FTHNX vs. CALF

Last updated Jun 5, 2026

FTHNX (Fuller & Thaler Behavioral Small-Cap Equity Fund) and CALF (Pacer US Small Cap Cash Cows 100 ETF) are both Small Cap Blend Equities funds. Over the past 5 years, FTHNX returned 11.23%/yr vs 4.31%/yr for CALF. Their correlation of 0.87 suggests significant overlap in exposure. FTHNX charges 1.03%/yr vs 0.59%/yr for CALF.

Performance

FTHNX vs. CALF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fuller & Thaler Behavioral Small-Cap Equity Fund (FTHNX) 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, FTHNX achieves a 11.14% return, which is significantly lower than CALF's 14.39% return.

FTHNX

• 1D: 0.56%
• 1M: 0.05%
• YTD: 11.14%
• 6M: 11.21%
• 1Y: 28.01%
• 3Y*: 19.59%
• 5Y*: 11.23%
• 10Y*: 13.90%

CALF

• 1D: 0.93%
• 1M: 4.66%
• YTD: 14.39%
• 6M: 13.67%
• 1Y: 32.12%
• 3Y*: 11.70%
• 5Y*: 4.31%
• 10Y*: —

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

FTHNX vs. CALF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FTHNX Fuller & Thaler Behavioral Small-Cap Equity Fund	11.14%	11.69%	15.81%	22.18%	-7.73%	30.44%	10.05%	27.74%	-13.45%	9.94%
CALF Pacer US Small Cap Cash Cows 100 ETF	14.39%	2.33%	-7.41%	35.43%	-15.20%	40.68%	16.55%	18.18%	-10.06%	5.78%

Correlation

The correlation between FTHNX and CALF is 0.76, 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	0.76
Correlation (3Y) Calculated over the trailing 3-year period	0.85
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	0.87

The correlation between FTHNX and CALF shifts across timeframes, from 0.76 (1 year) to 0.89 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

FTHNX vs. CALF — Risk / Return Rank

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

FTHNX

FTHNX Risk / Return Rank: 45
FTHNX Sharpe Ratio Rank: 39
FTHNX Sortino Ratio Rank: 41
FTHNX Omega Ratio Rank: 35
FTHNX Calmar Ratio Rank: 58
FTHNX Martin Ratio Rank: 51

CALF

CALF Risk / Return Rank: 71
CALF Sharpe Ratio Rank: 62
CALF Sortino Ratio Rank: 65
CALF Omega Ratio Rank: 61
CALF Calmar Ratio Rank: 89
CALF Martin Ratio Rank: 78

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.

FTHNX vs. CALF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fuller & Thaler Behavioral Small-Cap Equity Fund (FTHNX) 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.

	FTHNX	CALF	Difference
Sharpe ratio: Return per unit of total volatility	1.81	2.05	-0.24
Sortino ratio: Return per unit of downside risk	2.68	2.97	-0.29
Omega ratio: Gain probability vs. loss probability	1.31	1.36	-0.05
Calmar ratio: Return relative to maximum drawdown	2.91	5.25	-2.33
Martin ratio: Return relative to average drawdown	10.36	14.95	-4.59
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FTHNX vs. CALF - Sharpe Ratio Comparison

The current FTHNX Sharpe Ratio is 1.81, which is comparable to the CALF Sharpe Ratio of 2.05. The chart below compares the historical Sharpe Ratios of FTHNX 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

	FTHNX	CALF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.81	2.05	-0.24
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.60	0.18	+0.41
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.69	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.66	0.37	+0.28

Drawdowns

FTHNX vs. CALF - Drawdown Comparison

The maximum FTHNX drawdown since its inception was -37.78%, smaller than the maximum CALF drawdown of -47.58%. Use the drawdown chart below to compare losses from any high point for FTHNX and CALF.

Drawdown Indicators

	FTHNX	CALF	Difference
Max Drawdown Largest peak-to-trough decline	-37.78%	-47.58%	+9.80%
Max Drawdown (1Y) Largest decline over 1 year	-9.44%	-6.15%	-3.29%
Max Drawdown (3Y) Largest decline over 3 years	-24.63%	-34.22%	+9.59%
Max Drawdown (5Y) Largest decline over 5 years	-24.63%	-34.22%	+9.59%
Max Drawdown (10Y) Largest decline over 10 years	-37.78%	—	—
Current Drawdown Current decline from peak	0.00%	-1.04%	+1.04%
Average Drawdown Average peak-to-trough decline	-5.70%	-10.74%	+5.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.65%	2.15%	+0.50%

Volatility

FTHNX vs. CALF - Volatility Comparison

The current volatility for Fuller & Thaler Behavioral Small-Cap Equity Fund (FTHNX) is 4.19%, while Pacer US Small Cap Cash Cows 100 ETF (CALF) has a volatility of 4.88%. This indicates that FTHNX 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

	FTHNX	CALF	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.19%	4.88%	-0.69%
Volatility (6M) Calculated over the trailing 6-month period	10.78%	10.50%	+0.28%
Volatility (1Y) Calculated over the trailing 1-year period	15.26%	15.77%	-0.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.91%	23.44%	-4.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.12%	26.01%	-5.89%

FTHNX vs. CALF - Expense Ratio Comparison

FTHNX has a 1.03% expense ratio, which is higher than CALF's 0.59% expense ratio.

Dividends

FTHNX vs. CALF - Dividend Comparison

FTHNX's dividend yield for the trailing twelve months is around 0.25%, less than CALF's 1.35% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CALF Pacer US Small Cap Cash Cows 100 ETF	1.35%	1.43%	1.07%	1.18%	0.85%	2.63%	0.82%	0.99%	1.39%	0.70%	0.00%	0.00%
FTHNX Fuller & Thaler Behavioral Small-Cap Equity Fund	0.25%	0.28%	7.84%	1.60%	0.95%	3.55%	0.11%	0.11%	0.21%	0.09%	0.00%	15.47%

Frequently Asked Questions

Can I hold both FTHNX and CALF in my portfolio?

FTHNX and CALF have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FTHNX or CALF?

CALF has higher volatility (4.88%) compared to FTHNX (4.19%). In terms of maximum drawdown, FTHNX dropped -37.78% vs CALF's -47.58%.

Which has better risk-adjusted returns?

CALF currently has the higher Sharpe Ratio (2.05 vs 1.81), 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.