CSB vs. CALF

Last updated Jun 4, 2026

CSB (VictoryShares US Small Cap High Dividend Volatility Wtd ETF) and CALF (Pacer US Small Cap Cash Cows 100 ETF) are both Small Cap Blend Equities funds - CSB tracks the Nasdaq Victory U.S. Small Cap High Dividend 100 Volatility Weighted Index while CALF tracks the Pacer US Small Cap Cash Cows Index. Both are passively managed. Over the past 5 years, CSB returned 3.65%/yr vs 4.12%/yr for CALF. Their correlation of 0.85 suggests significant overlap in exposure. CSB charges 0.35%/yr vs 0.59%/yr for CALF.

Performance

CSB vs. CALF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VictoryShares US Small Cap High Dividend Volatility Wtd ETF (CSB) and Pacer US Small Cap Cash Cows 100 ETF (CALF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CSB achieves a 8.30% return, which is significantly lower than CALF's 13.34% return.

CSB

• 1D: -1.09%
• 1M: -1.58%
• YTD: 8.30%
• 6M: 7.74%
• 1Y: 17.95%
• 3Y*: 11.48%
• 5Y*: 3.65%
• 10Y*: 9.58%

CALF

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

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

CSB vs. CALF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CSB VictoryShares US Small Cap High Dividend Volatility Wtd ETF	8.30%	2.26%	9.64%	12.60%	-13.11%	27.04%	11.30%	21.12%	-7.10%	11.97%
CALF Pacer US Small Cap Cash Cows 100 ETF	13.34%	2.33%	-7.41%	35.43%	-15.20%	40.68%	16.55%	18.18%	-10.06%	5.78%

Correlation

The correlation between CSB and CALF 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 (3Y) Calculated over the trailing 3-year period	0.84
Correlation (5Y) Calculated over the trailing 5-year period	0.86
Correlation (All Time) Calculated using the full available price history since Jun 20, 2017	0.85

The correlation between CSB and CALF has been stable across timeframes, ranging from 0.78 to 0.86 - a consistent structural relationship.

CSB vs. CALF - Sectors Allocation Comparison

Sectors	CSB	CALF
Financial Services	26.5%	0.2%
Utilities	22.0%	-
Consumer Cyclical	19.0%	28.3%
Energy	11.5%	10.3%
Industrials	8.5%	5.9%
Consumer Defensive	4.4%	4.3%
Communication Services	3.6%	8.8%
Basic Materials	3.4%	1.6%
Technology	1.2%	29.7%
Healthcare	0.4%	9.4%
Real Estate	-	1.6%

Return for Risk

CSB vs. CALF — Risk / Return Rank

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

CSB

CSB Risk / Return Rank: 40
CSB Sharpe Ratio Rank: 35
CSB Sortino Ratio Rank: 36
CSB Omega Ratio Rank: 33
CSB Calmar Ratio Rank: 51
CSB Martin Ratio Rank: 44

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

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.

CSB vs. CALF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VictoryShares US Small Cap High Dividend Volatility Wtd ETF (CSB) and Pacer US Small Cap Cash Cows 100 ETF (CALF). 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.

	CSB	CALF	Difference
Sharpe ratio Return per unit of total volatility	1.25	1.93	-0.68
Sortino ratio Return per unit of downside risk	1.92	2.82	-0.90
Omega ratio Gain probability vs. loss probability	1.22	1.34	-0.12
Calmar ratio Return relative to maximum drawdown	2.51	4.94	-2.43
Martin ratio Return relative to average drawdown	7.26	14.08	-6.82
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CSB vs. CALF - Sharpe Ratio Comparison

The current CSB Sharpe Ratio is 1.25, which is lower than the CALF Sharpe Ratio of 1.93. The chart below compares the historical Sharpe Ratios of CSB and CALF, 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

	CSB	CALF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.25	1.93	-0.68
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.20	0.18	+0.02
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.45	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.45	0.37	+0.08

Drawdowns

CSB vs. CALF - Drawdown Comparison

The maximum CSB drawdown since its inception was -42.07%, smaller than the maximum CALF drawdown of -47.58%. Use the drawdown chart below to compare losses from any high point for CSB and CALF.

Drawdown Indicators

	CSB	CALF	Difference
Max Drawdown Largest peak-to-trough decline	-42.07%	-47.58%	+5.51%
Max Drawdown (1Y) Largest decline over 1 year	-7.18%	-6.15%	-1.03%
Max Drawdown (3Y) Largest decline over 3 years	-21.82%	-34.22%	+12.40%
Max Drawdown (5Y) Largest decline over 5 years	-24.49%	-34.22%	+9.73%
Max Drawdown (10Y) Largest decline over 10 years	-42.07%	—	—
Current Drawdown Current decline from peak	-3.12%	-1.95%	-1.17%
Average Drawdown Average peak-to-trough decline	-7.14%	-10.74%	+3.60%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.48%	2.15%	+0.33%

Volatility

CSB vs. CALF - Volatility Comparison

The current volatility for VictoryShares US Small Cap High Dividend Volatility Wtd ETF (CSB) is 3.59%, while Pacer US Small Cap Cash Cows 100 ETF (CALF) has a volatility of 4.92%. This indicates that CSB experiences smaller price fluctuations and is considered to be less risky than CALF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CSB	CALF	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.59%	4.92%	-1.33%
Volatility (6M) Calculated over the trailing 6-month period	9.19%	10.47%	-1.28%
Volatility (1Y) Calculated over the trailing 1-year period	14.54%	15.84%	-1.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.78%	23.44%	-4.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.31%	26.02%	-4.71%

CSB vs. CALF - Expense Ratio Comparison

CSB has a 0.35% expense ratio, which is lower than CALF's 0.59% expense ratio.

Dividends

CSB vs. CALF - Dividend Comparison

CSB's dividend yield for the trailing twelve months is around 3.26%, more than CALF's 1.28% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%	0.00%	0.00%
CSB VictoryShares US Small Cap High Dividend Volatility Wtd ETF	3.26%	3.54%	3.12%	3.45%	3.60%	3.11%	3.70%	3.19%	3.45%	3.19%	2.85%	1.57%

Frequently Asked Questions

Can I hold both CSB and CALF in my portfolio?

CSB and CALF 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, CSB or CALF?

CALF has higher volatility (4.92%) compared to CSB (3.59%). In terms of maximum drawdown, CSB dropped -42.07% vs CALF's -47.58%.

Which ETF is better, CSB or CALF?

On 5-year performance, CALF leads with 4.12% vs 3.65% for CSB. On fees, CSB is cheaper at 0.35% per year. On volatility, CSB has been the lower-risk option at 3.59%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CSB or CALF?

Over the 5-year period, CALF has performed better with a 4.12% return vs 3.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CSB or CALF?

CSB is cheaper with a 0.35% expense ratio, compared with 0.59% for CALF.

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

CSB has the higher dividend yield at 3.26%, compared with 1.28% for CALF.

What is the main difference between CSB and CALF?

CSB tracks Nasdaq Victory U.S. Small Cap High Dividend 100 Volatility Weighted Index, while CALF tracks Pacer US Small Cap Cash Cows Index. They also come from different issuers: Crestview and Pacer. Their fees differ too: 0.35% for CSB and 0.59% for CALF.

Which has better risk-adjusted returns?

CALF currently has the higher Sharpe Ratio (1.93 vs 1.25), 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.