EWMC vs. CALF

Last updated Jun 4, 2026

EWMC (Invesco S&P MidCap 400 GARP ETF) and CALF (Pacer US Small Cap Cash Cows 100 ETF) are both Small Cap Blend Equities funds - EWMC tracks the S&P MidCap 400 GARP Index while CALF tracks the Pacer US Small Cap Cash Cows Index. Both are passively managed. Over the past 5 years, EWMC returned 7.66%/yr vs 4.12%/yr for CALF. Their correlation of 0.88 suggests significant overlap in exposure. EWMC charges 0.35%/yr vs 0.59%/yr for CALF.

Performance

EWMC vs. CALF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P MidCap 400 GARP ETF (EWMC) 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, EWMC achieves a 7.11% return, which is significantly lower than CALF's 13.34% return.

EWMC

• 1D: -0.11%
• 1M: 2.30%
• YTD: 7.11%
• 6M: 6.51%
• 1Y: 21.90%
• 3Y*: 14.94%
• 5Y*: 7.66%
• 10Y*: 10.99%

CALF

• 1D: -1.12%
• 1M: 4.91%
• YTD: 13.34%
• 6M: 12.53%
• 1Y: 30.24%
• 3Y*: 10.69%
• 5Y*: 4.12%
• 10Y*: —

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

EWMC vs. CALF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EWMC Invesco S&P MidCap 400 GARP ETF	7.11%	7.81%	15.67%	18.79%	-11.63%	26.35%	15.60%	23.05%	-12.45%	8.06%
CALF Pacer US Small Cap Cash Cows 100 ETF	13.34%	2.33%	-7.41%	35.43%	-15.20%	40.68%	16.55%	18.18%	-10.06%	5.78%

Correlation

The correlation between EWMC and CALF is 0.81, 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	0.81
Correlation (3Y) Calculated over the trailing 3-year period	0.86
Correlation (5Y) Calculated over the trailing 5-year period	0.89
Correlation (All Time) Calculated using the full available price history since Jun 20, 2017	0.88

The correlation between EWMC and CALF has been stable across timeframes, ranging from 0.81 to 0.89 - a consistent structural relationship.

EWMC vs. CALF - Sectors Allocation Comparison

Sectors	EWMC	CALF
Industrials	17.9%	5.9%
Consumer Cyclical	16.0%	28.3%
Financial Services	13.8%	0.2%
Technology	13.3%	29.7%
Healthcare	9.8%	9.4%
Real Estate	7.8%	1.6%
Basic Materials	5.9%	1.6%
Energy	5.1%	10.3%
Consumer Defensive	5.0%	4.3%
Utilities	3.4%	-
Communication Services	2.0%	8.8%

Return for Risk

EWMC vs. CALF — Risk / Return Rank

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

EWMC

EWMC Risk / Return Rank: 44
EWMC Sharpe Ratio Rank: 38
EWMC Sortino Ratio Rank: 39
EWMC Omega Ratio Rank: 36
EWMC Calmar Ratio Rank: 58
EWMC Martin Ratio Rank: 51

CALF

CALF Risk / Return Rank: 66
CALF Sharpe Ratio Rank: 56
CALF Sortino Ratio Rank: 58
CALF Omega Ratio Rank: 54
CALF Calmar Ratio Rank: 86
CALF Martin Ratio Rank: 73

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.

EWMC vs. CALF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P MidCap 400 GARP ETF (EWMC) 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.

	EWMC	CALF	Difference
Sharpe ratio: Return per unit of total volatility	1.37	1.93	-0.56
Sortino ratio: Return per unit of downside risk	2.04	2.82	-0.78
Omega ratio: Gain probability vs. loss probability	1.24	1.34	-0.10
Calmar ratio: Return relative to maximum drawdown	2.89	4.94	-2.05
Martin ratio: Return relative to average drawdown	8.54	14.08	-5.54
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EWMC vs. CALF - Sharpe Ratio Comparison

The current EWMC Sharpe Ratio is 1.37, which is comparable to the CALF Sharpe Ratio of 1.93. The chart below compares the historical Sharpe Ratios of EWMC 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.

Sharpe Ratios by Period

	EWMC	CALF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.37	1.93	-0.56
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.37	0.18	+0.19
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.50	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.55	0.37	+0.17

Drawdowns

EWMC vs. CALF - Drawdown Comparison

The maximum EWMC drawdown since its inception was -43.12%, smaller than the maximum CALF drawdown of -47.58%. Use the drawdown chart below to compare losses from any high point for EWMC and CALF.

Drawdown Indicators

	EWMC	CALF	Difference
Max Drawdown Largest peak-to-trough decline	-43.12%	-47.58%	+4.46%
Max Drawdown (1Y) Largest decline over 1 year	-7.62%	-6.15%	-1.47%
Max Drawdown (3Y) Largest decline over 3 years	-28.09%	-34.22%	+6.13%
Max Drawdown (5Y) Largest decline over 5 years	-28.09%	-34.22%	+6.13%
Max Drawdown (10Y) Largest decline over 10 years	-43.12%	—	—
Current Drawdown Current decline from peak	-0.11%	-1.95%	+1.84%
Average Drawdown Average peak-to-trough decline	-5.71%	-10.74%	+5.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.57%	2.15%	+0.42%

Volatility

EWMC vs. CALF - Volatility Comparison

The current volatility for Invesco S&P MidCap 400 GARP ETF (EWMC) is 3.82%, while Pacer US Small Cap Cash Cows 100 ETF (CALF) has a volatility of 4.92%. This indicates that EWMC 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

	EWMC	CALF	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.82%	4.92%	-1.10%
Volatility (6M) Calculated over the trailing 6-month period	10.44%	10.47%	-0.03%
Volatility (1Y) Calculated over the trailing 1-year period	16.13%	15.84%	+0.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.90%	23.44%	-2.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.25%	26.02%	-3.77%

EWMC vs. CALF - Expense Ratio Comparison

EWMC has a 0.35% expense ratio, which is lower than CALF's 0.59% expense ratio.

Dividends

EWMC vs. CALF - Dividend Comparison

EWMC's dividend yield for the trailing twelve months is around 0.96%, less than CALF's 1.28% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CALF Pacer US Small Cap Cash Cows 100 ETF	1.28%	1.43%	1.07%	1.18%	0.85%	2.63%	0.82%	0.99%	1.39%	0.70%	0.00%	0.00%
EWMC Invesco S&P MidCap 400 GARP ETF	0.96%	1.19%	0.95%	0.96%	1.28%	0.92%	1.16%	1.25%	1.50%	1.14%	1.00%	1.43%

Frequently Asked Questions

Can I hold both EWMC and CALF in my portfolio?

EWMC and CALF have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EWMC or CALF?

CALF has higher volatility (4.92%) compared to EWMC (3.82%). In terms of maximum drawdown, EWMC dropped -43.12% vs CALF's -47.58%.

Which ETF is better, EWMC or CALF?

On 5-year performance, EWMC leads with 7.66% vs 4.12% for CALF. On fees, EWMC is cheaper at 0.35% per year. On volatility, EWMC has been the lower-risk option at 3.82%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EWMC or CALF?

Over the 5-year period, EWMC has performed better with a 7.66% return vs 4.12%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EWMC or CALF?

EWMC is cheaper with a 0.35% expense ratio, compared with 0.59% for CALF.

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

CALF has the higher dividend yield at 1.28%, compared with 0.96% for EWMC.

What is the main difference between EWMC and CALF?

EWMC tracks S&P MidCap 400 GARP Index, while CALF tracks Pacer US Small Cap Cash Cows Index. They also come from different issuers: Invesco and Pacer. Their fees differ too: 0.35% for EWMC and 0.59% for CALF.

Which has better risk-adjusted returns?

CALF currently has the higher Sharpe Ratio (1.93 vs 1.37), 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.