SFLO vs. CALF

Last updated Jun 3, 2026

SFLO (Victoryshares Small Cap Free Cash Flow ETF) and CALF (Pacer US Small Cap Cash Cows 100 ETF) are both Small Cap Blend Equities funds - SFLO tracks the Victory US Small Cap Free Cash Flow Index while CALF tracks the Pacer US Small Cap Cash Cows Index. Both are passively managed. Over the past year, SFLO returned 37.07% vs 34.08% for CALF. Their correlation of 0.93 suggests significant overlap in exposure. SFLO charges 0.49%/yr vs 0.59%/yr for CALF.

Performance

SFLO vs. CALF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Victoryshares Small Cap Free Cash Flow ETF (SFLO) and Pacer US Small Cap Cash Cows 100 ETF (CALF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with SFLO having a 15.33% return and CALF slightly lower at 14.62%.

SFLO

• 1D: -1.19%
• 1M: 2.87%
• YTD: 15.33%
• 6M: 16.37%
• 1Y: 37.07%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CALF

• 1D: -0.84%
• 1M: 5.29%
• YTD: 14.62%
• 6M: 15.37%
• 1Y: 34.08%
• 3Y*: 11.10%
• 5Y*: 4.41%
• 10Y*: —

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

SFLO vs. CALF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
SFLO Victoryshares Small Cap Free Cash Flow ETF	15.33%	11.88%	6.54%	-0.16%
CALF Pacer US Small Cap Cash Cows 100 ETF	14.62%	2.33%	-7.41%	0.11%

Correlation

The correlation between SFLO and CALF is 0.93, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.93
Correlation (All Time) Calculated using the full available price history since Dec 22, 2023	0.93

The correlation between SFLO and CALF has been stable across timeframes, ranging from 0.93 to 0.93 - a consistent structural relationship.

SFLO vs. CALF - Sectors Allocation Comparison

Sectors	SFLO	CALF
Technology	25.6%	29.7%
Healthcare	18.0%	9.4%
Consumer Cyclical	16.9%	28.3%
Energy	14.8%	10.3%
Industrials	10.5%	5.9%
Communication Services	7.3%	8.8%
Consumer Defensive	5.1%	4.3%
Basic Materials	1.6%	1.6%
Financial Services	0.3%	0.2%
Utilities	0.1%	-
Real Estate	0.1%	1.6%

Return for Risk

SFLO vs. CALF — Risk / Return Rank

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

SFLO

SFLO Risk / Return Rank: 71
SFLO Sharpe Ratio Rank: 64
SFLO Sortino Ratio Rank: 66
SFLO Omega Ratio Rank: 60
SFLO Calmar Ratio Rank: 86
SFLO Martin Ratio Rank: 80

CALF

CALF Risk / Return Rank: 73
CALF Sharpe Ratio Rank: 64
CALF Sortino Ratio Rank: 68
CALF Omega Ratio Rank: 63
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.

SFLO vs. CALF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Victoryshares Small Cap Free Cash Flow ETF (SFLO) 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.

	SFLO	CALF	Difference
Sharpe ratio Return per unit of total volatility	2.16	2.17	-0.01
Sortino ratio Return per unit of downside risk	3.10	3.14	-0.04
Omega ratio Gain probability vs. loss probability	1.37	1.38	-0.01
Calmar ratio Return relative to maximum drawdown	4.78	5.53	-0.75
Martin ratio Return relative to average drawdown	15.98	15.82	+0.16
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SFLO vs. CALF - Sharpe Ratio Comparison

The current SFLO Sharpe Ratio is 2.16, which is comparable to the CALF Sharpe Ratio of 2.17. The chart below compares the historical Sharpe Ratios of SFLO 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

	SFLO	CALF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.16	2.17	-0.01
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.19	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.68	0.38	+0.30

Drawdowns

SFLO vs. CALF - Drawdown Comparison

The maximum SFLO drawdown since its inception was -26.63%, smaller than the maximum CALF drawdown of -47.58%. Use the drawdown chart below to compare losses from any high point for SFLO and CALF.

Drawdown Indicators

	SFLO	CALF	Difference
Max Drawdown Largest peak-to-trough decline	-26.63%	-47.58%	+20.95%
Max Drawdown (1Y) Largest decline over 1 year	-7.80%	-6.15%	-1.65%
Max Drawdown (3Y) Largest decline over 3 years	—	-34.22%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-34.22%	—
Current Drawdown Current decline from peak	-1.19%	-0.84%	-0.35%
Average Drawdown Average peak-to-trough decline	-4.34%	-10.74%	+6.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.33%	2.15%	+0.18%

Volatility

SFLO vs. CALF - Volatility Comparison

Victoryshares Small Cap Free Cash Flow ETF (SFLO) and Pacer US Small Cap Cash Cows 100 ETF (CALF) have volatilities of 4.99% and 4.83%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SFLO	CALF	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.99%	4.83%	+0.16%
Volatility (6M) Calculated over the trailing 6-month period	11.34%	10.40%	+0.94%
Volatility (1Y) Calculated over the trailing 1-year period	17.22%	15.79%	+1.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.54%	23.44%	-2.90%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.54%	26.02%	-5.48%

SFLO vs. CALF - Expense Ratio Comparison

SFLO has a 0.49% expense ratio, which is lower than CALF's 0.59% expense ratio.

Dividends

SFLO vs. CALF - Dividend Comparison

SFLO's dividend yield for the trailing twelve months is around 0.83%, less than CALF's 1.26% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
CALF Pacer US Small Cap Cash Cows 100 ETF	1.26%	1.43%	1.07%	1.18%	0.85%	2.63%	0.82%	0.99%	1.39%	0.70%
SFLO Victoryshares Small Cap Free Cash Flow ETF	0.83%	1.04%	1.28%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SFLO and CALF in my portfolio?

With a correlation of 0.93, SFLO and CALF move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, SFLO or CALF?

SFLO has higher volatility (4.99%) compared to CALF (4.83%). In terms of maximum drawdown, SFLO dropped -26.63% vs CALF's -47.58%.

Which ETF is better, SFLO or CALF?

On 1-year performance, SFLO leads with 37.07% vs 34.08% for CALF. On fees, SFLO is cheaper at 0.49% per year. On volatility, CALF has been the lower-risk option at 4.83%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SFLO or CALF?

Over the 1-year period, SFLO has performed better with a 37.07% return vs 34.08%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SFLO or CALF?

SFLO is cheaper with a 0.49% expense ratio, compared with 0.59% for CALF.

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

CALF has the higher dividend yield at 1.26%, compared with 0.83% for SFLO.

What is the main difference between SFLO and CALF?

SFLO tracks Victory US Small Cap Free Cash Flow Index, while CALF tracks Pacer US Small Cap Cash Cows Index. They also come from different issuers: Victory and Pacer. Their fees differ too: 0.49% for SFLO and 0.59% for CALF.

Which has better risk-adjusted returns?

CALF currently has the higher Sharpe Ratio (2.17 vs 2.16), 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.