DSMC vs. CALF

Last updated Jun 23, 2026

DSMC (Distillate Small/Mid Cash Flow ETF) and CALF (Pacer US Small Cap Cash Cows 100 ETF) are both exchange-traded funds - DSMC is a Small Cap Value Equities fund actively managed by Distillate, while CALF is a Small Cap Blend Equities fund tracking the Pacer US Small Cap Cash Cows Index. DSMC is actively managed, while CALF is passively managed. Over the past 3 years, DSMC returned 12.09%/yr vs 9.33%/yr for CALF. Their correlation of 0.94 suggests significant overlap in exposure. DSMC charges 0.55%/yr vs 0.59%/yr for CALF.

Performance

DSMC vs. CALF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Distillate Small/Mid Cash Flow ETF (DSMC) and Pacer US Small Cap Cash Cows 100 ETF (CALF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with DSMC having a 10.99% return and CALF slightly lower at 10.59%.

DSMC

• 1D: -0.82%
• 1M: -0.56%
• YTD: 10.99%
• 6M: 9.17%
• 1Y: 24.22%
• 3Y*: 12.09%
• 5Y*: —
• 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)

DSMC vs. CALF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
DSMC Distillate Small/Mid Cash Flow ETF	10.99%	2.73%	2.81%	29.50%	8.50%
CALF Pacer US Small Cap Cash Cows 100 ETF	10.59%	2.33%	-7.41%	35.43%	3.36%

Correlation

The correlation between DSMC and CALF is 0.90, 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	0.90
Correlation (3Y) Calculated over the trailing 3-year period	0.93
Correlation (All Time) Calculated using the full available price history since Oct 6, 2022	0.94

The correlation between DSMC and CALF has been stable across timeframes, ranging from 0.90 to 0.94 - a consistent structural relationship.

DSMC vs. CALF - Sectors Allocation Comparison

Sectors	DSMC	CALF
Consumer Cyclical	18.7%	28.5%
Technology	18.0%	32.4%
Industrials	16.6%	5.4%
Energy	14.4%	8.9%
Healthcare	11.0%	9.7%
Consumer Defensive	9.0%	3.6%
Communication Services	5.8%	8.3%
Basic Materials	3.4%	1.6%
Financial Services	3.0%	0.2%
Real Estate	0.4%	1.5%
Utilities	-	-

Return for Risk

DSMC vs. CALF — Risk / Return Rank

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

DSMC

DSMC Risk / Return Rank: 44
DSMC Sharpe Ratio Rank: 41
DSMC Sortino Ratio Rank: 44
DSMC Omega Ratio Rank: 39
DSMC Calmar Ratio Rank: 49
DSMC Martin Ratio Rank: 48

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.

DSMC vs. CALF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Distillate Small/Mid Cash Flow ETF (DSMC) 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.

	DSMC	CALF	Difference
Sharpe ratio: Return per unit of total volatility	1.41	1.62	-0.21
Sortino ratio: Return per unit of downside risk	2.17	2.37	-0.21
Omega ratio: Gain probability vs. loss probability	1.25	1.29	-0.04
Calmar ratio: Return relative to maximum drawdown	2.35	4.22	-1.86
Martin ratio: Return relative to average drawdown	7.80	11.59	-3.79

DSMC vs. CALF - Sharpe Ratio Comparison

The current DSMC Sharpe Ratio is 1.41, which is comparable to the CALF Sharpe Ratio of 1.62. The chart below compares the historical Sharpe Ratios of DSMC 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

DSMC vs. CALF - Drawdown Comparison

The maximum DSMC drawdown since its inception was -28.62%, smaller than the maximum CALF drawdown of -47.58%. Use the drawdown chart below to compare losses from any high point for DSMC and CALF.

Drawdown Indicators

	DSMC	CALF	Difference
Max Drawdown Largest peak-to-trough decline	-28.62%	-47.58%	+18.96%
Max Drawdown (1Y) Largest decline over 1 year	-10.33%	-6.15%	-4.18%
Max Drawdown (3Y) Largest decline over 3 years	-28.62%	-34.22%	+5.60%
Max Drawdown (5Y) Largest decline over 5 years	—	-34.22%	—
Current Drawdown Current decline from peak	-3.71%	-4.33%	+0.62%
Average Drawdown Average peak-to-trough decline	-5.94%	-10.69%	+4.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.11%	2.23%	+0.88%

Volatility

DSMC vs. CALF - Volatility Comparison

The current volatility for Distillate Small/Mid Cash Flow ETF (DSMC) is 4.31%, while Pacer US Small Cap Cash Cows 100 ETF (CALF) has a volatility of 5.39%. This indicates that DSMC 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

	DSMC	CALF	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.31%	5.39%	-1.08%
Volatility (6M) Calculated over the trailing 6-month period	10.50%	10.92%	-0.42%
Volatility (1Y) Calculated over the trailing 1-year period	17.23%	16.05%	+1.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.31%	23.39%	-3.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.31%	25.97%	-5.66%

DSMC vs. CALF - Expense Ratio Comparison

DSMC has a 0.55% expense ratio, which is lower than CALF's 0.59% expense ratio.

Dividends

DSMC vs. CALF - Dividend Comparison

DSMC's dividend yield for the trailing twelve months is around 1.15%, less 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%
DSMC Distillate Small/Mid Cash Flow ETF	1.15%	1.18%	1.31%	1.02%	0.27%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both DSMC and CALF in my portfolio?

DSMC and CALF have a correlation of 0.90, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DSMC or CALF?

CALF has higher volatility (5.39%) compared to DSMC (4.31%). In terms of maximum drawdown, DSMC dropped -28.62% vs CALF's -47.58%.

Which ETF is better, DSMC or CALF?

On 3-year performance, DSMC leads with 12.09% vs 9.33% for CALF. On fees, DSMC is cheaper at 0.55% per year. On volatility, DSMC has been the lower-risk option at 4.31%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DSMC or CALF?

Over the 3-year period, DSMC has performed better with a 12.09% return vs 9.33%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DSMC or CALF?

DSMC is cheaper with a 0.55% expense ratio, compared with 0.59% for CALF.

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

CALF has the higher dividend yield at 1.24%, compared with 1.15% for DSMC.

What is the main difference between DSMC and CALF?

DSMC is categorized as Small Cap Value Equities, while CALF is Small Cap Blend Equities. They also come from different issuers: Distillate and Pacer. Their fees differ too: 0.55% for DSMC and 0.59% for CALF.

Which has better risk-adjusted returns?

CALF currently has the higher Sharpe Ratio (1.62 vs 1.41), 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.