-0.84%
Average Drawdown Average peak-to-trough decline	-10.74%	-5.00%	-5.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.15%	2.00%	+0.15%

Volatility

CALF vs. DIVB - Volatility Comparison

Pacer US Small Cap Cash Cows 100 ETF (CALF) has a higher volatility of 4.83% compared to iShares U.S. Dividend and Buyback ETF (DIVB) at 3.44%. This indicates that CALF's price experiences larger fluctuations and is considered to be riskier than DIVB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CALF	DIVB	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.83%	3.44%	+1.39%
Volatility (6M) Calculated over the trailing 6-month period	10.40%	8.43%	+1.97%
Volatility (1Y) Calculated over the trailing 1-year period	15.79%	11.32%	+4.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.44%	15.23%	+8.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.02%	18.38%	+7.64%

CALF vs. DIVB - Expense Ratio Comparison

CALF has a 0.59% expense ratio, which is higher than DIVB's 0.25% expense ratio.

Dividends

CALF vs. DIVB - Dividend Comparison

CALF's dividend yield for the trailing twelve months is around 1.26%, less than DIVB's 2.17% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
CALF Pacer US Small Cap Cash Cows 100 ETF	1.26%	1.43%	1.07%	1.18%	0.85%	2.63%	0.82%	0.99%	1.39%	0.70%
DIVB iShares U.S. Dividend and Buyback ETF	2.17%	2.50%	2.61%	3.18%	2.02%	1.63%	2.08%	2.07%	2.52%	0.37%

Frequently Asked Questions

Can I hold both CALF and DIVB in my portfolio?

CALF and DIVB have a correlation of 0.76, 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 DIVB?

CALF has higher volatility (4.83%) compared to DIVB (3.44%). In terms of maximum drawdown, CALF dropped -47.58% vs DIVB's -36.93%.

Which ETF is better, CALF or DIVB?

On 5-year performance, DIVB leads with 12.47% vs 4.41% for CALF. On fees, DIVB is cheaper at 0.25% per year. On volatility, DIVB has been the lower-risk option at 3.44%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CALF or DIVB?

Over the 5-year period, DIVB has performed better with a 12.47% return vs 4.41%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CALF or DIVB?

DIVB is cheaper with a 0.25% expense ratio, compared with 0.59% for CALF.

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

DIVB has the higher dividend yield at 2.17%, compared with 1.26% for CALF.

What is the main difference between CALF and DIVB?

CALF is categorized as Small Cap Blend Equities, while DIVB is Large Cap Blend Equities. CALF tracks Pacer US Small Cap Cash Cows Index, while DIVB tracks Morningstar US Dividend and Buyback Index. They also come from different issuers: Pacer and iShares. Their fees differ too: 0.59% for CALF and 0.25% for DIVB.

Which has better risk-adjusted returns?

DIVB currently has the higher Sharpe Ratio (2.79 vs 2.17), 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.