PTBD vs. CALF

Last updated Jun 4, 2026

PTBD (Pacer Trendpilot US Bond ETF) and CALF (Pacer US Small Cap Cash Cows 100 ETF) are both exchange-traded funds - PTBD is a High Yield Bonds fund tracking the Pacer Trendpilot US Bond 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, PTBD returned -1.58%/yr vs 4.12%/yr for CALF. At a 0.34 correlation, their price movements are largely independent. PTBD charges 0.60%/yr vs 0.59%/yr for CALF.

Performance

PTBD vs. CALF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Pacer Trendpilot US Bond ETF (PTBD) 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, PTBD achieves a 0.78% return, which is significantly lower than CALF's 13.34% return.

PTBD

• 1D: -0.18%
• 1M: 0.49%
• YTD: 0.78%
• 6M: 0.48%
• 1Y: 3.56%
• 3Y*: 4.95%
• 5Y*: -1.58%
• 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)

PTBD vs. CALF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
PTBD Pacer Trendpilot US Bond ETF	0.78%	2.49%	4.24%	8.84%	-20.88%	0.47%	10.62%	2.49%
CALF Pacer US Small Cap Cash Cows 100 ETF	13.34%	2.33%	-7.41%	35.43%	-15.20%	40.68%	16.55%	6.45%

Correlation

The correlation between PTBD and CALF is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.39
Correlation (3Y) Calculated over the trailing 3-year period	0.41
Correlation (5Y) Calculated over the trailing 5-year period	0.41
Correlation (All Time) Calculated using the full available price history since Oct 24, 2019	0.34

Return for Risk

PTBD vs. CALF — Risk / Return Rank

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

PTBD

PTBD Risk / Return Rank: 27
PTBD Sharpe Ratio Rank: 27
PTBD Sortino Ratio Rank: 26
PTBD Omega Ratio Rank: 26
PTBD Calmar Ratio Rank: 25
PTBD Martin Ratio Rank: 30

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.

PTBD vs. CALF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Pacer Trendpilot US Bond ETF (PTBD) 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.

	PTBD	CALF	Difference
Sharpe ratio: Return per unit of total volatility	0.96	1.93	-0.97
Sortino ratio: Return per unit of downside risk	1.39	2.82	-1.43
Omega ratio: Gain probability vs. loss probability	1.18	1.34	-0.17
Calmar ratio: Return relative to maximum drawdown	1.15	4.94	-3.79
Martin ratio: Return relative to average drawdown	4.34	14.08	-9.74
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PTBD vs. CALF - Sharpe Ratio Comparison

The current PTBD Sharpe Ratio is 0.96, which is lower than the CALF Sharpe Ratio of 1.93. The chart below compares the historical Sharpe Ratios of PTBD 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

	PTBD	CALF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.96	1.93	-0.97
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.22	0.18	-0.40
Sharpe Ratio (All Time) Calculated using the full available price history	0.11	0.37	-0.26

Drawdowns

PTBD vs. CALF - Drawdown Comparison

The maximum PTBD drawdown since its inception was -26.00%, smaller than the maximum CALF drawdown of -47.58%. Use the drawdown chart below to compare losses from any high point for PTBD and CALF.

Drawdown Indicators

	PTBD	CALF	Difference
Max Drawdown Largest peak-to-trough decline	-26.00%	-47.58%	+21.58%
Max Drawdown (1Y) Largest decline over 1 year	-3.12%	-6.15%	+3.03%
Max Drawdown (3Y) Largest decline over 3 years	-3.82%	-34.22%	+30.40%
Max Drawdown (5Y) Largest decline over 5 years	-26.00%	-34.22%	+8.22%
Current Drawdown Current decline from peak	-9.06%	-1.95%	-7.11%
Average Drawdown Average peak-to-trough decline	-10.16%	-10.74%	+0.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.82%	2.15%	-1.33%

Volatility

PTBD vs. CALF - Volatility Comparison

The current volatility for Pacer Trendpilot US Bond ETF (PTBD) is 1.25%, while Pacer US Small Cap Cash Cows 100 ETF (CALF) has a volatility of 4.92%. This indicates that PTBD 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

	PTBD	CALF	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.25%	4.92%	-3.67%
Volatility (6M) Calculated over the trailing 6-month period	2.83%	10.47%	-7.64%
Volatility (1Y) Calculated over the trailing 1-year period	3.72%	15.84%	-12.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.25%	23.44%	-16.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.81%	26.02%	-18.21%

PTBD vs. CALF - Expense Ratio Comparison

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

Dividends

PTBD vs. CALF - Dividend Comparison

PTBD's dividend yield for the trailing twelve months is around 5.88%, more than CALF's 1.28% yield.

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%
PTBD Pacer Trendpilot US Bond ETF	5.88%	5.62%	6.56%	6.55%	6.14%	2.70%	2.50%	0.62%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PTBD and CALF in my portfolio?

PTBD and CALF have a correlation of 0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PTBD or CALF?

CALF has higher volatility (4.92%) compared to PTBD (1.25%). In terms of maximum drawdown, PTBD dropped -26.00% vs CALF's -47.58%.

Which ETF is better, PTBD or CALF?

On 5-year performance, CALF leads with 4.12% vs -1.58% for PTBD. On fees, CALF is cheaper at 0.59% per year. On volatility, PTBD has been the lower-risk option at 1.25%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PTBD or CALF?

Over the 5-year period, CALF has performed better with a 4.12% return vs -1.58%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PTBD or CALF?

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

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

PTBD has the higher dividend yield at 5.88%, compared with 1.28% for CALF.

What is the main difference between PTBD and CALF?

PTBD is categorized as High Yield Bonds, while CALF is Small Cap Blend Equities. PTBD tracks Pacer Trendpilot US Bond Index, while CALF tracks Pacer US Small Cap Cash Cows Index. Their fees differ too: 0.60% for PTBD and 0.59% for CALF.

Which has better risk-adjusted returns?

CALF currently has the higher Sharpe Ratio (1.93 vs 0.96), 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.