CALF vs. SCHD

Last updated Jun 14, 2026

CALF (Pacer US Small Cap Cash Cows 100 ETF) and SCHD (Schwab U.S. Dividend Equity ETF) are both exchange-traded funds - CALF is a Small Cap Blend Equities fund tracking the Pacer US Small Cap Cash Cows Index, while SCHD is a Dividend fund tracking the Dow Jones U.S. Dividend 100 Index. Both are passively managed. Over the past 5 years, CALF returned 3.80%/yr vs 8.75%/yr for SCHD. A 0.73 correlation means they provide meaningful diversification when combined. CALF charges 0.59%/yr vs 0.06%/yr for SCHD.

Performance

CALF vs. SCHD - 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 Schwab U.S. Dividend Equity ETF (SCHD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CALF achieves a 14.10% return, which is significantly lower than SCHD's 20.66% return.

CALF

• 1D: 0.46%
• 1M: 7.83%
• YTD: 14.10%
• 6M: 11.90%
• 1Y: 30.59%
• 3Y*: 9.56%
• 5Y*: 3.80%
• 10Y*: —

SCHD

• 1D: 0.89%
• 1M: 3.21%
• YTD: 20.66%
• 6M: 19.57%
• 1Y: 26.72%
• 3Y*: 14.90%
• 5Y*: 8.75%
• 10Y*: 12.91%

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

CALF vs. SCHD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CALF Pacer US Small Cap Cash Cows 100 ETF	14.10%	2.33%	-7.41%	35.43%	-15.20%	40.68%	16.55%	18.18%	-10.06%	5.78%
SCHD Schwab U.S. Dividend Equity ETF	20.66%	4.34%	11.66%	4.54%	-3.26%	29.87%	15.03%	27.29%	-5.56%	13.51%

Correlation

The correlation between CALF and SCHD is 0.66, 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	0.66
Correlation (3Y) Calculated over the trailing 3-year period	0.71
Correlation (5Y) Calculated over the trailing 5-year period	0.75
Correlation (All Time) Calculated using the full available price history since Jun 19, 2017	0.73

The correlation between CALF and SCHD has been stable across timeframes, ranging from 0.66 to 0.75 - a consistent structural relationship.

CALF vs. SCHD - Sectors Allocation Comparison

Sectors	CALF	SCHD
Technology	32.4%	19.4%
Consumer Cyclical	28.5%	6.7%
Healthcare	9.7%	18.4%
Energy	8.9%	14.6%
Communication Services	8.3%	6.0%
Industrials	5.4%	7.4%
Consumer Defensive	3.6%	18.5%
Basic Materials	1.6%	1.2%
Real Estate	1.5%	-
Financial Services	0.2%	9.1%
Utilities	-	0.0%

Return for Risk

CALF vs. SCHD — 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: 62
CALF Calmar Ratio Rank: 90
CALF Martin Ratio Rank: 80

SCHD

SCHD Risk / Return Rank: 87
SCHD Sharpe Ratio Rank: 86
SCHD Sortino Ratio Rank: 90
SCHD Omega Ratio Rank: 83
SCHD Calmar Ratio Rank: 93
SCHD Martin Ratio Rank: 81

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. SCHD - 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 Schwab U.S. Dividend Equity ETF (SCHD). 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	SCHD	Difference
Sharpe ratio: Return per unit of total volatility	1.84	2.41	-0.56
Sortino ratio: Return per unit of downside risk	2.69	3.72	-1.03
Omega ratio: Gain probability vs. loss probability	1.33	1.43	-0.11
Calmar ratio: Return relative to maximum drawdown	4.77	5.70	-0.93
Martin ratio: Return relative to average drawdown	13.43	13.97	-0.54

CALF vs. SCHD - Sharpe Ratio Comparison

The current CALF Sharpe Ratio is 1.84, which is comparable to the SCHD Sharpe Ratio of 2.41. The chart below compares the historical Sharpe Ratios of CALF and SCHD, 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. SCHD - Drawdown Comparison

The maximum CALF drawdown since its inception was -47.58%, which is greater than SCHD's maximum drawdown of -33.37%. Use the drawdown chart below to compare losses from any high point for CALF and SCHD.

Drawdown Indicators

	CALF	SCHD	Difference
Max Drawdown Largest peak-to-trough decline	-47.58%	-33.37%	-14.21%
Max Drawdown (1Y) Largest decline over 1 year	-6.15%	-4.61%	-1.54%
Max Drawdown (3Y) Largest decline over 3 years	-34.22%	-16.13%	-18.09%
Max Drawdown (5Y) Largest decline over 5 years	-34.22%	-16.85%	-17.37%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.37%	—
Current Drawdown Current decline from peak	-1.29%	-0.03%	-1.26%
Average Drawdown Average peak-to-trough decline	-10.71%	-3.31%	-7.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.18%	1.89%	+0.29%

Volatility

CALF vs. SCHD - Volatility Comparison

Pacer US Small Cap Cash Cows 100 ETF (CALF) has a higher volatility of 4.93% compared to Schwab U.S. Dividend Equity ETF (SCHD) at 3.05%. This indicates that CALF's price experiences larger fluctuations and is considered to be riskier than SCHD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CALF	SCHD	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.93%	3.05%	+1.88%
Volatility (6M) Calculated over the trailing 6-month period	10.67%	7.53%	+3.14%
Volatility (1Y) Calculated over the trailing 1-year period	15.90%	10.93%	+4.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.43%	14.38%	+9.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.99%	16.72%	+9.27%

CALF vs. SCHD - Expense Ratio Comparison

CALF has a 0.59% expense ratio, which is higher than SCHD's 0.06% expense ratio.

Dividends

CALF vs. SCHD - Dividend Comparison

CALF's dividend yield for the trailing twelve months is around 1.20%, less than SCHD's 3.22% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CALF Pacer US Small Cap Cash Cows 100 ETF	1.20%	1.43%	1.07%	1.18%	0.85%	2.63%	0.82%	0.99%	1.39%	0.70%	0.00%	0.00%
SCHD Schwab U.S. Dividend Equity ETF	3.22%	3.82%	3.64%	3.49%	3.39%	2.78%	3.16%	2.98%	3.06%	2.63%	2.89%	2.97%

Frequently Asked Questions

Can I hold both CALF and SCHD in my portfolio?

CALF and SCHD have a correlation of 0.66, 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 SCHD?

CALF has higher volatility (4.93%) compared to SCHD (3.05%). In terms of maximum drawdown, CALF dropped -47.58% vs SCHD's -33.37%.

Which ETF is better, CALF or SCHD?

On 5-year performance, SCHD leads with 8.75% vs 3.80% for CALF. On fees, SCHD is cheaper at 0.06% per year. On volatility, SCHD has been the lower-risk option at 3.05%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CALF or SCHD?

Over the 5-year period, SCHD has performed better with a 8.75% return vs 3.80%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CALF or SCHD?

SCHD is cheaper with a 0.06% expense ratio, compared with 0.59% for CALF.

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

SCHD has the higher dividend yield at 3.22%, compared with 1.20% for CALF.

What is the main difference between CALF and SCHD?

CALF is categorized as Small Cap Blend Equities, while SCHD is Dividend. CALF tracks Pacer US Small Cap Cash Cows Index, while SCHD tracks Dow Jones U.S. Dividend 100 Index. They also come from different issuers: Pacer and Charles Schwab. Their fees differ too: 0.59% for CALF and 0.06% for SCHD.

Which has better risk-adjusted returns?

SCHD currently has the higher Sharpe Ratio (2.41 vs 1.84), 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.