CALF vs. TCV

Last updated Jul 14, 2026

CALF (Pacer US Small Cap Cash Cows ETF) and TCV (Towle Value ETF) are both Small Cap Value Equities funds. CALF is passively managed, while TCV is actively managed. A 0.68 correlation means they provide meaningful diversification when combined. CALF charges 0.59%/yr vs 0.85%/yr for TCV.

Performance

CALF vs. TCV - Performance Comparison

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

Returns By Period

In the year-to-date period, CALF achieves a 17.73% return, which is significantly lower than TCV's 27.23% return.

CALF

• 1D: 0.69%
• 1M: 3.18%
• 6M: 14.07%
• YTD: 17.73%
• 1Y: 28.04%
• 3Y*: 9.15%
• 5Y*: 5.43%
• 10Y*: —

TCV

• 1D: 1.28%
• 1M: 1.11%
• 6M: 15.54%
• YTD: 27.23%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CALF vs. TCV - Yearly Performance Comparison

	2026 (YTD)	2025
CALF Pacer US Small Cap Cash Cows ETF	17.73%	10.97%
TCV Towle Value ETF	27.23%	2.99%

Correlation

The correlation between CALF and TCV is 0.68, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jul 17, 2025	0.68

Return for Risk

CALF vs. TCV — Risk / Return Rank

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

CALF

CALF Risk / Return Rank: 76
CALF Sharpe Ratio Rank: 69
CALF Sortino Ratio Rank: 71
CALF Omega Ratio Rank: 66
CALF Calmar Ratio Rank: 91
CALF Martin Ratio Rank: 82

TCV

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. TCV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Pacer US Small Cap Cash Cows ETF (CALF) and Towle Value ETF (TCV). 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	TCV	Difference
Sharpe ratio: Return per unit of total volatility	1.77	—	—
Sortino ratio: Return per unit of downside risk	2.58	—	—
Omega ratio: Gain probability vs. loss probability	1.31	—	—
Calmar ratio: Return relative to maximum drawdown	4.58	—	—
Martin ratio: Return relative to average drawdown	12.58	—	—

Drawdowns

CALF vs. TCV - Drawdown Comparison

The maximum CALF drawdown since its inception was -47.58%, which is greater than TCV's maximum drawdown of -12.23%. Use the drawdown chart below to compare losses from any high point for CALF and TCV.

Drawdown Indicators

	CALF	TCV	Difference
Max Drawdown Largest peak-to-trough decline	-47.58%	-12.23%	-35.35%
Max Drawdown (1Y) Largest decline over 1 year	-6.15%	—	—
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	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-10.63%	-3.32%	-7.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.24%	—	—

Volatility

Volatility by Period

	CALF	TCV	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.71%	—	—
Volatility (6M) Calculated over the trailing 6-month period	11.17%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	15.94%	21.21%	-5.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.29%	21.21%	+2.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.92%	21.21%	+4.71%

CALF vs. TCV - Expense Ratio Comparison

CALF has a 0.59% expense ratio, which is lower than TCV's 0.85% expense ratio.

Dividends

CALF vs. TCV - Dividend Comparison

CALF's dividend yield for the trailing twelve months is around 1.17%, more than TCV's 0.57% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
CALF Pacer US Small Cap Cash Cows ETF	1.17%	1.43%	1.07%	1.18%	0.85%	2.63%	0.82%	0.99%	1.39%	0.70%
TCV Towle Value ETF	0.57%	0.31%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CALF and TCV in my portfolio?

CALF and TCV have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, CALF or TCV?

On fees, CALF is cheaper at 0.59% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, CALF or TCV?

CALF is cheaper with a 0.59% expense ratio, compared with 0.85% for TCV.

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

CALF has the higher dividend yield at 1.17%, compared with 0.57% for TCV.

What is the main difference between CALF and TCV?

They also come from different issuers: Pacer and Towle. Their fees differ too: 0.59% for CALF and 0.85% for TCV.