CALF vs. FYT

Last updated Aug 2, 2026

CALF (Pacer US Small Cap Cash Cows ETF) and FYT (First Trust Small Cap Value AlphaDEX Fund) are both Small Cap Value Equities funds - CALF tracks the Pacer US Small Cap Cash Cows Index while FYT tracks the NASDAQ AlphaDEX Small Cap Value Index. Both are passively managed. Over the past 5 years, CALF returned 6.29%/yr vs 9.12%/yr for FYT. Their correlation of 0.90 means they have usually moved in the same direction. CALF charges 0.59%/yr vs 0.72%/yr for FYT.

Performance

CALF vs. FYT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Pacer US Small Cap Cash Cows ETF (CALF) and First Trust Small Cap Value AlphaDEX Fund (FYT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CALF achieves a 22.50% return, which is significantly lower than FYT's 28.00% return.

CALF

• 1D: -0.40%
• 1M: 4.89%
• 6M: 19.77%
• YTD: 22.50%
• 1Y: 39.59%
• 3Y*: 8.57%
• 5Y*: 6.29%
• 10Y*: —
• ALL TIME*: 10.37%

FYT

• 1D: -0.24%
• 1M: 2.47%
• 6M: 19.17%
• YTD: 28.00%
• 1Y: 45.15%
• 3Y*: 14.49%
• 5Y*: 9.12%
• 10Y*: 10.88%
• ALL TIME*: 10.02%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
CALF Pacer US Small Cap Cash Cows ETF	$20.38M	$24.48M	$25.33M
FYT First Trust Small Cap Value AlphaDEX Fund	$944.63K	$705.42K	$773.70K

CALF vs. FYT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CALF Pacer US Small Cap Cash Cows ETF	22.50%	2.33%	-7.41%	35.43%	-15.20%	40.68%	16.55%	18.18%	-10.06%	5.78%
FYT First Trust Small Cap Value AlphaDEX Fund	28.00%	4.00%	3.24%	22.90%	-14.05%	29.33%	9.82%	25.80%	-14.73%	9.88%

Correlation

The correlation between CALF and FYT is 0.84, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.84
Correlation (3Y) Balances recent behavior with more history.	0.89
Correlation (5Y) Shows whether the relationship held over a longer period.	0.91
Correlation (All Time) Calculated using the full available price history since Jun 19, 2017	0.90

The correlation between CALF and FYT has been stable across timeframes, ranging from 0.84 to 0.91 - a consistent structural relationship.

CALF vs. FYT - Sectors Allocation Comparison

Sectors	CALF	FYT
Technology	23.4%	8.0%
Consumer Cyclical	23.2%	12.9%
Energy	13.7%	7.2%
Healthcare	11.6%	5.7%
Industrials	9.3%	12.2%
Communication Services	7.6%	3.0%
Consumer Defensive	5.3%	6.1%
Basic Materials	4.2%	4.6%
Real Estate	1.8%	10.3%
Financial Services	0.2%	27.4%
Utilities	-	2.3%

Return for Risk

CALF vs. FYT — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

CALF

CALF Risk / Return Rank: 92
CALF Sharpe Ratio Rank: 91
CALF Sortino Ratio Rank: 92
CALF Omega Ratio Rank: 89
CALF Calmar Ratio Rank: 96
CALF Martin Ratio Rank: 94

FYT

FYT Risk / Return Rank: 92
FYT Sharpe Ratio Rank: 92
FYT Sortino Ratio Rank: 93
FYT Omega Ratio Rank: 90
FYT Calmar Ratio Rank: 95
FYT Martin Ratio Rank: 91

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

CALF vs. FYT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Pacer US Small Cap Cash Cows ETF (CALF) and First Trust Small Cap Value AlphaDEX Fund (FYT). 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	FYT	Difference
Sharpe ratio: Return per unit of total volatility	2.30	2.39	-0.09
Sortino ratio: Return per unit of downside risk	3.30	3.49	-0.19
Omega ratio: Gain probability vs. loss probability	1.40	1.42	-0.02
Calmar ratio: Return relative to maximum drawdown	6.13	5.12	+1.01
Martin ratio: Return relative to average drawdown	17.68	15.45	+2.23

CALF vs. FYT - Sharpe Ratio Comparison

The current CALF Sharpe Ratio is 2.30, which is comparable to the FYT Sharpe Ratio of 2.39. The chart below compares the historical Sharpe Ratios of CALF and FYT, 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. FYT - Drawdown Comparison

The maximum CALF drawdown since its inception was -47.58%, smaller than the maximum FYT drawdown of -50.48%. Use the drawdown chart below to compare losses from any high point for CALF and FYT.

Drawdown Indicators

	CALF	FYT	Difference
Max Drawdown Largest peak-to-trough decline	-47.58%	-50.48%	+2.90%
Max Drawdown (1Y) Largest decline over 1 year	-6.02%	-8.34%	+2.32%
Max Drawdown (3Y) Largest decline over 3 years	-34.22%	-28.90%	-5.32%
Max Drawdown (5Y) Largest decline over 5 years	-34.22%	-28.90%	-5.32%
Max Drawdown (10Y) Largest decline over 10 years	—	-50.48%	—
Current Drawdown Current decline from peak	-1.88%	-1.41%	-0.47%
Average Drawdown Average peak-to-trough decline	-10.57%	-8.46%	-2.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.09%	2.76%	-0.67%

Volatility

CALF vs. FYT - Volatility Comparison

Pacer US Small Cap Cash Cows ETF (CALF) has a higher volatility of 5.09% compared to First Trust Small Cap Value AlphaDEX Fund (FYT) at 4.25%. This indicates that CALF's price experiences larger fluctuations and is considered to be riskier than FYT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CALF	FYT	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.09%	4.25%	+0.84%
Volatility (6M) Calculated over the trailing 6-month period	11.64%	11.19%	+0.45%
Volatility (1Y) Calculated over the trailing 1-year period	16.13%	17.95%	-1.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.23%	22.41%	+0.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.89%	25.89%	0.00%

CALF vs. FYT - Expense Ratio Comparison

CALF has a 0.59% expense ratio, which is lower than FYT's 0.72% expense ratio.

Dividends

CALF vs. FYT - Dividend Comparison

CALF's dividend yield for the trailing twelve months is around 1.12%, less than FYT's 1.43% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CALF Pacer US Small Cap Cash Cows ETF	1.12%	1.43%	1.07%	1.18%	0.85%	2.63%	0.82%	0.99%	1.39%	0.70%	0.00%	0.00%
FYT First Trust Small Cap Value AlphaDEX Fund	1.43%	0.94%	2.07%	1.50%	1.36%	1.19%	0.96%	1.44%	1.78%	1.16%	1.16%	0.96%

Frequently Asked Questions

Can I hold both CALF and FYT in my portfolio?

CALF and FYT have a correlation of 0.84, 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 FYT?

CALF has higher volatility (5.09%) compared to FYT (4.25%). In terms of maximum drawdown, CALF dropped -47.58% vs FYT's -50.48%.

Which ETF is better, CALF or FYT?

On 5-year performance, FYT leads with 9.12% vs 6.29% for CALF. On fees, CALF is cheaper at 0.59% per year. On volatility, FYT has been the lower-risk option at 4.25%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CALF or FYT?

Over the 5-year period, FYT has performed better with a 9.12% return vs 6.29%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CALF or FYT?

CALF is cheaper with a 0.59% expense ratio, compared with 0.72% for FYT.

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

FYT has the higher dividend yield at 1.43%, compared with 1.12% for CALF.

What is the main difference between CALF and FYT?

CALF tracks Pacer US Small Cap Cash Cows Index, while FYT tracks NASDAQ AlphaDEX Small Cap Value Index. They also come from different issuers: Pacer and First Trust. Their fees differ too: 0.59% for CALF and 0.72% for FYT.

Which has better risk-adjusted returns?

FYT currently has the higher Sharpe Ratio (2.39 vs 2.30), 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.