ESML vs. CALF

Last updated Jun 24, 2026

ESML (iShares ESG Aware MSCI USA Small-Cap ETF) and CALF (Pacer US Small Cap Cash Cows 100 ETF) are both exchange-traded funds - ESML is a Small Cap Growth Equities fund tracking the MSCI USA Small Cap Extended ESG Focus 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, ESML returned 7.24%/yr vs 3.49%/yr for CALF. Their correlation of 0.89 suggests significant overlap in exposure. ESML charges 0.17%/yr vs 0.59%/yr for CALF.

Performance

ESML vs. CALF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares ESG Aware MSCI USA Small-Cap ETF (ESML) 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, ESML achieves a 18.00% return, which is significantly higher than CALF's 10.96% return.

ESML

• 1D: -1.21%
• 1M: 3.69%
• YTD: 18.00%
• 6M: 15.71%
• 1Y: 34.55%
• 3Y*: 17.87%
• 5Y*: 7.24%
• 10Y*: —

CALF

• 1D: 0.34%
• 1M: 0.78%
• YTD: 10.96%
• 6M: 9.95%
• 1Y: 26.19%
• 3Y*: 9.45%
• 5Y*: 3.49%
• 10Y*: —

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

ESML vs. CALF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
ESML iShares ESG Aware MSCI USA Small-Cap ETF	18.00%	10.62%	12.01%	17.27%	-17.28%	19.28%	19.56%	29.12%	-10.72%
CALF Pacer US Small Cap Cash Cows 100 ETF	10.96%	2.33%	-7.41%	35.43%	-15.20%	40.68%	16.55%	18.18%	-12.66%

Correlation

The correlation between ESML and CALF is 0.79, 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	0.79
Correlation (3Y) Calculated over the trailing 3-year period	0.87
Correlation (5Y) Calculated over the trailing 5-year period	0.90
Correlation (All Time) Calculated using the full available price history since Apr 12, 2018	0.89

The correlation between ESML and CALF shifts across timeframes, from 0.79 (1 year) to 0.90 (5 years), reflecting how their relationship changes across market environments.

ESML vs. CALF - Sectors Allocation Comparison

Sectors	ESML	CALF
Technology	20.8%	32.4%
Industrials	17.8%	5.4%
Financial Services	13.8%	0.2%
Healthcare	12.8%	9.7%
Consumer Cyclical	10.7%	28.5%
Real Estate	6.5%	1.5%
Energy	4.8%	8.9%
Basic Materials	4.0%	1.6%
Consumer Defensive	3.4%	3.6%
Utilities	2.8%	-
Communication Services	2.5%	8.3%

Return for Risk

ESML vs. CALF — Risk / Return Rank

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

ESML

ESML Risk / Return Rank: 70
ESML Sharpe Ratio Rank: 66
ESML Sortino Ratio Rank: 67
ESML Omega Ratio Rank: 60
ESML Calmar Ratio Rank: 79
ESML Martin Ratio Rank: 78

CALF

CALF Risk / Return Rank: 60
CALF Sharpe Ratio Rank: 50
CALF Sortino Ratio Rank: 52
CALF Omega Ratio Rank: 47
CALF Calmar Ratio Rank: 83
CALF Martin Ratio Rank: 67

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.

ESML vs. CALF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares ESG Aware MSCI USA Small-Cap ETF (ESML) 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.

	ESML	CALF	Difference
Sharpe ratio: Return per unit of total volatility	2.03	1.64	+0.38
Sortino ratio: Return per unit of downside risk	2.88	2.40	+0.48
Omega ratio: Gain probability vs. loss probability	1.34	1.29	+0.05
Calmar ratio: Return relative to maximum drawdown	3.84	4.28	-0.44
Martin ratio: Return relative to average drawdown	14.09	11.68	+2.41

ESML vs. CALF - Sharpe Ratio Comparison

The current ESML Sharpe Ratio is 2.03, which is comparable to the CALF Sharpe Ratio of 1.64. The chart below compares the historical Sharpe Ratios of ESML 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

ESML vs. CALF - Drawdown Comparison

The maximum ESML drawdown since its inception was -41.97%, smaller than the maximum CALF drawdown of -47.58%. Use the drawdown chart below to compare losses from any high point for ESML and CALF.

Drawdown Indicators

	ESML	CALF	Difference
Max Drawdown Largest peak-to-trough decline	-41.97%	-47.58%	+5.61%
Max Drawdown (1Y) Largest decline over 1 year	-9.04%	-6.15%	-2.89%
Max Drawdown (3Y) Largest decline over 3 years	-26.68%	-34.22%	+7.54%
Max Drawdown (5Y) Largest decline over 5 years	-28.61%	-34.22%	+5.61%
Current Drawdown Current decline from peak	-1.21%	-4.01%	+2.80%
Average Drawdown Average peak-to-trough decline	-8.91%	-10.69%	+1.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.46%	2.25%	+0.21%

Volatility

ESML vs. CALF - Volatility Comparison

iShares ESG Aware MSCI USA Small-Cap ETF (ESML) and Pacer US Small Cap Cash Cows 100 ETF (CALF) have volatilities of 5.52% and 5.39%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ESML	CALF	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.52%	5.39%	+0.13%
Volatility (6M) Calculated over the trailing 6-month period	12.38%	10.92%	+1.46%
Volatility (1Y) Calculated over the trailing 1-year period	17.15%	16.02%	+1.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.29%	23.39%	-2.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.39%	25.97%	-2.58%

ESML vs. CALF - Expense Ratio Comparison

ESML has a 0.17% expense ratio, which is lower than CALF's 0.59% expense ratio.

Dividends

ESML vs. CALF - Dividend Comparison

ESML's dividend yield for the trailing twelve months is around 0.92%, 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%
ESML iShares ESG Aware MSCI USA Small-Cap ETF	0.92%	1.08%	1.22%	1.31%	1.46%	0.94%	0.99%	1.10%	1.07%	0.00%

Frequently Asked Questions

Can I hold both ESML and CALF in my portfolio?

ESML and CALF have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ESML or CALF?

ESML has higher volatility (5.52%) compared to CALF (5.39%). In terms of maximum drawdown, ESML dropped -41.97% vs CALF's -47.58%.

Which ETF is better, ESML or CALF?

On 5-year performance, ESML leads with 7.24% vs 3.49% for CALF. On fees, ESML is cheaper at 0.17% per year. On volatility, CALF has been the lower-risk option at 5.39%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ESML or CALF?

Over the 5-year period, ESML has performed better with a 7.24% return vs 3.49%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ESML or CALF?

ESML is cheaper with a 0.17% expense ratio, compared with 0.59% for CALF.

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

CALF has the higher dividend yield at 1.24%, compared with 0.92% for ESML.

What is the main difference between ESML and CALF?

ESML is categorized as Small Cap Growth Equities, while CALF is Small Cap Blend Equities. ESML tracks MSCI USA Small Cap Extended ESG Focus Index, while CALF tracks Pacer US Small Cap Cash Cows Index. They also come from different issuers: iShares and Pacer. Their fees differ too: 0.17% for ESML and 0.59% for CALF.

Which has better risk-adjusted returns?

ESML currently has the higher Sharpe Ratio (2.03 vs 1.64), 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.