IWC vs. CALF

Last updated Jun 25, 2026

IWC (iShares Micro-Cap ETF) and CALF (Pacer US Small Cap Cash Cows 100 ETF) are both Small Cap Blend Equities funds - IWC tracks the Russell Microcap Index while CALF tracks the Pacer US Small Cap Cash Cows Index. Both are passively managed. Over the past 5 years, IWC returned 5.53%/yr vs 3.74%/yr for CALF. Their correlation of 0.82 suggests significant overlap in exposure. IWC charges 0.60%/yr vs 0.59%/yr for CALF.

Performance

IWC vs. CALF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Micro-Cap ETF (IWC) 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, IWC achieves a 22.37% return, which is significantly higher than CALF's 12.56% return.

IWC

• 1D: -0.01%
• 1M: 3.18%
• YTD: 22.37%
• 6M: 18.91%
• 1Y: 53.48%
• 3Y*: 22.77%
• 5Y*: 5.53%
• 10Y*: 11.98%

CALF

• 1D: 1.44%
• 1M: 2.22%
• YTD: 12.56%
• 6M: 11.11%
• 1Y: 26.78%
• 3Y*: 9.97%
• 5Y*: 3.74%
• 10Y*: —

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

IWC vs. CALF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IWC iShares Micro-Cap ETF	22.37%	22.45%	13.63%	8.99%	-21.93%	18.67%	20.88%	22.20%	-13.13%	10.66%
CALF Pacer US Small Cap Cash Cows 100 ETF	12.56%	2.33%	-7.41%	35.43%	-15.20%	40.68%	16.55%	18.18%	-10.06%	5.78%

Correlation

The correlation between IWC and CALF is 0.61, 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	0.61
Correlation (3Y) Calculated over the trailing 3-year period	0.77
Correlation (5Y) Calculated over the trailing 5-year period	0.82
Correlation (All Time) Calculated using the full available price history since Jun 19, 2017	0.82

Over the past year, the correlation between IWC and CALF has dropped to 0.61 - well below their long-term average of 0.82, suggesting their price drivers have been diverging.

IWC vs. CALF - Sectors Allocation Comparison

Sectors	IWC	CALF
Healthcare	26.8%	9.7%
Technology	21.7%	32.4%
Financial Services	17.6%	0.2%
Industrials	13.3%	5.4%
Consumer Cyclical	5.2%	28.5%
Basic Materials	4.1%	1.6%
Energy	4.0%	8.9%
Real Estate	3.3%	1.5%
Communication Services	1.9%	8.3%
Consumer Defensive	1.6%	3.6%
Utilities	0.5%	-

Return for Risk

IWC vs. CALF — Risk / Return Rank

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

IWC

IWC Risk / Return Rank: 76
IWC Sharpe Ratio Rank: 78
IWC Sortino Ratio Rank: 72
IWC Omega Ratio Rank: 65
IWC Calmar Ratio Rank: 86
IWC Martin Ratio Rank: 80

CALF

CALF Risk / Return Rank: 64
CALF Sharpe Ratio Rank: 55
CALF Sortino Ratio Rank: 57
CALF Omega Ratio Rank: 52
CALF Calmar Ratio Rank: 86
CALF Martin Ratio Rank: 72

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.

IWC vs. CALF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Micro-Cap ETF (IWC) 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.

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.

	IWC	CALF	Difference
Sharpe ratio: Return per unit of total volatility	2.21	1.68	+0.54
Sortino ratio: Return per unit of downside risk	2.89	2.45	+0.44
Omega ratio: Gain probability vs. loss probability	1.35	1.30	+0.05
Calmar ratio: Return relative to maximum drawdown	4.32	4.37	-0.05
Martin ratio: Return relative to average drawdown	14.07	11.91	+2.16

IWC vs. CALF - Sharpe Ratio Comparison

The current IWC Sharpe Ratio is 2.21, which is higher than the CALF Sharpe Ratio of 1.68. The chart below compares the historical Sharpe Ratios of IWC 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

IWC vs. CALF - Drawdown Comparison

The maximum IWC drawdown since its inception was -64.61%, which is greater than CALF's maximum drawdown of -47.58%. Use the drawdown chart below to compare losses from any high point for IWC and CALF.

Drawdown Indicators

	IWC	CALF	Difference
Max Drawdown Largest peak-to-trough decline	-64.61%	-47.58%	-17.03%
Max Drawdown (1Y) Largest decline over 1 year	-12.43%	-6.15%	-6.28%
Max Drawdown (3Y) Largest decline over 3 years	-29.46%	-34.22%	+4.76%
Max Drawdown (5Y) Largest decline over 5 years	-40.61%	-34.22%	-6.39%
Max Drawdown (10Y) Largest decline over 10 years	-47.21%	—	—
Current Drawdown Current decline from peak	-0.80%	-2.63%	+1.83%
Average Drawdown Average peak-to-trough decline	-15.24%	-10.69%	-4.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.81%	2.26%	+1.55%

Volatility

IWC vs. CALF - Volatility Comparison

iShares Micro-Cap ETF (IWC) has a higher volatility of 8.49% compared to Pacer US Small Cap Cash Cows 100 ETF (CALF) at 5.24%. This indicates that IWC'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

	IWC	CALF	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.49%	5.24%	+3.25%
Volatility (6M) Calculated over the trailing 6-month period	18.14%	10.98%	+7.16%
Volatility (1Y) Calculated over the trailing 1-year period	24.34%	16.08%	+8.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.57%	23.39%	+1.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.50%	25.97%	-1.47%

IWC vs. CALF - Expense Ratio Comparison

IWC has a 0.60% expense ratio, which is higher than CALF's 0.59% expense ratio.

Dividends

IWC vs. CALF - Dividend Comparison

IWC's dividend yield for the trailing twelve months is around 0.98%, less than CALF's 1.22% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%	0.00%	0.00%
IWC iShares Micro-Cap ETF	0.98%	1.10%	1.06%	1.17%	1.18%	0.78%	0.98%	1.19%	1.01%	1.09%	1.16%	1.49%

Frequently Asked Questions

Can I hold both IWC and CALF in my portfolio?

IWC and CALF have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IWC or CALF?

IWC has higher volatility (8.49%) compared to CALF (5.24%). In terms of maximum drawdown, IWC dropped -64.61% vs CALF's -47.58%.

Which ETF is better, IWC or CALF?

On 5-year performance, IWC leads with 5.53% vs 3.74% for CALF. On fees, CALF is cheaper at 0.59% per year. On volatility, CALF has been the lower-risk option at 5.24%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IWC or CALF?

Over the 5-year period, IWC has performed better with a 5.53% return vs 3.74%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IWC or CALF?

CALF is cheaper with a 0.59% expense ratio, compared with 0.60% for IWC.

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

CALF has the higher dividend yield at 1.22%, compared with 0.98% for IWC.

What is the main difference between IWC and CALF?

IWC tracks Russell Microcap Index, while CALF tracks Pacer US Small Cap Cash Cows Index. They also come from different issuers: iShares and Pacer. Their fees differ too: 0.60% for IWC and 0.59% for CALF.

Which has better risk-adjusted returns?

IWC currently has the higher Sharpe Ratio (2.21 vs 1.68), 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.