ISVL vs. CALF

Last updated Jul 14, 2026

ISVL (iShares International Developed Small Cap Value Factor ETF) and CALF (Pacer US Small Cap Cash Cows ETF) are both Small Cap Value Equities funds - ISVL tracks the FTSE Developed ex US ex Korea Small Cap Focused Value Index while CALF tracks the Pacer US Small Cap Cash Cows Index. Both are passively managed. Over the past 5 years, ISVL returned 10.60%/yr vs 5.43%/yr for CALF. A 0.63 correlation means they provide meaningful diversification when combined. ISVL charges 0.30%/yr vs 0.59%/yr for CALF.

Performance

ISVL vs. CALF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares International Developed Small Cap Value Factor ETF (ISVL) and Pacer US Small Cap Cash Cows ETF (CALF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ISVL achieves a 8.89% return, which is significantly lower than CALF's 17.73% return.

ISVL

• 1D: -0.76%
• 1M: -1.47%
• 6M: 5.43%
• YTD: 8.89%
• 1Y: 23.87%
• 3Y*: 19.91%
• 5Y*: 10.60%
• 10Y*: —

CALF

• 1D: 0.69%
• 1M: 3.18%
• 6M: 14.07%
• YTD: 17.73%
• 1Y: 28.04%
• 3Y*: 9.15%
• 5Y*: 5.43%
• 10Y*: —

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

ISVL vs. CALF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
ISVL iShares International Developed Small Cap Value Factor ETF	8.89%	42.84%	4.58%	17.56%	-13.69%	8.32%
CALF Pacer US Small Cap Cash Cows ETF	17.73%	2.33%	-7.41%	35.43%	-15.20%	13.38%

Correlation

The correlation between ISVL and CALF is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.44
Correlation (3Y) Calculated over the trailing 3-year period	0.56
Correlation (5Y) Calculated over the trailing 5-year period	0.64
Correlation (All Time) Calculated using the full available price history since Mar 25, 2021	0.63

The correlation between ISVL and CALF shifts across timeframes, from 0.44 (1 year) to 0.64 (5 years), reflecting how their relationship changes across market environments.

ISVL vs. CALF - Sectors Allocation Comparison

Sectors	ISVL	CALF
Financial Services	21.9%	0.2%
Industrials	21.8%	5.4%
Real Estate	11.2%	1.5%
Consumer Cyclical	11.0%	28.5%
Basic Materials	9.8%	1.6%
Energy	5.8%	8.9%
Technology	5.3%	32.4%
Consumer Defensive	4.8%	3.6%
Healthcare	3.7%	9.7%
Communication Services	2.7%	8.3%
Utilities	1.3%	-

Return for Risk

ISVL vs. CALF — Risk / Return Rank

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

ISVL

ISVL Risk / Return Rank: 57
ISVL Sharpe Ratio Rank: 61
ISVL Sortino Ratio Rank: 63
ISVL Omega Ratio Rank: 61
ISVL Calmar Ratio Rank: 47
ISVL Martin Ratio Rank: 55

CALF

CALF Risk / Return Rank: 76
CALF Sharpe Ratio Rank: 69
CALF Sortino Ratio Rank: 71
CALF Omega Ratio Rank: 66
CALF Calmar Ratio Rank: 91
CALF Martin Ratio Rank: 82

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.

ISVL vs. CALF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares International Developed Small Cap Value Factor ETF (ISVL) and Pacer US Small Cap Cash Cows 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	ISVL	CALF	Difference
Sharpe ratio: Return per unit of total volatility	1.62	1.77	-0.15
Sortino ratio: Return per unit of downside risk	2.33	2.58	-0.25
Omega ratio: Gain probability vs. loss probability	1.29	1.31	-0.02
Calmar ratio: Return relative to maximum drawdown	1.92	4.58	-2.66
Martin ratio: Return relative to average drawdown	7.41	12.58	-5.17

ISVL vs. CALF - Sharpe Ratio Comparison

The current ISVL Sharpe Ratio is 1.62, which is comparable to the CALF Sharpe Ratio of 1.77. The chart below compares the historical Sharpe Ratios of ISVL 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.

Drawdowns

ISVL vs. CALF - Drawdown Comparison

The maximum ISVL drawdown since its inception was -30.48%, smaller than the maximum CALF drawdown of -47.58%. Use the drawdown chart below to compare losses from any high point for ISVL and CALF.

Drawdown Indicators

	ISVL	CALF	Difference
Max Drawdown Largest peak-to-trough decline	-30.48%	-47.58%	+17.10%
Max Drawdown (1Y) Largest decline over 1 year	-12.48%	-6.15%	-6.33%
Max Drawdown (3Y) Largest decline over 3 years	-12.93%	-34.22%	+21.29%
Max Drawdown (5Y) Largest decline over 5 years	-30.48%	-34.22%	+3.74%
Current Drawdown Current decline from peak	-1.77%	0.00%	-1.77%
Average Drawdown Average peak-to-trough decline	-6.56%	-10.63%	+4.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.23%	2.24%	+0.99%

Volatility

ISVL vs. CALF - Volatility Comparison

The current volatility for iShares International Developed Small Cap Value Factor ETF (ISVL) is 4.19%, while Pacer US Small Cap Cash Cows ETF (CALF) has a volatility of 4.71%. This indicates that ISVL 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

	ISVL	CALF	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.19%	4.71%	-0.52%
Volatility (6M) Calculated over the trailing 6-month period	12.69%	11.17%	+1.52%
Volatility (1Y) Calculated over the trailing 1-year period	14.83%	15.94%	-1.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.92%	23.29%	-6.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.73%	25.92%	-9.19%

ISVL vs. CALF - Expense Ratio Comparison

ISVL has a 0.30% expense ratio, which is lower than CALF's 0.59% expense ratio.

Dividends

ISVL vs. CALF - Dividend Comparison

ISVL's dividend yield for the trailing twelve months is around 3.17%, more than CALF's 1.17% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
CALF Pacer US Small Cap Cash Cows ETF	1.17%	1.43%	1.07%	1.18%	0.85%	2.63%	0.82%	0.99%	1.39%	0.70%
ISVL iShares International Developed Small Cap Value Factor ETF	3.17%	2.69%	3.92%	3.82%	3.37%	2.82%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ISVL and CALF in my portfolio?

ISVL and CALF have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ISVL or CALF?

CALF has higher volatility (4.71%) compared to ISVL (4.19%). In terms of maximum drawdown, ISVL dropped -30.48% vs CALF's -47.58%.

Which ETF is better, ISVL or CALF?

On 5-year performance, ISVL leads with 10.60% vs 5.43% for CALF. On fees, ISVL is cheaper at 0.30% per year. On volatility, ISVL has been the lower-risk option at 4.19%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ISVL or CALF?

Over the 5-year period, ISVL has performed better with a 10.60% return vs 5.43%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ISVL or CALF?

ISVL is cheaper with a 0.30% expense ratio, compared with 0.59% for CALF.

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

ISVL has the higher dividend yield at 3.17%, compared with 1.17% for CALF.

What is the main difference between ISVL and CALF?

ISVL tracks FTSE Developed ex US ex Korea Small Cap Focused Value Index, while CALF tracks Pacer US Small Cap Cash Cows Index. They also come from different issuers: iShares and Pacer. Their fees differ too: 0.30% for ISVL and 0.59% for CALF.

Which has better risk-adjusted returns?

CALF currently has the higher Sharpe Ratio (1.77 vs 1.62), 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.