DFSV vs. CALF

Last updated Jul 14, 2026

DFSV (Dimensional US Small Cap Value ETF) and CALF (Pacer US Small Cap Cash Cows ETF) are both Small Cap Value Equities funds. DFSV is actively managed, while CALF is passively managed. Over the past 3 years, DFSV returned 15.63%/yr vs 9.15%/yr for CALF. Their correlation of 0.92 suggests significant overlap in exposure. DFSV charges 0.31%/yr vs 0.59%/yr for CALF.

Performance

DFSV vs. CALF - Performance Comparison

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

Returns By Period

In the year-to-date period, DFSV achieves a 19.03% return, which is significantly higher than CALF's 17.73% return.

DFSV

• 1D: 0.21%
• 1M: 0.07%
• 6M: 13.44%
• YTD: 19.03%
• 1Y: 28.13%
• 3Y*: 15.63%
• 5Y*: —
• 10Y*: —

CALF

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

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

DFSV vs. CALF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
DFSV Dimensional US Small Cap Value ETF	19.03%	8.59%	7.13%	19.26%	2.68%
CALF Pacer US Small Cap Cash Cows ETF	17.73%	2.33%	-7.41%	35.43%	-8.28%

Correlation

The correlation between DFSV and CALF is 0.82, 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	0.82
Correlation (3Y) Calculated over the trailing 3-year period	0.90
Correlation (All Time) Calculated using the full available price history since Feb 24, 2022	0.92

The correlation between DFSV and CALF shifts across timeframes, from 0.82 (1 year) to 0.92 (all time), reflecting how their relationship changes across market environments.

DFSV vs. CALF - Sectors Allocation Comparison

Sectors	DFSV	CALF
Financial Services	27.5%	0.2%
Industrials	15.3%	5.4%
Consumer Cyclical	14.7%	28.5%
Energy	12.1%	8.9%
Technology	8.5%	32.4%
Healthcare	6.9%	9.7%
Consumer Defensive	5.7%	3.6%
Basic Materials	5.2%	1.6%
Communication Services	2.7%	8.3%
Real Estate	0.8%	1.5%
Utilities	0.7%	-

Return for Risk

DFSV vs. CALF — Risk / Return Rank

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

DFSV

DFSV Risk / Return Rank: 66
DFSV Sharpe Ratio Rank: 62
DFSV Sortino Ratio Rank: 67
DFSV Omega Ratio Rank: 62
DFSV Calmar Ratio Rank: 74
DFSV Martin Ratio Rank: 67

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

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.

DFSV vs. CALF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Dimensional US Small Cap Value ETF (DFSV) and Pacer US Small Cap Cash Cows 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.

	DFSV	CALF	Difference
Sharpe ratio: Return per unit of total volatility	1.65	1.77	-0.12
Sortino ratio: Return per unit of downside risk	2.44	2.58	-0.14
Omega ratio: Gain probability vs. loss probability	1.30	1.31	-0.02
Calmar ratio: Return relative to maximum drawdown	3.01	4.58	-1.57
Martin ratio: Return relative to average drawdown	9.62	12.58	-2.95

DFSV vs. CALF - Sharpe Ratio Comparison

The current DFSV Sharpe Ratio is 1.65, which is comparable to the CALF Sharpe Ratio of 1.77. The chart below compares the historical Sharpe Ratios of DFSV 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

DFSV vs. CALF - Drawdown Comparison

The maximum DFSV drawdown since its inception was -28.02%, smaller than the maximum CALF drawdown of -47.58%. Use the drawdown chart below to compare losses from any high point for DFSV and CALF.

Drawdown Indicators

	DFSV	CALF	Difference
Max Drawdown Largest peak-to-trough decline	-28.02%	-47.58%	+19.56%
Max Drawdown (1Y) Largest decline over 1 year	-9.39%	-6.15%	-3.24%
Max Drawdown (3Y) Largest decline over 3 years	-28.02%	-34.22%	+6.20%
Max Drawdown (5Y) Largest decline over 5 years	—	-34.22%	—
Current Drawdown Current decline from peak	-0.03%	0.00%	-0.03%
Average Drawdown Average peak-to-trough decline	-6.56%	-10.63%	+4.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.93%	2.24%	+0.69%

Volatility

DFSV vs. CALF - Volatility Comparison

The current volatility for Dimensional US Small Cap Value ETF (DFSV) is 3.56%, while Pacer US Small Cap Cash Cows ETF (CALF) has a volatility of 4.71%. This indicates that DFSV 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

	DFSV	CALF	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.56%	4.71%	-1.15%
Volatility (6M) Calculated over the trailing 6-month period	10.97%	11.17%	-0.20%
Volatility (1Y) Calculated over the trailing 1-year period	17.19%	15.94%	+1.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.08%	23.29%	-1.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.08%	25.92%	-3.84%

DFSV vs. CALF - Expense Ratio Comparison

DFSV has a 0.31% expense ratio, which is lower than CALF's 0.59% expense ratio.

Dividends

DFSV vs. CALF - Dividend Comparison

DFSV's dividend yield for the trailing twelve months is around 1.38%, more than CALF's 1.17% 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%
DFSV Dimensional US Small Cap Value ETF	1.38%	1.53%	1.31%	1.29%	0.90%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both DFSV and CALF in my portfolio?

DFSV and CALF have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DFSV or CALF?

CALF has higher volatility (4.71%) compared to DFSV (3.56%). In terms of maximum drawdown, DFSV dropped -28.02% vs CALF's -47.58%.

Which ETF is better, DFSV or CALF?

On 3-year performance, DFSV leads with 15.63% vs 9.15% for CALF. On fees, DFSV is cheaper at 0.31% per year. On volatility, DFSV has been the lower-risk option at 3.56%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DFSV or CALF?

Over the 3-year period, DFSV has performed better with a 15.63% return vs 9.15%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DFSV or CALF?

DFSV is cheaper with a 0.31% expense ratio, compared with 0.59% for CALF.

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

DFSV has the higher dividend yield at 1.38%, compared with 1.17% for CALF.

What is the main difference between DFSV and CALF?

They also come from different issuers: Dimensional and Pacer. Their fees differ too: 0.31% for DFSV and 0.59% for CALF.

Which has better risk-adjusted returns?

CALF currently has the higher Sharpe Ratio (1.77 vs 1.65), 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.