LEAD vs. CALF

Last updated Jun 13, 2026

LEAD (Siren DIVCON Leaders Dividend ETF) and CALF (Pacer US Small Cap Cash Cows 100 ETF) are both exchange-traded funds - LEAD is a Large Cap Growth Equities fund tracking the Siren DIVCON Leaders Dividend 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, LEAD returned 12.25%/yr vs 3.80%/yr for CALF. A 0.69 correlation means they provide meaningful diversification when combined. LEAD charges 0.43%/yr vs 0.59%/yr for CALF.

Performance

LEAD vs. CALF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Siren DIVCON Leaders Dividend ETF (LEAD) 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, LEAD achieves a 16.18% return, which is significantly higher than CALF's 14.10% return.

LEAD

• 1D: 0.83%
• 1M: 2.38%
• YTD: 16.18%
• 6M: 15.19%
• 1Y: 28.08%
• 3Y*: 18.59%
• 5Y*: 12.25%
• 10Y*: 14.95%

CALF

• 1D: 0.46%
• 1M: 7.83%
• YTD: 14.10%
• 6M: 11.90%
• 1Y: 30.59%
• 3Y*: 9.56%
• 5Y*: 3.80%
• 10Y*: —

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

LEAD vs. CALF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
LEAD Siren DIVCON Leaders Dividend ETF	16.18%	15.52%	10.32%	26.25%	-18.16%	29.69%	23.41%	33.75%	-6.63%	12.73%
CALF Pacer US Small Cap Cash Cows 100 ETF	14.10%	2.33%	-7.41%	35.43%	-15.20%	40.68%	16.55%	18.18%	-10.06%	5.78%

Correlation

The correlation between LEAD and CALF is 0.57, 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	0.57
Correlation (3Y) Calculated over the trailing 3-year period	0.68
Correlation (5Y) Calculated over the trailing 5-year period	0.73
Correlation (All Time) Calculated using the full available price history since Jun 19, 2017	0.69

The correlation between LEAD and CALF shifts across timeframes, from 0.57 (1 year) to 0.73 (5 years), reflecting how their relationship changes across market environments.

LEAD vs. CALF - Sectors Allocation Comparison

Sectors	LEAD	CALF
Technology	36.9%	29.7%
Industrials	30.6%	5.9%
Financial Services	16.2%	0.2%
Healthcare	5.8%	9.4%
Consumer Defensive	3.6%	4.3%
Consumer Cyclical	1.4%	28.3%
Energy	1.3%	10.3%
Communication Services	0.1%	8.8%
Basic Materials	-	1.6%
Real Estate	-	1.6%
Utilities	-	-

Return for Risk

LEAD vs. CALF — Risk / Return Rank

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

LEAD

LEAD Risk / Return Rank: 61
LEAD Sharpe Ratio Rank: 56
LEAD Sortino Ratio Rank: 55
LEAD Omega Ratio Rank: 53
LEAD Calmar Ratio Rank: 67
LEAD Martin Ratio Rank: 75

CALF

CALF Risk / Return Rank: 73
CALF Sharpe Ratio Rank: 64
CALF Sortino Ratio Rank: 68
CALF Omega Ratio Rank: 62
CALF Calmar Ratio Rank: 90
CALF Martin Ratio Rank: 80

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.

LEAD vs. CALF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Siren DIVCON Leaders Dividend ETF (LEAD) 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.

	LEAD	CALF	Difference
Sharpe ratio: Return per unit of total volatility	1.69	1.84	-0.15
Sortino ratio: Return per unit of downside risk	2.35	2.69	-0.34
Omega ratio: Gain probability vs. loss probability	1.29	1.33	-0.03
Calmar ratio: Return relative to maximum drawdown	2.98	4.77	-1.78
Martin ratio: Return relative to average drawdown	12.62	13.43	-0.81

LEAD vs. CALF - Sharpe Ratio Comparison

The current LEAD Sharpe Ratio is 1.69, which is comparable to the CALF Sharpe Ratio of 1.84. The chart below compares the historical Sharpe Ratios of LEAD 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

LEAD vs. CALF - Drawdown Comparison

The maximum LEAD drawdown since its inception was -32.19%, smaller than the maximum CALF drawdown of -47.58%. Use the drawdown chart below to compare losses from any high point for LEAD and CALF.

Drawdown Indicators

	LEAD	CALF	Difference
Max Drawdown Largest peak-to-trough decline	-32.19%	-47.58%	+15.39%
Max Drawdown (1Y) Largest decline over 1 year	-8.65%	-6.15%	-2.50%
Max Drawdown (3Y) Largest decline over 3 years	-17.86%	-34.22%	+16.36%
Max Drawdown (5Y) Largest decline over 5 years	-24.93%	-34.22%	+9.29%
Max Drawdown (10Y) Largest decline over 10 years	-32.19%	—	—
Current Drawdown Current decline from peak	0.00%	-1.29%	+1.29%
Average Drawdown Average peak-to-trough decline	-4.41%	-10.71%	+6.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.05%	2.18%	-0.13%

Volatility

LEAD vs. CALF - Volatility Comparison

Siren DIVCON Leaders Dividend ETF (LEAD) has a higher volatility of 6.06% compared to Pacer US Small Cap Cash Cows 100 ETF (CALF) at 4.93%. This indicates that LEAD'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

	LEAD	CALF	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.06%	4.93%	+1.13%
Volatility (6M) Calculated over the trailing 6-month period	12.26%	10.67%	+1.59%
Volatility (1Y) Calculated over the trailing 1-year period	15.26%	15.90%	-0.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.46%	23.43%	-5.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.70%	25.99%	-7.29%

LEAD vs. CALF - Expense Ratio Comparison

LEAD has a 0.43% expense ratio, which is lower than CALF's 0.59% expense ratio.

Dividends

LEAD vs. CALF - Dividend Comparison

LEAD's dividend yield for the trailing twelve months is around 0.57%, less than CALF's 1.20% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
CALF Pacer US Small Cap Cash Cows 100 ETF	1.20%	1.43%	1.07%	1.18%	0.85%	2.63%	0.82%	0.99%	1.39%	0.70%	0.00%
LEAD Siren DIVCON Leaders Dividend ETF	0.57%	0.70%	0.93%	1.13%	1.27%	1.79%	0.81%	1.32%	1.38%	0.97%	1.38%

Frequently Asked Questions

Can I hold both LEAD and CALF in my portfolio?

LEAD and CALF have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, LEAD or CALF?

LEAD has higher volatility (6.06%) compared to CALF (4.93%). In terms of maximum drawdown, LEAD dropped -32.19% vs CALF's -47.58%.

Which ETF is better, LEAD or CALF?

On 5-year performance, LEAD leads with 12.25% vs 3.80% for CALF. On fees, LEAD is cheaper at 0.43% per year. On volatility, CALF has been the lower-risk option at 4.93%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, LEAD or CALF?

Over the 5-year period, LEAD has performed better with a 12.25% return vs 3.80%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, LEAD or CALF?

LEAD is cheaper with a 0.43% expense ratio, compared with 0.59% for CALF.

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

CALF has the higher dividend yield at 1.20%, compared with 0.57% for LEAD.

What is the main difference between LEAD and CALF?

LEAD is categorized as Large Cap Growth Equities, while CALF is Small Cap Blend Equities. LEAD tracks Siren DIVCON Leaders Dividend Index, while CALF tracks Pacer US Small Cap Cash Cows Index. They also come from different issuers: SRN Advisors and Pacer. Their fees differ too: 0.43% for LEAD and 0.59% for CALF.

Which has better risk-adjusted returns?

CALF currently has the higher Sharpe Ratio (1.84 vs 1.69), 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.