KCE vs. CALF

Last updated Jun 24, 2026

KCE (SPDR S&P Capital Markets ETF) and CALF (Pacer US Small Cap Cash Cows 100 ETF) are both exchange-traded funds - KCE is a Financials Equities fund tracking the S&P Capital Markets Select Industry 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, KCE returned 12.47%/yr vs 3.49%/yr for CALF. A 0.75 correlation means they provide meaningful diversification when combined. KCE charges 0.35%/yr vs 0.59%/yr for CALF.

Performance

KCE vs. CALF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR S&P Capital Markets ETF (KCE) 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, KCE achieves a 2.72% return, which is significantly lower than CALF's 10.96% return.

KCE

• 1D: -0.99%
• 1M: 0.68%
• YTD: 2.72%
• 6M: 0.82%
• 1Y: 12.37%
• 3Y*: 25.43%
• 5Y*: 12.47%
• 10Y*: 17.98%

CALF

• 1D: 0.34%
• 1M: 0.78%
• YTD: 10.96%
• 6M: 9.95%
• 1Y: 26.19%
• 3Y*: 9.45%
• 5Y*: 3.49%
• 10Y*: —

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

KCE vs. CALF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
KCE SPDR S&P Capital Markets ETF	2.72%	10.76%	37.51%	32.04%	-22.14%	40.05%	30.82%	27.13%	-15.63%	20.53%
CALF Pacer US Small Cap Cash Cows 100 ETF	10.96%	2.33%	-7.41%	35.43%	-15.20%	40.68%	16.55%	18.18%	-10.06%	5.78%

Correlation

The correlation between KCE and CALF is 0.65, 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	0.65
Correlation (3Y) Calculated over the trailing 3-year period	0.73
Correlation (5Y) Calculated over the trailing 5-year period	0.78
Correlation (All Time) Calculated using the full available price history since Jun 19, 2017	0.75

The correlation between KCE and CALF shifts across timeframes, from 0.65 (1 year) to 0.78 (5 years), reflecting how their relationship changes across market environments.

KCE vs. CALF - Sectors Allocation Comparison

Sectors	KCE	CALF
Financial Services	98.8%	0.2%
Technology	1.2%	32.4%
Basic Materials	-	1.6%
Communication Services	-	8.3%
Consumer Cyclical	-	28.5%
Consumer Defensive	-	3.6%
Energy	-	8.9%
Healthcare	-	9.7%
Industrials	-	5.4%
Real Estate	-	1.5%
Utilities	-	-

Return for Risk

KCE vs. CALF — Risk / Return Rank

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

KCE

KCE Risk / Return Rank: 18
KCE Sharpe Ratio Rank: 19
KCE Sortino Ratio Rank: 18
KCE Omega Ratio Rank: 18
KCE Calmar Ratio Rank: 18
KCE Martin Ratio Rank: 18

CALF

CALF Risk / Return Rank: 60
CALF Sharpe Ratio Rank: 50
CALF Sortino Ratio Rank: 52
CALF Omega Ratio Rank: 47
CALF Calmar Ratio Rank: 83
CALF Martin Ratio Rank: 67

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.

KCE vs. CALF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P Capital Markets ETF (KCE) 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.

	KCE	CALF	Difference
Sharpe ratio: Return per unit of total volatility	0.62	1.64	-1.02
Sortino ratio: Return per unit of downside risk	0.97	2.40	-1.44
Omega ratio: Gain probability vs. loss probability	1.12	1.29	-0.17
Calmar ratio: Return relative to maximum drawdown	0.71	4.28	-3.57
Martin ratio: Return relative to average drawdown	1.85	11.68	-9.83

KCE vs. CALF - Sharpe Ratio Comparison

The current KCE Sharpe Ratio is 0.62, which is lower than the CALF Sharpe Ratio of 1.64. The chart below compares the historical Sharpe Ratios of KCE 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

KCE vs. CALF - Drawdown Comparison

The maximum KCE drawdown since its inception was -74.00%, which is greater than CALF's maximum drawdown of -47.58%. Use the drawdown chart below to compare losses from any high point for KCE and CALF.

Drawdown Indicators

	KCE	CALF	Difference
Max Drawdown Largest peak-to-trough decline	-74.00%	-47.58%	-26.42%
Max Drawdown (1Y) Largest decline over 1 year	-17.44%	-6.15%	-11.29%
Max Drawdown (3Y) Largest decline over 3 years	-26.31%	-34.22%	+7.91%
Max Drawdown (5Y) Largest decline over 5 years	-34.45%	-34.22%	-0.23%
Max Drawdown (10Y) Largest decline over 10 years	-40.78%	—	—
Current Drawdown Current decline from peak	-4.62%	-4.01%	-0.61%
Average Drawdown Average peak-to-trough decline	-22.76%	-10.69%	-12.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.71%	2.25%	+4.46%

Volatility

KCE vs. CALF - Volatility Comparison

SPDR S&P Capital Markets ETF (KCE) has a higher volatility of 5.66% compared to Pacer US Small Cap Cash Cows 100 ETF (CALF) at 5.39%. This indicates that KCE'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

	KCE	CALF	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.66%	5.39%	+0.27%
Volatility (6M) Calculated over the trailing 6-month period	15.31%	10.92%	+4.39%
Volatility (1Y) Calculated over the trailing 1-year period	19.97%	16.02%	+3.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.05%	23.39%	-0.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.95%	25.97%	-3.02%

KCE vs. CALF - Expense Ratio Comparison

KCE has a 0.35% expense ratio, which is lower than CALF's 0.59% expense ratio.

Dividends

KCE vs. CALF - Dividend Comparison

KCE's dividend yield for the trailing twelve months is around 1.76%, more than CALF's 1.24% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CALF Pacer US Small Cap Cash Cows 100 ETF	1.24%	1.43%	1.07%	1.18%	0.85%	2.63%	0.82%	0.99%	1.39%	0.70%	0.00%	0.00%
KCE SPDR S&P Capital Markets ETF	1.76%	1.63%	1.56%	1.82%	2.42%	1.53%	2.20%	2.32%	2.67%	1.95%	2.30%	2.43%

Frequently Asked Questions

Can I hold both KCE and CALF in my portfolio?

KCE and CALF have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, KCE or CALF?

KCE has higher volatility (5.66%) compared to CALF (5.39%). In terms of maximum drawdown, KCE dropped -74.00% vs CALF's -47.58%.

Which ETF is better, KCE or CALF?

On 5-year performance, KCE leads with 12.47% vs 3.49% for CALF. On fees, KCE is cheaper at 0.35% per year. On volatility, CALF has been the lower-risk option at 5.39%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KCE or CALF?

Over the 5-year period, KCE has performed better with a 12.47% return vs 3.49%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KCE or CALF?

KCE is cheaper with a 0.35% expense ratio, compared with 0.59% for CALF.

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

KCE has the higher dividend yield at 1.76%, compared with 1.24% for CALF.

What is the main difference between KCE and CALF?

KCE is categorized as Financials Equities, while CALF is Small Cap Blend Equities. KCE tracks S&P Capital Markets Select Industry Index, while CALF tracks Pacer US Small Cap Cash Cows Index. They also come from different issuers: State Street and Pacer. Their fees differ too: 0.35% for KCE and 0.59% for CALF.

Which has better risk-adjusted returns?

CALF currently has the higher Sharpe Ratio (1.64 vs 0.62), 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.