SMIG vs. CALF

Last updated Jul 15, 2026

SMIG (Bahl & Gaynor Small/Mid Cap Income Growth ETF) and CALF (Pacer US Small Cap Cash Cows ETF) are both Small Cap Value Equities funds. SMIG is actively managed, while CALF is passively managed. Over the past 3 years, SMIG returned 13.33%/yr vs 8.91%/yr for CALF. Their correlation of 0.81 suggests significant overlap in exposure. SMIG charges 0.60%/yr vs 0.59%/yr for CALF.

Performance

SMIG vs. CALF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Bahl & Gaynor Small/Mid Cap Income Growth ETF (SMIG) and Pacer US Small Cap Cash Cows ETF (CALF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with SMIG having a 16.65% return and CALF slightly higher at 16.96%.

SMIG

• 1D: 0.51%
• 1M: 3.60%
• 6M: 13.42%
• YTD: 16.65%
• 1Y: 15.61%
• 3Y*: 13.33%
• 5Y*: —
• 10Y*: —

CALF

• 1D: -0.66%
• 1M: 2.50%
• 6M: 13.70%
• YTD: 16.96%
• 1Y: 27.57%
• 3Y*: 8.91%
• 5Y*: 5.55%
• 10Y*: —

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

SMIG vs. CALF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
SMIG Bahl & Gaynor Small/Mid Cap Income Growth ETF	16.65%	0.78%	17.63%	13.62%	-11.83%	5.23%
CALF Pacer US Small Cap Cash Cows ETF	16.96%	2.33%	-7.41%	35.43%	-15.20%	-0.53%

Correlation

The correlation between SMIG and CALF is 0.65, 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	0.65
Correlation (3Y) Calculated over the trailing 3-year period	0.76
Correlation (All Time) Calculated using the full available price history since Aug 26, 2021	0.81

The correlation between SMIG and CALF shifts across timeframes, from 0.65 (1 year) to 0.81 (all time), reflecting how their relationship changes across market environments.

SMIG vs. CALF - Sectors Allocation Comparison

Sectors	SMIG	CALF
Financial Services	21.1%	0.2%
Industrials	18.2%	5.4%
Consumer Cyclical	13.5%	28.5%
Technology	10.7%	32.4%
Energy	10.4%	8.9%
Utilities	9.8%	-
Real Estate	9.8%	1.5%
Healthcare	2.7%	9.7%
Communication Services	2.2%	8.3%
Basic Materials	2.0%	1.6%
Consumer Defensive	1.9%	3.6%

Return for Risk

SMIG vs. CALF — Risk / Return Rank

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

SMIG

SMIG Risk / Return Rank: 44
SMIG Sharpe Ratio Rank: 46
SMIG Sortino Ratio Rank: 50
SMIG Omega Ratio Rank: 43
SMIG Calmar Ratio Rank: 45
SMIG Martin Ratio Rank: 38

CALF

CALF Risk / Return Rank: 75
CALF Sharpe Ratio Rank: 68
CALF Sortino Ratio Rank: 70
CALF Omega Ratio Rank: 65
CALF Calmar Ratio Rank: 91
CALF Martin Ratio Rank: 81

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.

SMIG vs. CALF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bahl & Gaynor Small/Mid Cap Income Growth ETF (SMIG) 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.

	SMIG	CALF	Difference
Sharpe ratio: Return per unit of total volatility	1.31	1.74	-0.42
Sortino ratio: Return per unit of downside risk	2.00	2.54	-0.53
Omega ratio: Gain probability vs. loss probability	1.23	1.31	-0.08
Calmar ratio: Return relative to maximum drawdown	1.84	4.50	-2.66
Martin ratio: Return relative to average drawdown	4.79	12.41	-7.63

SMIG vs. CALF - Sharpe Ratio Comparison

The current SMIG Sharpe Ratio is 1.31, which is comparable to the CALF Sharpe Ratio of 1.74. The chart below compares the historical Sharpe Ratios of SMIG 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

SMIG vs. CALF - Drawdown Comparison

The maximum SMIG drawdown since its inception was -19.65%, smaller than the maximum CALF drawdown of -47.58%. Use the drawdown chart below to compare losses from any high point for SMIG and CALF.

Drawdown Indicators

	SMIG	CALF	Difference
Max Drawdown Largest peak-to-trough decline	-19.65%	-47.58%	+27.93%
Max Drawdown (1Y) Largest decline over 1 year	-8.52%	-6.15%	-2.37%
Max Drawdown (3Y) Largest decline over 3 years	-19.23%	-34.22%	+14.99%
Max Drawdown (5Y) Largest decline over 5 years	—	-34.22%	—
Current Drawdown Current decline from peak	0.00%	-0.66%	+0.66%
Average Drawdown Average peak-to-trough decline	-6.41%	-10.63%	+4.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.27%	2.24%	+1.03%

Volatility

SMIG vs. CALF - Volatility Comparison

The current volatility for Bahl & Gaynor Small/Mid Cap Income Growth ETF (SMIG) is 2.56%, while Pacer US Small Cap Cash Cows ETF (CALF) has a volatility of 4.64%. This indicates that SMIG 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

	SMIG	CALF	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.56%	4.64%	-2.08%
Volatility (6M) Calculated over the trailing 6-month period	8.37%	11.19%	-2.82%
Volatility (1Y) Calculated over the trailing 1-year period	11.92%	15.93%	-4.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.09%	23.28%	-7.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.09%	25.92%	-9.83%

SMIG vs. CALF - Expense Ratio Comparison

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

Dividends

SMIG vs. CALF - Dividend Comparison

SMIG's dividend yield for the trailing twelve months is around 1.66%, more than CALF's 1.17% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
CALF Pacer US Small Cap Cash Cows ETF	1.17%	1.43%	1.07%	1.18%	0.85%	2.63%	0.82%	0.99%	1.39%	0.70%
SMIG Bahl & Gaynor Small/Mid Cap Income Growth ETF	1.66%	1.82%	1.75%	1.91%	2.00%	0.50%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SMIG and CALF in my portfolio?

SMIG and CALF have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SMIG or CALF?

CALF has higher volatility (4.64%) compared to SMIG (2.56%). In terms of maximum drawdown, SMIG dropped -19.65% vs CALF's -47.58%.

Which ETF is better, SMIG or CALF?

On 3-year performance, SMIG leads with 13.33% vs 8.91% for CALF. On fees, CALF is cheaper at 0.59% per year. On volatility, SMIG has been the lower-risk option at 2.56%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SMIG or CALF?

Over the 3-year period, SMIG has performed better with a 13.33% return vs 8.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SMIG or CALF?

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

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

SMIG has the higher dividend yield at 1.66%, compared with 1.17% for CALF.

What is the main difference between SMIG and CALF?

They also come from different issuers: Bahl & Gaynor and Pacer. Their fees differ too: 0.60% for SMIG and 0.59% for CALF.

Which has better risk-adjusted returns?

CALF currently has the higher Sharpe Ratio (1.74 vs 1.31), 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.