DEEP vs. CALF

Last updated Jun 23, 2026

DEEP (Roundhill Acquirers Deep Value ETF) and CALF (Pacer US Small Cap Cash Cows 100 ETF) are both exchange-traded funds - DEEP is a Small Cap Value Equities fund tracking the DEEP-US - Acquirers Deep Value Index, while CALF is a Small Cap Blend Equities fund tracking the Pacer US Small Cap Cash Cows Index. Both are passively managed. Over the past 5 years, DEEP returned 5.40%/yr vs 3.73%/yr for CALF. Their correlation of 0.86 suggests significant overlap in exposure. DEEP charges 0.80%/yr vs 0.59%/yr for CALF.

Performance

DEEP vs. CALF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Roundhill Acquirers Deep Value ETF (DEEP) 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, DEEP achieves a 17.11% return, which is significantly higher than CALF's 10.59% return.

DEEP

• 1D: -0.23%
• 1M: 5.39%
• YTD: 17.11%
• 6M: 16.47%
• 1Y: 30.39%
• 3Y*: 11.36%
• 5Y*: 5.40%
• 10Y*: 8.67%

CALF

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

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

DEEP vs. CALF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DEEP Roundhill Acquirers Deep Value ETF	17.11%	5.69%	-2.97%	22.37%	-17.71%	35.66%	-9.96%	12.54%	-7.17%	19.48%
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%

Correlation

The correlation between DEEP and CALF is 0.83, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.83
Correlation (3Y) Calculated over the trailing 3-year period	0.88
Correlation (5Y) Calculated over the trailing 5-year period	0.91
Correlation (All Time) Calculated using the full available price history since Jun 19, 2017	0.86

The correlation between DEEP and CALF has been stable across timeframes, ranging from 0.83 to 0.91 - a consistent structural relationship.

DEEP vs. CALF - Sectors Allocation Comparison

Sectors	DEEP	CALF
Consumer Cyclical	26.6%	28.5%
Industrials	25.3%	5.4%
Consumer Defensive	9.8%	3.6%
Financial Services	9.2%	0.2%
Technology	8.5%	32.4%
Healthcare	7.0%	9.7%
Energy	5.2%	8.9%
Basic Materials	4.5%	1.6%
Communication Services	3.9%	8.3%
Real Estate	3.1%	1.5%
Utilities	-	-

Return for Risk

DEEP vs. CALF — Risk / Return Rank

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

DEEP

DEEP Risk / Return Rank: 47
DEEP Sharpe Ratio Rank: 47
DEEP Sortino Ratio Rank: 48
DEEP Omega Ratio Rank: 42
DEEP Calmar Ratio Rank: 53
DEEP Martin Ratio Rank: 46

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

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.

DEEP vs. CALF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Roundhill Acquirers Deep Value ETF (DEEP) 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.

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.

	DEEP	CALF	Difference
Sharpe ratio: Return per unit of total volatility	1.58	1.62	-0.04
Sortino ratio: Return per unit of downside risk	2.32	2.37	-0.05
Omega ratio: Gain probability vs. loss probability	1.27	1.29	-0.02
Calmar ratio: Return relative to maximum drawdown	2.57	4.22	-1.65
Martin ratio: Return relative to average drawdown	7.39	11.59	-4.20

DEEP vs. CALF - Sharpe Ratio Comparison

The current DEEP Sharpe Ratio is 1.58, which is comparable to the CALF Sharpe Ratio of 1.62. The chart below compares the historical Sharpe Ratios of DEEP 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.

Drawdowns

DEEP vs. CALF - Drawdown Comparison

The maximum DEEP drawdown since its inception was -52.52%, which is greater than CALF's maximum drawdown of -47.58%. Use the drawdown chart below to compare losses from any high point for DEEP and CALF.

Drawdown Indicators

	DEEP	CALF	Difference
Max Drawdown Largest peak-to-trough decline	-52.52%	-47.58%	-4.94%
Max Drawdown (1Y) Largest decline over 1 year	-11.87%	-6.15%	-5.72%
Max Drawdown (3Y) Largest decline over 3 years	-28.40%	-34.22%	+5.82%
Max Drawdown (5Y) Largest decline over 5 years	-28.40%	-34.22%	+5.82%
Max Drawdown (10Y) Largest decline over 10 years	-52.52%	—	—
Current Drawdown Current decline from peak	-0.97%	-4.33%	+3.36%
Average Drawdown Average peak-to-trough decline	-10.36%	-10.69%	+0.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.12%	2.23%	+1.89%

Volatility

DEEP vs. CALF - Volatility Comparison

The current volatility for Roundhill Acquirers Deep Value ETF (DEEP) is 4.93%, while Pacer US Small Cap Cash Cows 100 ETF (CALF) has a volatility of 5.39%. This indicates that DEEP 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

	DEEP	CALF	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.93%	5.39%	-0.46%
Volatility (6M) Calculated over the trailing 6-month period	12.29%	10.92%	+1.37%
Volatility (1Y) Calculated over the trailing 1-year period	19.32%	16.05%	+3.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.63%	23.39%	-1.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.27%	25.97%	-1.70%

DEEP vs. CALF - Expense Ratio Comparison

DEEP has a 0.80% expense ratio, which is higher than CALF's 0.59% expense ratio.

Dividends

DEEP vs. CALF - Dividend Comparison

DEEP's dividend yield for the trailing twelve months is around 1.46%, more than CALF's 1.24% 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%
DEEP Roundhill Acquirers Deep Value ETF	1.46%	1.78%	1.96%	1.67%	1.28%	1.43%	4.03%	3.49%	1.51%	2.01%	3.14%	3.98%

Frequently Asked Questions

Can I hold both DEEP and CALF in my portfolio?

DEEP and CALF have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DEEP or CALF?

CALF has higher volatility (5.39%) compared to DEEP (4.93%). In terms of maximum drawdown, DEEP dropped -52.52% vs CALF's -47.58%.

Which ETF is better, DEEP or CALF?

On 5-year performance, DEEP leads with 5.40% vs 3.73% for CALF. On fees, CALF is cheaper at 0.59% per year. On volatility, DEEP has been the lower-risk option at 4.93%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DEEP or CALF?

Over the 5-year period, DEEP has performed better with a 5.40% return vs 3.73%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DEEP or CALF?

CALF is cheaper with a 0.59% expense ratio, compared with 0.80% for DEEP.

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

DEEP has the higher dividend yield at 1.46%, compared with 1.24% for CALF.

What is the main difference between DEEP and CALF?

DEEP is categorized as Small Cap Value Equities, while CALF is Small Cap Blend Equities. DEEP tracks DEEP-US - Acquirers Deep Value Index, while CALF tracks Pacer US Small Cap Cash Cows Index. They also come from different issuers: Exchange Traded Concepts and Pacer. Their fees differ too: 0.80% for DEEP and 0.59% for CALF.

Which has better risk-adjusted returns?

CALF currently has the higher Sharpe Ratio (1.62 vs 1.58), 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.