HERD vs. CALF

Last updated Jun 4, 2026

HERD (Pacer Cash Cows Fund of Funds ETF) and CALF (Pacer US Small Cap Cash Cows 100 ETF) are both exchange-traded funds - HERD is a Global Equities fund tracking the Pacer Cash Cows Fund of Funds Index, while CALF is a Small Cap Blend Equities fund tracking the Pacer US Small Cap Cash Cows Index. Both are passively managed. Over the past 5 years, HERD returned 9.95%/yr vs 4.12%/yr for CALF. A 0.69 correlation means they provide meaningful diversification when combined. HERD charges 0.73%/yr vs 0.59%/yr for CALF.

Performance

HERD vs. CALF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Pacer Cash Cows Fund of Funds ETF (HERD) 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, HERD achieves a 12.05% return, which is significantly lower than CALF's 13.34% return.

HERD

• 1D: -0.52%
• 1M: 3.45%
• YTD: 12.05%
• 6M: 12.85%
• 1Y: 29.32%
• 3Y*: 17.33%
• 5Y*: 9.95%
• 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)

HERD vs. CALF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
HERD Pacer Cash Cows Fund of Funds ETF	12.05%	19.07%	2.91%	20.72%	-6.96%	28.58%	10.71%	7.36%
CALF Pacer US Small Cap Cash Cows 100 ETF	13.34%	2.33%	-7.41%	35.43%	-15.20%	40.68%	16.55%	6.71%

Correlation

The correlation between HERD and CALF is 0.85, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.85
Correlation (3Y) Calculated over the trailing 3-year period	0.83
Correlation (5Y) Calculated over the trailing 5-year period	0.79
Correlation (All Time) Calculated using the full available price history since May 8, 2019	0.69

The correlation between HERD and CALF shifts across timeframes, from 0.69 (all time) to 0.85 (1 year), reflecting how their relationship changes across market environments.

HERD vs. CALF - Sectors Allocation Comparison

Sectors	HERD	CALF
Technology	18.0%	29.7%
Energy	15.9%	10.3%
Consumer Cyclical	15.6%	28.3%
Healthcare	14.7%	9.4%
Industrials	13.4%	5.9%
Communication Services	8.3%	8.8%
Consumer Defensive	8.2%	4.3%
Basic Materials	4.7%	1.6%
Utilities	0.8%	-
Real Estate	0.3%	1.6%
Financial Services	0.0%	0.2%

Return for Risk

HERD vs. CALF — Risk / Return Rank

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

HERD

HERD Risk / Return Rank: 81
HERD Sharpe Ratio Rank: 78
HERD Sortino Ratio Rank: 79
HERD Omega Ratio Rank: 75
HERD Calmar Ratio Rank: 88
HERD Martin Ratio Rank: 85

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.

HERD vs. CALF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Pacer Cash Cows Fund of Funds ETF (HERD) 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.

	HERD	CALF	Difference
Sharpe ratio: Return per unit of total volatility	2.54	1.93	+0.61
Sortino ratio: Return per unit of downside risk	3.56	2.82	+0.74
Omega ratio: Gain probability vs. loss probability	1.45	1.34	+0.11
Calmar ratio: Return relative to maximum drawdown	5.19	4.94	+0.25
Martin ratio: Return relative to average drawdown	17.73	14.08	+3.65
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HERD vs. CALF - Sharpe Ratio Comparison

The current HERD Sharpe Ratio is 2.54, which is higher than the CALF Sharpe Ratio of 1.93. The chart below compares the historical Sharpe Ratios of HERD 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

	HERD	CALF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.54	1.93	+0.61
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.56	0.18	+0.39
Sharpe Ratio (All Time) Calculated using the full available price history	0.63	0.37	+0.26

Drawdowns

HERD vs. CALF - Drawdown Comparison

The maximum HERD drawdown since its inception was -39.41%, smaller than the maximum CALF drawdown of -47.58%. Use the drawdown chart below to compare losses from any high point for HERD and CALF.

Drawdown Indicators

	HERD	CALF	Difference
Max Drawdown Largest peak-to-trough decline	-39.41%	-47.58%	+8.17%
Max Drawdown (1Y) Largest decline over 1 year	-5.68%	-6.15%	+0.47%
Max Drawdown (3Y) Largest decline over 3 years	-18.90%	-34.22%	+15.32%
Max Drawdown (5Y) Largest decline over 5 years	-21.60%	-34.22%	+12.62%
Current Drawdown Current decline from peak	-0.67%	-1.95%	+1.28%
Average Drawdown Average peak-to-trough decline	-4.55%	-10.74%	+6.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.66%	2.15%	-0.49%

Volatility

HERD vs. CALF - Volatility Comparison

The current volatility for Pacer Cash Cows Fund of Funds ETF (HERD) is 2.92%, while Pacer US Small Cap Cash Cows 100 ETF (CALF) has a volatility of 4.92%. This indicates that HERD 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

	HERD	CALF	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.92%	4.92%	-2.00%
Volatility (6M) Calculated over the trailing 6-month period	7.74%	10.47%	-2.73%
Volatility (1Y) Calculated over the trailing 1-year period	11.62%	15.84%	-4.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.76%	23.44%	-5.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.50%	26.02%	-5.52%

HERD vs. CALF - Expense Ratio Comparison

HERD has a 0.73% expense ratio, which is higher than CALF's 0.59% expense ratio.

Dividends

HERD vs. CALF - Dividend Comparison

HERD's dividend yield for the trailing twelve months is around 3.13%, more 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%
HERD Pacer Cash Cows Fund of Funds ETF	3.13%	3.75%	2.43%	2.54%	2.50%	2.02%	1.95%	1.69%	0.00%	0.00%

Frequently Asked Questions

Can I hold both HERD and CALF in my portfolio?

HERD and CALF have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HERD or CALF?

CALF has higher volatility (4.92%) compared to HERD (2.92%). In terms of maximum drawdown, HERD dropped -39.41% vs CALF's -47.58%.

Which ETF is better, HERD or CALF?

On 5-year performance, HERD leads with 9.95% vs 4.12% for CALF. On fees, CALF is cheaper at 0.59% per year. On volatility, HERD has been the lower-risk option at 2.92%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HERD or CALF?

Over the 5-year period, HERD has performed better with a 9.95% return vs 4.12%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HERD or CALF?

CALF is cheaper with a 0.59% expense ratio, compared with 0.73% for HERD.

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

HERD has the higher dividend yield at 3.13%, compared with 1.28% for CALF.

What is the main difference between HERD and CALF?

HERD is categorized as Global Equities, while CALF is Small Cap Blend Equities. HERD tracks Pacer Cash Cows Fund of Funds Index, while CALF tracks Pacer US Small Cap Cash Cows Index. Their fees differ too: 0.73% for HERD and 0.59% for CALF.

Which has better risk-adjusted returns?

HERD currently has the higher Sharpe Ratio (2.54 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.