GSC vs. CALF

Last updated Jun 4, 2026

GSC (Goldman Sachs Small Cap Core Equity ETF) and CALF (Pacer US Small Cap Cash Cows 100 ETF) are both Small Cap Blend Equities funds. GSC is actively managed, while CALF is passively managed. Over the past 5 years, GSC returned 21.00%/yr vs 4.12%/yr for CALF. At a 0.26 correlation, their price movements are largely independent. GSC charges 0.75%/yr vs 0.59%/yr for CALF.

Performance

GSC vs. CALF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Goldman Sachs Small Cap Core Equity ETF (GSC) 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, GSC achieves a 15.37% return, which is significantly higher than CALF's 13.34% return.

GSC

• 1D: -0.49%
• 1M: 4.25%
• YTD: 15.37%
• 6M: 14.45%
• 1Y: 27.08%
• 3Y*: 26.13%
• 5Y*: 21.00%
• 10Y*: 10.81%

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)

GSC vs. CALF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GSC Goldman Sachs Small Cap Core Equity ETF	15.37%	6.29%	13.79%	33.52%	28.40%	58.09%	-33.08%	29.69%	-19.52%	21.36%
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 GSC and CALF is 0.58, 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	0.58
Correlation (3Y) Calculated over the trailing 3-year period	0.56
Correlation (5Y) Calculated over the trailing 5-year period	0.37
Correlation (All Time) Calculated using the full available price history since Jun 20, 2017	0.26

Over the past year, GSC and CALF have become more correlated (0.58) than their long-term average of 0.26, meaning their price movements have been converging.

GSC vs. CALF - Sectors Allocation Comparison

Sectors	GSC	CALF
Technology	23.6%	29.7%
Industrials	17.5%	5.9%
Financial Services	16.5%	0.2%
Healthcare	12.4%	9.4%
Consumer Cyclical	8.8%	28.3%
Basic Materials	6.4%	1.6%
Energy	4.2%	10.3%
Consumer Defensive	3.8%	4.3%
Utilities	3.1%	-
Real Estate	2.6%	1.6%
Communication Services	0.9%	8.8%

Return for Risk

GSC vs. CALF — Risk / Return Rank

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

GSC

GSC Risk / Return Rank: 45
GSC Sharpe Ratio Rank: 9
GSC Sortino Ratio Rank: 84
GSC Omega Ratio Rank: 98
GSC Calmar Ratio Rank: 15
GSC Martin Ratio Rank: 17

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.

GSC vs. CALF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs Small Cap Core Equity ETF (GSC) 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.

	GSC	CALF	Difference
Sharpe ratio: Return per unit of total volatility	0.07	1.93	-1.86
Sortino ratio: Return per unit of downside risk	3.80	2.82	+0.98
Omega ratio: Gain probability vs. loss probability	1.99	1.34	+0.65
Calmar ratio: Return relative to maximum drawdown	0.47	4.94	-4.47
Martin ratio: Return relative to average drawdown	1.61	14.08	-12.47
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GSC vs. CALF - Sharpe Ratio Comparison

The current GSC Sharpe Ratio is 0.07, which is lower than the CALF Sharpe Ratio of 1.93. The chart below compares the historical Sharpe Ratios of GSC 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

	GSC	CALF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.07	1.93	-1.86
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.10	0.18	-0.08
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.07	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.00	0.37	-0.37

Drawdowns

GSC vs. CALF - Drawdown Comparison

The maximum GSC drawdown since its inception was -88.63%, which is greater than CALF's maximum drawdown of -47.58%. Use the drawdown chart below to compare losses from any high point for GSC and CALF.

Drawdown Indicators

	GSC	CALF	Difference
Max Drawdown Largest peak-to-trough decline	-88.63%	-47.58%	-41.05%
Max Drawdown (1Y) Largest decline over 1 year	-58.25%	-6.15%	-52.10%
Max Drawdown (3Y) Largest decline over 3 years	-58.25%	-34.22%	-24.03%
Max Drawdown (5Y) Largest decline over 5 years	-58.25%	-34.22%	-24.03%
Max Drawdown (10Y) Largest decline over 10 years	-66.06%	—	—
Current Drawdown Current decline from peak	-31.48%	-1.95%	-29.53%
Average Drawdown Average peak-to-trough decline	-59.28%	-10.74%	-48.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	16.91%	2.15%	+14.76%

Volatility

GSC vs. CALF - Volatility Comparison

Goldman Sachs Small Cap Core Equity ETF (GSC) has a higher volatility of 5.99% compared to Pacer US Small Cap Cash Cows 100 ETF (CALF) at 4.92%. This indicates that GSC'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

	GSC	CALF	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.99%	4.92%	+1.07%
Volatility (6M) Calculated over the trailing 6-month period	203.12%	10.47%	+192.65%
Volatility (1Y) Calculated over the trailing 1-year period	403.80%	15.84%	+387.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	218.92%	23.44%	+195.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	160.38%	26.02%	+134.36%

GSC vs. CALF - Expense Ratio Comparison

GSC has a 0.75% expense ratio, which is higher than CALF's 0.59% expense ratio.

Dividends

GSC vs. CALF - Dividend Comparison

GSC's dividend yield for the trailing twelve months is around 0.17%, 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%
GSC Goldman Sachs Small Cap Core Equity ETF	0.17%	0.16%	0.66%	0.11%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both GSC and CALF in my portfolio?

GSC and CALF have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GSC or CALF?

GSC has higher volatility (5.99%) compared to CALF (4.92%). In terms of maximum drawdown, GSC dropped -88.63% vs CALF's -47.58%.

Which ETF is better, GSC or CALF?

On 5-year performance, GSC leads with 21.00% vs 4.12% for CALF. On fees, CALF is cheaper at 0.59% 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, GSC or CALF?

Over the 5-year period, GSC has performed better with a 21.00% return vs 4.12%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GSC or CALF?

CALF is cheaper with a 0.59% expense ratio, compared with 0.75% for GSC.

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

CALF has the higher dividend yield at 1.28%, compared with 0.17% for GSC.

What is the main difference between GSC and CALF?

They also come from different issuers: Goldman Sachs and Pacer. Their fees differ too: 0.75% for GSC and 0.59% for CALF.

Which has better risk-adjusted returns?

CALF currently has the higher Sharpe Ratio (1.93 vs 0.07), 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.