CALF vs. HFMDX

Last updated Jun 23, 2026

CALF (Pacer US Small Cap Cash Cows 100 ETF) and HFMDX (Hennessy Cornerstone Mid Cap 30 Fund) are both funds - CALF is a Small Cap Blend Equities fund tracking the Pacer US Small Cap Cash Cows Index, while HFMDX is a Mid Cap Blend Equities fund managed by Hennessy. Over the past 5 years, CALF returned 3.73%/yr vs 17.66%/yr for HFMDX. Their correlation of 0.83 suggests significant overlap in exposure. CALF charges 0.59%/yr vs 1.36%/yr for HFMDX.

Performance

CALF vs. HFMDX - 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 Hennessy Cornerstone Mid Cap 30 Fund (HFMDX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CALF achieves a 10.59% return, which is significantly lower than HFMDX's 17.85% return.

CALF

• 1D: -0.51%
• 1M: 0.44%
• YTD: 10.59%
• 6M: 8.95%
• 1Y: 25.83%
• 3Y*: 9.33%
• 5Y*: 3.73%
• 10Y*: —

HFMDX

• 1D: 0.78%
• 1M: 4.38%
• YTD: 17.85%
• 6M: 14.81%
• 1Y: 26.67%
• 3Y*: 23.43%
• 5Y*: 17.66%
• 10Y*: 14.49%

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

CALF vs. HFMDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CALF Pacer US Small Cap Cash Cows 100 ETF	10.59%	2.33%	-7.41%	35.43%	-15.20%	40.68%	16.55%	18.18%	-10.06%	5.78%
HFMDX Hennessy Cornerstone Mid Cap 30 Fund	17.85%	2.68%	34.13%	30.83%	2.72%	27.23%	23.37%	15.76%	-23.52%	13.83%

Correlation

The correlation between CALF and HFMDX is 0.73, 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	0.73
Correlation (3Y) Calculated over the trailing 3-year period	0.80
Correlation (5Y) Calculated over the trailing 5-year period	0.85
Correlation (All Time) Calculated using the full available price history since Jun 19, 2017	0.83

The correlation between CALF and HFMDX shifts across timeframes, from 0.73 (1 year) to 0.85 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

CALF vs. HFMDX — Risk / Return Rank

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

CALF

CALF Risk / Return Rank: 58
CALF Sharpe Ratio Rank: 48
CALF Sortino Ratio Rank: 50
CALF Omega Ratio Rank: 46
CALF Calmar Ratio Rank: 82
CALF Martin Ratio Rank: 65

HFMDX

HFMDX Risk / Return Rank: 27
HFMDX Sharpe Ratio Rank: 22
HFMDX Sortino Ratio Rank: 21
HFMDX Omega Ratio Rank: 20
HFMDX Calmar Ratio Rank: 36
HFMDX Martin Ratio Rank: 34

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. HFMDX - 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 Hennessy Cornerstone Mid Cap 30 Fund (HFMDX). 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	HFMDX	Difference
Sharpe ratio: Return per unit of total volatility	1.62	1.24	+0.38
Sortino ratio: Return per unit of downside risk	2.37	1.80	+0.58
Omega ratio: Gain probability vs. loss probability	1.29	1.22	+0.07
Calmar ratio: Return relative to maximum drawdown	4.22	2.16	+2.06
Martin ratio: Return relative to average drawdown	11.59	7.21	+4.38

CALF vs. HFMDX - Sharpe Ratio Comparison

The current CALF Sharpe Ratio is 1.62, which is higher than the HFMDX Sharpe Ratio of 1.24. The chart below compares the historical Sharpe Ratios of CALF and HFMDX, 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. HFMDX - Drawdown Comparison

The maximum CALF drawdown since its inception was -47.58%, smaller than the maximum HFMDX drawdown of -61.25%. Use the drawdown chart below to compare losses from any high point for CALF and HFMDX.

Drawdown Indicators

	CALF	HFMDX	Difference
Max Drawdown Largest peak-to-trough decline	-47.58%	-61.25%	+13.67%
Max Drawdown (1Y) Largest decline over 1 year	-6.15%	-12.66%	+6.51%
Max Drawdown (3Y) Largest decline over 3 years	-34.22%	-27.76%	-6.46%
Max Drawdown (5Y) Largest decline over 5 years	-34.22%	-27.76%	-6.46%
Max Drawdown (10Y) Largest decline over 10 years	—	-56.14%	—
Current Drawdown Current decline from peak	-4.33%	-1.31%	-3.02%
Average Drawdown Average peak-to-trough decline	-10.69%	-12.22%	+1.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.23%	3.79%	-1.56%

Volatility

CALF vs. HFMDX - Volatility Comparison

The current volatility for Pacer US Small Cap Cash Cows 100 ETF (CALF) is 5.39%, while Hennessy Cornerstone Mid Cap 30 Fund (HFMDX) has a volatility of 7.61%. This indicates that CALF experiences smaller price fluctuations and is considered to be less risky than HFMDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CALF	HFMDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.39%	7.61%	-2.22%
Volatility (6M) Calculated over the trailing 6-month period	10.92%	16.56%	-5.64%
Volatility (1Y) Calculated over the trailing 1-year period	16.05%	22.03%	-5.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.39%	23.43%	-0.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.97%	25.14%	+0.83%

CALF vs. HFMDX - Expense Ratio Comparison

CALF has a 0.59% expense ratio, which is lower than HFMDX's 1.36% expense ratio.

Dividends

CALF vs. HFMDX - Dividend Comparison

CALF's dividend yield for the trailing twelve months is around 1.24%, more than HFMDX's 0.61% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%	0.00%	0.00%
HFMDX Hennessy Cornerstone Mid Cap 30 Fund	0.61%	0.72%	18.84%	9.61%	21.66%	1.73%	0.00%	0.00%	40.95%	18.56%	0.64%	0.91%

Frequently Asked Questions

Can I hold both CALF and HFMDX in my portfolio?

CALF and HFMDX have a correlation of 0.73, 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 HFMDX?

HFMDX has higher volatility (7.61%) compared to CALF (5.39%). In terms of maximum drawdown, CALF dropped -47.58% vs HFMDX's -61.25%.

Which has better risk-adjusted returns?

CALF currently has the higher Sharpe Ratio (1.62 vs 1.24), 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.