EBIT vs. CALF

Last updated Jul 14, 2026

EBIT (Harbor AlphaEdge Small Cap Earners ETF) and CALF (Pacer US Small Cap Cash Cows ETF) are both Small Cap Value Equities funds - EBIT tracks the Harbor AlphaEdge Small Cap Earners Index while CALF tracks the Pacer US Small Cap Cash Cows Index. Both are passively managed. Over the past year, EBIT returned 23.46% vs 28.04% for CALF. Their correlation of 0.88 suggests significant overlap in exposure. EBIT charges 0.29%/yr vs 0.59%/yr for CALF.

Performance

EBIT vs. CALF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Harbor AlphaEdge Small Cap Earners ETF (EBIT) and Pacer US Small Cap Cash Cows 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 EBIT having a 17.90% return and CALF slightly lower at 17.73%.

EBIT

• 1D: 0.02%
• 1M: 0.38%
• 6M: 12.46%
• YTD: 17.90%
• 1Y: 23.46%
• 3Y*: —
• 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)

EBIT vs. CALF - Yearly Performance Comparison

	2026 (YTD)	2025	2024
EBIT Harbor AlphaEdge Small Cap Earners ETF	17.90%	6.85%	9.01%
CALF Pacer US Small Cap Cash Cows ETF	17.73%	2.33%	4.91%

Correlation

The correlation between EBIT and CALF is 0.80, 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	0.80
Correlation (All Time) Calculated using the full available price history since Jul 10, 2024	0.88

The correlation between EBIT and CALF has been stable across timeframes, ranging from 0.80 to 0.88 - a consistent structural relationship.

EBIT vs. CALF - Sectors Allocation Comparison

Sectors	EBIT	CALF
Financial Services	25.8%	0.2%
Consumer Cyclical	14.4%	28.5%
Industrials	14.2%	5.4%
Energy	11.9%	8.9%
Real Estate	7.7%	1.5%
Technology	7.7%	32.4%
Basic Materials	4.4%	1.6%
Healthcare	4.4%	9.7%
Communication Services	3.6%	8.3%
Consumer Defensive	3.1%	3.6%
Utilities	2.9%	-

Return for Risk

EBIT vs. CALF — Risk / Return Rank

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

EBIT

EBIT Risk / Return Rank: 57
EBIT Sharpe Ratio Rank: 50
EBIT Sortino Ratio Rank: 55
EBIT Omega Ratio Rank: 50
EBIT Calmar Ratio Rank: 70
EBIT Martin Ratio Rank: 59

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.

EBIT vs. CALF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Harbor AlphaEdge Small Cap Earners ETF (EBIT) 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.

	EBIT	CALF	Difference
Sharpe ratio: Return per unit of total volatility	1.40	1.77	-0.37
Sortino ratio: Return per unit of downside risk	2.14	2.58	-0.43
Omega ratio: Gain probability vs. loss probability	1.25	1.31	-0.06
Calmar ratio: Return relative to maximum drawdown	2.83	4.58	-1.75
Martin ratio: Return relative to average drawdown	8.18	12.58	-4.40

EBIT vs. CALF - Sharpe Ratio Comparison

The current EBIT Sharpe Ratio is 1.40, which is comparable to the CALF Sharpe Ratio of 1.77. The chart below compares the historical Sharpe Ratios of EBIT 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

EBIT vs. CALF - Drawdown Comparison

The maximum EBIT drawdown since its inception was -26.64%, smaller than the maximum CALF drawdown of -47.58%. Use the drawdown chart below to compare losses from any high point for EBIT and CALF.

Drawdown Indicators

	EBIT	CALF	Difference
Max Drawdown Largest peak-to-trough decline	-26.64%	-47.58%	+20.94%
Max Drawdown (1Y) Largest decline over 1 year	-8.34%	-6.15%	-2.19%
Max Drawdown (3Y) Largest decline over 3 years	—	-34.22%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-34.22%	—
Current Drawdown Current decline from peak	-1.54%	0.00%	-1.54%
Average Drawdown Average peak-to-trough decline	-6.24%	-10.63%	+4.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.88%	2.24%	+0.64%

Volatility

EBIT vs. CALF - Volatility Comparison

The current volatility for Harbor AlphaEdge Small Cap Earners ETF (EBIT) is 3.70%, while Pacer US Small Cap Cash Cows ETF (CALF) has a volatility of 4.71%. This indicates that EBIT 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

	EBIT	CALF	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.70%	4.71%	-1.01%
Volatility (6M) Calculated over the trailing 6-month period	10.63%	11.17%	-0.54%
Volatility (1Y) Calculated over the trailing 1-year period	16.90%	15.94%	+0.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.88%	23.29%	-2.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.88%	25.92%	-5.04%

EBIT vs. CALF - Expense Ratio Comparison

EBIT has a 0.29% expense ratio, which is lower than CALF's 0.59% expense ratio.

Dividends

EBIT vs. CALF - Dividend Comparison

EBIT's dividend yield for the trailing twelve months is around 1.69%, 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%
EBIT Harbor AlphaEdge Small Cap Earners ETF	1.69%	2.00%	2.40%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both EBIT and CALF in my portfolio?

EBIT and CALF have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EBIT or CALF?

CALF has higher volatility (4.71%) compared to EBIT (3.70%). In terms of maximum drawdown, EBIT dropped -26.64% vs CALF's -47.58%.

Which ETF is better, EBIT or CALF?

On 1-year performance, CALF leads with 28.04% vs 23.46% for EBIT. On fees, EBIT is cheaper at 0.29% per year. On volatility, EBIT has been the lower-risk option at 3.70%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EBIT or CALF?

Over the 1-year period, CALF has performed better with a 28.04% return vs 23.46%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EBIT or CALF?

EBIT is cheaper with a 0.29% expense ratio, compared with 0.59% for CALF.

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

EBIT has the higher dividend yield at 1.69%, compared with 1.17% for CALF.

What is the main difference between EBIT and CALF?

EBIT tracks Harbor AlphaEdge Small Cap Earners Index, while CALF tracks Pacer US Small Cap Cash Cows Index. They also come from different issuers: Harbor and Pacer. Their fees differ too: 0.29% for EBIT and 0.59% for CALF.

Which has better risk-adjusted returns?

CALF currently has the higher Sharpe Ratio (1.77 vs 1.40), 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.