FSML vs. CALF

Last updated Jun 6, 2026

FSML (Franklin Small Cap Enhanced ETF) and CALF (Pacer US Small Cap Cash Cows 100 ETF) are both Small Cap Blend Equities funds. FSML is actively managed, while CALF is passively managed. A 0.64 correlation means they provide meaningful diversification when combined. FSML charges 0.45%/yr vs 0.59%/yr for CALF.

Performance

FSML vs. CALF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Franklin Small Cap Enhanced ETF (FSML) 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, FSML achieves a 14.90% return, which is significantly higher than CALF's 12.22% return.

FSML

• 1D: -3.10%
• 1M: -0.56%
• YTD: 14.90%
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

CALF

• 1D: -1.90%
• 1M: 3.49%
• YTD: 12.22%
• 6M: 11.14%
• 1Y: 29.69%
• 3Y*: 9.77%
• 5Y*: 3.91%
• 10Y*: —

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

FSML vs. CALF - Yearly Performance Comparison

	2026 (YTD)	2025
FSML Franklin Small Cap Enhanced ETF	14.90%	-3.75%
CALF Pacer US Small Cap Cash Cows 100 ETF	12.22%	-2.49%

Correlation

The correlation between FSML and CALF is 0.64, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Dec 12, 2025	0.64

Return for Risk

FSML vs. CALF — Risk / Return Rank

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

CALF

CALF Risk / Return Rank: 67
CALF Sharpe Ratio Rank: 57
CALF Sortino Ratio Rank: 60
CALF Omega Ratio Rank: 55
CALF Calmar Ratio Rank: 87
CALF Martin Ratio Rank: 75

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.

FSML vs. CALF - Risk-Adjusted Trends Comparison

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

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	FSML	CALF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	1.88	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.17	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.14	0.37	+0.78

Drawdowns

FSML vs. CALF - Drawdown Comparison

The maximum FSML drawdown since its inception was -10.83%, smaller than the maximum CALF drawdown of -47.58%. Use the drawdown chart below to compare losses from any high point for FSML and CALF.

Drawdown Indicators

	FSML	CALF	Difference
Max Drawdown Largest peak-to-trough decline	-10.83%	-47.58%	+36.75%
Max Drawdown (1Y) Largest decline over 1 year	—	-6.15%	—
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	-3.10%	-2.92%	-0.18%
Average Drawdown Average peak-to-trough decline	-2.62%	-10.73%	+8.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.16%	—

Volatility

Volatility by Period

	FSML	CALF	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	5.24%	—
Volatility (6M) Calculated over the trailing 6-month period	—	10.62%	—
Volatility (1Y) Calculated over the trailing 1-year period	20.71%	15.89%	+4.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.71%	23.45%	-2.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.71%	26.01%	-5.30%

FSML vs. CALF - Expense Ratio Comparison

FSML has a 0.45% expense ratio, which is lower than CALF's 0.59% expense ratio.

Dividends

FSML vs. CALF - Dividend Comparison

FSML's dividend yield for the trailing twelve months is around 0.16%, less than CALF's 1.22% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
CALF Pacer US Small Cap Cash Cows 100 ETF	1.22%	1.43%	1.07%	1.18%	0.85%	2.63%	0.82%	0.99%	1.39%	0.70%
FSML Franklin Small Cap Enhanced ETF	0.16%	0.06%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FSML and CALF in my portfolio?

FSML and CALF have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, FSML or CALF?

On fees, FSML is cheaper at 0.45% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, FSML or CALF?

FSML is cheaper with a 0.45% expense ratio, compared with 0.59% for CALF.

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

CALF has the higher dividend yield at 1.22%, compared with 0.16% for FSML.

What is the main difference between FSML and CALF?

They also come from different issuers: Franklin Templeton and Pacer. Their fees differ too: 0.45% for FSML and 0.59% for CALF.