CALF vs. DSMC

Last updated Jun 4, 2026

CALF (Pacer US Small Cap Cash Cows 100 ETF) and DSMC (Distillate Small/Mid Cash Flow ETF) are both exchange-traded funds - CALF is a Small Cap Blend Equities fund tracking the Pacer US Small Cap Cash Cows Index, while DSMC is a Small Cap Value Equities fund actively managed by Distillate. CALF is passively managed, while DSMC is actively managed. Over the past 3 years, CALF returned 10.69%/yr vs 13.36%/yr for DSMC. Their correlation of 0.94 suggests significant overlap in exposure. CALF charges 0.59%/yr vs 0.55%/yr for DSMC.

Performance

CALF vs. DSMC - 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 Distillate Small/Mid Cash Flow ETF (DSMC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with CALF having a 13.34% return and DSMC slightly lower at 12.84%.

CALF

• 1D: -1.12%
• 1M: 4.91%
• YTD: 13.34%
• 6M: 12.53%
• 1Y: 30.24%
• 3Y*: 10.69%
• 5Y*: 4.12%
• 10Y*: —

DSMC

• 1D: -1.10%
• 1M: 1.55%
• YTD: 12.84%
• 6M: 12.14%
• 1Y: 27.29%
• 3Y*: 13.36%
• 5Y*: —
• 10Y*: —

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

CALF vs. DSMC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
CALF Pacer US Small Cap Cash Cows 100 ETF	13.34%	2.33%	-7.41%	35.43%	3.06%
DSMC Distillate Small/Mid Cash Flow ETF	12.84%	2.73%	2.81%	29.50%	8.68%

Correlation

The correlation between CALF and DSMC is 0.89, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.89
Correlation (3Y) Calculated over the trailing 3-year period	0.93
Correlation (All Time) Calculated using the full available price history since Oct 7, 2022	0.94

The correlation between CALF and DSMC has been stable across timeframes, ranging from 0.89 to 0.94 - a consistent structural relationship.

CALF vs. DSMC - Sectors Allocation Comparison

Sectors	CALF	DSMC
Technology	29.7%	21.5%
Consumer Cyclical	28.3%	19.9%
Energy	10.3%	17.0%
Healthcare	9.4%	5.0%
Communication Services	8.8%	6.0%
Industrials	5.9%	17.8%
Consumer Defensive	4.3%	4.8%
Real Estate	1.6%	0.4%
Basic Materials	1.6%	3.5%
Financial Services	0.2%	4.1%
Utilities	-	-

Return for Risk

CALF vs. DSMC — Risk / Return Rank

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

CALF

CALF Risk / Return Rank: 66
CALF Sharpe Ratio Rank: 56
CALF Sortino Ratio Rank: 58
CALF Omega Ratio Rank: 54
CALF Calmar Ratio Rank: 86
CALF Martin Ratio Rank: 73

DSMC

DSMC Risk / Return Rank: 49
DSMC Sharpe Ratio Rank: 46
DSMC Sortino Ratio Rank: 49
DSMC Omega Ratio Rank: 44
DSMC Calmar Ratio Rank: 54
DSMC Martin Ratio Rank: 52

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. DSMC - 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 Distillate Small/Mid Cash Flow ETF (DSMC). 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	DSMC	Difference
Sharpe ratio: Return per unit of total volatility	1.93	1.59	+0.33
Sortino ratio: Return per unit of downside risk	2.82	2.41	+0.41
Omega ratio: Gain probability vs. loss probability	1.34	1.28	+0.06
Calmar ratio: Return relative to maximum drawdown	4.94	2.65	+2.29
Martin ratio: Return relative to average drawdown	14.08	8.82	+5.26
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. DSMC - Sharpe Ratio Comparison

The current CALF Sharpe Ratio is 1.93, which is comparable to the DSMC Sharpe Ratio of 1.59. The chart below compares the historical Sharpe Ratios of CALF and DSMC, 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	DSMC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.93	1.59	+0.33
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.18	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.37	0.75	-0.38

Drawdowns

CALF vs. DSMC - Drawdown Comparison

The maximum CALF drawdown since its inception was -47.58%, which is greater than DSMC's maximum drawdown of -28.62%. Use the drawdown chart below to compare losses from any high point for CALF and DSMC.

Drawdown Indicators

	CALF	DSMC	Difference
Max Drawdown Largest peak-to-trough decline	-47.58%	-28.62%	-18.96%
Max Drawdown (1Y) Largest decline over 1 year	-6.15%	-10.33%	+4.18%
Max Drawdown (3Y) Largest decline over 3 years	-34.22%	-28.62%	-5.60%
Max Drawdown (5Y) Largest decline over 5 years	-34.22%	—	—
Current Drawdown Current decline from peak	-1.95%	-1.66%	-0.29%
Average Drawdown Average peak-to-trough decline	-10.74%	-6.00%	-4.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.15%	3.10%	-0.95%

Volatility

CALF vs. DSMC - Volatility Comparison

Pacer US Small Cap Cash Cows 100 ETF (CALF) has a higher volatility of 4.92% compared to Distillate Small/Mid Cash Flow ETF (DSMC) at 4.40%. This indicates that CALF's price experiences larger fluctuations and is considered to be riskier than DSMC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CALF	DSMC	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.92%	4.40%	+0.52%
Volatility (6M) Calculated over the trailing 6-month period	10.47%	10.54%	-0.07%
Volatility (1Y) Calculated over the trailing 1-year period	15.84%	17.33%	-1.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.44%	20.39%	+3.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.02%	20.39%	+5.63%

CALF vs. DSMC - Expense Ratio Comparison

CALF has a 0.59% expense ratio, which is higher than DSMC's 0.55% expense ratio.

Dividends

CALF vs. DSMC - Dividend Comparison

CALF's dividend yield for the trailing twelve months is around 1.28%, more than DSMC's 1.13% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
CALF Pacer US Small Cap Cash Cows 100 ETF	1.28%	1.43%	1.07%	1.18%	0.85%	2.63%	0.82%	0.99%	1.39%	0.70%
DSMC Distillate Small/Mid Cash Flow ETF	1.13%	1.18%	1.31%	1.02%	0.27%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CALF and DSMC in my portfolio?

CALF and DSMC have a correlation of 0.89, 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 DSMC?

CALF has higher volatility (4.92%) compared to DSMC (4.40%). In terms of maximum drawdown, CALF dropped -47.58% vs DSMC's -28.62%.

Which ETF is better, CALF or DSMC?

On 3-year performance, DSMC leads with 13.36% vs 10.69% for CALF. On fees, DSMC is cheaper at 0.55% per year. On volatility, DSMC has been the lower-risk option at 4.40%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CALF or DSMC?

Over the 3-year period, DSMC has performed better with a 13.36% return vs 10.69%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CALF or DSMC?

DSMC is cheaper with a 0.55% expense ratio, compared with 0.59% for CALF.

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

CALF has the higher dividend yield at 1.28%, compared with 1.13% for DSMC.

What is the main difference between CALF and DSMC?

CALF is categorized as Small Cap Blend Equities, while DSMC is Small Cap Value Equities. They also come from different issuers: Pacer and Distillate. Their fees differ too: 0.59% for CALF and 0.55% for DSMC.

Which has better risk-adjusted returns?

CALF currently has the higher Sharpe Ratio (1.93 vs 1.59), 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.