ECML vs. CALF

Last updated Aug 2, 2026

ECML (Euclidean Fundamental Value ETF) and CALF (Pacer US Small Cap Cash Cows ETF) are both Small Cap Value Equities funds. ECML is actively managed, while CALF is passively managed. Over the past 3 years, ECML returned 12.03%/yr vs 8.57%/yr for CALF. Their correlation of 0.88 means they have usually moved in the same direction. ECML charges 0.95%/yr vs 0.59%/yr for CALF.

Performance

ECML vs. CALF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Euclidean Fundamental Value ETF (ECML) 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, ECML achieves a 19.84% return, which is significantly lower than CALF's 22.50% return.

ECML

• 1D: -0.08%
• 1M: 2.28%
• 6M: 13.37%
• YTD: 19.84%
• 1Y: 32.00%
• 3Y*: 12.03%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 16.95%

CALF

• 1D: -0.40%
• 1M: 4.89%
• 6M: 19.77%
• YTD: 22.50%
• 1Y: 39.59%
• 3Y*: 8.57%
• 5Y*: 6.29%
• 10Y*: —
• ALL TIME*: 10.37%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
CALF Pacer US Small Cap Cash Cows ETF	$20.38M	$24.48M	$25.33M
ECML Euclidean Fundamental Value ETF	$548.16K	$300.59K	$261.72K

ECML vs. CALF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
ECML Euclidean Fundamental Value ETF	19.84%	6.82%	2.37%	26.00%
CALF Pacer US Small Cap Cash Cows ETF	22.50%	2.33%	-7.41%	29.56%

Correlation

The correlation between ECML and CALF is 0.76, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.76
Correlation (3Y) Balances recent behavior with more history.	0.87
Correlation (All Time) Calculated using the full available price history since May 18, 2023	0.88

The correlation between ECML and CALF shifts across timeframes, from 0.76 (1 year) to 0.88 (all time), reflecting how their relationship changes across market environments.

ECML vs. CALF - Sectors Allocation Comparison

Sectors	ECML	CALF
Consumer Cyclical	24.6%	23.2%
Healthcare	14.4%	11.6%
Energy	13.2%	13.7%
Industrials	13.0%	9.3%
Consumer Defensive	12.3%	5.3%
Basic Materials	11.6%	4.2%
Technology	7.6%	23.4%
Communication Services	3.3%	7.6%
Utilities	1.4%	-
Financial Services	-	0.2%
Real Estate	-	1.8%

Return for Risk

ECML vs. CALF — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

ECML

ECML Risk / Return Rank: 90
ECML Sharpe Ratio Rank: 90
ECML Sortino Ratio Rank: 92
ECML Omega Ratio Rank: 86
ECML Calmar Ratio Rank: 93
ECML Martin Ratio Rank: 88

CALF

CALF Risk / Return Rank: 92
CALF Sharpe Ratio Rank: 91
CALF Sortino Ratio Rank: 92
CALF Omega Ratio Rank: 89
CALF Calmar Ratio Rank: 96
CALF Martin Ratio Rank: 94

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

ECML vs. CALF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Euclidean Fundamental Value ETF (ECML) 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.

	ECML	CALF	Difference
Sharpe ratio: Return per unit of total volatility	2.23	2.30	-0.07
Sortino ratio: Return per unit of downside risk	3.40	3.30	+0.10
Omega ratio: Gain probability vs. loss probability	1.38	1.40	-0.02
Calmar ratio: Return relative to maximum drawdown	4.46	6.13	-1.67
Martin ratio: Return relative to average drawdown	13.07	17.68	-4.61

ECML vs. CALF - Sharpe Ratio Comparison

The current ECML Sharpe Ratio is 2.23, which is comparable to the CALF Sharpe Ratio of 2.30. The chart below compares the historical Sharpe Ratios of ECML 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

ECML vs. CALF - Drawdown Comparison

The maximum ECML drawdown since its inception was -24.66%, smaller than the maximum CALF drawdown of -47.58%. Use the drawdown chart below to compare losses from any high point for ECML and CALF.

Drawdown Indicators

	ECML	CALF	Difference
Max Drawdown Largest peak-to-trough decline	-24.66%	-47.58%	+22.92%
Max Drawdown (1Y) Largest decline over 1 year	-7.01%	-6.02%	-0.99%
Max Drawdown (3Y) Largest decline over 3 years	-24.66%	-34.22%	+9.56%
Max Drawdown (5Y) Largest decline over 5 years	—	-34.22%	—
Current Drawdown Current decline from peak	-1.11%	-1.88%	+0.77%
Average Drawdown Average peak-to-trough decline	-5.62%	-10.57%	+4.95%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.39%	2.09%	+0.30%

Volatility

ECML vs. CALF - Volatility Comparison

The current volatility for Euclidean Fundamental Value ETF (ECML) is 3.32%, while Pacer US Small Cap Cash Cows ETF (CALF) has a volatility of 5.09%. This indicates that ECML 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

	ECML	CALF	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.32%	5.09%	-1.77%
Volatility (6M) Calculated over the trailing 6-month period	9.21%	11.64%	-2.43%
Volatility (1Y) Calculated over the trailing 1-year period	14.05%	16.13%	-2.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.12%	23.23%	-5.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.12%	25.89%	-7.77%

ECML vs. CALF - Expense Ratio Comparison

ECML has a 0.95% expense ratio, which is higher than CALF's 0.59% expense ratio.

Dividends

ECML vs. CALF - Dividend Comparison

ECML's dividend yield for the trailing twelve months is around 1.15%, more than CALF's 1.12% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
CALF Pacer US Small Cap Cash Cows ETF	1.12%	1.43%	1.07%	1.18%	0.85%	2.63%	0.82%	0.99%	1.39%	0.70%
ECML Euclidean Fundamental Value ETF	1.15%	1.38%	0.98%	0.77%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ECML and CALF in my portfolio?

ECML 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, ECML or CALF?

CALF has higher volatility (5.09%) compared to ECML (3.32%). In terms of maximum drawdown, ECML dropped -24.66% vs CALF's -47.58%.

Which ETF is better, ECML or CALF?

On 3-year performance, ECML leads with 12.03% vs 8.57% for CALF. On fees, CALF is cheaper at 0.59% per year. On volatility, ECML has been the lower-risk option at 3.32%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ECML or CALF?

Over the 3-year period, ECML has performed better with a 12.03% return vs 8.57%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ECML or CALF?

CALF is cheaper with a 0.59% expense ratio, compared with 0.95% for ECML.

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

ECML has the higher dividend yield at 1.15%, compared with 1.12% for CALF.

What is the main difference between ECML and CALF?

They also come from different issuers: Euclidean and Pacer. Their fees differ too: 0.95% for ECML and 0.59% for CALF.

Which has better risk-adjusted returns?

CALF currently has the higher Sharpe Ratio (2.30 vs 2.23), 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.