DIVB vs. CALF

Last updated Jun 23, 2026

DIVB (iShares Core Dividend ETF) and CALF (Pacer US Small Cap Cash Cows 100 ETF) are both exchange-traded funds - DIVB is a Dividend fund tracking the Morningstar US Dividend and Buyback 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, DIVB returned 12.32%/yr vs 3.73%/yr for CALF. A 0.77 correlation means they provide meaningful diversification when combined. DIVB charges 0.05%/yr vs 0.59%/yr for CALF.

Performance

DIVB vs. CALF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Core Dividend ETF (DIVB) 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, DIVB achieves a 15.96% return, which is significantly higher than CALF's 10.59% return.

DIVB

• 1D: 0.07%
• 1M: 0.62%
• YTD: 15.96%
• 6M: 15.17%
• 1Y: 27.44%
• 3Y*: 21.34%
• 5Y*: 12.32%
• 10Y*: —

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)

DIVB vs. CALF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DIVB iShares Core Dividend ETF	15.96%	15.09%	18.59%	13.27%	-10.51%	31.29%	10.78%	32.72%	-8.16%	5.95%
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%	9.69%

Correlation

The correlation between DIVB and CALF is 0.76, 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	0.76
Correlation (3Y) Calculated over the trailing 3-year period	0.78
Correlation (5Y) Calculated over the trailing 5-year period	0.80
Correlation (All Time) Calculated using the full available price history since Nov 9, 2017	0.77

The correlation between DIVB and CALF has been stable across timeframes, ranging from 0.76 to 0.80 - a consistent structural relationship.

Return for Risk

DIVB vs. CALF — Risk / Return Rank

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

DIVB

DIVB Risk / Return Rank: 77
DIVB Sharpe Ratio Rank: 77
DIVB Sortino Ratio Rank: 78
DIVB Omega Ratio Rank: 74
DIVB Calmar Ratio Rank: 80
DIVB Martin Ratio Rank: 74

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.

DIVB vs. CALF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Core Dividend ETF (DIVB) 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.

	DIVB	CALF	Difference
Sharpe ratio: Return per unit of total volatility	2.36	1.62	+0.74
Sortino ratio: Return per unit of downside risk	3.31	2.37	+0.94
Omega ratio: Gain probability vs. loss probability	1.42	1.29	+0.13
Calmar ratio: Return relative to maximum drawdown	4.04	4.22	-0.18
Martin ratio: Return relative to average drawdown	13.51	11.59	+1.93

DIVB vs. CALF - Sharpe Ratio Comparison

The current DIVB Sharpe Ratio is 2.36, which is higher than the CALF Sharpe Ratio of 1.62. The chart below compares the historical Sharpe Ratios of DIVB 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

DIVB vs. CALF - Drawdown Comparison

The maximum DIVB drawdown since its inception was -36.93%, smaller than the maximum CALF drawdown of -47.58%. Use the drawdown chart below to compare losses from any high point for DIVB and CALF.

Drawdown Indicators

	DIVB	CALF	Difference
Max Drawdown Largest peak-to-trough decline	-36.93%	-47.58%	+10.65%
Max Drawdown (1Y) Largest decline over 1 year	-6.82%	-6.15%	-0.67%
Max Drawdown (3Y) Largest decline over 3 years	-15.45%	-34.22%	+18.77%
Max Drawdown (5Y) Largest decline over 5 years	-21.08%	-34.22%	+13.14%
Current Drawdown Current decline from peak	-2.10%	-4.33%	+2.23%
Average Drawdown Average peak-to-trough decline	-4.97%	-10.69%	+5.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.04%	2.23%	-0.19%

Volatility

DIVB vs. CALF - Volatility Comparison

The current volatility for iShares Core Dividend ETF (DIVB) is 4.61%, while Pacer US Small Cap Cash Cows 100 ETF (CALF) has a volatility of 5.39%. This indicates that DIVB 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

	DIVB	CALF	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.61%	5.39%	-0.78%
Volatility (6M) Calculated over the trailing 6-month period	8.81%	10.92%	-2.11%
Volatility (1Y) Calculated over the trailing 1-year period	11.69%	16.05%	-4.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.26%	23.39%	-8.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.36%	25.97%	-7.61%

DIVB vs. CALF - Expense Ratio Comparison

DIVB has a 0.05% expense ratio, which is lower than CALF's 0.59% expense ratio.

Dividends

DIVB vs. CALF - Dividend Comparison

DIVB's dividend yield for the trailing twelve months is around 2.29%, more than CALF's 1.24% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
DIVB iShares Core Dividend ETF	2.29%	2.50%	2.61%	3.18%	2.02%	1.63%	2.08%	2.07%	2.52%	0.37%

Frequently Asked Questions

Can I hold both DIVB and CALF in my portfolio?

DIVB and CALF have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DIVB or CALF?

CALF has higher volatility (5.39%) compared to DIVB (4.61%). In terms of maximum drawdown, DIVB dropped -36.93% vs CALF's -47.58%.

Which ETF is better, DIVB or CALF?

On 5-year performance, DIVB leads with 12.32% vs 3.73% for CALF. On fees, DIVB is cheaper at 0.05% per year. On volatility, DIVB has been the lower-risk option at 4.61%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DIVB or CALF?

Over the 5-year period, DIVB has performed better with a 12.32% return vs 3.73%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DIVB or CALF?

DIVB is cheaper with a 0.05% expense ratio, compared with 0.59% for CALF.

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

DIVB has the higher dividend yield at 2.29%, compared with 1.24% for CALF.

What is the main difference between DIVB and CALF?

DIVB is categorized as Dividend, while CALF is Small Cap Blend Equities. DIVB tracks Morningstar US Dividend and Buyback Index, while CALF tracks Pacer US Small Cap Cash Cows Index. They also come from different issuers: iShares and Pacer. Their fees differ too: 0.05% for DIVB and 0.59% for CALF.

Which has better risk-adjusted returns?

DIVB currently has the higher Sharpe Ratio (2.36 vs 1.62), 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.