REGL vs. CALF

Last updated Aug 2, 2026

REGL (ProShares S&P MidCap 400 Dividend Aristocrats ETF) and CALF (Pacer US Small Cap Cash Cows ETF) are both exchange-traded funds - REGL is a Mid Cap Value Equities fund tracking the S&P MidCap 400 Dividend Aristocrats Index, while CALF is a Small Cap Value Equities fund tracking the Pacer US Small Cap Cash Cows Index. Both are passively managed. Over the past 5 years, REGL returned 8.17%/yr vs 6.29%/yr for CALF. Their 0.78 correlation means they have sometimes moved together and sometimes differently. REGL charges 0.40%/yr vs 0.59%/yr for CALF.

Performance

REGL vs. CALF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares S&P MidCap 400 Dividend Aristocrats ETF (REGL) and Pacer US Small Cap Cash Cows ETF (CALF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, REGL achieves a 12.54% return, which is significantly lower than CALF's 22.50% return.

REGL

• 1D: -0.09%
• 1M: 1.53%
• 6M: 7.57%
• YTD: 12.54%
• 1Y: 17.58%
• 3Y*: 11.47%
• 5Y*: 8.17%
• 10Y*: 9.70%
• ALL TIME*: 10.00%

CALF

• 1D: -0.40%
• 1M: 4.89%
• 6M: 19.77%
• YTD: 22.50%
• 1Y: 39.59%
• 3Y*: 8.57%
• 5Y*: 6.29%
• 10Y*: —
• ALL TIME*: 10.37%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
CALF Pacer US Small Cap Cash Cows ETF	$20.38M	$24.48M	$25.33M
REGL ProShares S&P MidCap 400 Dividend Aristocrats ETF	$11.86M	$8.77M	$5.92M

REGL vs. CALF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
REGL ProShares S&P MidCap 400 Dividend Aristocrats ETF	12.54%	6.89%	12.26%	5.41%	-0.62%	20.38%	7.50%	18.79%	-3.25%	4.95%
CALF Pacer US Small Cap Cash Cows ETF	22.50%	2.33%	-7.41%	35.43%	-15.20%	40.68%	16.55%	18.18%	-10.06%	5.78%

Correlation

The correlation between REGL and CALF is 0.61, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.61
Correlation (3Y) Balances recent behavior with more history.	0.75
Correlation (5Y) Shows whether the relationship held over a longer period.	0.77
Correlation (All Time) Calculated using the full available price history since Jun 19, 2017	0.78

The correlation between REGL and CALF shifts across timeframes, from 0.61 (1 year) to 0.78 (all time), reflecting how their relationship changes across market environments.

REGL vs. CALF - Sectors Allocation Comparison

Sectors	REGL	CALF
Financial Services	32.0%	0.2%
Industrials	15.5%	9.3%
Utilities	13.4%	-
Consumer Cyclical	10.7%	23.2%
Basic Materials	8.7%	4.2%
Real Estate	7.6%	1.8%
Healthcare	4.6%	11.6%
Energy	3.1%	13.7%
Consumer Defensive	2.6%	5.3%
Technology	1.7%	23.4%
Communication Services	-	7.6%

Return for Risk

REGL vs. CALF — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

REGL

REGL Risk / Return Rank: 50
REGL Sharpe Ratio Rank: 52
REGL Sortino Ratio Rank: 56
REGL Omega Ratio Rank: 48
REGL Calmar Ratio Rank: 47
REGL Martin Ratio Rank: 47

CALF

CALF Risk / Return Rank: 92
CALF Sharpe Ratio Rank: 91
CALF Sortino Ratio Rank: 92
CALF Omega Ratio Rank: 89
CALF Calmar Ratio Rank: 96
CALF Martin Ratio Rank: 94

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

REGL vs. CALF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares S&P MidCap 400 Dividend Aristocrats ETF (REGL) and Pacer US Small Cap Cash Cows 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.

	REGL	CALF	Difference
Sharpe ratio: Return per unit of total volatility	1.25	2.30	-1.04
Sortino ratio: Return per unit of downside risk	1.94	3.30	-1.36
Omega ratio: Gain probability vs. loss probability	1.22	1.40	-0.18
Calmar ratio: Return relative to maximum drawdown	1.70	6.13	-4.43
Martin ratio: Return relative to average drawdown	5.31	17.68	-12.38

REGL vs. CALF - Sharpe Ratio Comparison

The current REGL Sharpe Ratio is 1.25, which is lower than the CALF Sharpe Ratio of 2.30. The chart below compares the historical Sharpe Ratios of REGL 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

REGL vs. CALF - Drawdown Comparison

The maximum REGL drawdown since its inception was -36.37%, smaller than the maximum CALF drawdown of -47.58%. Use the drawdown chart below to compare losses from any high point for REGL and CALF.

Drawdown Indicators

	REGL	CALF	Difference
Max Drawdown Largest peak-to-trough decline	-36.37%	-47.58%	+11.21%
Max Drawdown (1Y) Largest decline over 1 year	-9.67%	-6.02%	-3.65%
Max Drawdown (3Y) Largest decline over 3 years	-16.96%	-34.22%	+17.26%
Max Drawdown (5Y) Largest decline over 5 years	-16.96%	-34.22%	+17.26%
Max Drawdown (10Y) Largest decline over 10 years	-36.37%	—	—
Current Drawdown Current decline from peak	-1.92%	-1.88%	-0.04%
Average Drawdown Average peak-to-trough decline	-4.05%	-10.57%	+6.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.09%	2.09%	+1.00%

Volatility

REGL vs. CALF - Volatility Comparison

The current volatility for ProShares S&P MidCap 400 Dividend Aristocrats ETF (REGL) is 4.14%, while Pacer US Small Cap Cash Cows ETF (CALF) has a volatility of 5.09%. This indicates that REGL 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

	REGL	CALF	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.14%	5.09%	-0.95%
Volatility (6M) Calculated over the trailing 6-month period	9.52%	11.64%	-2.12%
Volatility (1Y) Calculated over the trailing 1-year period	13.12%	16.13%	-3.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.03%	23.23%	-7.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.31%	25.89%	-7.58%

REGL vs. CALF - Expense Ratio Comparison

REGL has a 0.40% expense ratio, which is lower than CALF's 0.59% expense ratio.

Dividends

REGL vs. CALF - Dividend Comparison

REGL's dividend yield for the trailing twelve months is around 2.17%, more than CALF's 1.12% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CALF Pacer US Small Cap Cash Cows ETF	1.12%	1.43%	1.07%	1.18%	0.85%	2.63%	0.82%	0.99%	1.39%	0.70%	0.00%	0.00%
REGL ProShares S&P MidCap 400 Dividend Aristocrats ETF	2.17%	2.32%	2.28%	2.40%	2.32%	2.50%	2.41%	1.96%	2.09%	1.63%	1.20%	1.66%

Frequently Asked Questions

Can I hold both REGL and CALF in my portfolio?

REGL 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, REGL or CALF?

CALF has higher volatility (5.09%) compared to REGL (4.14%). In terms of maximum drawdown, REGL dropped -36.37% vs CALF's -47.58%.

Which ETF is better, REGL or CALF?

On 5-year performance, REGL leads with 8.17% vs 6.29% for CALF. On fees, REGL is cheaper at 0.40% per year. On volatility, REGL has been the lower-risk option at 4.14%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, REGL or CALF?

Over the 5-year period, REGL has performed better with a 8.17% return vs 6.29%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, REGL or CALF?

REGL is cheaper with a 0.40% expense ratio, compared with 0.59% for CALF.

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

REGL has the higher dividend yield at 2.17%, compared with 1.12% for CALF.

What is the main difference between REGL and CALF?

REGL is categorized as Mid Cap Value Equities, while CALF is Small Cap Value Equities. REGL tracks S&P MidCap 400 Dividend Aristocrats Index, while CALF tracks Pacer US Small Cap Cash Cows Index. They also come from different issuers: ProShares and Pacer. Their fees differ too: 0.40% for REGL and 0.59% for CALF.

Which has better risk-adjusted returns?

CALF currently has the higher Sharpe Ratio (2.30 vs 1.25), 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.