MSOS vs. CALF

Last updated Jun 4, 2026

MSOS (AdvisorShares Pure US Cannabis ETF) and CALF (Pacer US Small Cap Cash Cows 100 ETF) are both Small Cap Blend Equities funds. MSOS is actively managed, while CALF is passively managed. Over the past 5 years, MSOS returned -35.03%/yr vs 4.12%/yr for CALF. At a 0.30 correlation, their price movements are largely independent. MSOS charges 0.74%/yr vs 0.59%/yr for CALF.

Performance

MSOS vs. CALF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AdvisorShares Pure US Cannabis ETF (MSOS) 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, MSOS achieves a 0.42% return, which is significantly lower than CALF's 13.34% return.

MSOS

• 1D: -6.14%
• 1M: -2.07%
• YTD: 0.42%
• 6M: 28.46%
• 1Y: 99.16%
• 3Y*: -4.01%
• 5Y*: -35.03%
• 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)

MSOS vs. CALF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
MSOS AdvisorShares Pure US Cannabis ETF	0.42%	23.88%	-45.65%	0.29%	-72.68%	-29.69%	47.95%
CALF Pacer US Small Cap Cash Cows 100 ETF	13.34%	2.33%	-7.41%	35.43%	-15.20%	40.68%	16.21%

Correlation

The correlation between MSOS and CALF is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.28
Correlation (3Y) Calculated over the trailing 3-year period	0.24
Correlation (5Y) Calculated over the trailing 5-year period	0.29
Correlation (All Time) Calculated using the full available price history since Sep 3, 2020	0.30

MSOS vs. CALF - Sectors Allocation Comparison

Sectors	MSOS	CALF
Real Estate	50.2%	1.6%
Industrials	29.6%	5.9%
Consumer Cyclical	17.8%	28.3%
Healthcare	2.5%	9.4%
Basic Materials	-	1.6%
Communication Services	-	8.8%
Consumer Defensive	-	4.3%
Energy	-	10.3%
Financial Services	-	0.2%
Technology	-	29.7%
Utilities	-	-

Return for Risk

MSOS vs. CALF — Risk / Return Rank

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

MSOS

MSOS Risk / Return Rank: 32
MSOS Sharpe Ratio Rank: 24
MSOS Sortino Ratio Rank: 39
MSOS Omega Ratio Rank: 35
MSOS Calmar Ratio Rank: 38
MSOS Martin Ratio Rank: 26

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.

MSOS vs. CALF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AdvisorShares Pure US Cannabis ETF (MSOS) 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.

	MSOS	CALF	Difference
Sharpe ratio: Return per unit of total volatility	0.89	1.93	-1.04
Sortino ratio: Return per unit of downside risk	2.04	2.82	-0.78
Omega ratio: Gain probability vs. loss probability	1.24	1.34	-0.10
Calmar ratio: Return relative to maximum drawdown	1.88	4.94	-3.06
Martin ratio: Return relative to average drawdown	3.58	14.08	-10.50
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MSOS vs. CALF - Sharpe Ratio Comparison

The current MSOS Sharpe Ratio is 0.89, which is lower than the CALF Sharpe Ratio of 1.93. The chart below compares the historical Sharpe Ratios of MSOS 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

	MSOS	CALF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.89	1.93	-1.04
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.45	0.18	-0.63
Sharpe Ratio (All Time) Calculated using the full available price history	-0.34	0.37	-0.71

Drawdowns

MSOS vs. CALF - Drawdown Comparison

The maximum MSOS drawdown since its inception was -96.25%, which is greater than CALF's maximum drawdown of -47.58%. Use the drawdown chart below to compare losses from any high point for MSOS and CALF.

Drawdown Indicators

	MSOS	CALF	Difference
Max Drawdown Largest peak-to-trough decline	-96.25%	-47.58%	-48.67%
Max Drawdown (1Y) Largest decline over 1 year	-52.91%	-6.15%	-46.76%
Max Drawdown (3Y) Largest decline over 3 years	-81.71%	-34.22%	-47.49%
Max Drawdown (5Y) Largest decline over 5 years	-94.99%	-34.22%	-60.77%
Current Drawdown Current decline from peak	-91.37%	-1.95%	-89.42%
Average Drawdown Average peak-to-trough decline	-71.71%	-10.74%	-60.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	27.78%	2.15%	+25.63%

Volatility

MSOS vs. CALF - Volatility Comparison

AdvisorShares Pure US Cannabis ETF (MSOS) has a higher volatility of 20.45% compared to Pacer US Small Cap Cash Cows 100 ETF (CALF) at 4.92%. This indicates that MSOS'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

	MSOS	CALF	Difference
Volatility (1M) Calculated over the trailing 1-month period	20.45%	4.92%	+15.53%
Volatility (6M) Calculated over the trailing 6-month period	80.61%	10.47%	+70.14%
Volatility (1Y) Calculated over the trailing 1-year period	112.00%	15.84%	+96.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	77.81%	23.44%	+54.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	74.04%	26.02%	+48.02%

MSOS vs. CALF - Expense Ratio Comparison

MSOS has a 0.74% expense ratio, which is higher than CALF's 0.59% expense ratio.

Dividends

MSOS vs. CALF - Dividend Comparison

MSOS has not paid dividends to shareholders, while CALF's dividend yield for the trailing twelve months is around 1.28%.

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%
MSOS AdvisorShares Pure US Cannabis ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.27%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MSOS and CALF in my portfolio?

MSOS and CALF have a correlation of 0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MSOS or CALF?

MSOS has higher volatility (20.45%) compared to CALF (4.92%). In terms of maximum drawdown, MSOS dropped -96.25% vs CALF's -47.58%.

Which ETF is better, MSOS or CALF?

On 5-year performance, CALF leads with 4.12% vs -35.03% for MSOS. On fees, CALF is cheaper at 0.59% per year. On volatility, CALF has been the lower-risk option at 4.92%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MSOS or CALF?

Over the 5-year period, CALF has performed better with a 4.12% return vs -35.03%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MSOS or CALF?

CALF is cheaper with a 0.59% expense ratio, compared with 0.74% for MSOS.

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

CALF has the higher dividend yield at 1.28%, compared with 0.00% for MSOS.

What is the main difference between MSOS and CALF?

They also come from different issuers: AdvisorShares and Pacer. Their fees differ too: 0.74% for MSOS and 0.59% for CALF.

Which has better risk-adjusted returns?

CALF currently has the higher Sharpe Ratio (1.93 vs 0.89), 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.