ESPAX vs. CALF

Last updated Aug 1, 2026

ESPAX (Allspring Special Small Cap Value Fund) and CALF (Pacer US Small Cap Cash Cows ETF) are both Small Cap Value Equities funds. Over the past 5 years, ESPAX returned 4.88%/yr vs 6.29%/yr for CALF. Their correlation of 0.87 means they have usually moved in the same direction. ESPAX charges 1.24%/yr vs 0.59%/yr for CALF.

Performance

ESPAX vs. CALF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Allspring Special Small Cap Value Fund (ESPAX) 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, ESPAX achieves a 13.11% return, which is significantly lower than CALF's 22.50% return.

ESPAX

• 1D: 0.08%
• 1M: -0.90%
• 6M: 6.87%
• YTD: 13.11%
• 1Y: 17.70%
• 3Y*: 6.93%
• 5Y*: 4.88%
• 10Y*: 7.96%
• ALL TIME*: 8.68%

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
ESPAX Allspring Special Small Cap Value Fund	$0.00	$0.00	$0.00

ESPAX vs. CALF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ESPAX Allspring Special Small Cap Value Fund	13.11%	-3.10%	6.44%	18.65%	-13.94%	27.61%	1.16%	28.03%	-13.77%	10.32%
CALF Pacer US Small Cap Cash Cows ETF	22.50%	2.33%	-7.41%	35.43%	-15.20%	40.68%	16.55%	18.18%	-10.06%	5.78%

Correlation

The correlation between ESPAX and CALF is 0.72, 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.	0.72
Correlation (3Y) Balances recent behavior with more history.	0.85
Correlation (5Y) Shows whether the relationship held over a longer period.	0.88
Correlation (All Time) Calculated using the full available price history since Jun 19, 2017	0.87

The correlation between ESPAX and CALF shifts across timeframes, from 0.72 (1 year) to 0.88 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

ESPAX vs. CALF — Risk / Return Rank

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

ESPAX

ESPAX Risk / Return Rank: 25
ESPAX Sharpe Ratio Rank: 25
ESPAX Sortino Ratio Rank: 28
ESPAX Omega Ratio Rank: 24
ESPAX Calmar Ratio Rank: 24
ESPAX Martin Ratio Rank: 23

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.

ESPAX vs. CALF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Allspring Special Small Cap Value Fund (ESPAX) 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.

	ESPAX	CALF	Difference
Sharpe ratio: Return per unit of total volatility	0.84	2.30	-1.45
Sortino ratio: Return per unit of downside risk	1.39	3.30	-1.90
Omega ratio: Gain probability vs. loss probability	1.15	1.40	-0.25
Calmar ratio: Return relative to maximum drawdown	1.09	6.13	-5.04
Martin ratio: Return relative to average drawdown	3.21	17.68	-14.48

ESPAX vs. CALF - Sharpe Ratio Comparison

The current ESPAX Sharpe Ratio is 0.84, which is lower than the CALF Sharpe Ratio of 2.30. The chart below compares the historical Sharpe Ratios of ESPAX 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

ESPAX vs. CALF - Drawdown Comparison

The maximum ESPAX drawdown since its inception was -61.14%, which is greater than CALF's maximum drawdown of -47.58%. Use the drawdown chart below to compare losses from any high point for ESPAX and CALF.

Drawdown Indicators

	ESPAX	CALF	Difference
Max Drawdown Largest peak-to-trough decline	-61.14%	-47.58%	-13.56%
Max Drawdown (1Y) Largest decline over 1 year	-13.58%	-6.02%	-7.56%
Max Drawdown (3Y) Largest decline over 3 years	-24.80%	-34.22%	+9.42%
Max Drawdown (5Y) Largest decline over 5 years	-26.84%	-34.22%	+7.38%
Max Drawdown (10Y) Largest decline over 10 years	-43.28%	—	—
Current Drawdown Current decline from peak	-2.97%	-1.88%	-1.09%
Average Drawdown Average peak-to-trough decline	-9.11%	-10.57%	+1.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.62%	2.09%	+2.53%

Volatility

ESPAX vs. CALF - Volatility Comparison

The current volatility for Allspring Special Small Cap Value Fund (ESPAX) is 4.56%, while Pacer US Small Cap Cash Cows ETF (CALF) has a volatility of 5.09%. This indicates that ESPAX 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

	ESPAX	CALF	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.56%	5.09%	-0.53%
Volatility (6M) Calculated over the trailing 6-month period	12.30%	11.64%	+0.66%
Volatility (1Y) Calculated over the trailing 1-year period	17.60%	16.13%	+1.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.16%	23.23%	-3.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.37%	25.89%	-4.52%

ESPAX vs. CALF - Expense Ratio Comparison

ESPAX has a 1.24% expense ratio, which is higher than CALF's 0.59% expense ratio.

Dividends

ESPAX vs. CALF - Dividend Comparison

ESPAX's dividend yield for the trailing twelve months is around 7.30%, more than CALF's 1.12% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%	0.00%	0.00%
ESPAX Allspring Special Small Cap Value Fund	7.30%	8.26%	10.10%	2.07%	6.24%	6.34%	0.39%	1.68%	7.90%	5.33%	2.25%	2.33%

Frequently Asked Questions

Can I hold both ESPAX and CALF in my portfolio?

ESPAX and CALF have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ESPAX or CALF?

CALF has higher volatility (5.09%) compared to ESPAX (4.56%). In terms of maximum drawdown, ESPAX dropped -61.14% vs CALF's -47.58%.

Which has better risk-adjusted returns?

CALF currently has the higher Sharpe Ratio (2.30 vs 0.84), 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.