FESM vs. CALF

Last updated Jun 4, 2026

FESM (Fidelity Enhanced Small Cap ETF) and CALF (Pacer US Small Cap Cash Cows 100 ETF) are both Small Cap Blend Equities funds. FESM is actively managed, while CALF is passively managed. Over the past year, FESM returned 46.73% vs 30.24% for CALF. Their correlation of 0.83 suggests significant overlap in exposure. FESM charges 0.28%/yr vs 0.59%/yr for CALF.

Performance

FESM vs. CALF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Enhanced Small Cap ETF (FESM) 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, FESM achieves a 19.64% return, which is significantly higher than CALF's 13.34% return.

FESM

• 1D: -1.51%
• 1M: 3.13%
• YTD: 19.64%
• 6M: 19.11%
• 1Y: 46.73%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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)

FESM vs. CALF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
FESM Fidelity Enhanced Small Cap ETF	19.64%	17.88%	16.22%	12.19%
CALF Pacer US Small Cap Cash Cows 100 ETF	13.34%	2.33%	-7.41%	11.07%

Correlation

The correlation between FESM and CALF is 0.72, 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	0.72
Correlation (All Time) Calculated using the full available price history since Nov 21, 2023	0.83

The correlation between FESM and CALF shifts across timeframes, from 0.72 (1 year) to 0.83 (all time), reflecting how their relationship changes across market environments.

FESM vs. CALF - Sectors Allocation Comparison

Sectors	FESM	CALF
Technology	21.6%	29.7%
Industrials	19.1%	5.9%
Healthcare	15.7%	9.4%
Financial Services	14.8%	0.2%
Consumer Cyclical	7.4%	28.3%
Energy	7.2%	10.3%
Real Estate	4.2%	1.6%
Basic Materials	3.5%	1.6%
Communication Services	3.1%	8.8%
Utilities	2.0%	-
Consumer Defensive	1.4%	4.3%

Return for Risk

FESM vs. CALF — Risk / Return Rank

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

FESM

FESM Risk / Return Rank: 76
FESM Sharpe Ratio Rank: 75
FESM Sortino Ratio Rank: 72
FESM Omega Ratio Rank: 66
FESM Calmar Ratio Rank: 84
FESM Martin Ratio Rank: 82

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.

FESM vs. CALF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Enhanced Small Cap ETF (FESM) 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.

	FESM	CALF	Difference
Sharpe ratio: Return per unit of total volatility	2.48	1.93	+0.55
Sortino ratio: Return per unit of downside risk	3.34	2.82	+0.52
Omega ratio: Gain probability vs. loss probability	1.41	1.34	+0.07
Calmar ratio: Return relative to maximum drawdown	4.61	4.94	-0.33
Martin ratio: Return relative to average drawdown	16.60	14.08	+2.52
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FESM vs. CALF - Sharpe Ratio Comparison

The current FESM Sharpe Ratio is 2.48, which is comparable to the CALF Sharpe Ratio of 1.93. The chart below compares the historical Sharpe Ratios of FESM 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

	FESM	CALF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.48	1.93	+0.55
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.18	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.29	0.37	+0.92

Drawdowns

FESM vs. CALF - Drawdown Comparison

The maximum FESM drawdown since its inception was -26.93%, smaller than the maximum CALF drawdown of -47.58%. Use the drawdown chart below to compare losses from any high point for FESM and CALF.

Drawdown Indicators

	FESM	CALF	Difference
Max Drawdown Largest peak-to-trough decline	-26.93%	-47.58%	+20.65%
Max Drawdown (1Y) Largest decline over 1 year	-10.18%	-6.15%	-4.03%
Max Drawdown (3Y) Largest decline over 3 years	—	-34.22%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-34.22%	—
Current Drawdown Current decline from peak	-1.59%	-1.95%	+0.36%
Average Drawdown Average peak-to-trough decline	-4.79%	-10.74%	+5.95%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.82%	2.15%	+0.67%

Volatility

FESM vs. CALF - Volatility Comparison

Fidelity Enhanced Small Cap ETF (FESM) has a higher volatility of 5.64% compared to Pacer US Small Cap Cash Cows 100 ETF (CALF) at 4.92%. This indicates that FESM'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

	FESM	CALF	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.64%	4.92%	+0.72%
Volatility (6M) Calculated over the trailing 6-month period	13.32%	10.47%	+2.85%
Volatility (1Y) Calculated over the trailing 1-year period	18.98%	15.84%	+3.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.26%	23.44%	-2.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.26%	26.02%	-4.76%

FESM vs. CALF - Expense Ratio Comparison

FESM has a 0.28% expense ratio, which is lower than CALF's 0.59% expense ratio.

Dividends

FESM vs. CALF - Dividend Comparison

FESM's dividend yield for the trailing twelve months is around 0.53%, less than CALF's 1.28% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
FESM Fidelity Enhanced Small Cap ETF	0.53%	0.82%	1.08%	0.06%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FESM and CALF in my portfolio?

FESM 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, FESM or CALF?

FESM has higher volatility (5.64%) compared to CALF (4.92%). In terms of maximum drawdown, FESM dropped -26.93% vs CALF's -47.58%.

Which ETF is better, FESM or CALF?

On 1-year performance, FESM leads with 46.73% vs 30.24% for CALF. On fees, FESM is cheaper at 0.28% per year. On volatility, CALF has been the lower-risk option at 4.92%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FESM or CALF?

Over the 1-year period, FESM has performed better with a 46.73% return vs 30.24%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FESM or CALF?

FESM is cheaper with a 0.28% expense ratio, compared with 0.59% for CALF.

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

CALF has the higher dividend yield at 1.28%, compared with 0.53% for FESM.

What is the main difference between FESM and CALF?

They also come from different issuers: Fidelity and Pacer. Their fees differ too: 0.28% for FESM and 0.59% for CALF.

Which has better risk-adjusted returns?

FESM currently has the higher Sharpe Ratio (2.48 vs 1.93), 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.