CALF vs. SMCF

Last updated Jun 4, 2026

CALF (Pacer US Small Cap Cash Cows 100 ETF) and SMCF (Themes US Small Cap Cash Flow Champions ETF) are both exchange-traded funds - CALF is a Small Cap Blend Equities fund tracking the Pacer US Small Cap Cash Cows Index, while SMCF is a Small Cap Value Equities fund tracking the Solactive US Small Cap Cash Flow Champions Index - Benchmark TR Gross. Both are passively managed. Over the past year, CALF returned 30.24% vs 32.87% for SMCF. Their correlation of 0.84 suggests significant overlap in exposure. CALF charges 0.59%/yr vs 0.29%/yr for SMCF.

Performance

CALF vs. SMCF - 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 Themes US Small Cap Cash Flow Champions ETF (SMCF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with CALF having a 13.34% return and SMCF slightly higher at 13.75%.

CALF

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

SMCF

• 1D: -1.14%
• 1M: -1.09%
• YTD: 13.75%
• 6M: 13.63%
• 1Y: 32.87%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CALF vs. SMCF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
CALF Pacer US Small Cap Cash Cows 100 ETF	13.34%	2.33%	-7.41%	4.95%
SMCF Themes US Small Cap Cash Flow Champions ETF	13.75%	9.56%	16.30%	4.47%

Correlation

The correlation between CALF and SMCF is 0.78, 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	0.78
Correlation (All Time) Calculated using the full available price history since Dec 14, 2023	0.84

The correlation between CALF and SMCF has been stable across timeframes, ranging from 0.78 to 0.84 - a consistent structural relationship.

CALF vs. SMCF - Sectors Allocation Comparison

Sectors	CALF	SMCF
Technology	29.7%	11.0%
Consumer Cyclical	28.3%	2.6%
Energy	10.3%	18.2%
Healthcare	9.4%	4.4%
Communication Services	8.8%	1.5%
Industrials	5.9%	9.8%
Consumer Defensive	4.3%	1.4%
Real Estate	1.6%	0.5%
Basic Materials	1.6%	0.6%
Financial Services	0.2%	50.0%
Utilities	-	-

Return for Risk

CALF vs. SMCF — 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

SMCF

SMCF Risk / Return Rank: 67
SMCF Sharpe Ratio Rank: 61
SMCF Sortino Ratio Rank: 63
SMCF Omega Ratio Rank: 59
SMCF Calmar Ratio Rank: 85
SMCF Martin Ratio Rank: 68

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. SMCF - 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 Themes US Small Cap Cash Flow Champions ETF (SMCF). 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	SMCF	Difference
Sharpe ratio: Return per unit of total volatility	1.93	2.05	-0.12
Sortino ratio: Return per unit of downside risk	2.82	2.95	-0.13
Omega ratio: Gain probability vs. loss probability	1.34	1.36	-0.02
Calmar ratio: Return relative to maximum drawdown	4.94	4.63	+0.31
Martin ratio: Return relative to average drawdown	14.08	12.46	+1.62
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. SMCF - Sharpe Ratio Comparison

The current CALF Sharpe Ratio is 1.93, which is comparable to the SMCF Sharpe Ratio of 2.05. The chart below compares the historical Sharpe Ratios of CALF and SMCF, 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	SMCF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.93	2.05	-0.12
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	0.91	-0.54

Drawdowns

CALF vs. SMCF - Drawdown Comparison

The maximum CALF drawdown since its inception was -47.58%, which is greater than SMCF's maximum drawdown of -28.48%. Use the drawdown chart below to compare losses from any high point for CALF and SMCF.

Drawdown Indicators

	CALF	SMCF	Difference
Max Drawdown Largest peak-to-trough decline	-47.58%	-28.48%	-19.10%
Max Drawdown (1Y) Largest decline over 1 year	-6.15%	-7.13%	+0.98%
Max Drawdown (3Y) Largest decline over 3 years	-34.22%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-34.22%	—	—
Current Drawdown Current decline from peak	-1.95%	-2.44%	+0.49%
Average Drawdown Average peak-to-trough decline	-10.74%	-5.29%	-5.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.15%	2.65%	-0.50%

Volatility

CALF vs. SMCF - Volatility Comparison

Pacer US Small Cap Cash Cows 100 ETF (CALF) has a higher volatility of 4.92% compared to Themes US Small Cap Cash Flow Champions ETF (SMCF) at 3.55%. This indicates that CALF's price experiences larger fluctuations and is considered to be riskier than SMCF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CALF	SMCF	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.92%	3.55%	+1.37%
Volatility (6M) Calculated over the trailing 6-month period	10.47%	10.00%	+0.47%
Volatility (1Y) Calculated over the trailing 1-year period	15.84%	16.18%	-0.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.44%	20.31%	+3.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.02%	20.31%	+5.71%

CALF vs. SMCF - Expense Ratio Comparison

CALF has a 0.59% expense ratio, which is higher than SMCF's 0.29% expense ratio.

Dividends

CALF vs. SMCF - Dividend Comparison

CALF's dividend yield for the trailing twelve months is around 1.28%, less than SMCF's 3.44% 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%
SMCF Themes US Small Cap Cash Flow Champions ETF	3.44%	3.91%	0.61%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CALF and SMCF in my portfolio?

CALF and SMCF have a correlation of 0.78, 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 SMCF?

CALF has higher volatility (4.92%) compared to SMCF (3.55%). In terms of maximum drawdown, CALF dropped -47.58% vs SMCF's -28.48%.

Which ETF is better, CALF or SMCF?

On 1-year performance, SMCF leads with 32.87% vs 30.24% for CALF. On fees, SMCF is cheaper at 0.29% per year. On volatility, SMCF has been the lower-risk option at 3.55%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CALF or SMCF?

Over the 1-year period, SMCF has performed better with a 32.87% return vs 30.24%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CALF or SMCF?

SMCF is cheaper with a 0.29% expense ratio, compared with 0.59% for CALF.

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

SMCF has the higher dividend yield at 3.44%, compared with 1.28% for CALF.

What is the main difference between CALF and SMCF?

CALF is categorized as Small Cap Blend Equities, while SMCF is Small Cap Value Equities. CALF tracks Pacer US Small Cap Cash Cows Index, while SMCF tracks Solactive US Small Cap Cash Flow Champions Index - Benchmark TR Gross. They also come from different issuers: Pacer and Themes. Their fees differ too: 0.59% for CALF and 0.29% for SMCF.

Which has better risk-adjusted returns?

SMCF currently has the higher Sharpe Ratio (2.05 vs 1.93), 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.