FESCX vs. CALF

Last updated Apr 1, 2026

Compare and contrast key facts about First Eagle Small Cap Opportunity Fund (FESCX) and Pacer US Small Cap Cash Cows 100 ETF (CALF).

FESCX is managed by First Eagle. It was launched on Apr 26, 2021. CALF is a passively managed fund by Pacer that tracks the performance of the Pacer US Small Cap Cash Cows Index. It was launched on Jun 16, 2017.

Performance

FESCX vs. CALF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Eagle Small Cap Opportunity Fund (FESCX) and Pacer US Small Cap Cash Cows 100 ETF (CALF). The values are adjusted to include any dividend payments, if applicable.

FESCX vs. CALF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
FESCX First Eagle Small Cap Opportunity Fund	3.36%	13.33%	6.47%	16.75%	-14.05%	1.23%
CALF Pacer US Small Cap Cash Cows 100 ETF	1.28%	2.33%	-7.41%	35.43%	-15.20%	1.68%

Returns By Period

In the year-to-date period, FESCX achieves a 3.36% return, which is significantly higher than CALF's 1.28% return.

FESCX

• 1D: -1.40%
• 1M: -8.54%
• YTD: 3.36%
• 6M: 5.15%
• 1Y: 29.53%
• 3Y*: 11.08%
• 5Y*: —
• 10Y*: —

CALF

• 1D: 1.93%
• 1M: -2.56%
• YTD: 1.28%
• 6M: 3.41%
• 1Y: 21.42%
• 3Y*: 6.95%
• 5Y*: 3.17%
• 10Y*: —

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

FESCX vs. CALF - Expense Ratio Comparison

FESCX has a 1.00% expense ratio, which is higher than CALF's 0.59% expense ratio.

FESCX

First Eagle Small Cap Opportunity Fund

CALF

Pacer US Small Cap Cash Cows 100 ETF

Return for Risk

FESCX vs. CALF — Risk / Return Rank

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

FESCX

FESCX Risk / Return Rank: 71
FESCX Sharpe Ratio Rank: 70
FESCX Sortino Ratio Rank: 73
FESCX Omega Ratio Rank: 64
FESCX Calmar Ratio Rank: 76
FESCX Martin Ratio Rank: 73

CALF

CALF Risk / Return Rank: 59
CALF Sharpe Ratio Rank: 56
CALF Sortino Ratio Rank: 59
CALF Omega Ratio Rank: 60
CALF Calmar Ratio Rank: 56
CALF Martin Ratio Rank: 64

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.

FESCX vs. CALF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Eagle Small Cap Opportunity Fund (FESCX) 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.

	FESCX	CALF	Difference
Sharpe ratio Return per unit of total volatility	1.23	0.95	+0.28
Sortino ratio Return per unit of downside risk	1.81	1.46	+0.35
Omega ratio Gain probability vs. loss probability	1.24	1.21	+0.03
Calmar ratio Return relative to maximum drawdown	1.77	1.32	+0.45
Martin ratio Return relative to average drawdown	6.90	6.03	+0.87
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FESCX vs. CALF - Sharpe Ratio Comparison

The current FESCX Sharpe Ratio is 1.23, which is comparable to the CALF Sharpe Ratio of 0.95. The chart below compares the historical Sharpe Ratios of FESCX and CALF, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	FESCX	CALF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.23	0.95	+0.28
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.13	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.23	0.32	-0.09

Correlation

The correlation between FESCX and CALF is 0.91, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

FESCX vs. CALF - Dividend Comparison

FESCX's dividend yield for the trailing twelve months is around 1.00%, less than CALF's 1.43% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
FESCX First Eagle Small Cap Opportunity Fund	1.00%	1.03%	1.56%	0.60%	0.11%	0.00%	0.00%	0.00%	0.00%	0.00%
CALF Pacer US Small Cap Cash Cows 100 ETF	1.43%	1.43%	1.07%	1.18%	0.85%	2.63%	0.82%	0.99%	1.39%	0.70%

Drawdowns

FESCX vs. CALF - Drawdown Comparison

The maximum FESCX drawdown since its inception was -28.53%, smaller than the maximum CALF drawdown of -47.58%. Use the drawdown chart below to compare losses from any high point for FESCX and CALF.

Drawdown Indicators

	FESCX	CALF	Difference
Max Drawdown Largest peak-to-trough decline	-28.53%	-47.58%	+19.05%
Max Drawdown (1Y) Largest decline over 1 year	-14.72%	-16.47%	+1.75%
Max Drawdown (5Y) Largest decline over 5 years	—	-34.22%	—
Current Drawdown Current decline from peak	-9.50%	-6.40%	-3.10%
Average Drawdown Average peak-to-trough decline	-9.12%	-10.92%	+1.80%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.77%	3.60%	+0.17%

Volatility

FESCX vs. CALF - Volatility Comparison

First Eagle Small Cap Opportunity Fund (FESCX) has a higher volatility of 7.01% compared to Pacer US Small Cap Cash Cows 100 ETF (CALF) at 4.25%. This indicates that FESCX's price experiences larger fluctuations and is considered to be riskier than CALF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FESCX	CALF	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.01%	4.25%	+2.76%
Volatility (6M) Calculated over the trailing 6-month period	14.26%	11.14%	+3.12%
Volatility (1Y) Calculated over the trailing 1-year period	23.91%	22.66%	+1.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.77%	23.68%	-0.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.77%	26.18%	-3.41%